Oando Plc - Update 2: Oando Plcs Official Statement On Claims Of A Sec InvestigationRelease Date: 28/08/2017 10:30:00 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: UNTP
(?Oando? or the ?Company?)
Update 2: Oando Plc's Official Statement On Claims Of A SEC Investigation
Further to the initial press release by the Company (?the Company? or ?Oando?) published on Friday,
14th July 2017 entitled ?Oando PLC's Official Statement on Claims of a SEC Investigation please find
below an update:
Two petitions were filed with the Securities and Exchange Commission (SEC) alleging gross abuse of
corporate governance and financial mismanagement (the ?Petitions?). The SEC has since
commenced an enquiry in response to the Petitions.
The Company's position remains that these petitions have no merit as the issues raised have
received board, shareholder and where required SEC approval. Other matters highlighted by the
petitioners could have been directed to the Company and would have received the necessary
clarification. Furthermore the petitions have been filed by:
1. Ansbury Inc (?Ansbury?): This petitioner is not a shareholder of the Company, but a
shareholder in a company domiciled in a jurisdiction outside Nigeria which in turn holds
shares in a Nigerian investment company that is a shareholder in Oando; and
2. Alhaji Dahiru Mangal (?Alhaji Mangal?): Alhaji Mangal is an individual who requested
clarification from the SEC on issues which he could easily have obtained from the Company
and indicated in his petition to the SEC that he holds a 17.9% interest in Oando. However,
based on the Company's register of members, First Registrars Limited, he owns
approximately 4% of Oando PLC's shares in his personal capacity. He is yet to disclose
beneficial ownership of 13.9% in accordance with Section 95 of the Companies and Allied
Matters Act, Cap. C20 LFN 2004 ("CAMA"); failure to do so is a violation of CAMA and this
has been flagged by the Company in writing to Alhaji Mangal and the SEC since Wednesday,
24th May, 2017.
From the SEC's initial correspondence to the Company to date, we have availed them with all
documents requested, provided clarification on, and rebuttals to, the issues raised and await a speedy
conclusion to the enquiry. The Company will continue to fully co-operate with the SEC in the
discharge of its duties as the capital markets regulator.
As a public company listed on both the Nigerian and Johannesburg Stock Exchanges we will provide
full disclosure of the outcome as soon as the SEC enquiry is completed.
Oando's Corporate Communications team is always available to respond to any enquiries by
members of the public and media. The Company is concerned about media houses going public with
false and misleading information. As a public and listed company, any false or misleading information
has a materially adverse effect on the Company including but not limited to reputational damage,
creating undue and to a certain extent illegal volatility in the share price and causing unfair losses to
our shareholders. We therefore urge media houses to refrain and/or desist from further publications in
future, without first verifying the accuracy of such facts from Oando.
For more information, please contact:
Chief Compliance Officer & Company Secretary
Head, Corporate Communications
28 August 2017
Sponsor: Sasfin Capital (a member of the Sasfin Group)
Date: 28/08/2017 10:30:00 Supplied by www.sharenet.co.za
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