WorldStage Newsonline– 11 Plc, formerly Mobil Oil Nigeria Plc is forging ahead with its plans to delist its total of 360,595,262 ordinary shares on the Nigerian Stock Exchange as agreed at its Annual General Meeting (AGM) on the 14th of October, 2020.
In a latest notification at the NSE, the company said 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.
Meanwhile, shareholders who disapproved the delisting had been urged to indicate their dissent through the registrar for appropriate consideration.
The company said the interest of dissenting shareholders shall be bought by the Company for a consideration of 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. The Financial Advisers and the Board, therefore consider this price fair and reasonable.
“Following the conclusion of the delisting process, 11 Plc will become an Unlisted Public Liability Company (PLC),” the company said.
“Shareholders that intend to remain members of an unlisted 11 Plc shall be free to remain and there is no obligation to receive the exit Consideration.”
“Once the transaction is approved by both the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE), the shares of the company shall be expunged from the daily official list of the Exchange. Furthermore, all dissenting shareholders would be settled and cease to be shareholders of 11 Plc.
“Upon the delisting of 11Plc, the shares of the Company will no longer be available for trading on the Main Board of the Nigerian Stock Exchange. It is envisaged that the delisted 11 Plc will continue its operations as an unlisted Public Company.
“The delisting will not have any impact on the existing employment contracts of its staff.
“The delisting will not have any impact on the composition of the Board of Directors of 11 Plc.
“Upon the expiration of the timeline to dissent (March 1, 2021), 11 Plc will set aside sufficient funds and provide evidence of funding to the Exchange, to demonstrate that it has the financial resources to settle any dissenting shareholder.
On strategic plans, the company said it will be able to focus on revenue generation, consider strategic opportunities, alliances & collaborations; and tremendously shift from regulatory, administrative, and financial reporting regulations that companies listed on the Nigerian Stock Exchange must adhere to.
