Oando’s major shareholder to buy out minority investors
The majority shareholder in Oando Plc has agreed to a request by minority shareholders to buy out the entire shareholdings of the minority shareholders in a transaction that seeks to preserve value for the minority shareholders and the company. Oando made this known at the Nigerian Exchange (NGX) as the indigenous energy solutions group released its outstanding interim results up till the quarter ended December 31 2020. Oando is listed on the NGX and the Johannesburg Stock Exchange (JSE) and the regulatory filings were made to the two markets. Oando stated that the proposed buyout of the minority shareholders was the outcome of a court ruling following a petition filed on March 25, 2021 at the Federal High Court, Lagos by 14 shareholders of Oando holding a total of 299.258 million shares, which was filed for and on behalf of Oando’s minority shareholders led by Venus Construction Company Limited. According to the company, the shareholders requested that the court order the buyout of their entire shareholding either by Ocean and Oil Development Partners (OODP) Limited or Oando, as the petitioners believed that this would be in their best interest as well as that of the company.
Oando’s major shareholder to buy out minority investors
The majority shareholder in Oando Plc has agreed to a request by minority shareholders to buy out the entire shareholdings of the minority shareholders in a transaction that seeks to preserve value for the minority shareholders and the company. Oando made this known at the Nigerian Exchange (NGX) as the indigenous energy solutions group released its outstanding interim results up till the quarter ended December 31 2020. Oando is listed on the NGX and the Johannesburg Stock Exchange (JSE) and the regulatory filings were made to the two markets. Oando stated that the proposed buyout of the minority shareholders was the outcome of a court ruling following a petition filed on March 25, 2021 at the Federal High Court, Lagos by 14 shareholders of Oando holding a total of 299.258 million shares, which was filed for and on behalf of Oando’s minority shareholders led by Venus Construction Company Limited. According to the company, the shareholders requested that the court order the buyout of their entire shareholding either by Ocean and Oil Development Partners (OODP) Limited or Oando, as the petitioners believed that this would be in their best interest as well as that of the company.