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Oct 24, 2005
OANDO PLC HOLDS EXTRAORDINARY GENERAL MEETING
TO FINALIZE JSE LISTING
In line with good corporate governance best practices, Oando Plc will today Monday 24, October 2005 hold its Extraordinary General Meeting (EGM) at the Expo Hall, Eko Hotel and Suites, Victoria Island, Lagos.
Top on the agenda of the EGM is Oando's cross border listing on the Johannesburg Stock Exchange (JSE). The EGM will consider, and if thought fit, to pass the following resolution, with or without modifications, which has been proposed as a special resolution to wit:
“That the articles of association be amended by the insertion of a new Article 44 the details of which are set hereunder:
CROSS-BORDER LISTING
The Directors may approve and effect the listing of the Company's shares in other Stock Exchanges, (cross-border listing), and are authorized to do all that is required without limitation, to ensure full compliance with the Listing Rules of any Stock Exchange where it seeks to list the Company's shares.”
According to the Group CEO, Wale Tinubu, “A foreign listing is the next logical step for Oando to achieve its pan-African aspirations. The foreign listing will also enhance Oando's profile to increase strategic partnerships for our Group of Companies. The JSE is a world-class institution with LSE operated trading system, excellent governance and shareholder protection measures. It is also the 16 th largest equities exchange in the world.”
Oando Plc is a group of companies comprising Marketing, Supply & Trading, Gas, Power, Energy Services and Exploration & Production. In expanding its Exploration & Production business, Oando Plc recently won a number of oil blocs in the recently concluded 2005 Federal Government bidding process and is currently bidding to acquire the Port Harcourt refinery while developing plans to build a 360,000bpd Greenfield refinery in the Lagos EPZ.
For more information, please contact:
Tokunboh Durosaro
Head, Corporate Communications
Oando Plc
Stallion House, 2 Ajose Adeogun Street
Victoria Island, Lagos
Phone: 01 262585
Email: tdurosaro@oandoplc.com
www.oandoplc.com
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