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OANDO PLC - Results of the 37th Annual General Meeting

Release Date: 27/10/2014 17:38:00      Code(s): OAO     
Oando PLC
(Incorporated in Nigeria and registered as an external company in South
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: OANDO
(?Oando? or the ?Company?)

The following resolutions proposed in the notice to shareholders, were
unanimously passed at the 37th Annual General Meeting of the Company held
at 10:00a.m Nigerian Time on Monday, 27 October 2014:

1. Dividend Payment
The shareholders approved the payment of N0.30kobo (Thirty Kobo) per share
as dividend. The dividend will be paid on or before 17 November 2014
subject to Nigerian withholding tax of 10%, where applicable.

2. Election of members of the audit committee
The following persons were elected as members of the Audit Committee for
the 2014 Accounts:
- Ammuna Lawan Ali
- Chief Sena Anthony
- Mr. Francesco Cuzzocrea
- Mr. Fidelis Opia Ijoma
- Alhaji Lateef Ayodeji Shonubi
- Mrs. Funmilayo Temilade Durojaiye

3. Appointment of new Auditors
The Company appointed Ernst and Young (Nigeria) as its auditors.

4. Fixing of Auditors? remuneration
The directors were authorised to fix the auditors? remuneration.

5. Re-election of Director
The following director, whose term expired, was re-elected as a Director of
the Company with effect from 25 July 2013:
- Francesco Cuzzocrea

6. Re-election of Directors
The following directors who retired     by   rotation,   were   re-elected   as
Directors of the Company:
- Ammuna Lawan Ali, OON;
- Mobolaji Osunsanya; and
- Engr. Yusuf Kebba Jarga N?jie

7. Approval of the remuneration of non-executive directors
The remuneration of the non-executive directors of the Company was fixed at
N5,000,000 per annum for the Chairman and N4,000,000 each per annum for all
other non-executive directors with effect from 1 January 2014; which fees
are payable quarterly in arrears.
8. Authorisation of directors
- That further to the approval of shareholders given at the 32nd Annual
General Meeting held on 30 July 2009, the board of directors of the Company
be and are hereby authorized to reorganize and/or divest any and/or all of
the Company?s shareholding and investments in the downstream business by
way of sale, transfer and/or any other form of disposition, which the
directors resolve to be in the best interest of the Company subject to the
approvals of relevant regulatory authorities .
- The board of directors of the Company be and are hereby authorized to
appoint such professional advisers and other parties to the contemplated
transactions and perform all such other acts and do all such other things
as may be necessary for and/or incidental to effecting the above.

27 October 2014

JSE Sponsor
Macquarie First South Capital (Proprietary) Limited

Date: 27/10/2014 05:38:00 Supplied by www.sharenet.co.za                     
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