Member Info for ProcessGuy

That should of read ...and 18M (buys) ......Doh!

Total volume so far 36M with 5M (sells) and 18 (buys) reported, so lots of trades MIA.

A few extra trades have gone through on the secondary exchange.
https://www.aquis.eu/aquis-stock-exchange/member?securityidaqse=LEK.GB

Further to my post on Sunday and MadP's subsequent commentary on whether the current spate of FRR v's FRR legal action was intended to draw down the available legal costs available to Hope.

This was posted by Mole on 24th July 2020:

"Hope has access to insurance via a Hiscox policy taken out by FRR for all its directors and Outrider took a separate one with another provider to cover him as a director as well. So they seem to have dual coverage to split the costs. So yes I think he has had access to funds to burn on parts of the litigation that doesn't cost him anything. That is unlikely to cover him if he loses - and in addition we can't be sure of the limits of cover in the policy. But it explains why he was not forced to the table early on in 2018/19 and instead went to court aggressively in Cayman - meanwhile FRR were struggling to actually pay their own counsels fees."

A quick look on the HISCOX website found that they offer Company Directors and Officers cover from £100K to £10M although thats not to say an individual policy might not have a higher bespoke level of cover.

https://www.hiscox.co.uk/business-insurance/company-directors

MM's having a bit of fun this morning. A total volume of 170M traded in 2hours but only 39M (sells) and 73M (buys) reported, expecting some large late trades.

Does anyone know whether Zaza is using the same Directors insurance cover as Hope in the other case ? If the sum available is capped then might this be a way to reduce the amount available to Hope ?

Another big trade gone through (17.08). This time its 57m at a price of 0.38 (£218k). So that's two very big blocks today.

55m trade showing at 11.29 am today at a price of 0.385 (£211k)

If this is the testing then its part of University College London, independent UCL data is good enough for me.

"Tests conducted in the independent laboratories of Virology Research Services in London certify its filtering capacity (99.8%) and the ability to deactivate Covid-19 and influenza viruses at 90%."
https://virologyresearchservices.com/
https://virologyresearchservices.com/services/virucidal-activity-on-surfaces/
"We can test the antiviral activity of surfaces (plastics and other non-porous surfaces) or textile products against viruses following ISO 21702 and ISO 18184. These test data can then be used to report the specific antiviral activity of a product (labelled as having been tested following ISO 21702 or ISO 18184).

VRS is accredited to ISO/IEC 17025:2017 by Perry Johnson Laboratory Accreditation Inc. for testing the virucidal activity of textile materials (ISO 21702) and non-porous surfaces (ISO 18184)."

B1ll the U/T = 8.32

I would like to think we would get confirmation that the funds have been received as per the update RNS on the 18th December.
"· The seventh and next lifting is currently ongoing with net cash proceeds of US$4.0 million expected to be received shortly by the Company;"

The (new) BoD is now controlled by Metallon, the management will be required to act.

Leisurely:

The BoD RNS'd on the 11th December that they were in favour of Resolution 4.

"Requisitioned Resolution 4 (Appointment of George Maxwell as a Director of the Company)

The Board (excluding the Chairman, for the reason set out above) unanimously recommends that Shareholders VOTE FOR Requisitioned Resolution 4, as each member of the Board owning shares in the Company intends to do in respect of his or her own beneficial holdings (totaling 40,504,751 ordinary shares and representing 7.5% of the total issued ordinary share capital of the Company as at 10 December 2020)."

Hence the 98% vote in favour, the BoD voted against the other resolutions so I don't think there was an agreement.

This is interesting from the Reuters article:

"........................... Lekoil is also facing scrutiny from Nigeria’s Ministry of Petroleum Resources for not notifying it over Metallon’s build-up of shares in the company. Minister of Petroleum Resources, Timipre Sylva, sent a letter to Lekoil on Dec. 30 warning that he should have been informed ............"

If Reuters is correct it would appear that Lekoil should have notified the Minister whereas in their RNS responding to press speculation they implied it was Metallon:

".... The Company confirms that it has notified Metallon of this matter and has advised Metallon, as a matter of urgency, to liaise with the Federal Ministry of Petroleum Resources in order to resolve any issues arising from the acquisition of Metallon's shareholding."

I suppose it is largely irrelevant now with Metallon having a resounding mandate for change and action

Based on the figures, and given the BoD held 40m votes, it looks like all the other significant shareholders are aligned with Metallon, that's some miscalculation ! Rather proves the point about not listening to shareholders.

The EGM RNS is now out

There hasn't been a real market here for a long time. The stale old bears aren't likely to add to their holdings and the spread puts of new blood.

lets see what tomorrows RNS has to say.

SandyShore459:

You are right both have had plenty of support and time to deliver, they've failed spectacularly yet again. I don't know whether to laugh or cry but if they are removed (or resign) then they are also freed from the 12 month share lock-in so could dump more shares into a saturated market.

Moritz has been a passenger from day one, contributed nothing; he's just a serial collector of directorships.

Sarah:
"...........we are caged up....."

Thinks its AP and co that should be CAGED up, :)

How many months have they been talking and NOW we need to restructure.........!!!

ChadEnergy:

Glad you saw my post and replied, thanks. What do the rest of the LTH's think ? I thought this was very positive.