Lekoil Limited Requisition of Extraordinary General Meeting (2408G)

TIDMLEK

RNS Number : 2408G

Lekoil Limited

23 November 2020

23 November 2020

Lekoil Limited

("LEKOIL" or the "Company")

Requisition of Extraordinary General Meeting

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces that it has received a letter from Lynchwood Nominees Limited (as nominee of and on the instructions of Metallon Corporation Limited ("Metallon"), the beneficial owner of 82,500,000 ordinary shares in the Company, equivalent to 15.4% of the paid up capital of the Company), requisitioning an extraordinary general meeting of the Company's shareholders (the "Requisition"), requiring the Company to convene an extraordinary general meeting within 21 days from the date of deposit of the Requisition. The meeting must be held within 28 days from the date the meeting is convened.

The Requisition proposes resolutions that the Chairman be removed from, and Michael Onochie Ajukwu, Thomas Donald Richardson and George Maxwell be appointed to, the Board of Directors of the Company. The Requisition also proposes a Special Resolution relating to restrictions to be placed on the affairs of its principal subsidiary, LEKOIL Limited (Nigeria). The Board considers this to be an opportunistic attempt to take control of the Company without paying a premium for the value of the shares and the assets of the Company to the shareholders.

The Board of Directors is reviewing the validity of the Requisition and has launched an investigation into any potential concert party issues. The Company remains in advanced discussions with a new nominated adviser who will also need to review the resolutions proposed by the Requisition. The Requisition is expected to extend their due diligence process which needs to be completed before the new nominated adviser is appointed, and therefore increases the risk that the Company's shares may be delisted.

The Board of Directors' detailed response will be announced in due course. In the meantime, shareholders are advised to take no action at this time.

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

For further information, please visit www.lekoil.com or contact:

 
LEKOIL Limited 
 Hamilton Esi, Corporate Communications 
 Ore Bajomo, Investor Relations                        [phone] 
Mirabaud Securities Limited (Joint 
 Broker)                                      [phone] / +44 20 
 Peter Krens / Edward Haig-Thomas                             7878 3447 
SP Angel Corporate Finance LLP (Joint 
 Broker) 
 Richard Hail / Stuart Gledhill / Sam 
 Wahab                                                 [phone] 
Instinctif (Financial PR)                              [phone] 
 Mark Garraway / Dinara Shikhametova              [e-mail] 
 / Sarah Hourahane 
 

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November 23, 2020 13:03 ET (18:03 GMT)