Lekoil Limited Directorate Change (0024W)
April 20 2021 - 01:07AM
UK Regulatory
TIDMLEK
RNS Number : 0024W
Lekoil Limited
20 April 2021
20 April 2021
Lekoil Limited
("LEKOIL" or the "Company")
Directorate Changes
LEKOIL (AIM: LEK), the oil and gas exploration and production
company with a focus on Nigeria and West Africa, announces the
resignations of Mr. Michael Ajukwu and Mr. Mark Simmonds as
Non-Executive Directors.
Mr. Ajukwu, who had assumed the position of Chairman of Board in
January 2021, has decided to step down from this role and from the
Board with effect from 21 April 2021. Mr. Anthony Hawkins will act
as interim Chairman until a new Chairman is appointed by the board
of directors.
Mr. Simmonds, who had previously noted his intention to stand
down from the Board at the Company's next Annual General Meeting,
has decided to bring forward his resignation and has stepped down
with effect from 21 April 2021.
In announcing his resignation, Mr. Ajukwu noted that the
existing governance regime applying to the Company and its group,
in place since the admission of the Company to AIM, has been
reviewed with a view to enhancing governance and oversight. In his
view, this was not currently possible due to a fundamental
misalignment of objectives amongst the shareholders of Lekoil
Nigeria Limited. He believes that the Board will be well served by
the new directors with the skills required to address these
issues.
Commenting on the Board changes, the Company's Interim Chairman,
Mr. Anthony Hawkins, said:
"I'd like to thank both Mr. Ajukwu and Mr. Simmonds for their
valuable contributions to the workings of the Board in the last
year, each of them having served as Chairman of the Company during
a period of change and in, at times, some difficult circumstances.
The Board welcomes two new non-executive directors, Mr. Tindall and
Dr. D'Attanasio, whom I believe will bring with them the necessary
skills and experience to address the issues identified by Mr.
Ajukwu and to assist the Board in taking the steps necessary to
create value for the Company's stakeholders."
Mr. Tindall, an American qualified lawyer of forty (40) years'
experience, is the Senior Counsel at Hardwick Law Firm where he
assists in the strategy and execution of the management and growth
of the largest minority owned law firm in the United States of
America. Mr. Tindall has represented major investment banks in the
United States as underwriter's counsel as well as represented
partners and governments in their investments in a variety of
private equity funds. He has significant experience within the area
of project and public finance which includes developing funds,
joint ventures and infrastructure projects throughout the United
States, Africa, and the Caribbean. Mr. Tindall is a member of the
Bar of the States of New York and Connecticut and is currently an
advisory board member for Attucks Asset Management.
Dr. D'Attanasio, brings over twenty (20) years' experience in
international capital markets and fund management. He holds a PhD
from the University of Parma in Italy in theoretical and
mathematical physics. He is currently the Chief Investment Officer
at Hadron Capital (Cayman), an investment management firm he
co-founded which is based in the Cayman Islands. Prior to
co-founding Hadron Capital, Dr. D'Attanasio served as a Managing
Director at the Royal Bank of Canada in London. Dr. D'Attanasio is
the co-founder of Circklo Limited, an online community of
professionals active in transforming their enterprises into
sustainable businesses. He is also currently a non-executive
director in publicly listed Argo Blockchain PLC. Funds managed by
Hadron Capital are a shareholder of the Company and as such will
not be an independent non-executive director.
The Company notes that the Company's nominated adviser is
undertaking its normal due diligence exercise on the new Board
appointees which will be completed as soon as practicable.
Information required under Schedule Two, paragraph (g) of the AIM
Rules for Companies will be notified in due course.
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:
LEKOIL Limited
Hamilton Esi, Corporate Communications
Ore Bajomo, Investor Relations +44 20 7457 2020
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
Mark Garraway / Galyna Kulachek / Sarah lekoil@instinctif.com
Hourahane
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END
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