Oando Plc has announced its plan to buyout the shares of its minority shareholders which will result in a voluntary delisting of the Company’s shareholding on the NGX.
The company revealed this in a notification of the outcome of a court ruling following a petition filed on 25th March 2021 at the Federal High Court, Lagos by 14 shareholders of Oando holding a total of 299,257,869 shares.
The Petition was filed for and on behalf of Oando’s minority shareholders led by Venus Construction Company Limited. Ocean and Oil Development Partners Limited (OODP) and Oando are listed as 1st and 2nd Respondents respectively.
The Petitioners requested that the Court order the buyout of their entire shareholding either by OODP or Oando, as the Petitioners believe that this would be in their best interest as well as that of the Company.
In its response to the Petition, Ocean and Oil Development Partners Limited (OODP) enumerated its position on the statements made in the Petition and also filed a cross petition, stating its willingness to buy out all the minority shareholders of Oando via a court-ordered Scheme of Arrangement to be approved by Oando’s shareholders at a general meeting.
Ocean and Oil Development Partners Limited (OODP) has a shareholding of 57.37% in Oando Plc and the above-mentioned minority shareholders 42.63% shareholding. This action precipitated by the petition from certain Oando minority shareholders, if approved by all the minority shareholders at the court-ordered meeting will result in a voluntary delisting of the Company’s shareholding on the NGX in accordance with its guidelines for delisting of securities.
