OER says shareholders approve “Plan of Arrangement” with Oando Plc

By Chioma Obinagwam

Oando Energy Resources Inc. has announced that at a special meeting of its shareholders held recently, its shareholders overwhelmingly approved the previously announced plan of arrangement (the “Plan of Arrangement“) with Oando PLC and Oando E&P Holdings Limited (the “Purchaser“), which will culminate in the Purchaser acquiring all of the issued and outstanding common shares of OER (the “Common Shares“).

In respect of the specific voting results regarding approval of the special resolution in connection with the Plan of Arrangement, a total of 550,456,175 votes were cast by shareholders, representing 69.15 per cent of the total issued and outstanding Common Shares.

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However, 100 per cent of the votes cast were voted in favour of the resolution.
The Plan of Arrangement remains subject to the final approval of the Supreme Court of British Columbia at a hearing held on February 26, 2016 and subject to satisfaction or waiver of various other conditions specified in OER’s management information circular dated January 19, 2016. The parties have agreed to extend the outside date to March 25, 2016.

Copies of the arrangement agreement dated December 22, 2015, the management information circular and certain related documents have been filed with Canadian securities regulators and are available under the Company’s profile on the Canadian SEDAR website at www.sedar.com