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Oao - Oando Plc - Results Of The Rights Issue Of 301,694,876 Ordinary Shares Of

Release Date: 22/04/2010 09:00:01      Code(s): OAO
OAO - Oando PLC - Results of the Rights Issue of 301,694,876 Ordinary Shares of 
50 Kobo each at Naira 70.00 per share                                           
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: OAO                                                      
Share code on the Nigerian Stock Exchange: UNTP                                 
ISIN: NGOANDO00002                                                              
Results of the Rights Issue of 301,694,876 Ordinary Shares of 50 Kobo each at   
Naira 70.00 per share                                                           
1.   With respect to the Rights Circular dated Monday, 18 January 2010 in       
    respect of the Nigerian shareholders and the Rights Circular dated Monday,  
    1 February 2010 in respect of the South African shareholders, a total of    
    25,877 applications for 386,759,796 ordinary shares were received in        
connection with the Rights Issue.                                           
2.   All 25,877 applications were found to be valid under the terms of the      
    Rights Issue and were accepted and processed accordingly. The Rights Issue  
    was therefore 128.20% subscribed.                                           
3.   25,296 shareholders accepted their rights in full totaling 52,815,666      
    ordinary shares and these were allotted.                                    
4.   197 applications for 96,130,781 ordinary shares were received in respect of
    rights traded on the Floor of The Nigerian Stock Exchange and were          
allotted.                                                                   
5.   384 shareholders with provisional allotment of 16,680,593 ordinary shares  
    partially accepted their rights totaling 11,454,808 ordinary shares and     
    were allotted; leaving a balance of 5,225,785 ordinary shares partially     
renounced.                                                                  
6.   A total of 136,047,836 ordinary shares were fully renounced bringing the   
    total number of shares renounced to 141,23,621 ordinary shares.             
7.   Out of the shareholders that accepted their rights in full, 11,442         
shareholders applied for additional 226,358,541 ordinary shares and were    
    allotted the 141,293,621 renounced ordinary shares. The breakdown of the    
    additional shares allotted is as follows:                                   
Range                        No. of  Units        Units %  Allotment            
Holders                                             
1          -    1,000        9,901   2,571,135    1.14%    62.42027%            
1,001      -    5,000        1,233   2,880,200    1.27%    62.42027%            
5,001      -    10,000       177     1,385,294    0.61%    62.42027%            
10,001     -    50,000       101     1,933,505    0.85%    62.42027%            
50,001     -    100,000      10      777,546      0.34%    62.42027%            
100,001    -    500,000      12      2,679,026    1.18%    62.42027%            
500,001    -    1,000,000    1       1,000,000    0.44%    62.42027%            
1,000,001  -    5,000,000    5       9,872,351    4.36%    62.42027%            
5,000,001  -    10,000,000   1       6,840,000    3.02%    62.42027%            
10,000,001 -    200,000,000  1       196,419,484  86.77%   62.42027%            
Grand Total                  11,442  226,358,541  100.00%                       
Range                       Units Allotted     Units Cum.                       
1          -    1,000       1,604,910          1,604,910                        
1,001      -    5,000       1,797,829          3,402,739                        
5,001      -    10,000      864,705            4,267,444                        
10,001     -    50,000      1,206,900          5,474,344                        
50,001     -    100,000     485,347            5,959,691                        
100,001    -    500,000     1,672,255          7,631,946                        
500,001    -    1,000,000   624,202            8,256,148                        
1,000,001  -    5,000,000   6,162,348          14,418,496                       
5,000,001  -    10,000,000  4,269,546          18,688,042                       
10,000,001 -    200,000,000 122,605,579        141,293,621                      
Grand Total                 141,293,621                                         
The above stated basis of allotment as well as this announcement has been       
cleared by the Securities & Exchange Commission ("SEC"). The Cheques for the    
surplus application monies amounting to sums below Naira10Million will be       
dispatched through registered post to the affected applicants by the registrar  
to the Offer, First Registrars Nigeria Limited ("First Registrars") not later   
than Thursday, 22 April 2010. Sums above Naira10Million will be transferred via 
electronic transfer ("RTGS") into the bank accounts (indicated in the Acceptance
forms) of the respective shareholders. The shares allotted will be credited to  
the Central Securities Clearing System (CSCS) account of allottees by First     
Registrars not later than Friday, 07 May 2010. Allottees without CSCS accounts  
will have their physical certificates sent by registered post not later than    
Friday, 07 May 2010.                                                            
For shareholders in South Africa, return monies will be dispatched to           
shareholders from the designated escrow account on Monday, 26 April 2010.       
Allotment of shares to South African shareholders will be issued and distributed
through Computershare Investor Services (Pty) Limited in accordance with the    
relevant laws and practices of the Republic of South Africa. The rights issue   
shares will be listed on the JSE on Wednesday, 28 April 2010.  The rights issue 
shares and the excess shares allocated will be issued to South African          
shareholders on Wednesday, 28 April 2010.  Transfers between the Nigerian and   
South African registers will be restricted for the period between Wednesday 28  
April 2010 and Friday 28 May, 2010.  Should there be a change in such           
restriction period, shareholders will be notified on SENS accordingly.          
Johannesburg                                                                    
22 April 2010                                                                   
Leading Issuing House                                                           
Vetiva Capital Management Limited                                               
Joint Issuing Houses                                                            
FCMB Capital Markets Limited                                                    
A member of First City Group                                                    
Stanbic IBTC Bank plc                                                           
A member of the Standard Bank Group                                             
Sponsor to Oando in South Africa                                                
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 22/04/2010 09:00:01 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
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