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Oando to raise another N30.7bn via Special Placement

Category: Public Offers Private Placements

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Oando to raise another N30.7bn via Special Placement

Wednesday, December 18, 2013 9.39 AM / Punch


Oando Plc says it plans to raise N30.7bn through a special placement exercise.


The company got the approval to proceed with the exercise following a completion board meeting held on Monday.


To raise the amount, the company plans to issue 2.046 billion ordinary shares of 50 Kobo each at N15.00 per share.


According to the Punch Newspapers, an Oando Plc source explained that the net proceeds of the special placement, estimated at N29.730bn, would be used to partly finance the purchase of ConocoPhilips Nigerian business and for working capital requirement.


While N19.324bn is to be used for the part-financing of the purchase of ConocoPhilips by Oando Energy Resources, N10.405bn would be used to meet working capital requirements.


Proshare is unable to independently confirm the above information, the object of which was the objective for the recently concluded and listed rights issue.


Related NEWS:

1.    Oando Plc: Fall in revenue weakens margins – Nov 23, 2013

2.    Earnings Flash: Oando Plc - Nine months ended ... – Oct 31, 2013

3.    Oando Plc Signs Agreement to Acquire Conoco ... – Sept 20, 2013

4.    OPINION: Oando Plc will ride out the Panic ... – Sept 19, 2013

5.    Equity Report on Oando Plc Rights Issue - Jan 12 2013 - Proshare

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