The resolution of the corporate crisis that has engulfed London-listed oil firm, Lekoil (Cayman) Limited, may take longer than anticipated, as Lekoil Nigeria legal redress over concerns on various degrees of alleged breach of processes by Lekoil Cayman.
Lekoil Nigeria’s CEO, Lekan Akinyanmi, through his attorney, Proskauer Rose LLP, has finally sued Lekoil Cayman for unlawful and hostile takeover of the company, fueling speculation that even more interesting times lay ahead.
The takeover of Lekoil Cayman by Metallon largely accounts for the raging storm, after
Metallon bought the Lekoil Cayman shares on margin and having faced a margin call, was forced to sell.
Metallon, the majority shareholder of Lekoil Cayman, sold off its stake in London-listed Lekoil Ltd, driving down the value of the company’s shares 41 percent at £0.90 pence a few weeks ago.
Besides, Lekoil Cayman is yet to reveal the identity of the new buyers, the Board of Directors of Lekoil Cayman is also yet to be dissolved since August 30 when the news of the sale broke.
A group of concerned Lekoil shareholders have already protested the transaction, as the AIM rules stipulate that such volume of shares should be offered to the investing public.
The group is demanding full disclosure from Lekoil (Cayman) Ltd, as well as certain documents germane to the transaction including, copy of the TR1 filed by the purchaser of the Metallon Corporation shares, explanation as to the position of Metallon Corporation appointees, Thomas Richardson and Alphonso Tindall, copy of the Conditional Fee Agreement and detailed use of proceeds of the £200,000 amongst others.
The continued silence around the buyer of those shares sold by Metallon flouts AIM Rule 11 which by interpretation essentially requires an AIM Company to issue notification of new developments that are not public knowledge, but likely to affect the price of its AIM securities if made public, in the areas concerning its financial position, activities, business performance and expectations of performance.
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