Lekoil's advisers were approached yesterday by representatives of the Qatari Investment Authority (the "QIA") questioning the validity of the loan agreement announced on 2 January 2020 (the "Facility Agreement").
Lekoil is urgently seeking to establish, alongside its legal counsel and Nominated Adviser, the full facts of this matter, and pending this clarification, the Company has requested that its ordinary shares be suspended from trading on AIM with immediate effect, and this took place at 7.37 a.m. today.
Lekoil confirms that its financial exposure associated with the Facility Agreement currently stands at approximately US$600,000, being the amounts paid in good faith as an initial arrangement fee to Seawave Invest Limited, in its capacity as introducer to those purporting to be the QIA and lead adviser to the Company in relation to the Facility Agreement, and associated legal fees. There have been no monies paid to the presumed counterparty.
Further updates will be made as and when appropriate.