Oando Plc May Go Ahead With AGM, Defies SEC Decision on Suspension Of Meeting

Nigeria's energy firm Oando Plc may go ahead with its shareholder's meeting against the directive of the capital market regulator that ordered the suspension of the meeting indefinitely on Monday. The company however, may set a new date having tactically shifted the date from Tuesday with the hope to obtain a legal restrain against the regulator.
In a filing with the Nigerian Stock Exchange (NSE) on Tuesday, the company rejected the position of the Securities and Exchange Commission (SEC) on the suspension of the Annual General Meeting (AGM), which it said was validly convened.
According to the energy firm, canceling the AGM at the last minute could cost the company significant shareholder's fund.
"It is the company position that the action taken by SEC in directing a cancellation of the AGM is not in the best interest of the company and its shareholders who have traveled at great expense from far and wide, to attend the annual meeting of the company.
"The company also stand to lose significant shareholder funds by the attendant cancellation of the AGM at such short notice," the company said in the regulatory filing.
"The company reserves the rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interest of its shareholders."
Sources close to the energy company said it lawyers were at the Federal High Court to obtain an injunction to restrain the regulator from interfering with the holding of its annual general meeting today.
However, it was not clear if Oando was able to secure Court approval to go ahead with the shareholder's meeting as at the time of filing this report.