Oando Plc - Oando Plc Announces Notice Of Extra-ordinary General MeetingRelease Date: 29/01/2014 13:50:00 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? or the ?Company?)
Oando PLC Announces Notice of Extra-Ordinary General Meeting
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
plans to hold an Extra-Ordinary General Meeting on Tuesday, 18th of February, 2014 to consider, and if
thought fit, pass the following resolutions:
1. That on the recommendation of the directors and in accordance with Article 46 of the Articles
of Association of the Company, the Authorized Share Capital of the Company be and is hereby
increased from N5,000,000,000 (Five Billion Naira) to N7,500,000,000 (Seven Billion, Five
Hundred Million Naira).
2. The amendment of Clause 6 of the Memorandum of Association and Article 3 of the Articles of
Association respectively to reflect the new authorized share capital of N7,500,000,000 (Seven
Billion, Five Hundred Million Naira) divided into 15,000,000,000 (Fifteen Billion) Ordinary
Shares of 50 Kobo each.
3. The authorization to raise further capital of up to N50,000,000,000 (Fifty Billion Naira) through
an offer by way of rights issue.
4. The authorization to raise additional capital of up to N200,000,000,000 (Two Hundred Billion
Naira) whether by way of a public offering, private/special placement, rights issue or other
Commenting, Mr. Wale Tinubu, Group Chief Executive, Oando PLC said:
?As we contemplate our world post the acquisition of Conoco Philips Nigerian business Unit, which will
undoubtedly provide significant growth in size and scale in our Upstream business, our mature Mid- Stream and
Downstream Units continue to retain dominant positions in their market space whilst not requiring material
In our bid to maximize shareholder value, it is necessary to optimize our balance sheet by funding our
operations where necessary via equity as opposed to the more expensive debt, currently an average of 18% per
annum in Naira and 8.5% per annum where dollar loans are secured.
The first of this long term plan will be the raising of further capital by way of rights of N50 billion expected to be
concluded by Q2, 2014. The proceeds of this Rights exercise will be utilized towards debt reduction and our
immediate working capital needs, none of the proceeds raised will be allocated to the closure of the COP
Acquisition, furthermore we do not contemplate any additional equity issuance in 2014.
The passing of these resolutions will provide the ideal platform to ensure our readiness for further
transformation, as we undoubtedly will generate stronger cashflows, but need to minimize our cost of capital to
increase our returns to shareholders. I implore all shareholders to offer their full support as we continue to build
sub-Saharan Africa?s leading energy company.?
29 January 2014
Macquarie First South Capital (Proprietary) Limited
Tokunboh Akindele Ayo Ajose-Adeogun
Head, Investor Relations Chief, Strategy Officer
Tel: +234 (1) 2601290-9, Ext 6396 Tel: +234 (1) 2601290-9, Ext 6296
Date: 29/01/2014 01:50:00 Supplied by www.sharenet.co.za
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