Thursday, February 04, 2016 11:52 AM / OER IR
Oando Energy Resources Inc. today announced that it has filed on SEDAR and is mailing a Notice of Meeting and Management Information Circular in respect of a special meeting of shareholders scheduled to be held on Thursday, February 25, 2016 in Vancouver, British Columbia.
The documents present the reasons for the unanimous recommendation from OER’s Board of Directors that shareholders vote IN FAVOUR of a special resolution to approve a proposed plan of arrangement with Oando PLC and Oando E&P Holdings Limited.
As announced on December 22, 2015, pursuant to the Arrangement, the Purchaser will acquire all of the issued and outstanding common shares of OER (minority shares).
Only shareholders on the members list as at January 19, 2016 are entitled to attend and vote at the Meeting has been set at January 19, 2016.
As part of this transaction, the Company has notified the TSX and applied for the delisting of the Common Shares upon completion of the Arrangement. In addition, in accordance with Section 720 of the TSX Company Manual, the Company has applied to voluntarily delist the common share purchase warrants issued by the Company from the facilities of the TSX upon completion of the Arrangement and an exemption from the requirement for security holder approval of such delisting is available pursuant Section 604(f) of the TSX Company Manual because Oando PLC holds more than 90% of the Common Shares.
Further information on voting, including specific details of how to vote, can be found in the Circular. Completion of the Arrangement, including the delisting of the Common Shares and Warrants from the facilities of the TSX, will be subject to, among other things, approval by the syndicate of lenders in OER's US$450 million senior secured facility.
Copies of the Arrangement Agreement, the Circular and certain related documents have been filed with Canadian securities regulators and are available under the Company’s profile on the Canadian SEDAR website at www.sedar.com.