Go Back Email this Link to a friend

OANDO PLC - Oando PLC Announces Notice of Extra-Ordinary General Meeting

Release Date: 29/01/2014 13:50:00      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
(?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
Equity infusion.

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

JSE Sponsor
Macquarie First South Capital (Proprietary) Limited

Tokunboh Akindele                   Ayo Ajose-Adeogun
Head, Investor Relations            Chief, Strategy Officer
aakindele@oandoplc.com              aajose-adeogun@oandoplc.com
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                     
Produced by the JSE SENS Department                             . The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Send e-mail to
© 2018 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.