Oando Drops Hints on Tranche 2 Shares Distribution
Oando Plc has announced a plan to begin the second tranche of its share distribution to qualified shareholders, the energy company told the Nigerian Exchange in a regulatory disclosure.
Recalled that at the 45th annual meeting held on Tuesday, 17 December 2024, shareholders approved that the Company may distribute shares received to shareholders on a pro-rata basis at the 45th annual meeting held on Tuesday, 17 December 2024.
Oando distributed the first tranche to shareholders on the Company’s register of members at the close of business on Friday, 14 February 2025, and on Monday, 30 June 2025, as the qualification date for Tranche 2.
The energy company said that, following the completion of the Tranche 1 distribution in August 2025, and in furtherance of the above shareholder resolution, its Board of Directors has resolved to proceed with the distribution of the remaining 604,348,395 ordinary shares under the first phase.
Oando said the distribution will be made to shareholders on the register of members as at the Tranche 2 Qualification Date of Monday, 30 June 2025, on a pro-rata basis of two (2) new ordinary shares for every twenty-seven (27) existing ordinary shares.
It told the Nigerian Exchange that the Tranche 2 distribution is expected to be completed on or before Tuesday, 31 March 2026.
“In respect of fractional entitlements that arise, all allocations will be rounded down to the nearest whole number if they are less than 0.5 and rounded up to the nearest whole number if they are equal to or greater than 0.5, and no cash portion will be payable for any fractional entitlement”, Oando said.
GTCO Surpasses N4trn Market Cap, Trades at 52-Week High
The post Oando Drops Hints on Tranche 2 Shares Distribution appeared first on MarketForces Africa.