The Nigerian Stock Exchange (NSE) has approved the delisting of 11 Plc (formerly known as Mobil Oil Nigeria Plc) shares on its platform, following an earlier application by the latter to voluntary exit.
According to the NSE, the application was ratified subject to 11 Plc’s evidence of opening an escrow account in the registers name and evidence that the shareholders who have accepted to exit have been paid.
The company had opened an escrow account with GTL Registrars and Data Solutions Limited and provided sufficient funds to shareholders, who as of March 15, 2021 have accepted the ‘Exit Consideration’ of N213.90 per share. The Exit Consideration is based on the highest price of N213.90 at which 11 Plc traded in the last 6 months preceding the date of the Annual General Meeting, where the decision to delist was passed in line with NSE guidelines.
The oil firm noted that the delisting process will enable it to strategize for better performance, minimize costs and stay competitive within the industry.
What you should know:
* 11 Plc is a Nigerian-based petroleum products marketer quoted on the floor of the Nigerian Stock Exchange in 1978, translating to over 43 years active service at the bourse.
* The firm had earlier explained that the decision to voluntarily delist was recommended by the Board of Directors and supported by at least 75% of members present during the AGM.
* By implication, over 360.6 million units of the firm’s shares will be delisted from the daily official list of the NSE.