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Oando Plc - Rights Offer - Further Announcement

Release Date: 27/01/2015 11:15:00      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: OANDO
ISIN: NGOANDO00002
(?Oando? or the ?Company?)

RIGHTS ISSUE ? FURTHER ANNOUNCEMENT

South African shareholders of Oando are referred to the announcements published on the
Stock Exchange News Service of the JSE Limited on Tuesday, 2 December 2014 and
Wednesday, 21 January 2015 (?Announcements?). The Announcements set out information
regarding:
-    the rights issue of 2,217,265,184 ordinary shares of 50 kobo each at NGN22.00
     (ZAR1.3138) per rights issue share on the basis of one (1) new ordinary share for
     every four (4) ordinary shares of 50 kobo each held as at the close of business on
     Friday, 25 July 2014, for those shareholders in Nigeria whose names appeared on the
     Register of Members and transfer books of the Company, and shareholders in South
     Africa whose names appeared on the Register of Members and transfer books as at
     the close of business on Friday, 19 December 2014, which was the business day prior
     to the rights issue opening date of Monday, 22 December 2014, for South African
     shareholders (?Initial Rights Issue"); and
-    the extension of the Initial Rights Issue in Nigeria until Wednesday, 28 January 2015.
     (For the avoidance of doubt, the Initial Rights Issue closed at 12h00 on Friday,
     9 January 2015, in South Africa and was not similarly extended).

In order to better align the terms of the Initial Rights Issue with current market conditions,
given the 28% fall in the NSE All Share Index during the three months preceding this
announcement, the terms of the Initial Rights Issue have been amended to the issue of
2,956,353,579 ordinary shares of 50 kobo each at an issue price of NGN16.50 per share
(ZAR0.9853 using the currency conversion rate of ZAR1=NGN16.7456 as at 17h00 South
African time on Monday, 1 December 2014), on the basis of one (1) ordinary share for every
3 (three) ordinary shares held (?Amended Rights Issue?). The requisite regulatory approval
for the Amended Rights Issue has been obtained from the Nigerian Securities & Exchange
Commission and shareholders recorded on the Nigerian share register have been notified of
this amendment.

As the Initial Rights Issue closed on Friday, 9 January 2015 in South Africa, the JSE Issuer
Regulation Division has been approached with regard to shareholders recorded on the
Company?s South African share register who were entitled to participate in the Initial Rights
Issue, to ascertain whether the terms of the Amended Rights Issue can be applied to such
Shareholders. Shareholders will be advised in due course regarding the action, if any, to be
taken with regard to the Amended Rights Issue.

27 January 2015
Sandton

JSE sponsor
Sasfin Capital (a division of Sasfin Bank Limited)

Leading Issuing House
Vetiva Capital Management Limited

Joint Issuing Houses
FBN Capital Limited
FCMB Capital Markets Limited
Marina Securities Limited
Stanbic IBTC Capital Limited
Zenith Capital Limited

Date: 27/01/2015 11:15:00 Supplied by www.sharenet.co.za                     
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