Lekoil’s advisers were approached yesterday by representatives of the Qatari Investment Authority (the “QIA”) questioning the validity of the loan agreement announced on 2 January 2020 (the “Facility Agreement”).
Lekoil is urgently seeking to establish, alongside its legal counsel and Nominated Adviser, the full facts of this matter, and pending this clarification, the Company has requested that its ordinary shares be suspended from trading on AIM with immediate effect, and this took place at 7.37 a.m. today.
Lekoil confirms that its financial exposure associated with the Facility Agreement currently stands at approximately US$600,000, being the amounts paid in good faith as an initial arrangement fee to Seawave Invest Limited, in its capacity as introducer to those purporting to be the QIA and lead adviser to the Company in relation to the Facility Agreement, and associated legal fees. There have been no monies paid to the presumed counterparty.
Further updates will be made as and when appropriate.
For further information, please visit www.lekoil.com or contact:
Ore Bajomo, Investor Relations
+44 20 7457 2020
Strand Hanson Limited (Nominated Adviser)
James Spinney / Ritchie Balmer
+44 20 7409 3494
Mirabaud Securities Limited (Joint Broker)
Peter Krens / Edward Haig-Thomas
+44 20 7878 3362 / +44 20 7878 3447
Numis Securities Limited (Joint Broker)
John Prior / Emily Morris
+44 20 7260 1000
Instinctif (Financial PR)
Mark Garraway / Dinara Shikhametova / Sarah Hourahane
+44 20 7457 2020
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned