11 PLC to list on NASD after delisting from NSE

THE management of 11 Plc (formerly Mobil Oil Nigeria) has revealed plans to list on the trading platform of the NASD over-the-counter (OTC) Exchange after being delisted on the Nigerian Stock Exchange (NSE).

While reacting to claims that the  delisting from NSE was to make the firm private and evict the minority investors, 11 PLC noted that its equities would still be tradable on the NASD.

“The delisting of 11 Plc’s shares from the NSE is not meant to make the company private. It is only a cessation of trading of the company’s shares on the NSE platform. Hence, there is no forceful acquisition of shares from minority shareholders.

“The company’s shares will be listed on the NASD OTC, thus still making its shares tradable. Shareholders will have a choice of selling their shares now at the price indicated by the company or at the NSE platform price before the delisting cut-off date or to sell on the NASD platform after delisting or to hold on to their shares and continue to receive their dividend.

“The company could choose to return to the NSE platform sometime in the future. The minority shareholders have nothing to fear or worry about in connection with the delisting,” a part of the new statement explained.

The statement further said, “Since the delisting is not intended to make the company private, and there was no dissent at the AGM in which the special resolution was passed, the unit price for the delisting was not in issue.

It is pertinent to note that a the time of the AGM, the share price of 11 Plc shares was N186.90 but the delisting price was put at N213.90 being the highest price the stock has traded in the six months preceding the AGM. The fact that the price got higher than now cannot override the resolution.

“In any case, shareholders who want to sell but do not want to sell at the proposed price can also sell at the NSE platform before the delisting date.

It would be recalled thta at the Annual General Meeting (AGM) of the firm held on October 14, 2020, the shareholders had approved the delisting of the organisation from the exchange.

But for those who opposed the action, they were offered N213.90 per share, being the highest price the company’s stocks have traded six months before the notice of the AGM, where the decision to leave the NSE was approved by investors.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

Cryptocurrency: Understanding The Craze, Threat

ON Friday, February 6, the Central Bank of Nigeria (CBN) rocked the boat with a circular that inadvertently highlighted how popular cryptocurrency transactions have become among Nigerians in recent years, judging by… 

ICYMI: Yoruba, Hausa Teachers Needed In US

The US Embassy and Consulate in Nigeria has announced that the services of Yoruba and Hausa teachers are needed in the United States. According to the Public Affairs Section of the US Mission Nigeria…

Controversy Over Man Who Jumped From 7th Floor Of 1004 During EFCC Raid

The police in Lagos State have begun investigations into the circumstances surrounding the alleged death of a man at 1004 Estate, Victoria Island, who allegedly jumped from the 7th floor of one of the buildings. The man was…

INEC Lists Five Challenges Ahead Of 2023 Elections

AS politicians step up horse-trading ahead of subsequent elections, the Independent National Electoral Commission (INEC) has listed five main areas of likely challenges…

After Two Years, Daddy Freeze Apologises To Bishop Oyedepo
Daddy Freeze whose real name is Ifedayo Olarinde has apologised to Bishop Oyedepo who is the presiding bishop and founder of Living Faith Church aka Winners Chapel…

 

You might also like
Comments

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More