JUST-IN; Court delays Oando’s acquisition, to hear Scheme Of Arrangement in October

The acquisition of minority shares by Ocean and Oil Development Partners (OODP) and Oando Plc has been delayed by the Federal High Court, Ikoyi, sitting in Lagos State.

Honourable Justice Aneke, presiding over the Scheme Of Arrangement for the acquisition, adjourned the hearing to October 10, 2023.

In a statement obtained on Tuesday but dated May 22, 2023, Oando disclosed the adjournment of the case between minority shareholders and Ocean and Oil Development Partners and Oando Plc.

Recall that the minority shareholders had petitioned the court to compel either Ocean and Oil Development or Oando to acquire their shares – OODP agreed to acquire the shares.

The minority shareholders are led by Venus Construction Company Limited and have a total of 299,257,869 shares.

The court previously ordered Oando to present its Scheme Of Arrangement Document, which includes the price the majority investor is willing to buy the minority shares.

In the statement released by Oando, the firm said: “Oando PLC (referred to as “Oando” or the “Company”), Nigeria’s leading indigenous energy group listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange (JSE), hereby wishes to notify the public and its shareholders, pursuant to the press statement issued on the Company’s website on January 30, 2022 titled “‘Oando Plc Announces Federal High Court’s Adjournment Of Hearing On Date To File Its Scheme Of Arrangement Document” that Honourable Justice Aneke sitting at the Federal High Court, Ikoyi, Lagos Division (the “Court”) has further adjourned the matter to 10 th October 2023.

The petition in Suit No: FHC/L/CP/494/2021- Venus Construction Company Ltd &13 others vs. Ocean and Oil Development Partners & Oando PLC, was filed in Court on March 25, 2021 by fourteen (14) shareholders of the Company (the “Petition”).

“The adjournment to 10th October, 2023 is to enable report by the Company of its compliance with the Court’s order dated June 7, 2022, and update the Court on the status of the Scheme of Arrangement.

“The Petition was filed by Venus Construction Company Limited, acting by itself and for and on behalf of other minority shareholders of Oando, and is brought pursuant to sections 353, 354 and 355 of the Companies and Allied Matters Act 2020 (“CAMA”).

Ocean and Oil Development Partners Limited (“OODP”), the majority shareholder of Oando and the Company are listed as the 1st and 2nd Respondents (together, the “Respondents”).”