Lekoil Limited Requisition of Extraordinary General Meeting (2408G)
November 23 2020 - 1:03PM
UK Regulatory
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 +44 20 7457 2020
Mirabaud Securities Limited (Joint
Broker) +44 20 7878 3362 / +44 20
Peter Krens / Edward Haig-Thomas 7878 3447
SP Angel Corporate Finance LLP (Joint
Broker)
Richard Hail / Stuart Gledhill / Sam
Wahab +44 20 3470 0470
Instinctif (Financial PR) +44 20 7457 2020
Mark Garraway / Dinara Shikhametova lekoil@instinctif.com
/ Sarah Hourahane
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END
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