| Thu 20 Aug 2009, 14:36 | | OAO - Oando Plc - Press Statement |
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OAO
UNTP
OAO - Oando Plc - Press Statement
Oando Plc
(Incorporated in Nigeria and registered as an external company in South Africa)
Registration number: RC 6474
(External company registration number: 2005/038824/10)
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: UNTP
ISIN: NGOANDO00002
("Oando" or "the company")
PRESS STATEMENT
RE: CENTRAL BANK OF NIGERIA ADVERTORIAL
Our attention has been drawn to the advertorial published by the Central Bank of
Nigeria (CBN) in the Nigerian national daily newspapers on Wednesday the 19th
day of August 2009. This advertorial states, that Oando has total `non-
performing` loan facilities in the sum of Forty Five Million, Three Hundred and
Forty-Two Thousand, One Hundred and Seven US Dollars, Twenty Eight Cents Only
(USD45,342,107.28) with Oceanic Bank Plc ("Oceanic Bank") and constitutes one of
the largest debtors to Oceanic Bank.
In no way can our relationship with Oceanic Bank be deemed non-performing. As
part of our on-going commercial relationship with Oceanic Bank, we had different
credit balances on our deposit account and other debit balances on our advised
loans as at May 31, 2009. For the avoidance of doubt, none of these debit
balances represented a past due obligation. The table below sets out the
balances as at May 31 and August 14, 2009.
Account Type Balance on May Balance on August 14,
31, 2009 2009
Oando PLC Current USD13,444,166.94 USD13,124,715.16
and Deposit
Accounts
Oando PLC US$ USD16,035,670.14 USD16,105,425.31
Bridge Facility for
Rigs
Oando Supply & (USD1,147,675.52) (USD1,593,958.63)
Trading Ltd Current
Account
In addition, Oceanic Bank served as an issuing house for a USD35,121,328.22
(Thirty Five Million, One Hundred and Twenty One Thousand, Three Hundred and
Twenty US Dollars, Twenty Two Cents Only) Commercial Paper which has since been
settled on June 28, 2009 in line with pre-agreed terms.
We have demanded that CBN and Oceanic Bank correct the erroneous impression that
has been created by this advertorial.
Oando is a Public Limited Company and any sensitive publication such as this
could have a material impact on local and international shareholders,
prospective investors and debt providers` confidence in the organization.
Oando is a responsible entity and continues to be committed to proper financial
management practices.
Signed:
Management, Oando PLC
Johannesburg
20 August 2009
Sponsor:
Deutsche Securities (SA) (Proprietary) Limited
Date: 20/08/2009 14:36:01 Produced by the JSE SENS Department.
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