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OAO - Oando Plc - Profit Warning for FYE 2011

Release Date: 10/04/2012 11:00:01      Code(s): OAO
OAO - Oando Plc - Profit Warning for FYE 2011                                   
Oando PLC                                                                       
(Incorporated in Nigeria and registered as an external company in South         
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" or the "Group")                                       
Oando hereby advises shareholders of relevant information affecting its         
Financial Year Ended (FYE) 2011 results. Following the preliminary review of    
the Group`s final accounts for the year ended 31 December 2011, the Company     
expects to announce a decrease in its budgeted profit forecast for the year.    
The decrease is driven principally by one-off write-offs which include          
impairments of assets, project expenses from capital raising exercises,         
acquisitions, and termination of technical and managerial charges.              
The underlying performance indicators for the period are in line with           
Management`s 2011 projections and the Company`s 2011 FYE audited accounts       
will be released on or around 10 May, 2012.                                     
Barring any unforeseen circumstances, Management does not anticipate any        
further similar exceptional items in 2012, and following these actions,         
affirms that the Group`s balance sheet and capital are in a robust position,    
providing a solid foundation for the Group`s future growth path.                
The Group remains focused and dedicated on delivering on its promise to         
shareholders on value creation, and looks forward to an improved earnings       
position for the year 2012, with the addition of the earnings from the newly    
commissioned assets.                                                            
Management will be hosting a conference call at 3pm (GMT +1) (4pm Central       
African time, GMT +2) on 10 April 2012, to discuss the contents of this         
announcement. Conference call details are available on the Company`s website    
hosted at www.oandoplc.com.                                                     
10 April 2012                                                                   
JSE Sponsor                                                                     
Macquarie First South Capital (Proprietary) Limited                             
Date: 10/04/2012 11:00:01 Supplied by www.sharenet.co.za                     
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