Majority of the shareholders of Oando E&P Holdings Limited have voted for the company to acquire the minority shares of its Canadian listed subsidiary, Oando Energy Resources, OER and Oando Plc. The voting was done at a special meeting of its shareholders held in Vancouver, British Colombia where about 69 per cent of its shareholders approved of the companys proposed plan of arrangement.

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. 100 per cent of the votes cast were voted in favour of the resolution, the company reportedly said in a notice to the Nigerian Stock Exchange, NSE last week.

Oando E&P Holdings said the parties agreed to extend the outside date to March 25, 2016, while noting that the plan of arrangement was subject to the final approval of the Supreme Court of British Columbia at a hearing scheduled to be held on February 26, 2016 and subject to satisfaction or waiver of various other conditions specified in OERs management information circular dated January 19, 2016, it said. OER currently has a broad suite of producing, development and exploration assets in the Gulf of Guinea (predominantly in Nigeria).

Plans and arrangements remain subject to the final approval of the Supreme Court of British Columbia and subject to satisfaction or waiver of various other conditions specified in OERs management information circular dated January 19, 2016. The parties have agreed to extend the outside date to March 25, 2016.
Reports say 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 Companys profile on the Canadian SEDAR website.

Ogie Omelegie
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