Oando shareholders task SEC on value recovery, ROI

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Guardianng July 21, 2021 3:40 a.m.

Oando shareholders task SEC on value recovery, ROI

Furthermore the settlement includes the 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 and a 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.

The settlement will finally enable Oando’s Management team to focus on its business operations, create value for its shareholders, and in the immediate, allow the company to convene 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.

According to Oando, the settlement is a win for the capital market, especially the shareholders who have been the most hit going by the increasing level of insecurity, kidnapping, recurrent farmers-herders clashes, unemployment, weak naira and GDP growth, rising inflation and dwindling revenue, as well as a fall in the country’s ranking on the ease of doing business index.

I expect the market to react to the news positively in way of price appreciation and I sincerely appeal to Oando management to take advantage of the settlement to enhance the value of the company for the benefits of all,” he said.

Specifically, the President of Ibadan zone Shareholders Association, Eric Akinduro said: “ I must also commend the board of the company for taking this step at this critical time to salvage the company.

It is going to impact positively on the company’s share price, as many investors that have been waiting for such news will take a position and increase their stake in the company”.

Securities and Exchange Commission According to them, giving the current macro-economic challenges, coupled with uncertainty in the global economy, it has become crucial that efforts must be made to assist the management ensure that business activities continue in the usual way to increase shareholders’ value..

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