Oando Energy Resources has announced that its shareholders have approved the plan of Oando E&P Holdings Limited to acquire the minority shares of its Canadian listed subsidiary, Oando Energy Resources (OER) and Oando Plc.

At a special meeting of its shareholders held last week in Vancouver, British Colombia, majority of the shareholders gave consent to the plan of arrangement.

The company in a notice to the Nigerian Stock Exchange (NSE) said, “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, however, said the parties have 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 OER’s management information circular dated January 19, 2016.

It was also noted that 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 Company’s profile on the Canadian SEDAR website.