Lekoil Limited Civil Action (9565M)
25 September 2021 - 12:36AM
UK Regulatory
TIDMLEK
RNS Number : 9565M
Lekoil Limited
24 September 2021
24 September 2021
Lekoil Limited
("LEKOIL" or the "Company")
Civil Action
LEKOIL (AIM: LEK), the oil and gas exploration and production
company with a focus on Nigeria and West Africa, provides the
following corporate update.
As announced on 2 September 2021, following the dismissal of Mr.
Olalekan Akinyanmi as CEO of the Company in June 2021 and the
commencement of legal proceedings to recover the CEO loan, the
Company expected to be served with a number of claims by Lekan
Akinyanmi including unfair dismissal/breach of contract. The
Company has now been served with a civil action in the Superior
Court of New Jersey. The action alleges breach of contract in
termination his employment contract; seeks declaratory relief for
the award of bonuses for past services; seeks to employ set off of
any termination payments due under the employment contract or the
bonuses against the sum due under the CEO loan; and alleges
defamation for issuing the RNS's related to the termination of his
contract. The Company intends to defend any claims and the legal
advice received so far doesn't suggest any grounds for any of the
above claims to be successful. The Company will update shareholders
as the action progresses.
For further information, please visit www.lekoilplc.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
Market Abuse Regulation Disclosure
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.
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END
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