Business
Corporate update
Corporate update.
About this update from Fenikso Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 7093U\n Lekoil Limited\n 06 December 2021\n \n \n \n \n 6 December \n 2021\n \n \n \n \n \n Lekoil Limited\n \n \n (\"LEKOIL\" or the \"Company\")\n \n \n Corporate update\n \n \n LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, notes the announcement by Lekoil Nigeria dated 3 December 2021 with respect to an indicative offer to acquire the ordinary shares in the Company (the \"Lekoil Nigeria Announcement\"). A copy of the Lekoil Nigeria Announcement can be found on the Company's website at \n \n \n www.lekoilplc.com\n \n \n . \n \n \n 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 \"Shares\"). \n \n \n The Company will liaise with its Nominated Advisor, legal counsel and shareholders in the coming days to address the issues raised by the Lekoil Nigeria Announcement. \n \n \n The Company notes that the Lekoil Nigeria Announcement is factually incorrect and/or misleading in several ways, as set out below. \n \n \n In the interim, the Company encourages its shareholders to vote by way of proxy in the upcoming Annual General Meeting, set for 21 December 2021. \n \n \n \n \n \n The Company notes the following with respect to the Lekoil Nigeria Announcement\n \n \n 1. Indicative offer: Whilst noting that a further \"offer\" will be made prior to 14 December 2021, the Company notes that the Lekoil Nigeria Announcement does not contain the level of detail on price, structure or proof of finance that would make it an offer capable of acceptance. \n \n \n The Company notes that the mechanism by which Lekoil Nigeria proposes to purchase the Shares is not clear. The Company believes it is in the interest of shareholder for Lekoil Nigeria to work with the Company to have the Shares unsuspended so that any offer can be made to shareholders in a liquid market. \n \n \n It is not clear to the Company how the issuance of shares in Lekoil Nigeria, in exchange for Shares in the Company, would benefit shareholders in terms of retaining liquidity in publicly traded shares, but we await further details from Lekoil Nigeria in this regard. \n \n \n The Company notes that a...