Lagos, Nigeria – Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, today announced a change in Offer Terms on an ongoing Rights Issue. The initial Offer size, price and ratio of 2,217,265,185 ordinary shares of 50 kobo each at N22.00 per share (1:4) has been updated to a new Offer size, price and ratio of 2,956,353,579 ordinary shares of 50 kobo each at N16.50 per share (1:3) (“the subsisting terms”).
This revision was required to better align the terms of the Rights Issue with current market conditions, given the 28% fall in the NSE All Share Index over the last 3 months.
In this respect, an application was made to the Securities & Exchange Commission to change the Offer size, price and ratio of the Rights Issue and this has been approved.
Shareholders who have already submitted acceptance forms
Shareholders who have already taken up their Rights under the initial offer terms are not required take any further action. The change in the offer price and the share exchange ratio imply that the consideration to be paid for rights pertaining to existing holdings remains unchanged under both scenarios. The issue price has been revised to N16.50 and the Issue ratio to One (1) new ordinary share for every Three (3) ordinary shares of 50 kobo each held at close of business on Friday, 25th July, 2014. Accordingly, each affected shareholder will be allotted additional shares, representing the appropriate increment over and above the number of Rights they previously accepted with no update to the amount of the consideration.