11Plc gets Nigerian bourse’s approval to delist shares

11 Plc, formerly Mobil Oil Nigeria Plc, said on Thursday that the Nigerian Stock Exchange had approved its application for voluntary delisting as recommended by the company’s board of directors.

The oil marketing company said the approval was subject to its evidence of opening an escrow account in the registrar’s name and evidence that shareholders who had accepted to exit had been paid.

The Company Secretary, Chris-Olumayowa Meseko, said, “Subsequently, 11 Plc has opened an escrow account with Greenwich Registrars and Data Solutions Limited and provided sufficient funds to shareholders, who as of March 15, 2021, have accepted the exit consideration of N1213.90 per share based on the highest price of N213.90 at which 11 Plc traded in the last six months preceding the date of the Annual General Meeting where the resolution to delist was passed in line with NSE guidelines.

“The consideration accruing to shareholders of 11 Plc that elect to accept the exit consideration has been computed as of March 15, 2021. The cash consideration will be settled by way of electronic transfer to the respective bank accounts of shareholders and it is expected to be completed on or before April 16, 2021.”

The company had said recently that a resolution was passed at the Annual General Meeting held on October 14, 2020, in favour of the proposal to delist its 360,595,262 ordinary shares listed on the NSE.

The United States-based ExxonMobil sold its 60 percent stake in Mobil Oil Nigeria in 2017 to NIPCO Investment Limited, a wholly-owned subsidiary of Nipco Plc in 2017. It was later renamed 11Plc.