24 Sep 2021 15:36
24 September 2021
Lekoil Limited
("LEKOIL" or the "Company")
Civil Action
LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, provides the following corporate update.
As announced on 2 September 2021, following the dismissal of Mr. Olalekan Akinyanmi as CEO of the Company in June 2021 and the commencement of legal proceedings to recover the CEO loan, the Company expected to be served with a number of claims by Lekan Akinyanmi including unfair dismissal/breach of contract. The Company has now been served with a civil action in the Superior Court of New Jersey. The action alleges breach of contract in termination his employment contract; seeks declaratory relief for the award of bonuses for past services; seeks to employ set off of any termination payments due under the employment contract or the bonuses against the sum due under the CEO loan; and alleges defamation for issuing the RNS's related to the termination of his contract. The Company intends to defend any claims and the legal advice received so far doesn't suggest any grounds for any of the above claims to be successful. The Company will update shareholders as the action progresses.
For further information, please visit www.lekoilplc.com or contact:
SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker) John Mackay / Jeff Keating / Stuart Gledhill / Richard Hail |
+44 20 3470 0470 |
Tennyson Securities (Joint Broker) Peter Krens / Edward Haig-Thomas | +44 20 7186 9030 |
Market Abuse Regulation Disclosure |
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.