By Kayode Tokede
The shareholders of 11 PLC have approved voluntary delisting from the Nigerian Stock Exchange (NSE).
The downstream petroleum company in a notice said shareholders at a Annual General Meeting (AGM) held on the 14th of October, 2020, passed a resolution amongst other business of the day, in favour of the proposal to delist the total of 360,595,262 ordinary shares of 11 Plc listed on the NSE.
The notice explained further that”The purpose of delisting is to enable the Company explore strategic opportunities, alliances and collaborations that can bolster earnings and/or provide synergized benefits with little or no regulatory obligations.”
On exit considerations, the company explained that, “The interest of dissenting shareholders shall be bought by the Company for a consideration of N213.90 per ordinary share, being the highest price at which 11 Plc 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 Nigerian Stock Exchange. The Financial Advisers and the Board, therefore consider this price fair and reasonable.
“Following the conclusion of the delisting process, 11 Plc will become an Unlisted Public Liability Company (PLC). Shareholders that intend to remain members of an unlisted 11 Plc shall be free to remain and there is no obligation to receive the exit Consideration.
On historical market trading, the company said, “11 Plc is listed on the NSE with average daily trading volume of 48,272.22 shares and average daily value traded of N8,236,994.97 over the last 12 months. The chart below reflects the trading pattern of 11 Plc on the NSE within the six months period preceding the date of notice of the AGM-17th of September, 2020.”
According to the company, “upon the delisting of 11Plc, the shares of the Company will no longer be available for trading on the Main Board of the NSE. It is envisaged that the delisted 11 Plc will continue its operations as an unlisted Public Company.”
Th company added that the delisting will not have any impact on the existing employment contracts of its staff, disclosing also that the delisting will not have any impact on the composition of the Board of Directors of 11 Plc.