Oando Plc has been granted a 90-day court-ordered extension to create and file the Scheme of Arrangement Document for the acquisition of shareholders’ minority shareholding.
This was contained in a statement released on Thursday which also revealed that Venus Construction Company Limited, one of Oando’s minority shareholders, had petitioned the court to order Ocean and Oil Development Partners Limited or Oando to buy its 299,257,869 shares.
In a decision issued on June 7, 2022, the court mandated that Oando prepare the Scheme Document for the purchase of all the Minority Shareholders’ shares in Oando Plc within 30 days and submit it to the Securities and Exchange Commission and/or the NGX, as may be required. OODP had already agreed to buy the shares.
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.”
Oando, however, was unable to comply with the deadline and turned to the court for help. On October 18, 2022, the court extended the deadline for the Scheme of Arrangement.
The jury decided 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.”
