Oando Plc announced that it has received an offer from its main shareholder, Ocean and Oil Development Partners Limited, to purchase all minority owners’ shares in the company.
Following that, the business will be delisted from the Nigerian Exchange Limited (NGX) and the Johannesburg Stock Exchange (JSE) and re-registered as a private corporation.
The company, in a statement signed by its chief compliance officer & company secretary, Ayotola Jagun said: “it is intended that the transaction will be executed through a Scheme of Arrangement in accordance with Section 715 of the Companies and Allied Matters Act, 2020 and other applicable laws, rules, and regulations.
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“Under the scheme, each scheme shareholder shall be entitled to receive the sum of N7.07 in cash or its equivalent in South African Rand for every ordinary share held by the qualified Scheme Shareholders at the effective date of the scheme.”
It stated that, the proposed scheme consideration represents a 58 per cent premium to the last traded share price of Oando on March 28, 2023, being the day prior to the date of submission of the scheme application to the Securities and Exchange Commission (SEC).
The statement added that “consequently, we confirm that Oando has applied for the SEC’s ‘No Objection’ to the Scheme. Also, the effectiveness of the scheme is subject to the approval of the shareholders of Oando at the Court-Ordered Meeting of the Company, as well as the sanction of the Federal High Court.”