MRS Oil has finalized plans to voluntarily delist all its issued shares from the Nigerian Exchange Limited (NGX) and transition to the NASD OTC Securities Exchange.
The company announced this decision through a corporate disclosure submitted to NGX.
According to MRS Oil, shareholders approved the delisting during an Extraordinary General Meeting (EGM) on June 25, 2024.
The company stated, “In line with Rule 1.10 and Rule 1.13(f) of NGX’s Delisting Rules and other relevant legal and regulatory requirements, we will compensate shareholders who either opposed the delisting or were absent from the EGM through a payout process.”
MRS Oil clarified that the payout remains subject to final approvals from the Securities and Exchange Commission (SEC) and NGX.
The company outlined the payout terms approved by SEC, emphasizing its commitment to setting aside funds to settle dissenting and absentee shareholders in compliance with NGX regulations.
MRS Oil stated that the registrars would maintain the payout account for three months, allowing eligible shareholders to claim their entitlements.
After this period, the company will migrate shareholders who have not opted for the payout to the NASD platform, while any unclaimed funds will revert to MRS Oil.
The registrars will then submit a comprehensive report to SEC, detailing shareholders who have exited and received their payments.
Given this process, MRS Oil advised absent or dissenting shareholders to contact the registrar between April and July 2024 to claim their payouts.
The company assured stakeholders that it would provide further updates once it secures final regulatory approvals for the delisting.
MRS Oil also urged shareholders and the public to exercise caution when trading its shares until the delisting process is fully completed and officially announced.
source:theeagleonline.com.ng
