In a recent development, Oando PLC, Nigeria’s prominent indigenous energy group listed on both the Nigerian Exchange Limited (NGX) and the Johannesburg Stock Exchange (JSE), has announced a further adjournment of the Federal High Court hearing on its Scheme of Arrangement.
The adjournment, revealed in a statement released by Oando on December 6, 2023, pertains to the ongoing legal proceedings initiated by Venus Construction Company Limited and other minority shareholders. The case, filed under Suit No: FHC/L/CP/494/2021, targets Ocean and Oil Development Partners Limited (OODP) and Oando PLC.
The Federal High Court, Lagos Division, has now scheduled the next hearing for February 5th, 2024. This decision is linked to a prior court order issued on June 7, 2022, instructing Oando to submit its Scheme of Arrangement document (Scheme Document) to the Securities and Exchange Commission (SEC) and the NGX within 30 days.
The adjournment aims to allow Oando to furnish a comprehensive report demonstrating compliance with the court’s directives. The Scheme Document, a key component of the legal proceedings, is pivotal for the court’s assessment of the situation.
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This legal saga raises concerns among shareholders as they await the resolution of the dispute. The court’s decision holds significant weight for Oando’s future and its stakeholders. OODP, the majority shareholder, is intricately involved as the 1st and 2nd respondents in the case.
The adjournment to February 5th, 2024, adds a layer of anticipation to Oando’s future as the legal intricacies unfold. Shareholders will be keenly observing developments, and the company’s compliance with the court’s orders will play a pivotal role in shaping the outcome.