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Monday, July 20, 2020 3:35PM / NSE/ Header Image Credit: Oando Plc
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.
Visit Oando Plc IR Page in Proshare MARKETS
Graph - One
Year Share Price Movement
Table:
Q3 2019 Unaudited Results
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