Oando to acquire OER’s minority shares

Oando to acquire OER’s minority shares

Oando to acquire OER’s minority shares

Oando Energy Resources Incorporated has announced the closing of its going private arrangement transaction pursuant to which Oando E&P Holdings Limited, a private company incorporated under the laws of the province of the British Columbia as a wholly owned subsidiary of Oando Plc, has acquired all of the issued and outstanding common shares of OER.

This is excluding the common shares held by Oando Plc, those held by M1 Petroleum Limited, West African Investment Limited, and Southern Star Shipping Company, and those held by certain shareholders who are officers, employees or service providers to the OER.

The Chief Executive Officer, Oando Energy Resources, Mr. Pade Durotoye, said, “The completion of this transaction brings us to another pivotal point in our journey as OER. We listed this organisation on the Toronto Stock Exchange in July 2012 and have enjoyed the benefits of being a listed company in this jurisdiction, having always conformed to the highest reporting and corporate governance standards of the exchange.

“However, as a result of the downturn being experienced in the global resource market and the current dip in investor interest in the sector, we have decided to delist our entity in line with cost saving strategies to optimise shareholder value. We retain the option of a future listing whenever we believe there is a more conducive market.”

Oando Plc held, either directly or indirectly, 746,107,838 of the common shares, representing approximately 93.7 per cent of the issued and outstanding common shares immediately prior to completion of the going private transaction.

As part of the transaction, the purchaser also acquired all of the common shares held either directly or indirectly by the institutional shareholders, Oando Plc and management shareholder in consideration for such number of shares of the purchaser as reflects the number of their contributed common shares for the purposes of completing the transactions contemplated by the plan of arrangement.

Shareholders who hold their common shares through a broker or other intermediary may contact that broker or other intermediary for instructions and assistance in receiving the consideration for their shares, the firm said.

Shareholders who hold their common shares in certificated form are required to complete and sign a letter of transmittal and deliver it, together with their share certificates and the other required documents to the depositary, it added.

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