Completion of Settlement Arrangements

RNS Number : 5610L

Fenikso Limited

04 January 2023

 

4 January 2023

Fenikso Limited

Completion of Settlement Arrangements

Fenikso Limited (AQSE: FNK) (the "Company") announces that, further to its announcement of 7 December 2022 (the "Settlement Announcement") regarding the proposed settlement of claims with  Lekoil Nigeria Limited and Olalekan Akinyanmi, the former CEO of the Company, and the termination of certain arrangements with Savannah Energy International Limited (the "Settlement Arrangements"), the Settlement Arrangements contemplated in the Settlement Announcement and the circular to shareholders dated 9 December 2022 have now completed. 

At completion Lekoil Nigeria did not surrender the 107,658,847 shares in the Company which were due to be surrendered due to technical reasons.  The Company has agreed to extend the period during which such shares held by Lekoil Nigeria Limited will be surrendered until no later than 10 January 2023 (or such later date as may be agreed and in any event by no later than 30 January 2023).  Prior to such surrender, Lekoil Nigeria has undertaken not to exercise any voting rights in respect of such shares or requisition any general meeting of the Company.

As at the date of this announcement, and after the issue of ordinary shares to certain creditors of the Company and the surrender of ordinary shares by Savannah Energy in connection with the Settlement Arrangements , the Company's issued share capital will consist of 599,396,421 ordinary shares with a nominal value of US$0.00005 each, with voting rights. The Company does not hold any shares in Treasury.

Therefore, the total number of Shares in the Company with voting rights is 599,396,421. This figure may be used by Shareholders in the Company as denominator for the calculations by which they may determine if they are required to notify their interest in, or a change to their interest in, the Company under the Company's Memorandum and Articles of Association. It is expected that Shares in the Company will be restored to trading on AQSE and commencement of dealings will become effective at 8.00 a.m. today.

The Company shall issue a further announcement following the surrender of the shares held by Lekoil Nigeria (and the consequential change in the voting rights in the Company).

Each of Guy Oxnard, Dipo Sofola and Adeoye Adefulu has also stepped down as a director of the Company with effect from Completion.  Thomas Richardson has been appointed as interim chairman, with Marco D'Attanasio and Pade Durotoye remaining as non-executive directors.

Following Completion, the Company will now comprise only of non-operating assets and will, under the AQSE Rules, be considered an enterprise company.  The Board expects to announce its revised strategy following Completion and having consulted with shareholders.

Thomas Richardson, the new interim non-executive chairman, commented:

"We are pleased to have closed the transactions with Lekoil Nigeria and Savannah with the support of the Company's shareholders. We will now seek to stabilise the Company's financial position. We will also seek to engage with our shareholders about the preferred options to realise the value of the Company's assets and cash flow stream going forward."

Capitalised terms not defined in this announcement shall have the meaning given to them in the Settlement Announcement.

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.feniksoltd.com or contact:

First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser) Brian Stockbridge	[phone]
Tennyson Securities (Broker) Peter Krens	[phone]

 

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