KEYFACT Energy
Oando has received an offer from its core shareholder – Ocean and Oil Development Partners Limited (“OODP”) – to acquire the shares of all minority shareholders in Oando. The Company will subsequently be delisted from NGX and JSE and re-registered as a private company.
Under the Scheme, each Scheme Shareholder shall be entitled to receive the sum of N7.07 in cash or its equivalent in South African Rand (ZAR) for every ordinary share held by the qualified Scheme Shareholders at the Effective Date of the Scheme.
The proposed Scheme Consideration represents a 58% premium to the last traded share price of Oando on 28 March 2023, being the day prior to the date of submission of the Scheme application to the Securities and Exchange Commission (“SEC”).
KeyFacts Energy: Oando Energy Nigeria country profile