Lekoil Share Discussion Threads

[napoleon 14th] 05/5/2022 08:12

Legal news today describes Lekoil Nigeria as acting "ultra vires", or :
acting or done beyond one's legal power or authority,

& "ex parte", or : done with respect to or in the interests of one side only or of an interested outside party.

I don't know how successfaul SAVE & LEK are going to be in stopping this "sting".
It's as if Nigeria's reputation wasn't bad enough....

[sunbed44] 08/4/2022 08:44

Looks like Knott got Hawkins in his back pocket and Hawkins will be knocking on the door for a SAVE main board position in due course. VERY EXCITING TIMES but I fear it will be a very slow burner with plenty of 2 steps forward and one back before we get to the desired destination.

[copandrobber] 08/4/2022 07:36

Good result today. Overwhelming majority.

[technowiz] 07/4/2022 11:47

RNS Number : 6763H

Lekoil Limited

07 April 2022

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."

[honestmarty] 06/4/2022 15:48

Technowiz
I know the shareholders have been through a difficult time, but things are moving now, and I believe the eventual outcome will be positive.

[technowiz] 06/4/2022 13:21

its not excellent news though is it. its going to delay things. no RNS out about cancellation of the EGM.

[honestmarty] 06/4/2022 10:21

Excellent news.

If that scoundrel Lekan has been forced to seek an ex-parte injunction so quickly he is obviously very worried.

And so he should be.

Lekoil can now repeat their Cayman court success by applying to the Nigerian court to have the injunction set aside.

SAVE have expertise in the Nigerian courts, having previously seen off claims relating to the 7E rescue.

Nigeria needs honest, well-managed oil companies like SAVE, not crooked 'Big Man' chancers like Lekan.

[geckotheglorious] 06/4/2022 09:40

Scammers on one side trying to scam scammers on the other side.

Nigeria in a nutshell.

Red flags everywhere here.

And these red flags have been visible for several years.

[technowiz] 06/4/2022 09:18

The Company will take appropriate legal advice so it can assess its position and notes that the application was made, and the order was granted, without the Company having the opportunity to state its position. Further announcements will be made as appropriate.

[technowiz] 06/4/2022 08:30

RNS out. wow this never ends.

"The Board of Lekoil Nigeria is delighted that the injunction has been granted, prohibiting a substantially dilutive issuance of equity and an option agreement with Savannah Energy Investments Limited which would have denied shareholders of significant value".

lets hope there is significant value and its not all a scam.

[sunbed44] 04/4/2022 20:09

A few fireworks ahead me thinks

[technowiz] 04/4/2022 19:59

Lekoil Nigeria are rattled I agree with that. They deleted some posts on the twitter page including one of mine. haha

[napoleon 14th] 01/4/2022 18:36

You'd best look kere for a start, technowiz........

[technowiz] 01/4/2022 16:24

meaning what? we get shares in SAVE? are they listed in europe? don't know anything about them. not great being a shareholder and not being able to sell your shares!

[sunbed44] 01/4/2022 12:58

Welcome to all to be in the very safe hands when youre incorporated under the SAVE umbrella

[technowiz] 01/4/2022 12:17

another RNS out. claims they are trying to muddy the waters ahead of EGM..

[honestmarty] 01/4/2022 06:32

Lekoil Nigeria have issued a statement



A pathetic offer on the Mayfair loan, with a future payment which will never be made.

Lekoil Nigeria are clearly rattled. They are terrified of the EGM vote.

I’m very hopeful the long suffering LEK shareholders are finally going to get some financial relief, and see justice served on a bunch of crooks.

Watch this space.

[technowiz] 31/3/2022 21:43

I'm wondering if the shares will get delisted soon and if so what happens. can they apply to have them relisted?

[chopsy] 23/3/2022 13:35

It's an EGM and, no.

[technowiz] 23/3/2022 12:46

brent almost $120.

will we get news of the share listing on AGM day? surely can't stay untrading forever. just 2 weeks away.

[technowiz] 21/3/2022 19:47

RNS EGM 7-apr-2022(thu) 4pm

[technowiz] 16/3/2022 20:01

Injunction Update and Suspension of Share Offers
March 15, 2022
Accordingly, pending clarification of the status of the legality of the actions undertaken by the Board of Lekoil Limited and the company's resulting shareholding structure, the Board of Lekoil Nigeria has taken the decision to suspend its offers to shareholders of Lekoil Limited.

hxxps://lekoil.com/news/f/injunction-update-and-suspension-of-share-offers

not checked on my broker account at ii but that means the 1.9p offer is a no goer for now.

II holdings:
SAVANNAH ENERGY INVESTMENTS LIMITED 23.7% as of 16-mar-2022
Hadron Capital (Cayman) Limited. Grand Cayman, Cayman Islands 6.07% as of 16-mar-2022
LEKOIL NIGERIA LIMITED 11.35% as of 28-feb-2022
total 41.12%
any more to add?

[sunbed44] 16/3/2022 13:28

Who are Hadron Capital and how have they managed to get 6.07pc while we are suspended

[technowiz] 16/3/2022 13:03

holding RNS out today

[honestmarty] 11/3/2022 20:22

10.9p would be my guess