The management of Oando Plc has requested that the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange (JSE) delists the company from both exchange
Oando said it received an offer from its core shareholder Ocean and Oil Development Partners Limited to acquire the shares of all minority shareholders in Oando.
The Company therefore wishes to be delisted from NGX and JSE and re-registered as a private company.
In a notice made available on the website of NGX, Oando explained that “it is intended that the Transaction will be executed through a Scheme of Arrangement”.
Shareholder’s Entitlement
It also says it will be in accordance with Section 715 of the Companies and Allied Matters Act, 2020 (as amended), and other applicable laws, rules, and regulations.
The publication read: “Under the Scheme, each Scheme Shareholder shall be entitled to receive the sum of ₦7.07 in cash or its equivalent in South African Rand (ZAR) for every ordinary share held by the qualified Scheme Shareholders at the Effective Date of the Scheme.
“The proposed Scheme Consideration represents a 58% premium to the last traded share price of Oando on 28 March 2023, being the day prior to the date of submission of the Scheme application to the Securities and Exchange Commission.
“Consequently, we confirm that Oando has applied for the SEC’s ‘No Objection’ to the Scheme.
“Please note that 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.
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“The terms and conditions of the Transaction will be provided in the Scheme Document which will be dispatched to all shareholders following the receipt of an order from the Federal High Court to convene a Court-Ordered Meeting.
“If the conditions of the Transaction are satisfied and same is sanctioned by the Federal High Court, the Company will be delisted from NGX and JSE and re-registered as a private company”.
