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Oao - Oando Plc - Recommendation Of Dividend And Bonus Issue Of Ordinary

Release Date: 14/04/2010 13:07:03      Code(s): OAO
OAO - Oando PLC - Recommendation of dividend and bonus issue of ordinary        
shares                                                                          
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" or "the Group")                                       
Recommendation of dividend and bonus issue of ordinary shares                   
Dividend and bonus issue                                                        
The board will be recommending a dividend of three Naira (Naira 3.00) for each  
ordinary share of fifty kobo each and bonus shares at the rate of one ordinary  
share of fifty kobo for every two ordinary shares of fifty kobo each held for   
the twelve months to 31 December 2009.  Both the dividend and the bonus issue   
are subject to the approval of shareholders at the Annual General Meeting to    
be held at 10.00 a.m(GMT+1) on Friday, 7 May 2010.                              
The salient dates are:                                                          
Dividend                                                                2010    
Currency conversion calculated at 11:00 South                       12 April    
African time on                                                                 
Last day for trading to qualify for and participate        Tuesday, 13 April    
in the dividend (cum dividend) in South Africa                                  
Trading ex dividend in South Africa commences on         Wednesday, 14 April    
Transfers between the Nigerian Register and the          Wednesday, 14 April    
South African Register closed                            - Tuesday, 20 April    
Record date in South Africa                                Tuesday, 20 April    
Record date in Nigeria                                     Tuesday, 20 April    
Nigerian Register closed                                 Wednesday, 21 April    
-Tuesday, 27 April     
Announcement released confirming the dividend has              Friday, 7 May    
been declared                                                                   
Dividend payment date in Nigeria                          Tuesday, 31 August    
Dividend payment date in South Africa (electronic         Tuesday, 31 August    
and certificated register)                                                      
On Monday, 31 August 2010 payment due to certificated shareholders on the       
South African registry will either be electronically transferred to             
shareholders` bank accounts or, in the absence of suitable mandates, dividend   
cheques will be posted to such shareholders.                                    
Shareholders who hold dematerialised shares will have their accounts, at their  
Central Securities Depository Participant or broker credited on Tuesday, 31     
August 2010) in respect of the dividend. Share certificates may not be          
dematerialised or rematerialised between Wednesday, 14 April 2010 and Tuesday,  
20 April 2010, both days inclusive.                                             
Currency conversion                                                             
The currency conversion at 11:00 South African time on 12 April 2010 was 1      
Rand = Naira 20.7634. Accordingly, the dividend of three Naira (Naira 3.00)     
per ordinary share equates to 14.4485 cents per ordinary share.                 
Listing of bonus shares                                                         
It is intended that the last day to trade in order to qualify for the bonus     
shares will be 20 May 2010.  An announcement advising the remaining dates       
applicable to the listing of the bonus shares and the date that the accounts    
with CSDPs and brokers will be credited in South Africa with bonus shares or    
issue of new share certificates re the bonus issue posted, will be released     
once the necessary regulatory approvals have been obtained.                     
Withholding tax                                                                 
Shareholders are advised that a withholding tax of 10% is payable by all        
shareholders on the dividend. Accordingly the dividend net of withholding tax   
is Two Naira Seventy Kobo (Naira 2.70) 13.00365 cents per ordinary share).      
Rounding principle                                                              
The allocation of bonus shares will be such that shareholders will not be       
allocated a fraction of a bonus share and as such any bonus share giving rise   
to a fraction of less than one of a bonus share will be rounded down to the     
nearest whole number. This is applicable to investors on both the Nigerian and  
South African share register.                                                   
Rights issue                                                                    
On 19 January 2010 Oando announced that a rights issue of 301 694 876 ordinary  
shares of 50 kobo each at Naira 70.00 per share is to be undertaken by the      
Company ("the rights issue").  Shareholders are advised that the rights issue   
shares and the excess shares applied for in terms of the rights issue will not  
be eligible to participate in the dividend, but will be eligible to             
participate in the bonus issue.                                                 
Johannesburg                                                                    
14 April 2010                                                                   
Sponsor                                                                         
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 14/04/2010 13:07:03 Supplied by www.sharenet.co.za                     
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