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OAO - Oando PLC - Delay in rights issue timetable

Release Date: 07/04/2010 16:27:01      Code(s): OAO
OAO - Oando PLC - Delay in rights issue timetable                               
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")                                                      
The distribution of this announcement, the Rights Issue, and the transfer of the
Rights  Issue Shares and/or the rights to subscribe for the Rights Issue  Shares
in  jurisdictions other than the Federal Republic of Nigeria or South Africa may
be  restricted  by law and failure to comply with any of those restrictions  may
constitute  a  violation  of  the laws of any such  jurisdiction.  Neither  this
announcement, nor any form of instruction, may be regarded as an  offer  in  any
jurisdiction in which it is illegal to make such an offer, and in particular, is
not for distribution in the United States of America, Australia, United Kingdom,
Canada  or  Japan.  In those circumstances, this announcement is for information
purposes only.                                                                  
It  is  the responsibility of any person outside the Federal Republic of Nigeria
or  South  Africa (including, without limitation, nominees, agents and  trustees
for  such  persons) receiving this announcement and wishing to  take  up  rights
under  the  Rights  Issue,  to satisfy himself as  to  full  observance  of  the
applicable  laws  of any relevant territory, including obtaining  any  requisite
governmental  or  other consents, observing any other requisite formalities  and
paying any issue, transfer or other taxes due in such territories.              
DELAY IN RIGHTS ISSUE TIMETABLE                                                 
Shareholders   of   Oando  on  the  South  African  register   ("South   African
Shareholders")  are  referred to the declaration data announcement  released  on
SENS  on  Tuesday, 19 January 2010, the rights issue circular  posted  to  South
African Shareholders on Monday, 1 February 2010 and the announcement released on
SENS on Wednesday, 17 February 2010 relating to the proposed rights issue of 301
694  876  Oando  ordinary shares of 50 kobo each at Naira 70.00 (ZAR  3.49)  per
Oando  ordinary share ("the Rights Issue Shares") on the basis of  one  (1)  new
Oando  ordinary share for every three (3) Oando ordinary shares of 50 kobo  each
held  as  at the close of business on Friday, 29 January 2010, being the  Friday
prior  to  the  offer opening date for South African Shareholders  ("the  Rights
South  African  Shareholders are advised that due to a delay  in  obtaining  the
necessary regulatory approvals from the Nigerian SEC, the dates relating to  the
Rights Issue are no longer applicable.                                          
The revised timetable for the Rights Issue is set out below:                    
Nigerian SEC approval to be received for the           Friday, 23 April         
allotment of the Rights Issue Shares and the                                    
excess shares on                                                                
Results of the Rights Issue released on SENS        Wednesday, 28 April         
Funds in respect of the excess applications         Wednesday, 28 April         
or rejected applications refunded to South                                      
African Shareholders on                                                         
Results of the Rights Issue published in the         Thursday, 29 April         
South African press                                                             

Listing of the Rights Issue Shares and                   Friday, 14 May         
trading of the Rights Issue Shares on the JSE                                   
commences at 09:00 on                                                           
Rights Issue Shares will be issued on                    Friday, 14 May         
1. It  is  expected that the Rights Issue Shares and the excess shares  will  be
  allotted on Monday, 26 April 2010 following the approval of the allotment  by 
the Nigerian SEC on Friday, 23 April 2010.                                    
2. Investors  are not permitted to trade the new Rights Issue Shares  until  the
  Rights Issues Shares have been listed and issued on Friday, 14 May 2010.      
3. All  times  referred  to  in the above timetable are  local  times  in  South
Africa.   Any  material  variation to the  above  dates  and  times  will  be 
  approved  by  the  JSE, released on SENS and published in the  South  African 
For more information please contact:                                            
Yemisi Deji- Bejide                                                             
Vetiva Capital Management Limited                                               
Tel: +234-1-4617521-3                                                           
7 April 2010                                                                    
Leading Issuing House                                                           
Vetiva Capital Management Limited                                               
Joint Issuing Houses                                                            
FCMB Capital Markets Limited         Stanbic IBTC Bank plc                      
A member of First City Group         A member of the Standard Bank Group        
Sponsor to Oando in South Africa                                                
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 07/04/2010 16:27:01 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
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implicitly, represent, warrant or in any way guarantee the truth, accuracy or   
completeness of the information published on SENS. The JSE, their officers,     
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howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.                                          

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