Oando Plc has disagreed with the Securities and Exchange Commission (SEC) over its position to suspend the company’s Annual General Meeting (AGM) that was supposed to have been held yesterday, June 11, 2019.
In its official response to SEC’s suspension of the 42nd Annual General Meeting, the company said: “We have received notification from the Securities and Exchange Commission (SEC) by a letter dated Monday, June 10, 2019 at 12:42pm directing the suspension of the validly
convened 42nd Annual General Meeting (AGM) of Oando Plc on the premise of 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 Company disagrees with the SEC’s position that its directive to suspend the 42nd AGM accords with the Ex-parte Order. Oando Plc. by notice to the public and its shareholders on May 10, 2019, validly convened its 42nd Annual General Meeting.
“The actions contained in the SEC’s letter to the Company dated Friday, May 31, 2019 was effectively put in abeyance by the Ex-parte Order of the Federal High Court, which was granted on Monday, June 3, 2019”.
The response signed by Ayotola Jagun, Company Secretary, further noted that: “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.
“The company reserves its 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. A new date for the AGM will be announced in due course.”
The Commission had explained that it directed the suspension of the Annual General Meeting of Oando Plc to allow the parties maintain status quo.
The statement signed by the management noted that the Commission will update relevant stakeholders and the public on the outcome of the on-going litigation.
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