Oando Plc has made a landmark move as it completed its reverse takeover (RTO) of Oando Energy Resources Inc. (OER), previously known as Exile Resources Inc., with the listing of the company’s shares on Toronto Stock Exchange (TSX). Thus, becoming the only Nigerian company with three trans-border listings – Nigerian Stock Exchange (NSE), the Johannesburg Stock Exchange (JSE) and the TSX.
Top executives of Oando Plc and management of Oando Energy Resources, led by Nigerian billionaire oil tycoon Jubril Adewale Tinubu, the Group’s Chief Executive Officer and Deputy Chief Executive Officer Omamofe Boyo rang the bell to open trading on the TSX to mark the formal listing of the company on the TSX.
Local dailies in Nigeria reported a consideration for the acquisition by OER as the company issued 100,339,052 post-consolidated common shares to Oando, of which 75,254,289 post-consolidated common shares, representing 75 percent of the post-consolidated common shares issued to Oando are in escrow.
According to a statement credited to the Tinubu, the reverse take-over is complete and the TSX has given its approval for the listing of OER.
“This platform is expected to enable capital raising to meet OER’s immediate strategic objectives of growth in the upstream sector. Although Oando Plc will initially own 94.6 percent interest in OER, the listing opens up the opportunity to present OER to a new world of investors with the distinct appetite for E&P investments”, he added.
Tinubu and Boyo also received the commemoration plaque and certificate of listing from the Senior Vice President of the TSX, Mr. Ungad Chadda.
Oando Energy Resources has subsequently obtained approval from the Toronto Stock Exchange to list its common shares and warrants on the TSX under the symbol OER.
The acquisition also brought about changes in the board of directors of OER as Ahmed Said resigned as a director of OER, Stanley Bharti resigned as chairman and Tony Henshaw resigned as Chief Executive Officer.
Jubril Adewale Tinubu was appointed Director and Chairman of OER, John Orange was appointed director, Omamofe Boyo was appointed director; Olapade Durotoye was appointed Chief Executive Officer, while Adeola Ogunsemi was appointed Chief Financial Officer.