₦airaland Forum

emmanuelewumi:
Why do you think they spend hundreds of millions of naira as AGM expenses.


As far as 2018, people receive as much as 50k to praise management

50k per person? During AGM?

freeman67:
Very correct. The first AGM I attended offline was that of UBA and Transcorp this year because I was in the City where it was done then. Since then, I have watched several AGM online. In all of those AGM's, I can count at least 10 people in this Oando that were also present. Infact, it was shocking to me that After the UBA and Transcorp AGM in Abuja, the next day was another AGM I think Dangote or so and all of them were still present there.

All they do is hail and sing praises of Board members except any of the board members or CEO's (in case of a group that houses more companies) that does not do give away to them. They also try to distort any shareholder that may want to ask any reasonable/critical questions.

Sunrisepebble:
How is it an anomaly? I have a foreign currency account with my UK bank. Most banks allow you to open such accounts in the UK

💯

NSEstudent:
As for paying for imports, AliExpress and its senior bro, AliBaba are apparently accepting naira via Opay and Globus respectively. Not a problem. But how would Nigerians in Nigeria get paid by foreign companies?


We will resort to opening foreign accounts and receiving those funds in dollars, only converting when we want to spend.

I am talking about international currency clearing systems with global banks like HSBC, Deutsche Bank, JPMorgan Chase, Wells Fargo & Co. (WFC) & Co. etc.

mikeapollo:
I am talking about international currency clearing systems with global banks like HSBC, Deutsche Bank, JPMorgan Chase, Wells Fargo & Co. (WFC) & Co. etc.

Nigerian banks should be able to transact with them using the prevalent rates. I suppose they just need authorization and a gateway for that to happen.

NSEstudent:
Nigerian banks should be able to transact with them using the prevalent rates. I suppose they just need authorization and a gateway for that to happen.

These international banks would only accept convertible currencies like USD or EUR.
So how would Nigerian banks pay them if there are no domiciliary accounts in operation in Nigeria?

Lutexx:
Well done bro,

Thanks a lot! 💪
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NSEstudent:
Nigerian banks should be able to transact with them using the prevalent rates. I suppose they just need authorization and a gateway for that to happen.

Banks can only pay from what they sourced from CBN...
The problem is not authorization/gateway...
There is simply limited fx liquidity to go around...
We never solve Naira cash shortage...locally..
How u wan make dem solve FX problem...

OandO. -6.10%
ETERNA. +1.79%
CONOIL. ±
ARADEL. +5.01%

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To be continued

GeeKudi:
But, there is a clue already. The current 42% of common shareholders will increase to about 65%.

Please can anyone verify this for me:

I did some rough estimates of the possible ratio for the bonus redistribution by Oando, based on the numbers provided above i.e. current 42% common shareholders to increase to about 65% after the exercise.

It seems the bonus could be in the ratio 1:2 (i.e. 1 new share for every two shares previously held).

Please the finance and mathematics gurus should help confirm

Wale's proposal is almost a debt pardon but let bygones be bygones. Na so all these directors for banks too dey do. Debt was impaired but it's coming back in the form of a share distribution. Hooray!!! Wetin us simple retailers sabi?

Make I no too talk sha So them sha say make we #BetOnOando (caveat - Na Wale talk am o).

Let's see what the market thinks in the coming days. Hopefully, market no go reason am too much like me.

I was just about to confirm. Yes, It’s 1 for 2, heard from a broker friend of mine

mikeapollo:
Please can anyone verify this for me:

I did some rough estimates of the possible ratio for the bonus redistribution by Oando, based on the numbers provided above i.e. current 42% common shareholders to increase to about 65% after the exercise.

It seems the bonus could be in the ratio 1:2 (i.e. 1 new share for every two shares previously held).

Please the finance and mathematics gurus should help confirm

mikeapollo:
These international banks would only accept convertible currencies like USD or EUR.
So how would Nigerian banks pay them if there are no domiciliary accounts in operation in Nigeria?

Isn't that why the payment system exists? With Danish kroner and many other currencies, I transfer directly into naira accounts in Nigeria without needing dollars. If that works, what stops naira from paying into other foreign currencies? I think this should be possible with naira free float

Sunrisepebble:
I was just about to confirm. Yes, It’s 1 for 2, heard from a broker friend of mine

😳

yMcy56:
Oga Emma go finish Wale there....
They for don mark such shareholders, dem no go give him mic, or highest, bouncers go do their job 😁

Since these are not new shares created, I believe there should be no dilution, and no price adjustment?

Sunrisepebble:
I was just about to confirm. Yes, It’s 1 for 2, heard from a broker friend of mine

mikeapollo:
Please can anyone verify this for me:

I did some rough estimates of the possible ratio for the bonus redistribution by Oando, based on the numbers provided above i.e. current 42% common shareholders to increase to about 65% after the exercise.

It seems the bonus could be in the ratio 1:2 (i.e. 1 new share for every two shares previously held).

Please the finance and mathematics gurus should help confirm

Is this a form of restitution from O&O to Oando plc shareholders?
A sign of new good beginnings

BabsO2:
Is this a form of restitution from O&O to Oando plc shareholders?
A sign of new good beginnings

My joy in this whole thing is that Wale said that he isn't delisting Oando...

In the days ahead Mr Time will do the needful?

WALE should go and sin no more?

Omooloriredade:
Notwithstanding, Oando might not be trading at these levels for long. Here is why, balance sheet is being cleaned up and may flip to positive in subsequent quarters with profitability increasing too. Market will likely begin to apply Aradel/Seplat PE to determine SP. A quick maths indicates a triple digit figure of c. N143 based on Aradel current PE and Oando's reported EPS.

If the share distribution is done this FY, the flipping is happening this Q4. This is coupled with the fact that NAOC's asset will contribute to the bottom line in Q4. The write-back alone wipes off the negative equity. Abracadabra!!!

BabsO2:
Is this a form of restitution from O&O to Oando plc shareholders?
A sign of new good beginnings

I think some directors or related entities that hold Oando shares and still owe the company money but are unable to pay cash for the debt. Hence they have chosen to forfeit their shares as partial or full settlement..
I just hope those shares were valued appropriately, otherwise the receiving shareholders could still be shortchanged.

The result of this exercise would mean a reduction in Wale, his fellow promoters and related entities' controlling interests from 58% to about 35% (i.e. if none of the 65% common shareholdings belong to them in any way)

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mikeapollo:
I think some directors or related entities that hold Oando shares and still owe the company money but are unable to pay cash for the debt. Hence they have chosen to forfeit their shares as partial or full settlement..
I just hope those shares were valued appropriately, otherwise the receiving shareholders could still be shortchanged.

The result of this exercise would mean a reduction in Wale, his fellow promoters and related entities' controlling interests from 58% to about 35% (i.e. if none of the 65% common shareholdings belong to them in any way)

I think so too

mikeapollo:
I think some directors or related entities that hold Oando shares and still owe the company money but are unable to pay cash for the debt. Hence they have chosen to forfeit their shares as partial or full settlement..
I just hope those shares were valued appropriately, otherwise the receiving shareholders could still be shortchanged.

The result of this exercise would mean a reduction in Wale, his fellow promoters and related entities' controlling interests from 58% to about 35% (i.e. if none of the 65% common shareholdings belong to them in any way)

Are you saying that they will not create additional shares for that purpose? If yes, then thats awesome for oando shareholders

Mpeace:
Are you saying that they will not create additional shares for that purpose? If yes, then thats awesome for oando shareholders

It is just me guessing and thinking aloud.
But even if they create new shares and common shareholders still control 65% of the outstanding shares, then it means only 35% would be available for the promoters and related entities.

megawealth01:
My joy in this whole thing is that Wale said that he isn't delisting Oando...

In the days ahead Mr Time will do the needful?

WALE should go and sin no more?

He should please position Oando to beat SEPLAT in having the biggest Assets while delivering to Oando Plc shareholders more equitably.

BabsO2:


He should please position Oando to beat SEPLAT in having the biggest Assets while delivering to Oando Plc shareholders more equitably.

We hope so

mikeapollo:
It is just me guessing and thinking aloud.
But even if they create new shares and common shareholders still control 65% of the outstanding shares, then it means only 35% would be available for the promoters and related entities.

E reach Oando turn, bonus becomes calculus

BabsO2:


He should please position Oando to beat SEPLAT in having the biggest Assets while delivering to Oando Plc shareholders more equitably.

I also laugh the same way you laugh!
Wale has just converted the number one ''unbeliever''!
His reward awaits him in Heaven for winning a soul; a soul that would make Heaven and also make more money from Oando shares!

Agbalowomeri:
E reach Oando turn, bonus becomes calculus

Lol
Na true you talk oooo!
Endless abracadabra for Oando

In recent times, most of the news from/about OandO are not easily understood...

Agbalowomeri:
E reach Oando turn, bonus becomes calculus