An Oil and Gas firm, 11 PLC, formally known as Mobil has announced its plans to exit the Nigerian Stock Exchange effective ending of March 2021.
According to the company, it said it would delist its over 360.592 million ordinary shares from the daily official list of the Nigerian Stock Exchange (NSE) in furtherance of a resolution passed at its last annual general meeting in October 2020.
11 PLC, formally listed on the NSE in 1979, on Tuesday in a letter to its shareholders said it would be leaving the exchange voluntarily. It changed its name from Mobil to 11 Plc in October 2016.
“The purpose of delisting is to enable the company explore strategic opportunities, alliances and collaborations that can bolster earnings and/or provide synergized benefits with little or no regulatory obligations,” the energy firm said in an explanatory statement issued Tuesday.
“Shareholders who do not consent to the exit proposal will be in the frame to sell their stakes at N213.90 per ordinary share, “being the highest price at which 11 Plc shares have traded, six (6) months preceding the notice of the AGM at which the resolution to delist was deliberated, as provided by the rules of the Nigerian Stock Exchange.
According to the letter, it will still maintain its public liability company status after delisting, even though its shares will no longer be eligible for trade on the bourse.
It, however, noted that the Securities and Exchange Commission and the Nigerian Stock Exchange must give their approvals for the exit.
11 PLC also added that dissenting shareholders will be settled adequately upon hearing their disagreement.
“11 Plc shareholders will be able to elect to accept the Exit Consideration from February 1, 2021 to March 1, 2021,” the document said.”
11 PLC further stated that the delisting would not affect the current employment contracts of staff and the composition of the board of directors.
Comments are closed.