OANDO PLC - Delay in the Publication of FYE 2019 Financial Results and Q1 2020 Management Accounts

Delay in the Publication of FYE 2019 Financial Results and Q1 2020 Management Accounts

 Oando PLC
(Incorporated in Nigeria and registered as an external company in South Africa)
Registration number: RC 6474
(External company registration number 2005/038824/10)
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: UNTP
ISIN: NGOANDO00002
(“Oando” or the “Company”)


Oando PLC Announces a Delay in the Publication of its Full Year End (FYE) 2019 Financial Results
and Q1 2020 Management Accounts


Lagos, Nigeria – Pursuant to the direction of the Nigerian Stock Exchange this is to update our valued
shareholders and stakeholders of the delay in the release of Oando PLC’s (referred to as “Oando” or the
“Company”) results for the twelve months ended December 31, 2019 (2019 Audited Financial Statements)
as well as Q1 2020 Management Accounts within the due dates of May 29, 2020 and June 29, 2020
respectively as prescribed by the Nigerian Stock Exchange (NSE) Rules on Filing of Accounts and
Treatment of Default Filing.

On Monday, June 10, 2019, the Securities and Exchange Commission (SEC) notified the public and Oando
that, further to the Ex-parte Order of the Federal High Court, Ikoyi, Lagos in Suit No: FHC/L/Cs/910/19 in
Mr. Jubril Adewale Tinubu & Anor v Securities & Exchange Commission & Anor, it had suspended the
Company’s 2018 Annual General Meeting (AGM) till further notice. Following the SEC’s suspension of
Oando’s AGM, the Company has been unable to appoint Auditors to commence the Company’s 2019 audit
exercise. The mandate given to the Auditors at the 2018 Oando AGM, by the shareholders, was to audit
the Company’s FYE 2018 financials and not any other year.

The suspension of the AGM, has resulted in the following amongst other things:

    (i)      the inability of the Directors to lay before the shareholders for approval, the Company’s 2018
             Audited Financial Statements;

    (ii)     the shareholders’ inability to re-appoint the auditors of the Company to hold office for the 2019
             financial year;

    (iii)    the inability of the Company to meet its FYE 2019 NSE Filing of Accounts obligation within the
             due date of March 31, 2020

Oando PLC apologizes for any inconveniences caused and will update the market on the outcome of the
above mentioned case in due course.

This publication can also be found on the Company’s website: www.oandoplc.com

For further information, please contact:
Ayotola Jagun
Company Secretary
The Wings Office Complex
17a Ozumba Mbadiwe Avenue
Victoria Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, Ext 6159
ajagun@oandoplc.com


Alero Balogun
Head, Corporate Communications
The Wings Office Complex
17a Ozumba Mbadiwe Avenue
Victoria Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, ext. 6761
albalogun@oandoplc.com



For Oando PLC
Ayotola Jagun
Chief Compliance Officer & Company Secretary
Lagos
20 July 2020

Sponsor: Sasfin Capital (a member of the Sasfin Group)

Date: 20-07-2020 03:48:00
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