7 Apr 2022 12:27
7 April 2022
Lekoil Limited
("LEKOIL" or the "Company")
Cayman winding up petition
LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, notes that further to the announcement of 6 April 2022 related to the Nigeria court process, it has received a winding up petition for the Company filed by Mr. Akinyanmi (the "Petition"). The Petition is based on alleged "oppressive conduct" by the Company, its directors and certain shareholders in "seeking to engineer a takeover of the Company" and in breaching certain intercompany financing and management agreements.
The Company will take appropriate legal advice so it can defend the claim. Further announcements will be made as appropriate.
Anthony Hawkins, the Company's Interim Executive Chairman commented:
"The Company will take the appropriate legal steps to defend the Company from the Petition, which it considers unmerited and without foundation. We note that Mr. Akinyanmi's previous ex-parte injunction, which addressed similar issues, was discharged by the Cayman Court and that Mr. Akinyami has not, to date, progressed further with that claim. This winding up petition, also by Mr. Akinyanmi, is at odds with the public statements of Lekoil Nigeria (of which he is CEO) that it wishes to act in the best interests of shareholders. Instead, by way of this petition, Mr. Akinyanmi wishes to wind up the Company, the effect of which would clearly be detrimental to the Company's shareholders. As such, the Company will vigorously defend the claim, continue with the work necessary to have the Company's shares unsuspended and continue with the steps necessary to recover its investments in the Lekoil Group."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
For further information, please visit www.lekoilplc.com or contact:
SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker) Jeff Keating / Stuart Gledhill |
+44 20 3470 0470 |
Tennyson Securities (Joint Broker) Peter Krens / Edward Haig-Thomas | +44 20 7186 9030 |
Camarco (Financial PR Advisor) Billy Clegg / Owen Roberts / Violet Wilson | +44 20 3757 4983 |