Oando PLC (referred to as “Oando” or the “Company”) is pleased to announce that on Thursday, July 15, 2021, the Company entered into a settlement with the Securities and Exchange Commission (referred to as “SEC” or the “Commission”), of all matters subject of litigation and other issues flowing therefrom.
Both parties believe that a settlement is the most appropriate course of action and one that is in the best interest of the Company, its employees, shareholders as well as the
capital market. Specifically, the settlement reached by the parties seeks to prevent further market disruption and harm to Oando PLC’s shareholders.
As a result, Oando’s directors and management team can now fully focus on business operations whilst continuing to ensure that it is in compliance with all governing statutes.
In the immediate, the Company will be convening its 42nd Annual General Meeting (AGM) to give its shareholders the opportunity to exercise their rights to receive information as well as vote on company affairs.
This has been an extraordinary time in the life of the Company and a defining moment in its relationship with the regulator. The Company recognizes and respects the authority of the Commission and will continue to comply with the Investments and Securities Act 2007, and the Rules and Regulations made pursuant thereto, while always acting in the best interest of all its stakeholders.
In the overriding interest of the shareholders of the Company and the capital market, the Company has reached a settlement with the Commission, without accepting or denying liability, on the following terms amongst others:
Immediate withdrawal of all legal actions filed by the Company and all affected directors.
Payment of a monetary sum, an undertaking by the Company to implement corporate governance improvements.
Submission by the Company of quarterly reports on its compliance with the terms of the Settlement Agreement; the Investments and Securities Act, 2007; the SEC Rules and Regulations; the National Code of Corporate Governance and the SEC Guidelines to the Code of Corporate Governance.