11 Plc, former Mobil, has finalised plans to delist from the Nigerian Stock Exchange (NSE) on March 31, 2020, according to the latest filing with the NSE.
The company said it would purchase the interest of present shareholders at N213.90 per share, the highest amount the company price traded in the last six months.
“The interest of dissenting shareholders shall be bought by the Company for a consideration of N213.90 (Two Hundred and Thirteen Naira, Ninety Kobo Only) per ordinary share, being the highest price at which 11 Plc shares have traded, six (6) 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,” the company stated.
The 11 Plc average trading volume in the last 12 months stood at 48,272.22 shares at an average daily value of N8,236,994.97.
The statement noted that the delisting was approved by shareholders of the company on October 14m 2020 at the Annual General Meeting.
“Upon the delisting of 11Plc, the shares of the Company will no longer be available for trading on the Main Board of the Nigerian Stock Exchange. It is envisaged that the delisted 11 Plc will continue its operations as an unlisted Public Company.
“The delisting will not have any impact on the existing employment contracts of its staff.”
