A bunch of shareholders on Monday, referred to as on the administration of Oando Plc to settle its lingering rift with its international investor, Ansbury Investments Incorporated.
The group of shareholders, who referred to as themselves Concerned Oando Shareholders, requested the administration of the corporate to open talks with Ansbury Investments with a view to resolving the dispute.
In September 2017, Ansbury petitioned the Securities and Exchange Commission (SEC), over alleged corporate governance abuse by the administration of Oando Plc.
Ansbury, which is a majority shareholder in Ocean and Oil Development (BVI), holds 99 per cent of OODP Nigeria, and 56 per cent fairness stake in Oando Plc, an entity with twin itemizing on the Nigerian Stock Exchange (NSE), and Johannesburg Stock Exchange (JSE).
Ansbury’s petition led to the suspension of Oando on each the NSE and the JSE. SEC additionally ordered a forensic audit of the oil agency.
Spokesman of the group, Atobatele Musibau, mentioned the extended media battle, protests and pointless bickering between the administration of Oando and Ansbury will not be serving the very best curiosity of shareholders and that of the corporate.
As acknowledged by Musibau, “These days, Oando is at all times within the information for the incorrect causes. The adverse publicity the corporate has skilled for nearly one yr operating has a telling impact not simply on the shares, however the complete fortune of the corporate.
“The earlier this matter is resolved the higher for the corporate and its shareholders. Whether the administration of Oando likes it or not, this endless battle of attrition has impacted and won't cease to affect the corporate negatively.
“The best option open to both parties therefore is dialogue and I believe both sides are matured enough to seat together and resolve areas of conflict and ambiguity in the interest of the company and its shareholders.”
The Concerned Oando Shareholders’ spokesman mentioned the restoration in oil costs is a signal that the corporate’s fortunes can enhance “under the right atmosphere”.
He mentioned, “If the corporate continues with this undue muscle flexing and grandstanding, it runs the danger of being continually distracted. It ought to subsequently resolve this matter with Ansbury, which I consider can be a cheap and accountable firm and will probably be inquisitive about a decision of the matter.
“One should state that Oando has not recorded any significant capital features, nor has it paid dividend to buyers in additional than 4 years. We are subsequently the grass that suffers as these two elephants slug it out.
“We therefore call on the management of Oando not to miss out on the golden opportunity provided by the turnaround of the oil industry to improve the fortunes of shareholders.”
“We want to see better returns, capital appreciation of our shares and payment of dividends in the not too distant future. This can only happen, however, if the management resolves all pending rifts to enable it concentrate on running the company”