SEC approved our AGM – Oando

Oando Plc has said the Securities and Exchange Commission (SEC) has granted it approval to hold its Annual General Meeting in spite some disagreements among shareholders.

A statement from Oando said the SEC granted it the approval to proceed with the AGM after it considered the merits of the submissions from all the relevant parties.

The statement read in part: “The Securities and Exchange Commission (SEC) constituted a Special Task Team to review the petitions by Alhaji Dahiru Mangal and Ansbury Inc. To date the company has fully co-operated with the SEC, availed them of all documents requested, and provided clarification and appropriate rebuttals to the issues raised.

“The company received a letter from the SEC on Wednesday, 23rd August, 2017, requesting that Oando postpone its 40th AGM so that the commission could look into the shareholding positions contained in the company’s 2016 Audited Financial Statements as it was at variance with those alleged by the petitioners.

“Oando responded officially on Wednesday, 23rd August, 2017 addressing all the issues raised by the SEC and concluded that it would not be in the best interests of the company or our shareholders to postpone the AGM.

“In a letter dated Thursday, 31st August, 2017, the SEC wrote to the company and categorically stated: ‘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) scheduled to hold on September 11, 2017. Consequently, Oando PLC can proceed with its 40th AGM as currently scheduled.