11th Dec 2014 07:00
11 December 2014
Lekoil Limited
("Lekoil" or the "Company")
Director Loan
Lekoil (AIM: LEK), the oil and gas exploration and development company with a focus on Nigeria and West Africa, announces that the independent board of directors of the Company, being all of the Directors save for Lekan Akinyanmi, the Company's Chief Executive Officer (the "Independent Directors") have approved the provision of a US$1.5 million loan to Lekan Akinyanmi (the "Loan"). The Loan has a three year term and bears interest at a rate of four per cent. per annum. Other than a bonus, from May 2013 until November 2014, Lekan Akinyanmi received no remuneration in cash from Lekoil.
The Loan constitutes a related party transaction under the AIM Rules. The Independent Directors consider, having consulted with Strand Hanson Limited, the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as Lekoil's shareholders are concerned.
For further information, please visit www.lekoil.com or contact:
Lekoil Limited Dave Robinson, Chief Financial Officer
| +44 20 7920 3150
|
Strand Hanson Limited (Financial & Nominated Adviser) James Harris / James Spinney / Ritchie Balmer
| +44 20 7409 3494
|
Mirabaud Securities LLP (Joint Corporate Broker) | |
Peter Krens Edward Haig-Thomas | +44 20 7878 3362 +44 20 7878 3447 |
Tavistock Communications (Financial PR) Simon Hudson / Ed Portman | +44 20 7920 3150 |
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