Go Back Email this Link to a friend

OANDO PLC - Notification on the release of Oando Plcs 2015 audited financial statements

Release Date: 01/04/2016 14:55:00      Code(s): OAO     
Oando PLC
(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")


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
E: airune@oandoplc.com

Yours sincerely,
For: Oando PLC
Ayotola Jagun
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                     
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.