July 18 (Lagos) - Shareholders of
OANDO have been battered following a UK court order to the Company to pay Ansbury Investments Inc. about $680 million (about N207.9 billion @ N305.8/dollar).
Ansbury was incorporated in Panama as part of a family trust by an Italian-Nigerian businessman, Gabriele Volpi.
This is coming after a tumultuous period for the Company whose shares were only recently suspended from trading on the stock exchange. That suspension was lifted subsequently and shares recovered a bit but now they are down almost 50% from recent highs.
Shares closed at N 4.75 per unit today at Nigerian Stock Exchange in Lagos. Since this news came out, almost 30% has been wiped off in three trading sessions.
The losses could have been much higher but the Nigerian Stock Exchange rule of maximum permitted decline of 10% is saving the blues for the next trading day.
Shareholders of this Company have been wounded time and again and this will just feel like another deja'vu moment for them.
reprorting fo easykobo.com on Wednesday, July 18 2018 from Lagos, Nigeria