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Oando Plc - Results Of The 29th Annual General Meeting

Release Date: 31/05/2006 16:14:01      Code(s): OAO
Oando Plc - Results Of The 29th Annual General Meeting                          
Oando Plc                                                                       
(Incorporated in Nigeria and registered as                                      
an external company in South Africa)                                            
Registration number RC6474                                                      
(External company registration number 2005/038824/10)                           
Share code on the JSE Limited: OAO    ISIN Code:  NG00000UNTP0                  
Share code on the Nigerian Stock Exchange: UNTP                                 
("Oando" or "the Company")                                                      
RESULTS OF THE 29th ANNUAL GENERAL MEETING                                      
Shareholders are advised that all of the ordinary resolutions proposed in the   
notice to shareholders incorporated in the Notice to Shareholders, were         
unanimously passed at the annual general meeting of the Company held at 10:00 on
Tuesday, 30 May 2006, as follows:                                               
Dividend payment                                                                
The shareholders approved the dividend payment of 250k (Two Hundred and Fifty   
Kobo) per share payable to holders of ordinary shares registered at the close of
business on the 5th day of May 2006. The dividend shall be paid to those        
shareholders whose names appear in the Company"s Nigerian Register of members at
the close of business on 5 May 2006 on Thursday 1 June 2006; and to shareholders
on the South African register of members who held shares at the close of        
business on 5 May 2006 on 5 June 2006, subject to withholding tax.              
Election of members of the audit committee                                      
The following persons were elected as the members of the Audit Committee for the
2006 Accounts:                                                                  
Prince F.N. Atako                                                               
Alhaji Ibrahim Bagudu                                                           
Chief Awa Okpan                                                                 
Otunba Olatunde Olowu                                                           
Mr. Ike Osakwe                                                                  
Mr. Osaze Osifo                                                                 
Fixing of Auditors" remuneration                                                
The directors were authorized to fix the auditor"s remuneration.                
Election of His Royal Majesty Oba M.A. Gbadebo as Director                      
His Royal Majesty Oba M.A. Gbadebo, was elected as a Director of the company.   
Re-election of Directors                                                        
The following directors were re-elected as Directors of the Company:            
Mr. Ademola Akinrele SAN                                                        
Mr. Onajite Okoloko                                                             
Mr. Ike Osakwe                                                                  
Approval of the remuneration of non-executive directors                         
The remuneration of the non-executive directors of the company was increased    
from Naira 450,000.00 per annum to Naira 600,000.00 per annum for the Chairman  
and from Naira 400,000.00 per annum each to Naira 550,000.00 per annum each for 
the other non-executive directors.                                              
31 May 2006                                                                     
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 31/05/2006 04:14:05 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             

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