Result of EGM

RNS Number : 7244H

Lekoil Limited

08 April 2022

 

8 April 2022

Lekoil Limited

("LEKOIL" or the "Company")

Results of Extraordinary General Meeting

LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa announces the results of the Company's Extraordinary Meeting ("EGM") held on 7 April 2022.

Following a vote by shareholders with a combined share capital of 437,462,857 ordinary shares representing 58% of the issued share capital of the Company, results on each of the resolutions put to the EGM are as set out below. Resolutions 1 and 2 were ordinary resolutions requiring a simple majority of votes cast to pass. Both resolutions put to the meeting were duly passed.

Resolution

Voting Result

For

Against

1.  Approve the Option Agreement entered into with Savannah Energy Investments	356,596,324	82%	80,866,533	18%
2.  Authorise the Directors to issue fully paid ordinary shares up to an aggregate number of 151,755,547	307,648,559	70%	129,814,298	30%

Anthony Hawkins, the Company's Interim Executive Chairman commented:

"The Company would like to thank its shareholders for approving both resolutions at the EGM.  In particular, the vote in favour of entry into the Option Agreement was overwhelmingly endorsed by our shareholders (other than those associated with Lekoil Nigeria) and is a clear validation of the transactions with Savannah Energy.  The voting also puts into context the recent actions of Mr. Akinyanmi and Lekoil Nigeria as they attempt to stifle the smooth running of the Company. The Company will continue with the work necessary to have the Company's shares unsuspended and continue with the steps necessary to recover its investments in the Lekoil Group."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

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

SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker) Jeff Keating / Stuart Gledhill	[phone]
Tennyson Securities (Joint Broker) Peter Krens / Edward Haig-Thomas	[phone]
Camarco (Financial PR Advisor)      Billy Clegg / Owen Roberts / Violet Wilson	[phone]

 

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