Oando: ‘Suspension of AGM and SEC appointment of new board’ is a LIE

Oando Plc in a series of tweets from its official twitter handle has denied suspending its upcoming Annual General Meeting (AGM) on instructions from the Securities and Exchange Commission (SEC). This follows an article in a Stock Market and Investing news website that the “capital market operator” had suspended the AGM following a petition written weeks ago.

Market intelligence indicates that the Annual General Meeting (AGM) for Oando Plc earlier scheduled for August 2, 2017 (according to NSE website) but rescheduled by Oando Plc for Uyo, September 11, 2017 has been asked to be put on hold by the capital market regulator following developments in and around a petition/investigation of Oando transactions/trades.

The company also denied arrangements were being made to appoint an interim board and asserted that its AGM would hold as scheduled on the 11th of September 2017 in Uyo, Akwa-Ibom State. The company called the rumours which broke yesterday as unfounded and malicious.

With reference to unsubstantiated reports of an imminent move to set up an interim Board 1/2

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— Oando PLC (@Oando_PLC) August 26, 2017

The Company states categorically that these reports are false, deliberately misleading and irresponsible 2/2

— Oando PLC (@Oando_PLC) August 26, 2017

Contrary to misleading reports that our AGM has been suspended, our 40th AGM will hold as scheduled on 11 Sep. 2017 https://t.co/lY6TB14C75

— Oando PLC (@Oando_PLC) August 26, 2017

Prior to the rumour

SEC had last month informed the investing public that it was investigating a petition brought by two foreign shareholders regarding their concerns about the company’s financial statements. SEC is yet to release its findings from the investigation or disclose the parties behind the petition.The petition is with respect to the company’s shareholders following the $1.65 billion it paid to acquire oil production assets owned by Conoco-Phillips in Nigeria.

Oando Plc is an integrated energy solutions provider. The company has its primary listing on the Nigerian Stock Exchange (NSE) and secondary listing on the Johannesburg Stock Exchnage (JSE). The company has over 1500 employees and is divided into four divisons: Oando Energy Resources, Oando Trading, Oando Gas and Power, and OVH Energy. Oando shares closed at N6.85 in yesterday’s trading session on the NSE, up 45.8% year to date.