MRS Oil Nigeria Plc has announced plans to voluntarily delist its issued shares from the Nigerian Exchange Limited (NGX) and transition to the NASD OTC Securities Exchange (NASD).
This decision follows approvals granted by shareholders at the company’s Extraordinary General Meeting (EGM) held on June 25, 2024, in compliance with all relevant regulatory guidelines.
In line with Rule 1.10 and Rule 1.13(f) of NGX’s delisting regulations, as well as other applicable legal provisions, MRS Oil Nigeria said it has put measures in place to facilitate the exit of shareholders who either dissented to the decision or were absent from the EGM.
In a notice to the Nigerian Exchange Limited seen by THE WHISTLER, the company noted that it will execute a structured payout process for these shareholders, subject to final approvals from the Securities and Exchange Commission (SEC) and NGX.
According to the company, under the terms approved by the SEC, the company has set aside the required funds to compensate dissenting and absentee shareholders.
The designated registrars will oversee the process, maintaining an account for a three-month period, from April 4 to July 4, 2025.
Eligible shareholders who wish to exit can claim their entitlements within this window. Any shareholders who do not opt for the payout during this period will be automatically migrated to the NASD platform, and unclaimed funds will revert to the company.
The company noted that upon conclusion of the payout period, the registrars will submit a comprehensive report to the SEC detailing shareholders who have exited and received payments.
MRS Oil Nigeria Plc urges all affected shareholders to contact the company’s registrars within the specified timeframe to facilitate their payout process. The company also advises the public and investors to exercise caution when dealing in its shares until the final delisting is formally completed and announced.
The statement signed by the management noted that further updates regarding the delisting process will be communicated as soon as regulatory approvals are obtained.
MRS Oil To Exit NGX, Transition To NASD Market is first published on The Whistler Newspaper
Source: The Whistler
