{"id":47002,"date":"2021-02-24T14:52:05","date_gmt":"2021-02-24T13:52:05","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=47002"},"modified":"2021-02-24T14:52:05","modified_gmt":"2021-02-24T13:52:05","slug":"11-plc-outline-plans-for-delisting-from-nse","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/11-plc-outline-plans-for-delisting-from-nse\/","title":{"rendered":"11 Plc Outline Plans For Delisting From NSE"},"content":{"rendered":"

11 Plc, formerly known as Mobil Oil Nigeria Plc, has said the proposed delisting of its shares from the Nigerian Stock Exchange (NSE) will enable the company to implement strategic plans that will improve the overall performance of the downstream oil company.<\/p>\n

Explaining the rationales for the delisting to shareholders, 11 stated that delisting will enable the company to explore strategic opportunities, alliances and collaborations that can bolster earnings and synergised benefits with little or no regulatory obligations.<\/p>\n

According to the company, delisting will lead to greater focus and impact on the performance of its performance while it will not have any material changes on its operations, staff and board compositions.<\/div>\n

\u201c11 Plc will be able to focus on revenue generation, consider strategic opportunities, alliances and collaborations; and tremendously shift from regulatory, administrative, and financial reporting regulations that companies listed on the Nigerian Stock Exchange must adhere to,\u201d 11 stated.<\/p>\n

The company stated that while its shares will no longer be available for trading on the NSE upon delisting, it will continue to operate as an unlisted public company. This raises possibility of its shares being listed and traded on the NASD OTC Securities Exchange -the over-the-counter platform for trading of unlisted public companies.<\/p>\n

The company noted that the delisting will not have any impact on the existing employment contracts of its staff as well as the composition of the board of directors.<\/p>\n

Shareholders of 11 had at their annual general meeting (AGM) on October 14, 2020 approved a resolution to delist the entire 360.6 million ordinary shares of 50 kobo each of 11 from the NSE.<\/p>

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Upon the expiration of the March 01, 2021 deadline for dissent, 11 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.<\/p>\n

The interest of dissenting shareholders shall be bought by the company for a consideration of N213.90\u00a0 per ordinary share, being the highest price at which 11 shares have traded, six months preceding the notice of the AGM at which the resolution to delist was deliberated, as provided by the rules of the NSE.<\/p>\n

Once the transaction is approved by both the Securities and Exchange Commission (SEC) and the 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.<\/p>\n

The board of 11 said the delisting have taken into consideration the benefits of shareholders based on the terms and conditions of the proposed delisting.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

11 Plc, formerly known as Mobil Oil Nigeria Plc, has said the proposed delisting of its shares from the Nigerian Stock Exchange (NSE) will enable the company to implement strategic plans that will improve the overall performance of the downstream oil company.<\/p>\n","protected":false},"author":6,"featured_media":37215,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[8246,576,4282],"coauthors":[2391],"class_list":["post-47002","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-11-plc-delisting-on-the-nse","tag-capital-market","tag-stock-market"],"yoast_head":"\n11 Plc Outline Plans For Delisting From NSE - National Wire<\/title>\n<meta name=\"description\" content=\"11 Plc, formerly known as Mobil Oil Nigeria Plc, has said the proposed delisting of its shares from the Nigerian Stock Exchange (NSE) will\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/11-plc-outline-plans-for-delisting-from-nse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"11 Plc Outline Plans For Delisting From NSE - 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