Lekoil Nigeria Ltd made an offer to acquire remaining 90.3% stake in Lekoil Limited (AIM:LEK) on December 3, 2021. As part of the consideration, Lekoil Nigeria will acquire the shares at £0.019 per share or will issue its Class B Ordinary Shares depending upon the election of the shareholders of Lekoil Limited. The Offers will initially be open for acceptance until January 17, 2022. On December 23, 2021. The Board of Lekoil Limited unanimously recommends the shareholders not to accept the offer as it is undervalued. As of January 11, 2022, In view of the difficulties faced by shareholders, and pending a response from Lekoil Limited, the Board of Lekoil Nigeria has decided that the deadline for acceptances should be extended by one month, to February 17, 2022. As of February 10, 2022, offer period has been extended to April 7, 2022.
Hannam & Partners (Advisory) LLP and Renaissance Securities (Cyprus) Limited acted as the financial advisors to Lekoil Nigeria. SP Angel Corporate Finance LLP acted as financial advisor for Lekoil Limited.