Lagos — Embattled energy company Oando says it will lose significant shareholder funds to the cancellation of its annual general meeting, AGM, by the Securities and Exchange Commission, SEC.
SEC announced the suspension of the AGM scheduled for today, June 11, “till further notice”, saying it had notified the Federal High Court, Ikoyi, Lagos in Suit No: FHC/L/Cs/910/19.
“The Securities & Exchange Commission (the Commission) hereby notifies the public that further to the Ex-parte Order of the Federal High Court, Ikoyi Lagos in Suit No: FHC/L/Cs/910/19 In Mr. Jubril Adewale Tinubu & Anor V Securities & Exchange Commission & Anor, the Annual General Meeting of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges) scheduled to hold on Tuesday, June 11, 2019 at 10: 00 am has been suspended till further notice”, SEC said in a statement.
But reacting to the development, Oando said it stands to lose significant shareholder funds by the cancellation of the AGM.
The company said in a statement published on the website of the Nigerian Stock Exchange, NSE, that the action taken by SEC in directing a cancellation of the AGM is not in the best interests of the company and its shareholders.
“It is the company’s position that the action taken by SEC in directing a cancellation of the AGM is not in the best interests of the company and its shareholders who have travelled at great expense, from far and wide, to attend the annual meeting of their company.
“The company also stands to lose significant shareholder funds by the attendant cancellation of the AGM at such short notice,” it said in the memo.
Oando also said it reserves “the rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders.”