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Lekoil Ltd - oil and gas exploration and production company focused on Nigeria and West Africa - Votes to approve the option agreement entered into with Savannah Energy Investments with 82% for and 18% against. Also votes to issue 151.8 million in fully paid shares.
Interim Chair Anthony Hawkins says: ‘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.’
Current stock price: suspended
12-month change: down 100%
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