Nigerian indigenous oil company, Oando Place said it disagree with the cancellation of its annual general meeting by the Nigerian Securities and Exchange Commission, SEC.
However, the company has cancelled its planned AGM in compliance with the SEC’s order while sharing its displeasure with the cancellation.
In a statement issued on its official Twitter handle, Oando said the cancellation of the AGM will affect its shareholders and also lead to financial losses for the company.
The SEC had issued an order suspending Oando’s AGM as a result of the court order that directed the SEC and Oando to cease in taking any action going forward until the court determines the outcome a lawsuit filed by Oando.
The company’s statement is reproduced below:
“We received notification from the @SECNigeria by a letter dated, Monday, June 10, 2019 at 12:42pm directing the suspension of the validly convened 42nd Annual General Meeting 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 @AdewaleTinubu & Anor V Securities & Exchange Cossion & Anor (“Ex-parte Order”).
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.
It is the Company’s position that the action taken by @SECNigeria 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 company said.