Court issues new ruling on Oando’s minority share acquisition
November 4,2022
Oando Plc has obtained a court order for extension to develop and submit Scheme of Arrangement Document for the purchase of minority stake from shareholders.
Oando’s minority shareholders, led by Venus Construction Company Limited, had approached the court to compel Ocean and Oil Development Partners Limited (OODP) or Oando to acquire their 299,257,869 shares
OODP had agreed to purchase the shares, and the court in a ruling on June 7, 2022, ordered that Oando shall prepare within 30 days the Scheme Document for the purchase of all the Minority Shareholders’ shares in Oando Plc for submission to the Securities and Exchange Commission (SEC) and/or the NGX as may be necessary.
The court also directed “Oando to convene within 120 days a meeting of the holders of its fully paid ordinary shares or their duly authorised proxies/personal representatives (where it becomes impracticable for any of the holders to attend or vote at a meeting) to consider, and if thought appropriate, approve (with or without modifications) a proposed Scheme of Arrangement by OODP for the purchase of all the minority shareholders’ shares in Oando amongst other things
However, Oando couldn’t meet up with the timeframe, resulting to the firm approaching the court, which extended the deadline for Scheme of Arrangement in a ruling on October 18, 2022, a statement released on Thursday disclosed.
The court ruled that, “An order granting a further extension of 90 days or such time as Oando may deem necessary within which the Oando may comply with the Court Order to prepare the Scheme Document for submission to the SEC and NGX for acquisition of the shares of all minority shareholders by OODP.
“An order directing Oando to convene within 120 days a meeting of the holders of its fully paid ordinary shares or their duly authorised proxies/personal representatives (where it becomes impracticable for any of the holders to attend or vote at a meeting) to consider, and if thought appropriate, approve (with or without modifications) a proposed Scheme of Arrangement by OODP for the purchase of all the minority shareholders’ shares in Oando amongst other things.”
