WorldStage Newsonline– Oando PLC, the embattle energy group has issued a notice to hold its 42nd Annual General Meeting on Tuesday, 31st August, 2021 in Lagos.
This coming few days after an announcement that the group had agreed with the Security and Exchange Commission (SEC) to settle all legal issues between them out of court.
Oando has been on a legal tussle with the capital market regulator for about three years following the suspension of its directors due to alleged infractions.
Oando in the notice on Friday at the Nigerian Exchange said the AGM will be held by proxies, for the purposes of receiving the audited financial statements of the Company and the Group for the year ended December 31, 2018 and the Reports of the Directors, Auditors and Audit Committee thereon among others.
Among special businesses to be resolved at the AGM include to consider and if thought fit, pass with or without modifications, “That the Board of Directors of the Company be and are hereby authorized to negotiate, take all such actions and enter into all such transactions, agreements and appropriate settlements with the Securities and Exchange Commission (SEC) in relation to the investigations, findings and ongoing dispute arising from and relating to petitions brought by Ansbury Inc. (an investor in Ocean and Oil Development Partners Limited (“OODP”) and Alhaji Dahiru Mangal (together the “Petitioners”), against the Company and certain of its directors, and to likewise do all things necessary to settle all disputes between the Company, the said directors and the Petitioners and to ratify and confirm all actions hitherto taken by the management of the Company towards resolving the said disputes.”
The notice said the AGM would also serve “to re-appoint Ernst & Young as Auditors and to authorise the Directors of the Company to fix their remuneration;
“To elect Dr. Ainojie Irune to the Board of Directors of the Company with effect from August 7, 2019 as a Director whose term expires in accordance with Article 88 of the Articles of Association of the Company but being eligible if he offers himself for appointment;
“To re-elect the following Directors who in accordance with Articles 91 and 93 of the Company’s Articles of Association, retire by rotation, but are eligible and offer themselves for re-election; HRM M.A. Gbadebo, CFR as a Director; Mr. Olufemi Adeyemo as a Director; and Mr. Tanimu Yakubu as a Director.” The Register of Members and Transfer Books of the Company (Nigerian and South African) is to be closed between August 2, 2021 and August 4, 2021 (both days inclusive) in accordance with the provisions of Section 114 of CAMA.