Oando Energy Resources Inc. (OER), leading African exploration and production company, listed on the Toronto Stock Exchange (TSX) in Canada, Wednesday announced it is calling for a special meeting of shareholders to approve a proposed plan of arrangement that will see it relinquish its minority shares to Oando Plc and Oando E & P Holdings Limited.
The meeting is scheduled to hold February 25, 2016 in Vancouver, British Columbia where the acquisition deal is expected to be sealed after the Board of Directors strongly recommended shareholders vote in favour of a “special resolution”
The deal which was first announced on December 22, 2015, will see Oando Plc acquire all of the issued and outstanding common shares of OER.
OER in the statement said that as part of the transaction, the Company has notified the TSX and applied for the delisting of the Common Shares upon completion of the Arrangement. Oando PLC holds more than 90% of the Common Shares.
“Completion of the Arrangement, including the delisting of the Common Shares and Warrants from the facilities of the TSX, will be subject to, among other things, approval by the syndicate of lenders in OER’s US$450 million senior secured facility,” OER said in the circular containing notice of the meeting.
The company noted that copies of the Arrangement Agreement, the Circular and certain related documents have been filed with Canadian securities regulators.