Oando PLC has, as of August 31, 2017, received the approval of the Security and Exchange Commission (SEC) to proceed with its 40th Annual General Meeting scheduled for Monday, September 11, 2017.
The company made this known via a tweet that includes a statement from the SEC, “following the submission of an interim report by the Special Task Team, the Commission is of the opinion that it is unable to identify any material findings that would warrant the postponement of the company’s 40th Annual General Meeting (AGM). Consequently, Oando PLC can proceed with its 40th AGM as scheduled.”
In July, Oando PLC was in the news for being under investigation by the SEC for an alleged financial malpractice. The investigation reportedly began after a series of petition was filed by some foreign investors in relation to changes in the shareholding structure of the company following a 2014 deal.
Oando PLC promptly addressed the issue debunking what it described as “unsubstantiated, misleading and defamatory claims.” Adding that it is fully co-operating with the SEC by providing all appropriate clarifications and rebuttals on the issue. Although the market reacted negatively to the news at the time, this latest development from the SEC will certainly alleviate all fears and doubts as it validates the company’s initial position that the claims lacked evidence.
As stated in the company’s official press release, “the SEC’s response is in line with the company’s initial position that the request from SEC that Oando postpones its AGM, which was premised upon the allegations and claims raised by the petitioners lacked merit. The reason being that the issues raised by the petitioners were fully and properly disclosed by the Company in its audited financial statements and have received Board, shareholder and where required, SEC approval.”
Oando PLC is one of Africa’s largest integrated energy conglomerates with assets in the downstream, midstream and upstream sectors. It has a primary listing on the Nigeria Stock Exchange and a secondary listing on the Johannesburg Stock Exchange.