Arbico’s shareholders approve delisting of shares from NGX

SHAREHOLDERS of Arbico Plc have unanimously approved the voluntary delisting of the issued and fully paid-up ordinary shares of the company from the Nigerian Exchange Limited (NGX).

According to the company’s notice to the Nigerian Exchange Limited (NGX) and the investment community, the approval was part of resolution passed at the Extraordinary General Meeting of Arbico Plc held on Thursday, 21 March 2024 in Kuto Abeokuta.

The notice also outlined the approval of voluntary delisting, where shares of dissenting shareholders will be acquired by the Majority Shareholder.

According to the statement, Registrars will distribute the Exit Consideration to dissenting shareholders according to Nigerian Exchange Limited rules on delisting.

Directors are therefore authorized to take necessary actions, including signing documents and seeking regulatory approvals, to implement the resolutions without further consent from members. The motion passed unanimously.

“That the Directors be and are hereby authorized to do all acts and things and to approve, sign and/ or execute all documents, appoint such professional parties and advisers, seek approval and comply with the directives of the relevant regulatory authorities, perform all such other acts and do all such other things as may be necessary or incidental to, or deemed appropriate to give effect to the above resolutions without being required to seek any further consent or approval of the members or otherwise to the end and intent that the members shall be deemed to have given approval thereto expressly by the authority of the above resolutions,” the notice stated.

It will be recalled that Arbico Plc had announced a pivotal move with its decision to voluntarily delist from the Nigerian Exchange Limited, as revealed in a notice of an Extraordinary General Meeting (EGM) scheduled for March 21, 2024.

Arbico Plc, a Nigerian construction and civil engineering company, has been facing financial challenges in the last few years.

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