| Mon 14 Nov 2005, 8:00 | | Oando Plc - Secondary listing of Oando on the JSE |
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Oando Plc - Secondary listing of Oando on the JSE Limited
Oando Plc
(Incorporated in Nigeria and registered as an external company in South Africa)
(Registration number: RC6474)
(External company registration number 2005/038824/10)
Share code on the JSE Limited: OAO
Share code on the Nigerian Stock Exchange: UNTP
("Oando" or "the Company")
Secondary listing of Oando on the JSE Limited
1. Introduction
The Board of Oando are pleased to announce that the JSE Limited ("JSE") has
approved the application for a listing of all the issued ordinary shares of
Oando in the "Resources - Oil and Gas" sector of the JSE list under the
abbreviated name "Oando", with effect from the commencement of trade on the
JSE on Friday, 25 November 2005.
Oando currently has a primary listing on the Nigerian Stock Exchange and on
Friday, 28 October 2005 had a market capitalisation of Naira 60,693 million,
based on a Nigerian Stock Exchange closing price of Naira 106.05 per Oando
ordinary share on such date. Applying an exchange rate of N 130.60/US$ and
ZAR 6.6817/US$ on Friday, 28 October 2005, this translates to a market
capitalisation of US$ 464.72 million, or ZAR 3,105.12 million on such date.
Oando was registered as an external company in South Africa on 1 November
2005.
Oando has undertaken that it will comply in full with the Listings
Requirements of the JSE on an ongoing basis save where such requirements are
in direct contravention with the Companies and Allied Matters Act Cap C20
laws of the Federation of Nigeria 1990, as amended or any associated
legislation and regulation.
2. Purpose of the listing on the JSE
Oando wishes to obtain a secondary listing of its ordinary shares on the JSE
due to the various strategic benefits that this could provide to the Oando
group.
The main purposes of the listing on the JSE are to:
- enhance South African investors" awareness of Oando, thereby enlarging
Oando"s potential investor base and increasing trade in its shares;
- provide Oando with an additional source from which capital to facilitate
growth can be obtained;
- facilitate direct investment in Oando by South African residents;
- broaden the potential for pan-African investment growth; and
- enhance Oando"s profile in the global capital markets with the attendant
associated benefits.
3. Nature of business and group structure
Oando is an integrated energy company with operations geographically spread
across West Africa but primarily in Nigeria. Oando"s interests presently
include:
- petroleum products marketing;
- supply and trading of crude oil and refined petroleum products;
- providing support services to the upstream oil and gas sector;
- natural gas distribution; and
- exploration and production of crude oil.
Please refer to the paid ad to be published tomorrow for the Oando group
structure.
4. Directors
Full name, age Business address Role
and
nationality
Major-General Galadiman Zuru Chairperson (non-
Mohammed Magoro 67 Kofo Abayomi Street executive)
(Rtd.) (61) Victoria Island
(Nigerian) Lagos, Nigeria
Jubril Adewale Stallion House Chief Executive
Tinubu (38) 2 Ajose Adeogun Street Officer
(Nigerian) Victoria Island
Lagos, Nigeria
Omamofe Boyo (38) Stallion House Group Deputy Chief
(Nigerian) 2 Ajose Adeogun Street Executive Officer
Victoria Island
Lagos, Nigeria
Onajite Paul Stallion House Executive director
Okoloko (39) 2 Ajose Adeogun Street
(Nigerian) Victoria Island
Lagos, Nigeria
Ademola Akinrele 188 Awolowo Road Non-executive
(44) Nigerian South West Ikoyi director
Lagos, Nigeria
Prince Felix 30 Ohaedo Street Non-executive
Ndamati Atako Port Harcourt director
(63) Nigerian Rivers State, Nigeria (independent)
Valentine Oboden Waterfront Plaza Non-executive
Ibru (39) 270 Ozumbu Mbadiwe director
(Nigerian) Avenue
Victoria Island
Lagos, Nigeria
Alhaji Hamidu 3A Oko Awo Close Non-executive
Mahmud (52) Victoria Island director
(Nigerian) Lagos, Nigeria (independent)
Alhaji Waziri 88 Ajose Adeogun Street Non-executive
Kashim Mohammed Victoria Island director
(45) (Nigerian) Lagos, Nigeria (independent)
Ike Osakwe (51) 3 Eko Akete Close Non-executive
(Nigerian) South West Ikoyi director
Lagos, Nigeria (independent)
Osaze Osifo (38) The Octagon Non-executive
(Nigerian) 13A, A.J. Marinho Drive director
Victoria Island
Lagos, Nigeria
5. Prospects
The directors of Oando are of the opinion that Oando is well positioned to
deliver financial performance and returns to its stakeholders by:
- consolidating its position as the leading petroleum
marketing company in Nigeria and extracting economies of scale;
- expanding its gas distribution business;
- expanding its supply and trading capacity;
- aggressively growing the energy services business; and
- embarking on an expansion programme into related business lines that are a
natural fit to its existing operations and core competencies. The aim is to
ensure Oando is a full range energy solutions provider with strengths in power
generation and distribution, crude oil exploration and production and refining
petroleum products in addition to its existing areas of dominance.
6. Pre-listing statement
Copies of the pre-listing statement are available in English only and may
be obtained during normal business hours from Monday, 14 November 2005 to
Thursday, 24 November 2005 from the offices of Deutsche Securities (SA)
(Proprietary) Limited, 87 Maude Street, Sandton, 2196;
Johannesburg
14 November 2005
South African financial adviser and sponsor
Deutsche Securities (SA) (Proprietary) Limited
South African attorneys
Webber Wentzel Bowens
Nigerian auditors and reporting accountants
PricewaterhouseCoopers
Nigerian financial adviser
Avante Capital Partners Limited
Date: 14/11/2005 08:00:44 AM Produced by the JSE SENS Department
