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Oao - Oando Plc - Results Of The 33rd Annual General Meeting

Release Date: 10/05/2010 13:03:01      Code(s): OAO
OAO - Oando PLC - Results of the 33rd 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                                              
Share code on the Nigerian Stock Exchange: UNTP                                 
ISIN: NGOANDO00002                                                              
("Oando" or "the Company")                                                      
RESULTS OF THE 33RD ANNUAL GENERAL MEETING                                      
Shareholders are advised that the following ordinary resolutions proposed in the
notice to shareholders, were unanimously passed at the annual general meeting of
the Company held at 10:00 on Friday, May 7 2010, as follows:                    
1.  Dividend payment                                                            
The shareholders approved the final dividend payment of three Naira (Naira 3)   
per share payable to holders of ordinary shares registered on the Nigerian      
register at the close of business on 20th April 2010 and to holders of ordinary 
shares registered on the South African register at the close of business on 20th
April 2010.  The dividend will be paid on Tuesday, 31st August 2010, subject to 
withholding tax.                                                                
2.  Election of members of the audit committee                                  
The following persons were appointed as the members of the Audit Committee for  
the 2010 Accounts:                                                              
-  HRM Oba M. Adedotun Aremu Gbadebo                                            
-  Ms. Amal Inyingiala Pepple, CFR                                              
-  Chief Sena Anthony                                                           
The following persons were elected as the members of the Audit Committee for the
2010 Accounts:                                                                  
-  Mr. Peter Eyanuku                                                            
-  Mr. Job Onwughara                                                            
-  Mr. Sarumi Tunde Kabir                                                       
3.  Re-appointment of Auditors                                                  
The Company re-appointed PricewaterhouseCoopers (PWC) as auditors to the        
Company.                                                                        
4.  Fixing of Auditors` Remuneration                                            
The Directors were authorised to fix the auditors` remuneration.                
5.  Re-election of Directors                                                    
In accordance with Corporate governance best practice, two of the Company`s     
Directors, Alhaji Hamidu Mahmud and Mr. Ademola Akinrele SAN who have served on 
the Board as Independent Directors since 21st  July 2001, nine (9) years from   
the date of their first election, are not presenting themselves for re-election.
Alhaji Mahmud was the Chairman of the Audit Committee and a member of the       
Governance & Nominations Committee. Mr. Ademola Akinrele was the Chairman of the
Governance & Nominations Committee.                                             
The following Directors were re-elected as Directors of the Company:            
-  Major General Mohammed Magoro (Rtd) OFR, PSC, USAWC, Galadiman Zuru          
-  Mr. Omamofe Boyo                                                             
-  Mr. Mobolaji Osunsanya                                                       
-  Mr. Navaid Burney                                                            
6.  Election of Directors: Chief Sena Anthony, Ms. Amal Inyingiala Pepple CFR   
and Ms. Genevieve Sangudi.                                                      
The recommendation by the Directors, pursuant to article 88 of the company`s    
articles of association, to elect Chief Sena Anthony, Ms. Amal Inyingiala Pepple
CFR and Ms. Genevieve Sangudi, was approved and they were unanimously elected   
Directors of the company (a short biography of each follows).                   
Chief Sena Anthony                                                              
Chief Anthony was appointed as an independent Non Executive Director of the     
Company in January 2010.  Prior to her appointment, Chief Anthony worked with   
the Federal Ministry of Justice before joining the Nigerian National Petroleum  
Corporation (the "NNPC") in 1978.  She was appointed Group General Manager,     
Corporate Secretariat and Legal Division, as well as the Secretary to the NNPC  
in July 1999 and was promoted to the level of Group Executive Director on 6 May 
2007.  Chief Anthony was the first female to be appointed to such a position in 
the NNPC.  She retired in January 2009 as the Coordinator (Group Executive      
Director Level) Corporate Secretariat and Legal Division as well as the         
Secretary to the Corporation and Board of the NNPC after working for the NNPC   
for 31 continuous years.  Chief Anthony was also a Director of Napoil Limited, a
crude oil and petroleum products trading company owned by NNPC, a Director of   
Brass LNG Company and General Manager legal and Secretary to the board of       
Nigeria LNG Limited.  Chief Anthony obtained a bachelors degree in Law from the 
University of Lagos in 1973 and was called to the Nigerian bar in 1974.         
Ms. Amal Inyingiala Pepple CFR                                                  
Ms. Pepple was appointed as an independent Non Executive Director of the Company
in January 2010.  Prior to her appointment, Ms. Pepple served as a civil servant
for the government for 32 years.  She has served as Deputy Secretary,           
Constituent Assembly, Federal Republic of Nigeria, Secretary of National        
Assembly provisional office of Abuja, Clerk Designate of Senate National        
Assembly, and Clerk of Senate National Assembly.  Ms. Pepple has also served as 
Administrative Secretary of the Social Democratic Party, Rivers state and Sole  
Administrator of the United Nigeria Congress Party.  She has also been Director 
of the Federal Civil Service and Director of the Economic Affairs Office,       
Presidency.  Ms. Pepple has served as Permanent Secretary in the following      
ministries: Federal Civil Service Commission, Federal Ministry of Transport,    
Federal Ministry of Information and National Orientation, Federal Ministry of   
Petroleum Resources, Federal Ministry of Commerce, Federal Ministry of          
Agriculture and Water Resources and Federal Ministry of Finance.  On 16 June    
2008, she was appointed as Head of the Civil Service of the Federation.  Prior  
to joining the Government, Ms. Pepple started her career as a lecturer in       
political science at Rivers state College of Education, Port-Harcourt, Rivers   
state.  Ms. Pepple obtained a bachelors degree in Political Science from the    
University of Ife Ileife, Nigeria, in 1975 and a Masters degree from the School 
of Oriental & African studies, University of London, United Kingdom, in 1981.   
Ms. Genevieve Sangudi                                                           
Ms. Sangudi was appointed as a Non Executive Director of the Company in January 
2010.  Ms. Sangudi is also a Director of OOIM, OOIN and Notore Chemical         
Industries, respectively, and is a Managing Director and the Nigerian country   
manager of Emerging Capital Partners, a leading private equity fund manager     
focused on Africa with over $1.6 billion in capital under management.  Ms.      
Sangudi had previously served as a Director in Blue Financial Services Limited  
and Continental Reinsurance.  Prior to her current appointment, Ms. Sangudi     
served as a managing Director of Emerging Capital Partners in Washington DC,    
USA, where she was responsible for originating, structuring and executing       
transactions in numerous sectors including oil & gas, financial services and    
industrials. Before joining emerging capital partners in 2004, Ms. Sangudi      
worked in marketing and business development at Procter & Gamble where she was  
part of a cross-functional team that oversaw several multi-billion dollar       
brands. Ms. Sangudi obtained a bachelors degree in Comparative Literature from  
Macalester College in 1997, an MBA in finance & strategy from Columbia Business 
School and a Masters in International Affairs from the School of International  
and Public Affairs at Columbia University.                                      
7.  Approval of the remuneration of Non-Executive Directors                     
The remuneration of the Non-Executive Directors of the company increased from   
Naira1,000,000.00 per annum for the Chairman and Naira900,000.00 each per annum 
for all other Non-Executive Directors to Naira2,500,000 per annum for the       
Chairman and Naira2,000,000 for all other Non-Executive Directors with effect   
from 1 January 2010; which fees are payable quarterly in arrears".              
8.  Approval of Bonus Issue                                                     
The Meeting approved a Bonus of one ordinary share of fifty kobo each for every 
two ordinary shares of fifty kobo each held by shareholders as at the close of  
business on 20 May 2010.                                                        
9.  Approval of increase in Authorized Share Capital                            
Pursuant to Article 46 of the Company`s Articles of Association, the            
shareholders authorized the Directors;                                          
To increase the Authorised Share Capital of the Company from                    
Naira1,000,000,000.00 (One Billion Naira) to Naira3,000,000,000.00 (Three       
Billion Naira) by the creation and addition thereto of 4,000,000,000 new        
ordinary shares of 50 kobo each ranking in all respects pari passu with the     
existing shares of the Company and that clause 6 of the Company`s Memorandum of 
Association and article 3 of the Company`s Articles of Association be and are   
hereby amended to reflect the new Authorised Share Capital of                   
Naira3,000,000,000.00 (Three Billion Naira) divided into 6,000,000,000 (Six     
Billion) ordinary shares of 50 kobo each.                                       
Johannesburg                                                                    
10 May 2010                                                                     
Sponsor                                                                         
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 10/05/2010 13:03:00 Supplied by www.sharenet.co.za                     
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