Oando Plc has disclosed that it has no intention to cancel its 42nd Annual General Meeting (AGM), as directed by the Securities and Exchange Commission (SEC).
In a statement issued to the Nigerian Stock Exchange which also serves as a response to the regulator’s order, the oil and gas company disagreed with SEC’s position to have its AGM suspended.
According to the statement, the directive/order by the apex capital market regulator is not in the best interest of the company and its shareholders.
“We have received notification from the Securities and Exchange Commission (SEC) by a letter dated June 10, 2019 at 12:42pm directing the suspension ofthe validly convened 42ndAnnual General Meeting (“AGM”) of Oando PLC (“the Company”) on the premise of 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 (“Ex-parte Order”)”
“The Company disagrees with the SEC’s position that its directive to suspend the 42nd AGM accords with the Ex-parte Order. Oando PLC by notice to the public and its shareholders on May 10, 2019 validly convened its 42ndAnnual General Meeting”.
“The actions contained in the SEC’s letter to the Company dated Friday, May 31, 2019 was effectively put in abeyance by the Ex-parte Order of the Federal High Court, which was granted on Monday, June 3, 2019”.
It is the Company’s position that the action taken by SEC in directing a cancellation of the AGM is not in the best interests of the Company and its Shareholders who have travelled at great expense, from far and wide, to attend the annual meeting of their Company. The Company also stands to lose significant shareholder funds by the attendant cancellation of the AGM at such short notice”.
“The Company reserves its rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders”