Oando Plc - Oando Plc Withdraws Proposed Resolutions At EgmRelease Date: 16/10/2012 07:05:00 Code(s): OAO
(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
(?Oando?, the ?Group? or the "Company" )
Oando PLC Withdraws Proposed Resolutions at EGM
Oando, Nigeria?s leading indigenous energy group listed on both the Nigerian Stock Exchange and JSE Limited, at its Extra-Ordinary
General Meeting (?EGM?) convened on Friday 12 October, 2012, withdrew all resolutions proposed thereat for deliberation (the ?resolutions?)
due to the uncertain nature of the underlying transactions to which they relate.
The company has adjourned the EGM, to a time in which it can readily disclose the additional information regarding the transactions
underlying the resolutions. Oando Management is currently unable to disclose the necessary information in respect of relevant
potential corporate actions due to counterparty confidentiality considerations, and as a result of the relevant potential transactions
being at different stages of maturity, some currently awaiting regulatory approval.
The Company had expected that before the date of the EGM the potential transactions would have progressed to a sufficient stage of
maturity to allow management to provide fulsome disclosure to all shareholders, and ensure an informed decision making process
prior to and at the EGM. Unfortunately, due to extensive negotiations around, and the documentation of, these potential transactions,
the Company is not yet in a position to provide such disclosure.
Commenting, HRM Oba Michael Adedotun Gbadebo, Chairman, Oando PLC said
?In the interests of transparency and good Corporate Governance the Board, and the directors proposing the said resolutions to the
Extra-Ordinary General Meeting, have withdrawn the resolutions pending exhaustive consultation with stakeholders and the provision
of more information subject to any limitation we may have in contract or law?.
16 October 2012
Macquarie First South Capital (Proprietary) Limited
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.
For more information please contact:
Head, Investor Relations
2, Ajose Adeogun Street
Tel: +234 (1) 2601290-9, Ext 6396
DL: +234 (1) 2702496
Fax: +234 (1) 2611366
Date: 16/10/2012 07:05:00 Supplied by www.sharenet.co.za
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