Oando PLC has provided a formal update to its shareholders regarding the second tranche of its ongoing Share Distribution Programme.
Following the successful completion of the first tranche in August 2025, the company’s Board of Directors met on February 10, 2026, and resolved to proceed with the distribution of the remaining 604,348,395 ordinary shares.
This distribution is part of a larger initiative approved during the 45th Annual General Meeting held in December 2024.
The program involves the pro-rata distribution of shares previously surrendered to the company.
The second tranche is specifically designated for shareholders who were on the company’s register of members as of the qualification date of June 30, 2025.
According to the official announcement, the distribution will be executed on a pro-rata basis of two new ordinary shares for every twenty-five existing shares held by eligible members.
Oando expects the entire process for this phase to be finalized on or before March 31, 2026. For shareholders on the South African register, the company confirmed that the estimated payment or credit date also aligns with the end of March 2026.
The company emphasized that any fractional entitlements resulting from the distribution will be rounded to the nearest whole number, with no cash payments provided for fractions.
Shareholders who have not yet regularized their details are advised to contact the company’s registrars to ensure they receive their allocations.
This move is part of Oando’s broader strategy to enhance shareholder value while restructuring its capital base, which recently included an application for a significant rights issue to further strengthen the group’s financial position.
Source: Nairametrics
