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Oao - Oando Plc - Press Statement

Release Date: 20/08/2009 14:36:01      Code(s): OAO
OAO - Oando Plc - Press Statement                                               
Oando Plc                                                                       
(Incorporated in Nigeria and registered as an external company in South Africa) 
Registration number: RC 6474                                                    
(External company registration number: 2005/038824/10)                          
Share Code on the JSE Limited: OAO                                              
Share Code on the Nigerian Stock Exchange: UNTP                                 
ISIN: NGOANDO00002                                                              
("Oando" or "the company")                                                      
PRESS STATEMENT                                                                 
RE: CENTRAL BANK OF NIGERIA ADVERTORIAL                                         
Our attention has been drawn to the advertorial published by the Central Bank of
Nigeria (CBN) in the Nigerian national daily newspapers on Wednesday the 19th   
day of August 2009. This advertorial states, that Oando has total `non-         
performing` loan facilities in the sum of Forty Five Million, Three Hundred and 
Forty-Two Thousand, One Hundred and Seven US Dollars, Twenty Eight Cents Only   
(USD45,342,107.28) with Oceanic Bank Plc ("Oceanic Bank") and constitutes one of
the largest debtors to Oceanic Bank.                                            
In no way can our relationship with Oceanic Bank be deemed non-performing. As   
part of our on-going commercial relationship with Oceanic Bank, we had different
credit balances on our deposit account and other debit balances on our advised  
loans as at May 31, 2009. For the avoidance of doubt, none of these debit       
balances represented a past due obligation. The table below sets out the        
balances as at May 31 and August 14, 2009.                                      
Account Type          Balance on May      Balance on August 14,                 
                     31, 2009            2009                                   
Oando PLC Current     USD13,444,166.94    USD13,124,715.16                      
and Deposit                                                                     
Accounts                                                                        
Oando PLC US$         USD16,035,670.14    USD16,105,425.31                      
Bridge Facility for                                                             
Rigs                                                                            
Oando Supply &        (USD1,147,675.52)   (USD1,593,958.63)                     
Trading Ltd Current                                                             
Account                                                                         
In addition, Oceanic Bank served as an issuing house for a USD35,121,328.22     
(Thirty Five Million, One Hundred and Twenty One Thousand, Three Hundred and    
Twenty US Dollars, Twenty Two Cents Only) Commercial Paper which has since been 
settled on June 28, 2009 in line with pre-agreed terms.                         
We have demanded that CBN and Oceanic Bank correct the erroneous impression that
has been created by this advertorial.                                           
Oando is a Public Limited Company and any sensitive publication such as this    
could have a material impact on local and international shareholders,           
prospective investors and debt providers` confidence in the organization.       
Oando is a responsible entity and continues to be committed to proper financial 
management practices.                                                           
Signed:                                                                         
Management, Oando PLC                                                           
Johannesburg                                                                    
20 August 2009                                                                  
Sponsor:                                                                        
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 20/08/2009 14:36:01 Supplied by www.sharenet.co.za                     
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