L-R: Christopher J.F. Harrop, Director, Oando Energy Resources, Omamofe Boyo, Deputy Group Chief Executive, Wale Tinubu, Group Chief Executive, both of Oando PLC and Pade Durotoye, CEO, Oando Energy Resources during the listing of Oando Energy Resources – first Nigeria’s indigenous oil and gas company on the Toronto Stock Exchange, on Wednesday, September 11, 2012 in Toronto Canada.
Oando Plc Thursday announced that it had completed the reverse takeover of Oando Energy Resources Incorporated (OER), formerly known as Exile Resources Incorporated with the listing of the company’s shares on Toronto Stock Exchange (TSX).
With this feat, Oando Group has become the only company in Nigeria with three trans-border listings - the Nigerian Stock Exchange (NSE), the Johannesburg Stock Exchange (JSE) and the TSX.
Top executives of Oando Plc as well as directors and management of Oando Energy Resources, led by Messrs Wale Tinubu and Omamofe Boyo, Group Chief Executive Officer and Deputy Chief Executive Officer, respectively, last Wednesday rang the bell to open trading on the TSX to mark the formal listing of the company on the TSX.
Tinubu and Boyo received the commemoration plaque and certificate of listing from the Senior Vice President of the TSX, Mr. Ungad Chadda.
As consideration for the acquisition, OER issued 100,339,052 post-consolidated common shares to Oando, of which 75,254,289 post-consolidated common shares, representing 75 per cent of the post-consolidated common shares issued to Oando are in escrow.
Oando Energy Resources has subsequently obtained approval from the Toronto Stock Exchange to list its common shares and warrants on the TSX under the symbol OER.
In connection with the acquisition, the following changes were made to the board of directors of OER: Ahmed Said resigned as a director of OER, Stanley Bharti resigned as chairman and Tony Henshaw resigned as Chief Executive Officer.
In addition, Jubril Adewale Tinubu was appointed Director and Chairman of OER, John Orange was appointed director, Omamofe Boyo was appointed director; Olapade Durotoye was appointed Chief Executive Officer, while Adeola Ogunsemi was appointed Chief Financial Officer.
Commenting on the new development, Tinubu said: “We are excited that the reverse take-over is complete and that the TSX has given its approval for the listing of OER.
“This platform is expected to enable capital raising to meet OER’s immediate strategic objectives of growth in the upstream sector. Although Oando Plc will initially own 94.6 per cent interest in OER, the listing opens up the opportunity to present OER to a new world of investors with the distinct appetite for E&P investments.”
The reversed takeover was preceded by the acquisition by OER of equity interests in certain entities in the upstream exploration and production division of Oando Plc.