Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The option is there to convert if they wish to BUT the job is probably done. They have good equity now. Plus, we don't know whether the FCA has nudged them not to sell anymore. I sense Anavio are through with conversions and shorting. They see themselves as a long only equity holder now. Plenty of money to be made from here on that basis and far less risk. They have their equity now and have acquired it very cheaply.
The SL is limited in what it can do so long as the loan terms are adhered to and COPL remains 'cashed up'. Anavio and Tosca will be well aware of that as shareholders and will want to protect their investments. The SL has much more power if it has reason to pursue its lien claim. Anavio and Tosca will do everything to avoid this. As equity holders now, their objectives could be fairly similar to ours. They want maximum value for their shares now having acquired them so cheaply.
Well if they thought that and believed it, they will henceforth rue the day they did. The pursuit of a just outcome here may take years. So be it. No line of enquiry will be ignored, every protagonist will be examined and a variety of legal steps will be taken. There is no chance whatsoever that there will be anything 'easy' about any 'win' these people believe they might achieve. They've won nothing yet. The FCA and its equivalent in Canada are involved. Certain potential crimes here that may have been committed can result in long prison sentences and lives ruined. This is why the legal system is regarded as a justice system. Protagonists, you may have enjoyed 'easy wins' in the past but not here. Not this time. This time is a grind. A slow grind on and on. We know who you are. You know we do due to all the things that have happened to you over the last few weeks. It's only the start of course. Our side is enjoying pursuing you and we've only just got started.
"compensate a group of shareholders purporting to
protect the Company’s interests, but in reality are determined to destroy all value in the company.
As fellow Shareholders, the Board of directors of Lekoil Nigeria Limited (Lekoil Nigeria) received the
AGM Notice and no doubt experienced the same dismay and disappointment as experienced by the
many Shareholders who have been in touch with us. The same Board of directors of Lekoil Limited and
activist Shareholders that asked you to place your trust in them and promised you improved corporate
governance has displayed a pitiful disregard for corporate governance and a singular determination to
destroy the company.The Board of Lekoil Limited has entered into a Convertible Facility Agreement (CFA) pursuant to which
Lekoil Limited will issue 40 million shares in Lekoil Limited (representing about 7.5 % of the issued share
3
capital) at 0.5p per share, a discount of approximately 50% to the last trading price prior to the
suspension of trading of Lekoil Limited. Pursuant to this CFA, shares will be issued to entities controlled
by two directors, Thomas Richardson and Marco D’ Attanasio, and an unnamed and unknown third
person. Why will the Board of Lekoil Limited not disclose the beneficiary of this right to convert into
shares of Lekoil Limited at an over 50% discount?"
The principal requisitionist, Metallon Corporation, owned by Mzi Khumalo has purportedly disposed of
its interest (yet his appointee and the Chief Executive Officer of Metallon Corporation, Thomas
Richardson, inexplicably remains on the Board of directors of your company.
Twelve months ago, Metallon Corporation requisitioned an Extraordinary General Meeting (EGM) citing
inadequate corporate governance on the part of the then Board of directors of Lekoil Limited. The
requisitionist sought and obtained the appointment of three directors, Mr George Maxwell (the only
suitably qualified nominee), Mr Michael Ajukwu and Mr Thomas Richardson. Since the Requisitioned
EGM, George Maxwell, Michael Ajukwu and myself have resigned from the Board of Lekoil Limited. The
Chief Financial Officer (CFO), Ed During has also resigned from his position, citing his inability to
continue with a Board showing blatant disregard for the views of the CFO and a propensity to mislead
regulators.
The principal requisitionist, Metallon Corporation, owned by Mzi Khumalo has purportedly disposed of
its interest (yet his appointee and the Chief Executive Officer of Metallon Corporation, Thomas
Richardson, inexplicably remains on the Board of directors of your company).
Corporate governance has reached an all-time low under the stewardship of Executive Chairman,
Anthony Hawkins. Mr Hawkins has clearly shown that he is not representing the interests of
Shareholders as a whole, but that of a clique of Shareholders who have taken control of your company
and whose behaviour since then has confirmed their sole intent was to gain outright control and strip
the assets of Lekoil Nigeria.
The discovery was corroborated by Ryder Scott then reviewed and commented on by Hannam and Partners whose work included at least one site visit to Wyoming. Time and time again, the evidence being revealed shows shady practice by Tom Richardson, Marco D'Attanasio as well as others. AM must rue the day that he oversaw Anavio's introduction in 2022. He had done so well up to that point with the Wyoming development and financing. The speed at which the share price fell by 58% just prior to Anavio's appointment and when Hadron was referred to via a TR1 about a year before is being closely investigated now so I understand. Signs of naked shorting are being searced for as well as who the shorters may have been if indeed there was shorting. Remember that Hadron and Anavio share an address in the Cayman Islands.
What if enquiries prove that bonds are held by Hadron, Marco D'Attanasio, Fenikso or TR or any body connected with them? If this is the case, TR's role as a director becomes untenable. Naked shorting is a separate matter and is also being investigated so I understand. There is certainly scope for the SP to improve as a result of rectifications elsewhere.
An interesting opinion. That would be an extremely deceitful and dishonest thing to do. Why is it your opinion the group would do that? Also, who is to say that this matter won't be resolved in due course via an agreement between the various parties. The RNS did say that the JV discussions had terminated 'at this stage'. Bearing in mind the intense pressure Anavio and others are currently under and the scope of the possible punishments for being found guilty in Court for a multitude of violations, there is no reason doubt that discussions could start again soon. Anavio would want this to happen well before 29 Feb.
Could you explain why TR1s need to be announced please? My understanding is this refers to 'major shareholders' which is not the same as a group of small shareholders chatting about common interests. 100 people could be in the pub talking about a company. They own 0.05% of the shares each. Each agrees on a course of action for the company if they could influence that. They are not related and no group decision is requested. Is that the same as a LLP which goes from 0.05% to 5% through share purchase?
There is the added strand of Hadron Capital Partners (LLP) and its role in events at Lekoil (Nigeria) along with Mr Richardson. A COPL RNS dated 5 July 2021 showed Hadron with a 5.25% holding in COPL. COPL's share price fell by 58% by 22 July 2022 when first financing with Anavio was announced. It is unclear whether the COPL shareprice was shorted during this period and, if so, by whom. I understand this is being explored now.Hadron's founder is Marco D'Attanisio and he is now a non-executive director at Fenikso with Tom Richardson. Fenikso was previously called Lekoil (Cayman) Limited. As at 2 May 2023 Peter Krens was shown as Fenikso's contact at Tennyson Securities.
Here is a link which shows the comments made by the Chair of Lekoil (Nigeria) at the time. Note Dr Aisha Muhammed-Oyebode's comments about Lekoil (Cayman) at the end. Also note the calibre of Dr Muhammed-Oyebode, a lawyer educated in London and daughter of former Head of State. It would be interesting to have a conversation with her about Metallon, Hadron, Tom Richardson, Marco D'Attanasio and so on.
https://www.energyvoice.com/oilandgas/africa/ep-africa/347042/metallon-sold-stake-lekoil/
https://en.wikipedia.org/wiki/Aisha_Muhammed-Oyebode
It might also be interesting to explore the role of Tennyson (and Mirabaud before that) as relates to their involvement,if any. Mirabaud was involved with Lekoil for a $12 million deal back in 2016 and were also involved with Savannah in 2019 with a $15 million deal. The link below provides more comment and reads like an Ian Fleming novel.
https://www.thecable.ng/corporate-takeovers-contextualising-the-savannah-move-on-lekoil
Tom Richardson is shown on the Companies House website as being a Director of Metallon between 20 April 2020 and 10 October 2022.
Yes Bob. A review of the protagonists ' respective histories shows they have not been across the table from folk such as ExxonMobil and Summit before. The way in which they mock their duties does not count for much at this level. Looking for an escape route I would suggest. Staying free is top priority? Free with a career that can be salvaged.
Twelve months ago, Metallon Corporation requisitioned an Extraordinary General Meeting (EGM) citing
inadequate corporate governance on the part of the then Board of directors of Lekoil Limited. The
requisitionist sought and obtained the appointment of three directors, Mr George Maxwell (the only
suitably qualified nominee), Mr Michael Ajukwu and Mr Thomas Richardson. Since the Requisitioned
EGM, George Maxwell, Michael Ajukwu and myself have resigned from the Board of Lekoil Limited. The
Chief Financial Officer (CFO), Ed During has also resigned from his position, citing his inability to
continue with a Board showing blatant disregard for the views of the CFO and a propensity to mislead
regulators.
The principal requisitionist, Metallon Corporation, owned by Mzi Khumalo has purportedly disposed of
its interest (yet his appointee and the Chief Executive Officer of Metallon Corporation, Thomas
Richardson, inexplicably remains on the Board of directors of your company)