RCS - Lekoil Nigeria Ltd - LEKOIL NIGERIA CEO SECURES COURT INJUNCTION

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02/03/2022 16:00

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RNS Number : 4229D  Lekoil Nigeria Limited  02 March 2022

 

02 March 2022

 

Lekoil Nigeria Limited

("Lekoil Nigeria")

 

LEKOIL NIGERIA CEO SECURES COURT INJUNCTION AGAINST LEKOIL LIMITED AND
SAVANNAH DEAL

 

 

 

LAGOS, Nigeria. 02 March 2022

 

The Chief Executive Officer of Lekoil Nigeria, Olalekan Akinyanmi  sought an
injunction in the Grand Court of the Cayman Islands after  Lekoil Limited
announced on February 28(th) 2022 , that, among other things, it had entered
into a. deal with Savannah Resources, which would have been massively dilutive
for Lekoil Limited's shareholders. Mr Akinyanmi sought the following relief:

 

1.   Until further order of the Court, Lekoil Limited (the "Company") be
restrained from issuing or allotting any shares in the Company pursuant to:

a)   a convertible facility agreement entered into by the Company on 2
September 2021;

b)   a convertible facility and option agreement entered into between the
Company and Savannah Energy Investments Limited on 28 February 2022; and

c)   a tripartite agreement entered into between the Company and Savannah
Energy Investments Limited and others on 28 February 2022.

 

The Board of Lekoil Nigeria confirms that the Grand Court has granted the
interim injunction which effectively prohibits Lekoil Limited from allotting
any shares pursuant to the Agreement with Savannah, among others. Lekoil
Limited has liberty to bring the matter back before the Court on 24 hours'
notice to Mr Akinyanmi.

 

Lekoil Nigeria had, on Tuesday March 1, 2022 released its response to the
Lekoil Limited and Savannah deal. The updated response is attached.

 

For further information, please 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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