Oando Plc - Notification On The Release Of Oando Plcs 2015 Audited Financial StatementsRelease Date: 01/04/2016 14:55:00 Code(s): OAO
(Incorporated in Nigeria and registered as an external company in South Africa)
Registration number: RC 6474
(External 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")
NOTIFICATION ON THE RELEASE OF OANDO PLC's 2015 AUDITED FINANCIAL
The Management of Oando PLC would like to advise our valued shareholders, key
stakeholders, and wider investor community that from available indications we are unlikely to
complete our 2015 audit and issue our audited accounts on 31 March, 2016, as required by The
NSE Rules (the Rules).
We have worked diligently with our external auditor, Ernst & Young (?EY?) to ensure a swift
conclusion to the audit process. However, after reviewing the financials, EY indicated that the
Accounts may likely need to be referred to the Financial Reporting Council of Nigeria (?FRC?)
pursuant to Rule 5 of the recently publicised FRC Rules. We expect the process to be
concluded on or before 31 May, 2016, however this is dependent on the completion of the
external review process as referred to above.
The Company?s management would also like to bring to the attention of its shareholders and the
investor community that the accounts of the company at FYE 2015 will be in line with its Q3
2015 performance. The expected decline is attributable to the industry?s downturn, prevalent
economic headwinds, as well as fiscal and monetary restrictions driven by a challenging macro
While we are actively restructuring the business to adapt to this difficult period, we are optimistic
and steadfast in our commitment to return to profitability in 2016.
For further information, please contact:
Ainojie ?Alex? Irune
Head Corporate Communications
T: +234(1)4484500 Ext 6270
For: Oando PLC
Chief Compliance Officer & Company Secretary
1 April 2016
Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)
Date: 01/04/2016 02:55:00 Supplied by www.sharenet.co.za
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