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Oando Plc - Oando Plc Reports The Investment Of A N16 Billion Convertible Note

Release Date: 25/09/2012 13:30:00      Code(s): OAO     
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?)

Oando PLC reports the investment of a N16 Billion Convertible
Note

The following press    release   was   made   by   Oando   today,   25
September 2012:

Quote
Lagos, Nigeria - Oando PLC (referred to as ?Oando? or the
?Group?), Nigeria?s leading indigenous energy group listed on
both the Nigerian Stock Exchange and the JSE Limited, today
announced the conclusion of a N16 Billion Convertible Note
Investment into the company by Ocean and Oil Development
Partners Limited.

Commenting, Mr. Wale Tinubu, Group Chief Executive, Oando PLC
said
?The closure of this N16 Billion Convertible Note (?The
Convertible Note?) is the first step in our corporate strategy
towards restructuring our Balance Sheet. The company over the
next few months will be reducing its net debt exposure, through
capital raising activities, company asset divestments and
synergetic business combinations, to improve our funding
capacity to drive our Exploration and Production growth
strategy?.

The Convertible Note was executed with Ocean and Oil Development
Partners Ltd and Oando PLC on 10th September, 2012 and has a 180
day tenor.
Unquote

25 September 2012
Sandton

JSE Sponsor
Macquarie First South Capital (Proprietary) Limited

Date: 25/09/2012 01:30:00 Supplied by www.sharenet.co.za                     
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