Lekoil Limited Corporate Update (4061B)
10 June 2021 - 4:00PM
UK Regulatory
TIDMLEK
RNS Number : 4061B
Lekoil Limited
10 June 2021
10 June 2021
Lekoil Limited
("LEKOIL" or the "Company")
Corporate Update
LEKOIL (AIM: LEK), the oil and gas exploration and production
company with a focus on Nigeria and West Africa, provides an update
on the termination of the employment contract of its CEO, Mr.
Olalekan Akinyanmi.
CEO contract
The Company is aware that in late 2020 Mr. Akinyanmi, without
the prior knowledge or consent of the Company, entered into an
employment contract with Lekoil Nigeria Limited ("Lekoil Nigeria"),
to act as its Chief Executive Officer, with effect from 1 January
2021. The Company has been advised that this represents a conflict
of interest and is a breach of his employment contract with the
Company. This was one of the reasons for the termination of his
employment contract with the Company.
The Company is aware that Lekoil Nigeria has stated that Mr.
Akinyanmi remains the CEO of Lekoil Nigeria. The Company will seek
to ensure that Mr. Akinyanmi be restricted from continuing in this
role as CEO of Lekoil Nigeria, as per the provisions of his
employment contract with the Company. The Company reserves its
rights to challenge the validity of any actions in breach of these
provisions and would advise relevant parties to seek the relevant
legal advice.
Background - the Company and Lekoil Nigeria
The Company notes that the current corporate structure
containing the Company and Lekoil Nigeria was in place at the time
the Company was admitted to AIM in 2013 ("Admission"). The
Admission Document is available on the Company website at
https://www.lekoil.com/corporate-documents.
The Company confirms that, since Admission, no changes have been
made to the Shareholders Agreement between the Company and Lekoil
Nigeria. A description of the Shareholders Agreement is set out in
the Admission Document. The Shareholders Agreement is between the
Company, Lekoil Nigeria, Mr. Akinyanmi and the employees and
directors of Lekoil Nigeria.
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.
For further information, please visit www.lekoil.com or
contact:
SP Angel Corporate Finance LLP (Nominated
Adviser and Joint Broker)
John Mackay / Jeff Keating / Stuart Gledhill
/ Richard Hail +44 20 3470 0470
Tennyson Securities (Joint Broker)
Peter Krens / Edward Haig-Thomas +44 20 7186 9030
Instinctif (Financial PR) +44 20 7457 2020
Tim Linacre / Galyna Kulachek / Sarah Hourahane lekoil@instinctif.com
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END
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