The Board of Lekoil Nigeria has confirmed that the Grand Court granted the interim injunction which effectively prohibits Lekoil Limited from allotting any shares pursuant to the Agreement with Savannah Energy.
The Chief Executive Officer of Lekoil Nigeria, Olalekan Akinyanmi, in a statement, has sought an injunction in the Grand Court of the Cayman Islands following Lekoil Limited announcement on February 28th 2022 , that, 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.
Lekoil Limited has liberty to bring the matter back before the Court on 24 hours’ notice to Mr Akinyanmi.
Court Grants Injunction Against Lekoil Cayman Offer to Savannah Energy
