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Suspension of AGM
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
ISIN: NGOANDO00002
(“Oando” or the “Company”)
Oando PLC’s Official Response to the Securities and Exchange Commission’s Suspension of its 42nd
Annual General Meeting
Lagos, Nigeria – We have received notification from the Securities and Exchange Commission (SEC) by
a letter dated today, Monday, June 10, 2019 at 12:42pm directing the suspension of the validly convened
42nd Annual General Meeting (“AGM”) of Oando PLC (“the Company”) on the premise of the Ex-parte
Order of the Federal High Court, Ikoyi Lagos in Suit No: FHC/L/Cs/910/19 in Mr. Jubril Adewale Tinubu &
Anor V Securities & Exchange Commission & Anor (“Ex-parte Order”).
The Company disagrees with the SEC’s position that its directive to suspend the 42nd AGM accords with
the Ex-parte Order. Oando PLC by notice to the public and its shareholders on May 10, 2019 validly
convened its 42nd Annual General Meeting. The actions contained in the SEC’s letter to the Company
dated Friday, May 31, 2019 was effectively put in abeyance by the Ex-parte Order of the Federal High
Court, which was granted on Monday, June 3, 2019.
It is the Company’s position that the action taken by SEC in directing a cancellation of the AGM is not in
the best interests of the Company and its Shareholders who have travelled at great expense, from far and
wide, to attend the annual meeting of their Company. The Company also stands to lose significant
shareholder funds by the attendant cancellation of the AGM at such short notice.
The Company reserves its rights to take all legal steps to protect its business and assets whilst remaining
committed to act in the best interests of all its shareholders.
A new date for the AGM will be announced in due course.
Ends.
For further information, please contact:
Ayotola Jagun
Company Secretary
The Wings Office Complex
17a Ozumba Mbadiwe Avenue
Victoria Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, Ext 6159
ajagun@oandoplc.com
Alero Balogun
Head, Corporate Communications
The Wings Office Complex
17a Ozumba Mbadiwe Avenue
Victoria Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, ext. 6761
albalogun@oandoplc.com
For Oando PLC
Ayotola Jagun
Chief Compliance Officer & Company Secretary
Lagos
11 June 2019
Sponsor: Sasfin Capital (a member of the Sasfin Group)
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