RNS Number : 7987E

Lekoil Nigeria Limited
(“Lekoil Nigeria”)


LAGOS, Nigeria. 15 March 2022

The Board of Lekoil Nigeria notes the decision on 11 March 2022 of the Grand Court of the Cayman Islands (“the Court”) to discharge the injunction it had previously granted against Lekoil Limited following an application brought by Mr Lekan Akinyanmi.

Whilst the Board of Lekoil Nigeria respects the Court’s decision, which it understands was made primarily on the basis that continuation of the injunction would risk the insolvency of Lekoil Limited as a result of, among other things, the liquidated damages provisions in the relevant agreements, the Board of Lekoil Nigeria believes that there are a number of grounds on which to challenge the conduct of the Board of Lekoil Limited and the share allotment that took place on 11 March 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.  The offers, which were announced on 15 December 2021, comprised:

·      An offer to acquire Ordinary Shares for cash at GBP0.019, being a premium of 100% to the last trading price of the Ordinary Shares prior to suspension from AIM on 1 October 2021 (on the basis of there being no dilution from the Company following the date of this Offer Document)

·      An offer, subject to certain conditions, to acquire Ordinary Shares in consideration for Lekoil Nigeria B Shares.

The Board of Lekoil Nigeria will write in due course to shareholders.

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

LEKOIL Nigeria Limited
Hamilton Esi, Corporate Communications
+234 810 642 1047
Damilola Isafiade, Investor Relations
+234 818 007 5493

Hudson Sandler (Financial PR)
Mark Garraway
+44 (0)7771 860938

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