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Oando Plc - Oando Plc Announced Its Intention To Raise N35 Billion Through A Rights Issue

Release Date: 26/09/2012 10:12:00      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 announced its intention to raise N35 Billion through a
Rights issue

Quote
Lagos, Nigeria - Oando PLC (referred to as ?Oando? or the
?Group?), Nigeria?s leading indigenous energy group listed on
both the Nigerian and Johannesburg Stock Exchange, today
announced its intentions to raise N35 Billion through a Rights
Issue.

Oando plans to raise N35 Billion through a Rights Issue and this
will constitute one of the key steps in the Group?s strategy to
re-inforce its balance sheet, reduce debt, strengthen its long
term financing capacity, whilst placing Oando in a position to
better execute its Upstream growth aspirations.

The Offer is expected to commence in the fourth quarter and is
subject to approval of the Securities & Exchange Commission.

Commenting, Mr. Wale Tinubu, Group Chief Executive, Oando PLC
said

?Our last capital raise, was a N21Billion Rights Issue exercise
in 2010 during the economic downturn. The exercise was a great
success and was oversubscribed by 28%.

In today?s challenging conditions in the downstream sector, we
are enhancing our capital structure and reducing our debt to
better position the Group to execute on its Exploration and
Production growth strategy.

We look forward to a similar outing and outcome with the closure
of this process?.
Unquote

26 September 2012
Sandton
JSE Sponsor
Macquarie First South Capital (Proprietary) Limited

For more information please contact:

Tokunboh Akindele
Head, Investor Relations
aakindele@oandoplc.com

Oando PLC
10th Floor
2, Ajose Adeogun Street
Victoria Island
Lagos, Nigeria

Tel: +234 (1) 2601290-9, Ext 6396
DL: +234 (1) 2702496
Fax: +234 (1) 2611366

Website: www.oandoplc.com

Forward Looking Statements:

This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws.    The use of any of the words ?expect?,
?anticipate?, ?continue?, ?estimate?, ?objective?, ?ongoing?,
?may?,   ?will?,   ?project?,   ?should?,  ?believe?,   ?plans?,
?intends? and similar expressions are intended to identify
forward-looking information or statements. In particular, this
news release contains forward-looking statements relating to the
transaction.

Although the Company believes that the expectations and
assumptions on which such forward-looking statements and
information are reasonable, undue reliance should not be placed
on the forward-looking statements and information because the
Company can give no assurance that such statements and
information will prove to be correct.

Date: 26/09/2012 10:12:00 Supplied by www.sharenet.co.za                     
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