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OANDO PLC - Oando PLCs official statement on the SEC investigation

Release Date: 07/09/2017 09:33:00      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: UNTP
(?Oando? or the ?Company?)


Lagos, September 6, 2017

Further to Oando PLC?s (?the Company? or ?Oando?) press statement published on Monday, 28th
August, 2017 entitled ?Oando PLC?s Official Statement on Claims of a SEC Investigation?, please find
below an update.

    1. The Securities & Exchange Commission (SEC) constituted a Special Task Team to review the
       petitions by Alhaji Dahiru Mangal and Ansbury Inc. To date the Company has fully co-
       operated with the SEC, availed them of all documents requested, and provided clarification
       and appropriate rebuttals to the issues raised.

    2. The Company received a letter from the SEC on Wednesday, 23 August, 2017, requesting that
       Oando postpone its 40th AGM so that the Commission could look into the shareholding
       positions contained in the Company?s 2016 Audited Financial Statements as it was at variance
       with those alleged by the petitioners.

    3. Oando responded officially on Wednesday, 23 August, 2017 addressing all the issues raised by
       the SEC and concluded that it would not be in the best interests of the Company or our
       shareholders to postpone the AGM.

    4. In a letter dated Thursday, 31 August, 2017, the SEC wrote to the Company and categorically
       stated: ?Following the submission of an Interim report by the Special Task Team, the
        Commission is of the opinion that it is unable to identify any material findings that would
        warrant the postponement of the Company?s 40th Annual General Meeting (AGM) scheduled
        to hold on September 11, 2017. Consequently, Oando PLC can proceed with its 40th AGM as
        currently scheduled.?

The SEC?s response is in line with the Company?s initial position that the request from SEC that Oando
postpone its AGM, which was premised upon the allegations and claims raised by the petitioners
lacked merit. The reason being that the issues raised by the petitioners were fully and properly
disclosed by the Company in its audited financial statements and 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.
The Company remains committed to act in the best interests of all its shareholders and will continue
to fully co-operate with the SEC in the discharge of its duties as the Capital Markets regulator.

For more information, please contact:

Ayotola Jagun
Chief Compliance Officer & Company Secretary

Alero Balogun
Head, Corporate Communications

For: Oando PLC

Ayotola Jagun
Chief Compliance Officer & Company Secretary
2, Ajose Adeogun Street,
Victoria Island Lagos, Nigeria


7 August 2017

Sponsor: Sasfin Capital (a member of the Sasfin Group)

Date: 07/09/2017 09:33:00 Supplied by www.sharenet.co.za                     
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