Fakoyejo OlalekanJustice Aneke of the Federal High Court has adjourned the hearing of the Scheme Of Arrangement for the acquisition of shares held by Oando’s minority shareholders.
Prime Business Africa previously reported that the majority investor in Oando, Ocean and Oil Development Partners (OODP), agreed to acquire 299,257,869 shares from minority shareholders.
The minority shareholders had taken Ocean and Oil Development Partners and Oando to court, praying that the court orders them to buy out their shares.
Ocean and Oil Development Partners offered to acquire the 299,257,869 shares for N7.07 per share, which is worth N2.11 billion.
The court requested that Oando submit the Scheme of Arrangement for the acquisition, which will be heard on 10 October 2023, a statement by Oando disclosed.
“Oando PLC (referred to as “Oando” or the “Company”), Nigeria’s leading indigenous energy group listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange (JSE), hereby wishes to notify the public and its shareholders, pursuant to the press statement issued on the Company’s website on January 30, 2022 titled “‘Oando Plc Announces Federal High Court’s Adjournment Of Hearing On Date To File Its Scheme Of Arrangement Document” that Honourable Justice Aneke sitting at the Federal High Court, Ikoyi, Lagos Division (the “Court”) has further adjourned the matter to 10 th October 2023,” Oando wrote.
The company said: “The petition in Suit No: FHC/L/CP/494/2021- Venus Construction Company Ltd &13 others vs. Ocean and Oil Development Partners & Oando PLC, was filed in Court on March 25, 2021 by fourteen (14) shareholders of the Company (the “Petition”).
“The adjournment to 10 th October, 2023 is to enable report by the Company of its compliance with the Court’s order dated June 7, 2022, and update the Court on the status of the Scheme of Arrangement.
“The Petition was filed by Venus Construction Company Limited, acting by itself and for and on behalf of other minority shareholders of Oando, and is brought pursuant to sections 353, 354 and 355 of the Companies and Allied Matters Act 2020 (“CAMA”).
“Ocean and Oil Development Partners Limited (“OODP”), the majority shareholder of Oando and the Company are listed as the 1st and 2nd Respondents (together, the “Respondents”).”
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