Oando Plc has announced the phased distribution of its shares in line with a shareholder-approved resolution passed at the company’s 45th Annual General Meeting (AGM) on December 17, 2024.
The resolution empowers the Board of Directors to distribute shares received under the share buyback arrangement or their cash equivalent to shareholders on a pro-rata basis at designated dates.
Following this approval, the company’s Board convened on January 30, 2025, to finalize the structure of the share distribution.
Under the approved terms, the distribution will be executed in phases with an initial tranche of 1,283,712,601 shares to be allocated to qualifying shareholders.
Breakdown of Share Distribution
- Total Issued Shares: 12,431,412,481
- Total Returned Shares: 4,279,042,282
- Issued Shares Less Returned Shares: 8,152,370,477
- Number of Shares to be Distributed (First Phase): 1,283,712,601
- Tranche 1: 641,856,301 shares
- Tranche 2: 641,856,300 shares
Qualification and Distribution Timeline
Shareholders on Oando’s register as of February 14, 2025, will qualify for Tranche 1, while those on record as of June 30, 2025, will be eligible for Tranche 2.
The distribution for the first tranche will be implemented at a ratio of one (1) new ordinary share for every twelve (12) existing ordinary shares held as of the qualification date.
The entire share distribution process will be executed over a 36-month period beginning January 30, 2025, ensuring compliance with the AGM resolution and regulatory guidelines.
Oando Plc continues to prioritize shareholder value creation, reinforcing its commitment to corporate governance and strategic financial management.
The phased share distribution is expected to enhance liquidity and align with the company’s long-term capital structure objectives.
