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Share Name Share Symbol Market Type Share ISIN Share Description
Lekoil Limited LSE:LEK London Ordinary Share KYG5462G1073 ORD USD0.00005 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 1.20 1.15 1.25 1.20 1.20 1.20 556,774 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 31.7 -3.7 -1.5 - 6

Lekoil Share Discussion Threads

Showing 9526 to 9545 of 9625 messages
Chat Pages: 385  384  383  382  381  380  379  378  377  376  375  374  Older
DateSubjectAuthorDiscuss
22/12/2020
10:53
What happens if the listing gets cancelled tomorrow which looks likely. Post EGM can't they get relisted again with a Nomad and any potential fund raise? Anyone know the rules because I certainly don't and the fact that a Nomad can simply resign without seemingly any prior forewarning to the Company or the market or any stated due diligence reasons is a little concerning for any future investing. Can you even call it 'investing' on AIM? Why do Nomads suddenly resign after taking fees for so many years? The more one learns about 'investing' the more one realises is that it's all a bit scammy.
nick rubens
22/12/2020
09:38
I have voted for the Metallon proposal
dvb99
22/12/2020
09:38
Is today not the last day for appointing a new NOMAD? AIM listing will be cancelled tomorrow.
ianio5691
22/12/2020
09:22
I'd vote for the resolutions put forth by Metallon. Hopefully this gets through at the EGM, a new nomad appointed and resumption of trading.
nick rubens
17/12/2020
13:27
Interesting letter.... Doesn't seem unreasonable either. Current BoD certainly not acting in shareholders interests......: Dear fellow shareholders, Metallon Corporation Limited (“MetallonR21;) is writing to request your support for the proposals we have requisitioned at the forthcoming extraordinary general meeting of Lekoil Limited (“Lekoil”; or “the Company”) including the addition of three non-executive Directors with significant industry, commercial, financial and in-country expertise to significantly bolster the management oversight and governance at the Board. Metallon is a private natural resources and infrastructure company focused on investing in Africa with a long-term investment horizon. We are the largest shareholder in Lekoil with a 15.10% interest in the Company’s shares. Metallon is categorically not seeking to take control of Lekoil and is not working in concert with any other shareholders. We believe Lekoil’s assets, specifically Otakikpo, are being substantially undervalued by the market and that the value of these assets could be realised if the proposed changes are made to the Lekoil Board. Since notice of the requisition was given on 19 November, we are aware that a significant number of shareholders have the same concerns regarding the Board’s lack of governance and oversight of management. Furthermore, Metallon is aware that historically shareholders have tried to strengthen the Board and Lekoil has continually found ways to avoid the necessary changes needed to ensure the Board is truly independent from the CEO. Since our submission we have engaged with the Board to seek the appointment of the nominated directors without the Company incurring the costs of an EGM. However, the Board was unable to reach a decision on the proposed appointments, although we understand that it was broadly supportive of such appointments. We believe the Board has been poorly advised by third parties aimed at highlighting problems, rather than seeking solutions and a stronger more experienced Board would reduce the likelihood of such situations arising in the future. We are very concerned that - underlying the incorrect accusations around a takeover - there is simply a lack of desire by certain Directors to have a Board with proper governance structures and oversight of management. Our concerns: 1. A lack of accountability of management by the Board has led to shareholder value being destroyed a. Lekoil has raised over US$264m of equity from shareholders since listing in 2013. The Company’s shares were suspended on 23 November 2020 with a market cap of US$13m. b. During this period Lekoil has spent US$129m on G&A and invested US$210m into Oil & Gas activities but delivered no production growth at Otakikpo since first oil in 2017. c. The Board has continually missed the market expectations it sets, with production levels at Otakikpo averaging 5,676 barrels of oil per day (“BOPD”) (gross) in H1 2020, despite setting targets of 10,000 BOPD by 2017 year-end and 20,000 BOPD in 2020. Otakikpo, its only asset generating returns, has been starved of investment whilst G&A and other costs remain at extremely elevated levels. d. Since its listing, the Board has awarded the CEO a total remuneration of over US$10m, close to the current market capitalisation of Lekoil. It also recently entered into a related party transaction to extend a material part of the longstanding US$1.8m Directors loan to the CEO at a time when the Company is short of cash. 2. Corporate governance failures by the Board a. The entry into a US$187m fake loan agreement in January 2020 was an embarrassment for everyone involved from management to the Board. Lekoil paid US$450,000 of fees to a fake intermediary in the process. Inadequate Board oversight and a lack of management accountability are directly responsible for this situation occurring. b. The Board promised in March 2020 “to improve its standards of corporate governance”. However, we understand the extension of the Director loan to the CEO did not follow the correct process under the AIM rules and ignored a very clear message from shareholders to the Board, via the previous NOMAD. Ignoring shareholders’ views is an extremely concerning position for a Board to take and raises questions of its independence. We understand the Board extended the loan, without obtaining a fair and reasonable confirmation. We note the CEO’s current interest in the Company’s shares. Metallon will separately raise this issue of non-compliance with AIM Regulation. c. We are concerned by the Board’s loose interpretation of the dissemination of price sensitive information in relation to notice of the requisition delivered on 19 November 2020 that was only announced to the market four days later. d. We sought to impose additional restrictions on the Board in relation to the steps it can take pending a full review of its governance procedures. The Board has – in our opinion – wrongfully rejected this proposed resolution and has not included it within the notice of EGM. This is further evidence of the Board’s blatant disregard for the valid views of shareholders. e. We are aware of other shareholders in the last six months seeking to strengthen the board with one of the candidates that Metallon has proposed, given their outstanding track record operating in the region. The Board did not adequately engage with shareholders and avoided making any changes leading us to believe there is a desire by certain Directors to avoid both the Board and management team being held to account. Conclusion and next steps Metallon believes the poor governance and excessive approach to spending at Lekoil has to stop now. The Board has categorically failed in its duty to oversee the actions of the Executive team and implement best practice governance to the detriment of all shareholders. We believe the Board would greatly benefit from the addition Michael Ajukwu and George Maxwell as independent non-executive directors and Thomas Richardson as a non-independent non-executive director representing Metallon, to provide the relevant governance, competence and oversight to ensurethat the Executive team is held to account. We strongly urge all shareholders to support these proposals by voting FOR the resolutions. For further information please email Georgia.edmonds@camarco.co.uk. Sincerely, Metallon Corporation Limited
ianio5691
14/12/2020
10:38
If its de-listed, any existing shareholders will be wiped out.
ianio5691
11/12/2020
13:17
When was that charlie1712? Amazing assets absolutely Iani05691 - there is a old video sugegsting what sort of flow rates could be there at 310. Plenty of resource and reserves elsewhere in the portfolio. At the moment it appears that nobody would fund LEKs share in anything partially becuase of what charlie1712 has said; a new team would give credibility - IMO I think the share price would be higher if it wasn't suspended - these prospective directors are not here for the sake of it. Always odds on to be delisted following the NOMAD withdrawing - but the central outcome is that it will be relisted when the new directors come on board and bring a pot of money with them - shareholders wil get behind them then. The company will need shareholders to get these assets developed. I was one of the lucky ones on the flurry to just over 10p, but in retrospect I can surmise that it was a pump and dump, but the assets are still here.
josephrobert
11/12/2020
12:14
No mention of a NOMAD? Will we be on AIM by the EGM? Kicked out the week after next as things stand.
bakero
11/12/2020
09:57
Mirabaud the company brokers rang 48pc of the shareholders and asked a simple question. Are you supportive of the Ceo rolling his company loan for $1.8m or would you want to see it paid back? 48pc said it shouldn't be there in the first place and it shouldn't for sure be rolled- but paid back. That was 48pc ...100pc of those canvassed - so what did they do - they rolled it. This board is a disgrace the original board members have perpetuated a club, of overpaid execs and massively paid Non-execs, and G and A that is laughable if it wasn't so sad - and they don't even operate. Let's bring on this EGM and back change. George Maxwell wouldn't put up with this scam
charlie1712
11/12/2020
07:12
It's dead Jim but not as we know it.
ngms27
11/12/2020
07:09
Oh dear that's not good. Just as well this is suspended so that more newbies can't be sucked in. There's got to be something really fishy going on if Strand Hanson kicked them out, and this totally stinks.
terminator101
30/11/2020
13:01
checked other sites, still saying SUSPENDED, poss lse got wording wrong? gla.
marky23
30/11/2020
12:44
on the london south east site, its says lek is now DELISTED?
marky23
28/11/2020
19:07
LEKOIL has an outstanding balance of external interest-bearing loans and borrowings of approximately US$15.6 million, and a total cash balance of US$3.8 million, with US$1.3 million recognised as restricted cash.
mr woodland
28/11/2020
15:40
No. Perhaps we will get an RNS on Monday to say 'The resignation of the NOMAD seems to have been communicated to the Company by individuals who have constructed a complex facade in order to masquerade as representatives of Strand Hanson Limited' ;-)
bakero
25/11/2020
15:18
anyone have any news on lek today? hate these waiting games! gla.
marky23
24/11/2020
11:42
Really think we need to know why the NOMAD resigned to understand the chain of events. I don't get the gap between the approach and the resignation. If known a week ago the content in yesterday's RNS had to be released a week ago. I'm very much against conspiracy theories but I am beginning to wonder how such assets managed to be valued so low. The 310 debacle - well could this be part of bringing the price down to these bonkers levels? Did the Chairman leave in September to leave another to be the fall guy? Steering the company to a place where they have the assets but no finance to make progress for many years seems difficult to achieve without design. Could the company be looking to take it private themselves - by first taking out the NOMAD relationship - then once the other party saw what could happen it forced their hand with yesterday's RNS. However looking at the names in the last RNS makes me think that the company wil be relisted - certainly after looking at Eland's historic share price performance - and perhaps LEK can be the vehicle for them to do the same. Wonder if another party indicates their intentions - there just seems to much money to be made.
josephrobert
24/11/2020
09:50
Not trades
mr woodland
23/11/2020
22:21
I'll read the takeover code tomorrow to see if it helps
josephrobert
23/11/2020
22:20
Even if it is not relisted then I am sure you will get more for your shares than last week.
josephrobert
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