Lekoil Nigeria letter to Lekoil Cayman available15 Sep 2021 02:47
A letter from Lekoil Nigeria to Lekoil Cayman is available on Lekoil Nigeria's Twitter.
Its a long pdf:
Attention: Anthony Hawkins (Mr.), Executive Chairman
Dear Sirs,
PROPOSED CONVERTIBLE FACILITY AGREEMENT
We refer to the announcements published by Lekoil Limited (the “Company”) in respect of the above
on September 2, 2021 at 7.00am and 12.17pm respectively.
The first announcement stated that the Company intended to enter into a Convertible Facility
Agreement (“CFA”) with Hadron Master Fund ("Hadron"), TDR Enterprises Ltd (“TDR”), and an
unnamed third party providing the Company with access up to £200,000, to fund legal and ongoing
operational costs (the “First Announcement”). The second announcement (the “Second
Announcement”, and together with the First Announcement, the “Announcements”) subsequently
stated that the Company had in fact entered into the CFA and the proceeds of which shall be applied
towards corporate costs and general corporate purposes as approved by the Board and the Lenders.
Pre-emption rights
Pursuant to Articles 26.1 and 27 of the Articles of Association, no securities (including the grant of a
right to subscribe for, or to convert any securities into shares in the Company) can be offered to any
person, unless the Company has first made an offer to each shareholder of the Company holding
shares of the same class of the shares that such securities convert to, on the same or more favourable
terms. Furthermore, such offer of securities to the third party should not be made unless the period
of acceptance for such an offer to each shareholder of the Company has expired or the Company has
received notice of the acceptance or refusal of every offer so made. Please provide us with a copy of
the executed CFA so that we may determine whether or not the agreement is authorized under the
terms of the Articles of Association and is in accordance therewith.
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