11 Plc to voluntarily delist 360.6m shares from Nigeria bourse

By Charles Abuede

• Cites stifling regulatory obligations
• Plans to focus on opportunities, alliances and collaborations that can bolster earnings

11 Plc, formerly known as Mobil Oil Nigeria plc, has concluded plans to voluntarily delist all of its 360,595,262 ordinary shares from the main board of the Nigerian Stock Exchange, the company wrote in a regulatory disclosure sent to the NSE.

The company said it was delisting all its shares to enable it to explore strategic opportunities, alliances and collaborations that can bolster earnings and also provide synergized benefits with little or no regulatory obligations such as tremendous administrative, and financial reporting regulations that companies listed on the Nigerian Stock Exchange must adhere to.

According to the statement accessed by Business A.M, the decision comes following the approval by the company’s shareholders at the annual general meeting held in October 2020, where a resolution for the delisting was passed in favour of the proposal.

It also stated that 11 Plc will become an unlisted public limited liability company following the conclusion of the delisting process, adding that the company’s shares shall be expunged from the daily official list of the NSE once the approval by the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) is received, as all dissenting shareholders would be settled and cease to be shareholders of 11 Plc.

Following the plans of 11 Plc to voluntarily delist from the local equities bourse, the company shall buy the interest of dissenting shareholders for a consideration of N213.90 per ordinary share, which has been the highest trading price of 11 Plc shares, six months preceding the notice of meeting at which the resolution was deliberated. Consequently, the last twelve months has seen the company shares on the NSE traded with an average volume of 48,272.22 shares and average daily value traded of N8,236,994.97.

Meanwhile, the company further revealed that at the conclusion of the delisting arrangements and receipt of clearance from the NSE, shareholders of 11 Plc that have opted to exit the company will receive exit consideration. However, the consideration to each dissenting shareholder shall be remitted by the registrars through electronic transfer to the respective bank accounts.