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Oando PLC Announces Outcome of Petition Filed by Minority Shareholders

Oando Plc released a circular on June 22, 2021 stating that the company’s shares faces the risk of being delisted from the NGX.
Summary of the circular.
Minority shareholders of Oando plc petitioned the court in 2021, for Ocean and Oil Development Partners limited (OODP) to acquire their share holdings of 42.63% from Oando Plc.
 The court ruled in the Minority shareholder’s favour.
OODP currently holds 57.37% of Oando shares and if this shares acquisition takes place, OODP will hold the entire shares of Oando Plc. And the implication of this is that Oando shares will be voluntarily delisted from the NGX and will no longer be available for trading.
However, this is still subject to votes by existing shareholders.
 With this information, we would advice our investors to be on the lookout on their holdings in Oando Plc as the share price has started declining following the circular

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