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Re: Nigerian Stock Exchange Market Pick Alerts by Chibuking81(m): 11:52am On Sep 05, 2017 |
http://www.tribuneonlineng.com/major-shareholders-move-sack-oandos-board-management/ Major shareholders of Oando Plc, a major oil and gas company in Nigeria, are making moves to oust the company’s board as well as the management led by Mr Wale Tinubu. The major shareholders, Ansbury Investment Incorporated and Alhaji Dairu Manga, made their intention known in separate petitions to the Securities and Exchange Commission (SEC). Oando, in a statement issued last week, confirmed the petitions and said the SEC was already investigating the matter. Both Ansbury and Manga allege gross abuse of corporate governance and financial mismanagement, their reasons for calling for the removal of the management team and sack of all board members. Mangu, who is said to own about 17.9 per cent share of the company, expressed his displeasure about the management of the company, especially the handling of the ConocoPhillips transaction. Ansbury, on the other hand, had raised serious concerns about the capacity of the management team to effectively run the company. Ansbury claimed ownership of 61.9 per cent of the British Virgin Island-based company, Ocean and Oil Development Partners Ltd (OODP BVI) while the remaining 38.10 per cent is owned by Withmore. The two companies control 99.99 per cent of Ocean and Oil Development Partners Nigeria Ltd (OODP Nigeria). OODP Nigeria controls 55.96 per cent of Oando Plc. So, indirectly Ansbury Investment Incorporated owns 55.96 per cent of Oando jointly with Withmore Nigeria 3 Likes |
Re: Nigerian Stock Exchange Market Pick Alerts by robobo: 12:22pm On Sep 05, 2017 |
Chibuking81: if truly ansbury holds 62% in OODP then Wale is done for (cos as stated in quote it is true as per last audited statement that OODP owns 56% of Oando).. recall that ansbury is one of the petitioner as stated by Oando itself, so it is like d majority shareholder of a company petitioning its own company. if u add to the mix the recent company (asset) striping by current mgt of Oando (wale and co) within the last two-three year, all in the name of using proceed for these striping to pay down debt. Then everything is beginning to become clearer. seems what ansbury & co is saying is that since wale had moved all other asset / company away from Oando to supposedly buyers (fronts) he shld leave the upstream asset for them. more drama ahead 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 1:04pm On Sep 05, 2017 |
Ansbury claimed ownership of 61.9 per cent of the British Virgin Island-based company, Ocean and Oil Development Partners Ltd (OODP BVI) while the remaining 38.10 per cent is owned by Withmore. The two companies control 99.99 per cent of Ocean and Oil Development Partners Nigeria Ltd (OODP Nigeria). OODP Nigeria controls 55.96 per cent of Oando Plc. So, indirectly Ansbury Investment Incorporated owns 55.96 per cent of Oando jointly with Withmore Nigeria This is what happens when Ponzi child jam Ponzi father. What was Wale thinking when he signed this agreements? |
Re: Nigerian Stock Exchange Market Pick Alerts by shigidi(m): 1:04pm On Sep 05, 2017 |
This is just embarrassing. They had the whole.weekend to sort this out. One day of trading down can happen. 2 days is just disgraceful 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by Zhirinovsky: 1:06pm On Sep 05, 2017 |
What a country! shigidi: |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 1:06pm On Sep 05, 2017 |
MY LOSS WILL HIT N2.5M soon OANDO I dan enter am.. ( I remember The first day am about to buy oando my heart was telling me Na palava u dey find..na palava u go get oooh ...) JIJO gone wrong .... 1 Like 1 Share |
Re: Nigerian Stock Exchange Market Pick Alerts by Chibuking81(m): 1:12pm On Sep 05, 2017 |
Tritri:If this news continues this way without properly handle, Oando might soon visit #4 if not #3, then after that the new management will drive it up again. 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 1:16pm On Sep 05, 2017 |
Chibuking81: 4 naira or 3 , U want to add to my problem ?? |
Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 1:16pm On Sep 05, 2017 |
Tritri: You should have implemented stop-loss, to limit your losses. |
Re: Nigerian Stock Exchange Market Pick Alerts by Chibuking81(m): 1:19pm On Sep 05, 2017 |
Tritri: But you still have time to take decision, either to stay waiting for light at the end of tunnel, or to opt out, and move on with your life/ money. There are lot of promising stock waiting for buyers. 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by nio68(m): 1:19pm On Sep 05, 2017 |
Zhirinovsky: Bros there are cowboys everywhere ... even in LSE and NYSE...Greed is a human trait . Nigeria is not unique 2 Likes |
Re: Nigerian Stock Exchange Market Pick Alerts by ZikkyChops(m): 1:22pm On Sep 05, 2017 |
I can't trade on Morgan capital. Only long in but can't place order |
Re: Nigerian Stock Exchange Market Pick Alerts by Zhirinovsky: 1:28pm On Sep 05, 2017 |
What has Cowboys got to do with NSE being down?? Which people do you refer to as Cowboys? nio68: |
Re: Nigerian Stock Exchange Market Pick Alerts by Jeez2(f): 1:30pm On Sep 05, 2017 |
Hey guys, please for those using Morgan Capital, how do you change your password? Tried changing mine severally but it seems the okay button is not highlighted, only the reset and close buttons are. Will really appreciate your help |
Re: Nigerian Stock Exchange Market Pick Alerts by robobo: 1:32pm On Sep 05, 2017 |
OBAGADAFFI: i thought so too (i.e. Wale thinking) however it might be his thinking is what he implemented within last two- three years (i.e. Company / Asset striping) or mayb there is a poisoned chalice (lawyer them knows how to insert this in agreements) in the OODP structure or combination of both. (remember the non voting right / voting right structure in the divesture of Oando Marketing) But i am sure he is not that daft for the arrangement to be as plain and as portrayed by this write up. That is why i said more drama ahead.. and dont expect this to go soon, might drag on for some couple of months cos it is going to be protracted except Wale believe he has had his fill as per the company / asset striping (which i doubt) and just walk away from it all |
Re: Nigerian Stock Exchange Market Pick Alerts by Chibuking81(m): 1:34pm On Sep 05, 2017 |
Tritri: We are our brother's keeper. It's only when one chooses to ignore impending danger, that the danger overruns him/her. With series of Oando bad news these days, you need nobody to inform you that, chooses to remain with them is like one sitting on a powder keg. No matter what, truly Oando suppose to be trading at #3, but the intervention of their market makers is still holding the price up. Whenever they see that they are going to lose the management, the current management will make sure that they crash it down to #1. Better late in action, than late as a dead person . 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 1:44pm On Sep 05, 2017 |
robobo: For lawyers to insert such clause in the agreement, it means Wale owned less that 10% of the funds used in running Oando. |
Re: Nigerian Stock Exchange Market Pick Alerts by nio68(m): 1:47pm On Sep 05, 2017 |
Zhirinovsky: Apologies! I read your post following the oando story ... I totally miscontrued it! |
Re: Nigerian Stock Exchange Market Pick Alerts by robobo: 1:51pm On Sep 05, 2017 |
OBAGADAFFI: but that is how most of d Nigerian coy is it is only if u look well that u wld truly see beneficial owners |
Re: Nigerian Stock Exchange Market Pick Alerts by davide470(m): 1:56pm On Sep 05, 2017 |
From NSE: Please be informed that we are now in the process of restarting the Trading Engine from our Disaster Recovery platform having successfully isolated the security that caused the problem. We currently expect trading to re-commence at 2.00pm, while the Market will be extended to close at 4.30pm. We'll notify you as soon as we are set to commence trading. We apologize for any inconveniences |
Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 2:02pm On Sep 05, 2017 |
robobo: True, This is why CBN issues directive in the tenure of bank CEOs. It's time Financial Reporting Council of Nigeria and SEC insist on corporate governance. |
Re: Nigerian Stock Exchange Market Pick Alerts by OBAGADAFFI: 2:04pm On Sep 05, 2017 |
GUINNESS NIGERIA PLC AUDITED FINANCIAL STATEMENT FOR THE YEAR ENDED 30 JUNE, 2017 JUNE 2017 JUNE 2016 N'000 N'000 REVENUE: 125,919,817 101,973,030 COST OF SALES: (77,604,513) (60,162,617) PROFIT BEFORE TAX: 2,662,081 (2,347,241) TAXATION (738,361) 331,355 PROFIT FOR THE YEAR: 1,923,720 (2,015,886) EARNINGS PER SHARE (K) 128 (134) PROPOSED DIVIDEND (K) 64 50 CLOSURE OF REGISTER - 25 SEPTEMBER TO 29 SEPTEMBER 2017 (BOTH DATES INCLUSIVE) AGM DATE - 25 OCTOBER 2017 PAYMENT DATE- 26 OCTOBER 2017 |
Re: Nigerian Stock Exchange Market Pick Alerts by lancee(m): 2:16pm On Sep 05, 2017 |
morgan is back |
Re: Nigerian Stock Exchange Market Pick Alerts by Zhirinovsky: 2:17pm On Sep 05, 2017 |
Aiite sir nio68: |
Re: Nigerian Stock Exchange Market Pick Alerts by fxuser: 2:22pm On Sep 05, 2017 |
OBAGADAFFI: back in d black jumps to full bid |
Re: Nigerian Stock Exchange Market Pick Alerts by lancee(m): 2:28pm On Sep 05, 2017 |
TRADING EXTENDED TO 4.30 PM |
Re: Nigerian Stock Exchange Market Pick Alerts by rebekah2011(m): 2:30pm On Sep 05, 2017 |
I hope they wont close by 2.30pm lancee: |
Re: Nigerian Stock Exchange Market Pick Alerts by currentprice: 2:55pm On Sep 05, 2017 |
Intendy: with this report.., Guiness plc is over price from my end beware of fake bid |
Re: Nigerian Stock Exchange Market Pick Alerts by nio68(m): 3:18pm On Sep 05, 2017 |
currentprice: Agree..I feel the shareholding structure here has helped sustain the price |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 3:24pm On Sep 05, 2017 |
is NSE closed? |
Re: Nigerian Stock Exchange Market Pick Alerts by Zhirinovsky: 3:25pm On Sep 05, 2017 |
thought NSE said they have resolved the issue |
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