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

Release Date: 05/04/2011 14:04:07      Code(s): OAO
OAO - Oando - Recommendation of dividend and bonus issue of ordinary shares     
Oando PLC                                                                       
(Incorporated in Nigeria and registered as an external company in South Africa) 
(External Registration number: RC 6474                                          
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")                                                      
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 four ordinary shares of fifty kobo each held for  
the twelve months to 31 December 2010.  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 am(11:00am Central African Time ("CAT")) on Friday, 29 April 2011.
The salient dates are:                                                          
                                                                        2011    
Currency conversion calculated at close of business in        Monday, 4 April   
South Africa on                                                                 
Last day for trading to qualify for and participate in      Tuesday, 19 April   
the dividend (cum dividend) and in the bonus shares in                          
South Africa                                                                    
Trading ex dividend and bonus shares in South Africa      Wednesday, 20 April   
commences on                                                                    
Transfers between the Nigerian Register and the South     Wednesday, 20 April   
African Register closed                                       - Friday, 6 May   
Announcement released confirming that the dividend and       Friday, 29 April   
bonus shares has been declared                                                  
Dividend and bonus shares Record date in South Africa        Friday, 29 April   

Dividend snd bonus shares Record date in Nigeria             Friday, 29 April   
                                                                                
Dividend payment and bonus shares listing date in        Wednesday, 31 August   
Nigeria on or about                                                             
Dividend payment and bonus shares listing date in        Wednesday, 31 August   
South Africa (electronic and certificated register) on                          
or about                                                                        
Notes:                                                                          
1. The above dates and times are based on South African dates and times.        
2. It is anticipated that 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 by Wednesday, 31 August 2011.                       
3. Shareholders who hold dematerialised shares will have their accounts, at     
their Central Securities Depository Participant or broker credited by Wednesday,
31 August 2011 in respect of the dividend.                                      
4. Share certificates may not be dematerialised or rematerialised between       
Wednesday, 20 April 2011 and Friday, 6 May 2011, both days inclusive.           
5. Any amendments to the above dates and times will be published on SENS.       
Currency conversion                                                             
The currency conversion at close of business (CAT) on 4 April 2011 was 1 South  
African Rand =  22.926 Naira. Accordingly, the dividend of three Naira (Naira   
3.00) per ordinary share equates to 13.0856 South African cents per ordinary    
share.                                                                          
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) 11.77702 South African 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 Tuesday, 19 April 2011 and the record date will be 29 April 2011.
It is anticipated that the bonus shares will be issued and listed by 31 August  
2011 and shareholders` accounts with Central Securities Depository Participants 
and brokers will be credited in South Africa with bonus shares or issue of new  
share certificates in respect of the bonus issue posted by the same day.        
Shareholders are advised that they may not trade in their new bonus shares until
they have been issued.                                                          
Rounding principle                                                              
The allocation of bonus shares will be such that shareholders will not be       
allocated a fraction of a bonus share and therefore 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.                                                   
Sandton                                                                         
5 April 2011                                                                    
JSE Sponsor                                                                     
Macquarie First South Advisers (Proprietary) Limited                            
Date: 05/04/2011 14:04:06 Supplied by www.sharenet.co.za                     
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