Lekoil, the oil and gas exploration and production company with a focus on Nigeria and West Africa announces the results of the Company’s Extraordinary Meeting (“EGM”) held on 7 April 2022.
Following a vote by shareholders with a combined share capital of 437,462,857 ordinary shares representing 58% of the issued share capital of the Company, results on each of the resolutions put to the EGM are as set out below. Resolutions 1 and 2 were ordinary resolutions requiring a simple majority of votes cast to pass. Both resolutions put to the meeting were duly passed.
| Resolution | Voting Result |
| For | Against |
| 1. Approve the Option Agreement entered into with Savannah Energy Investments | 356,596,324 | 82% | 80,866,533 | 18% |
| 2. Authorise the Directors to issue fully paid ordinary shares up to an aggregate number of 151,755,547 | 307,648,559 | 70% | 129,814,298 | 30% |
Anthony Hawkins, the Company’s Interim Executive Chairman commented:
“The Company would like to thank its shareholders for approving both resolutions at the EGM. In particular, the vote in favour of entry into the Option Agreement was overwhelmingly endorsed by our shareholders (other than those associated with Lekoil Nigeria) and is a clear validation of the transactions with Savannah Energy.
The voting also puts into context the recent actions of Mr. Akinyanmi and Lekoil Nigeria as they attempt to stifle the smooth running of the Company. The Company will continue with the work necessary to have the Company’s shares unsuspended and continue with the steps necessary to recover its investments in the Lekoil Group.”
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