Member Info for NickRubens

Sorry wrong thread. Nothing to do with Renold (RNO). Doesn't seem to be any facility to edit on this website?

This is what my broker 'J' says.

"Good afternoon
If you wish to accept the cash offer we can accommodate this, we would require your instruction to accept the cash offer prior to our deadline of 11th February 2022.
If you wish to accept the unlisted share offer, you will need to withdraw your holdings and apply directly with the company as we cannot offer this option."
Kind regards"

I understand this to mean that they will get the cash for us via the registrar? and no mention of everyone having to club together in a block?
Does anyone know what is meant by the 'unlisted share offer'? cheers NR

With my broker Jarvis, It's still unclear. I've emailed them just now for clarification and will let you know what I hear back.

At the moment I understand that if I accept the offer, I'll simply end up with a share certificate in my own name, sent to me to deal directly with Lekoil Nigeria. But how does one even do that? The whole thing is a shambles IMO.
This whole Saga doesn't make sense. It should be a straight forward process via the registrar but it seemingly isn't.

Coal is a great resource and has transformed our lives. It's time others enjoyed the benefits of coal fueled energy, build their economies, enjoy prosperity and then advance to cleaner fuels in the future as they reinvest in themselves and their future.

Two small trades today and mkt value seemingly plunging 10%. Is this a new low in Mkt Cap terms?
I did an accounts course once, Turnover is Vanity, Profit is Sanity. Lots of revenue increases but no profits.
I really wish that UK businesses like NWT could grow and prosper and with that generate shareholder returns but at the moment it's not happening. It can happen again and NWT did once pay a dividend I think I recall?
I just wonder how a fund raise would go down and who would want to invest except if held to ransom on a deeply discounted and underwritten rights issue? If they could get a high net worth investor or city institution and not at a big discount (preferably a premium ) then maybe that would inspire some confidence. Is there anything in this company that could interest a bidder to come out and take matters over?

We should get the official RNS anytime soon on the finalisation of this Boeing contract and finer details. As far as I can remember Pennant always seems to be stuck in the very small (micro cap) company class with lumpy earnings. What can be done to make this into a formidable small to medium size company? Anyone know who the competitors are and how they are doing with their mkt cap size? Cheers NR

If the offer is actually going through the registrars then why does a stockbroker nominee or bank nominee have to accept or reject for the entire nominee pool of investors? It doesn't make sense.
Anyone get a feeling this whole cash offer episode doesn't sound quite right?
I remember the Fake Sheikh Funding Scam, and those involved with that dodgy website (which I forget what they called themselves). Did we lose around £500k arrangement fee or something like that?

TV channels are bombarded with text/telephone competitions. Gas/electric doubling in price which will likely further take punters money away.
Covid state handouts to stay home and perhaps gamble instead are over. I think BOTB need to branch out into other forms of competitions like house raffles.
I used to see BOTB ads online a year or two ago and not seen any since.

How exactly does one accept the offer? Are brokers dealing via the registrars or are shareholders withdrawing their shares on a certificate and sending them to a Nigerian Address?
My broker asks me if I want to accept, to let them know, but then says if I accept that I need to withdraw my shares into my own name and apply direct, with no more further details except a copy of the letter dated 14th Dec from the Chair of Lekoil Nigeria.

Has anyone sent an email message to offers@lekoil.com and received a reply with instructions? Cheers NR

Confidence returning to Photo Me. 10th Dec 21 trading update reaffirmed profit guidance between GBP25 million and GBP30 million (before exceptionals) . Final results due 23rd Feb. Not sure if a dividend will come this time but perhaps in the year ahead. I'm expecting a run up in the SP ahead of results, especially if the market thinks they may contain a good forward looking statement.

As Lekoil Ltd Shareholders, we own 40% of Lekoil Nigeria.

Lekoil Nigeria are trying to buy Lekoil Ltd at 1.9p.

Clouseau I think if you opt to sell your shares then it won't matter if others choose not to do so.
I don't think it's a vote but a strange attempt to buy shares by 'Lekoil Nigeria' that I understand us shareholders are supposed to own already as a subsidiary of Lekoil Ltd (ie our company).
How does anyone know they will even get a cheque or electronic payment from Nigeria if you don't do it through a UK based registrar and broker arrangement.

LATEST UPDATE
11 January 2022



Lekoil Nigeria Limited

("Lekoil Nigeria")



UPDATE RE: OFFER TO ACQUIRE LEKOIL LIMITED SHARES AND POTENTIAL **************

(The Offers")





LAGOS, Nigeria. 11 January 2022



Lekoil Nigeria has today written to Lekoil Limited requesting that it instructs Computershare, Lekoil Limited's registrars, to co-operate with Lekoil Nigeria in respect of the Offers.

Lekoil Nigeria has made a number of requests directly to Computershare but to no avail. Lekoil Nigeria is receiving strong indications of interest in the Offers but recognises that shareholders are unable to accept the Offers at this time.

In view of the difficulties faced by shareholders, and pending a response from Lekoil Limited, the Board of Lekoil Nigeria has decided that the deadline for acceptances should be extended by one month, to Thursday 17 February 2022. All other terms and conditions of the Offers remain the same.

In the interim, if any shareholder wishes to accept the Cash Offer they are invited to send an email message to offers@lekoil.com and Lekoil Nigeria will provide instructions for the immediate direct acquisition of their shares.



For further information, please contact:



LEKOIL Nigeria Limited

Hamilton Esi, Corporate Communications




+234 810 642 1047





Hudson Sandler (Financial PR)

Mark Garraway




+44 (0)7771 860938



-end-

says Lekoil Nigeria has been in discussion with third party brokers/organisations and hopeful to facilitate the sale of shares through the the Company's Registrar and brokers in the ordinary course, should the board decide not to recommend the offers.
But that's seemingly not happening yet as my broker says I need to apply directly outside of the nominee to sell them, though I look forward to any further updates from zarqhon. Cheers.
What a mess.

According to my stock broker letter (my LEK shares held in a Nominee account), If I accept the offer I will need to withdraw my holding into my own name (presumably get a share certificate) and then apply directly.
At this time I have no idea where I would even post the share certificate to? A Nigerian address perhaps? Yikes!
At the moment it looks like I won't be doing anything much but see how it plays out, perhaps even to oblivion.
All the Nigerian associated shenanigans whilst following this company. I should have known better.

That Webinar didn't give me encouragement to invest, though not wanting to dissuade anyone holding/buying. I hope TK really gets up and running for the shareholders, but at the moment I will miss out if it does.

I'm expecting news an extension of the TK licence deadline at best which I do think will be positive at least, and perhaps accompanied with continued expectation of funding being met.

cheers Dab808 Thanks for the update. I understand half year results are due this Month ( the 25th)? Should get a clearer picture hopefully of how they are doing. It feels so abandoned and forgotten at the moment. Of course Covid being a major factor for the recent struggles.
Will be interesting to see if they mention any desire for funding in the results. All the best with your 1% stake here.

How I understand things is, There are interested parties looking at Zulu, and the last placing was to keep PREM financially sound, to keep any negotiations at an advantage and not to be seen as an opportunity for interested parties to pressure PREM into taking a low ball deal. After many years this could be the deal of a lifetime coming.

We're certainly closest we've ever been.
Fingers crossed.

Thanks MB10. I read your comments with interest and hope an investment here turns out well for you and fellow holders. At the moment I'm just watching from the side and note that Monecor seem to be involved with several other placings I've come across on the market.

Moving up on small buys. When (if) that contract lands region of £9m, it will be significant for the company. Hopefully hear of additional contracts from the company in the months ahead.

Does anyone fully understand the recent placing?
I note from a recent RNS that Monecor own 12.526% of the company. Are they investors in the company or holding them as a nominee for the placees they procured? Cheers NR