Leading Nigerian energy company, Oando, has extended its offer on the rights issue to January, 28th 2015 as opposed to the initial date of January 14th 2015. This comes after a long stretch of reviews and postponements.

It was initially set to commence on November 26th, 2014 before it was suspended following a confirmation by lead issuing house Vetiva Capital, with concerns arising over the required procedure. It was discovered that the company was yet to obtain formal consent from the Securities and Exchange Commission (SEC) to proceed. Trading was subsequently put off. The offer finally opened December 3rd, 2014.

Oando is issuing rights to 2,217,265,184 ordinary shares at a price of N22 per share. According to a report by Nairametrics, it is presently trading at a 36 percent premium to the current market price.

Shareholders had requested for an extension of the acceptance period due to the delay in receipt of their Rights Issue Circulars. Some of which can be attributed to poor postal services during the December festivities. An application was therefore directed to the Securities & Exchange Commission to postpone the closing date of the acceptance list.

This has been approved accordingly, and as a result, the acceptance list will now close on Wednesday, 28th January, 2015. Receiving agents have till Wednesday, 11th February, 2015 to forward returns to the Registrars, First Registrars Nigeria Limited.