Lekoil Share Discussion Threads

[technowiz] 11/3/2022 19:55

its like having a dragon onboard. they are adding alot of value then I guess hence the dilution. hazzard a guess what the shares could trade at if they start trading again? way above the 1.9p Lekoil Nigeria have offered hopefully.

[honestmarty] 11/3/2022 18:59

Technowiz

Not when SAVE is able to oust the robbing squatters, regain control of your oil assets, and, fund their development.

You will thank the gods for SAVE, and do very nicely when this returns to the market.

It has been very difficuly, but a little more patience is required.

[chopsy] 11/3/2022 17:21

It means that Savannah Investments is making progress to get the assets back off Lekoil Nigeria and share them between themselves and Lekoil PLC. As Savannah Investments is a wholly owned subsidiary of SAVE, I would suggest the latter is a buy, if you think this process will turn out in their favour. As for the suspended shares, there could eventually be the publication of a new AIM admission document, and resumption of trading at a much higher level, but there will be much legwork in the courtroom before then.

[technowiz] 11/3/2022 16:57

11 March 2022
Lekoil Limited
("LEKOIL" or the "Company")
Convertible Facility Agreements conversion election - Total Voting Rights
LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, provides an update further to the Company's announcement of 28 February 2022, in respect of the Amended & Restated CFA1 ("CFA 1"), the Savannah Convertible Facility Agreement ("CFA 2") and the Tripartite Agreements.
The Company notes that the lenders under CFA 1 and CFA 2 have now elected to convert all or part of their Outstanding Amounts into fully paid ordinary shares of the Company ("Shares") as follows:
Amended & Restated CFA1 - Lenders
42,000,000 Shares ("CFA1 Shares")
CFA 2 Lender
157,134,400 Shares ("CFA2 Shares")
The Company has now completed the allotment and issuance of the Shares pursuant to those elections. Following the issuance of the Shares, there are no Outstanding Amounts under CFA 1 and the Outstanding Amount under CFA 2 is £100,000.
Pursuant to the Tripartite Agreements, the Company has also completed the allotment and issuance of 22,863,356 Shares (the "Tripartite Agreement Shares") to satisfy the obligations thereunder.
As trading in the Company's Shares remain suspended, application is not currently being made for the CFA1 Shares, CFA2 Shares and Tripartite Agreement Shares issued today, to be admitted to trading on AIM ('Admission').

whats it all mean then for us shareholders?

[honestmarty] 11/3/2022 08:03

Great news

Hopefully just the start.

[technowiz] 10/3/2022 19:58

[...]

seems the best outcome here would be to have the BOD removed at a extraordinary shareholders meeting. then hopefully get the shares relisted and trading above the 1.9p offer price.

[sunbed44] 10/3/2022 19:52

The Lek appeal against Lek Nigeria was being heard in court today. Hopefully hear the outcome soon.

[technowiz] 10/3/2022 19:38

the CEO of Lekoil Nigeria Olalekan Akinyanmi this injunction hes seeking is to stop the CFA with Savannah Energy Investments going ahead? what happens if hes successful is it back to the 1.9p offer decide to take it or not?

[irexit] 05/3/2022 10:28

Savannah . Who are they? They are a vulture fund. They charge massive lending fees and at least 25% compound fees.Companies who use them cannot raise funds, so Savannah is a lender of last resort for desperate borrowers.Desperate Directors of Lek are trying to raise cash to pay Judgments against Lek and legal fees incurred.So, how can we remove the Directors of Lek who are not acting in the best interest of the company.Lek shares if listed are valued well in excess of 15 p given oil demand and the present price of oil. Savannah are in a process , if the share deal proceeds will make 10 million. Can we guess who will be the main beneficiaries???Fingers crossed the court will grant a permanent injunction

[irexit] 27/12/2021 12:24

An EGM and an AGM comparisonIf one intends to issue shares at a discount the companies Act states , that an AGM is the appropriate form to ensure adequate notice to shareholders. All shareholders are entitled to participate in the purchase.In these circumstances the recent EGM should not have taken place relating to the issue concerning discount shares etc. The resolutions were unlawful.So not an angle as far as share price Angle is concerned.We have a bid! Resolutions are passed at an EGM not an AGM.This Board should resign immediately and so should SPAngle it's advisors.The shareholders will not be enriched . Who will get the shares ? What happens when the bid is increased and or a third party makes an acceptable bid?? Who c

[irexit] 15/12/2021 09:13

An open offer has been made to the lek oil shareholders to exchange shares and or to buy their shares at a substantial premium . The lek oil directors reaction is , they don't know anything, meanwhile they continue with their proposals to persuade us shareholders to vote to issue millions of shares at a substantial discount.To whom? We know the answer only too well.This sort of behaviour amounts to reckless gross misconduct .The resolutions should be withdrawn immediately and the board should resign.

[technowiz] 06/12/2021 23:20

hxxps://www.energyvoice.com/oilandgas/africa/ep-africa/369963/lekoil-nigeria-buy-agm/

[geckotheglorious] 06/12/2021 17:00

Takeover offer from who?



The Company notes that it has had no approach from Lekoil Nigeria and has had no discussions with Lekoil Nigeria with respect to any offer to acquire the ordinary shares in the Company

The Company notes that the Lekoil Nigeria Announcement is factually incorrect and/or misleading in several ways, as set out below.
(IE A SCAM)

The WHOLE RNS smacks of being a typical Nigerian scam.

Why people continue to invest in Nigeria begfgars belief.

Buckingham saw the light and got out not quite at the top. Far too many dodgy activities - Nigeria is renowned for such.

Just see how much SHELL gets screwed for annually by such dishonest scam orientated people. BUNKERING costs them shedloads.

Invest at your peril

[technowiz] 06/12/2021 15:48

RNS out. takeover offer coming it seems

[geckotheglorious] 25/11/2021 12:26

Surprised this Nigerian scam still going myself.
Stock price chart is eyewatering.

Still lessons about investing in Nigeria wont be learned.


Buckingham selling out of Heritage Oil all those years ago was a warning.
Afren was another warning..

Ongoing fraud and theft surrounding Shell's onshore pipelines/production facilities yet another warning.

[technowiz] 25/11/2021 11:49

RNS out. Directorate Changes. looks good!

[irexit] 09/10/2021 14:53

X CEO is not a scum bag.We now know a corporate raid took place . If it were successful we shareholders would have been wiped out. Although the corporate raiders shares are sold, two nominated directors remain. Please do the honourable and resign. We need the return of our x CEO

[geckotheglorious] 24/9/2021 18:26

I've seen plenty of dishonesty in my time African side but ex CEO is a fraudulent scumbag.

"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 <---------------------------This is STANDARD notification of price sensitive information. And yes this deceitful mofo Mr. Olalekan Akinyanmi should be barred from holding ANY Company Board post ever again.

Just another Nigerian scam artist following in a long line of Nigerian scam artists.

Disclosure: Not a stockholder, fortunately but learned my lesson with Afren(another case of Nigerian scams bankrupting a company)

Moral of the story.

Avoid Nigeria.
Avoid investing in Nigerian companies.
Avoid investing in Nigerian run companies.

[irexit] 19/9/2021 07:26

Looks like a resolution could be in the making! What next? Take over ? No. Third party major investment? Absolutely.The assets are too good to ignore.Time will tell?