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Oando commences N20bn rights issue

Oando Plc, Nigeria’s leading indigenous integrated energy solutions provider, today, opened the acceptance list for a  Rights Issue offer of 301,694,876 Ordinary Shares of 50 kobo each at N70.00 per Share  on the basis of one (1) new ordinary share for every three (3) ordinary shares of 50 kobo each held as at the close of business on 18 Friday December 2009.

This is for shareholders in Nigeria whose names appeared on the register of members and transfer books of the company and shareholders in South Africa, whose names appeared on the register of members and transfer books as at the close of business on 29 January 2010.  The Rights Issue offering, which will remain open till 19 February 2010, is tradable on the floor of the Nigerian Stock Exchange.

The Rights Issue is expected to generate net proceeds of approximately N20.4 billion which will be applied to boost the organisation’s financial structure to support its emergence as a globally competitive energy player.

The fund raising was overwhelmingly endorsed by shareholders of the company in July 2009, during its Annual General Meeting, AGM.

Speaking at the meeting, Mr. Wale Tinubu, Group Chief Executive, Oando Plc said, “the Rights Issue is aimed at complementing our ongoing strategic investments in our high margin businesses as well as supporting our expansion plans, taking maximum advantage of opportunities offered in the Africa energy landscape.”


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