Oando Plc has disagreed with Securities and Exchange Commission (SEC) on its decision to cancel the company’s 42nd Annual General Meeting (AGM) which would have held in Lagos on Tuesday June 11, 2019.
The Company which acknowledges receipt of SEC letters on the cancelled AGM disagrees with the SEC’s position that its directive to suspend the 42nd AGM accords with the Ex-parte Order, adding that it had by notice to the public and its shareholders on May 10, 2019 validly convened its 42nd Annual General Meeting.
According to Oando in a statement released on the Nigerian Stock Exchange (NSE), the actions contained in the SEC’s letter to the Company dated Friday, May 31, 2019 “were effectively put in abeyance by the Ex-parte Order of the Federal High Court, which was granted on Monday, June 3, 2019.”
The Company also said it stands to lose significant shareholder funds by the attendant cancellation of the AGM at such short notice, adding that it 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.
The Securities and Exchange Commission (SEC) had on Monday June 10 suspended the Annual General Meeting (AGM) of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges). In a statement by SEC, the Commission directed the suspension of the Annual General Meeting of Oando Plc to allow the parties maintain status quo.
SEC said this is in adherence to 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. The AGM would have held at the Zinnia Hall, Eko Hotels and Suites, Plot 1415, Adetokunbo Ademola Street, Victoria Island Lagos. The Commission said it will update relevant stakeholders and the public on the outcome of the ongoing litigation.
“We have received notification from the Securities and Exchange Commission by a letter dated today, Monday, June 10, 2019 at 12:42pm directing the suspension of the validly convened 42nd Annual General Meeting (AGM) of Oando Plc 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”),” Oando said in a letter at Nigerian Stock Exchange (NSE) dated June 11 and signed by Ayotola Jagun, Company Secretary.
“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”, Oando said.
Iheanyi Nwachukwu
