11 Plc Extends the Dissenting Period for Delist
11 Plc on Tuesday said it has extended the one-month period given to shareholders to elect to accept the Exit Consideration by another 10 working days.
The company disclosed in a statement released on the Nigerian Stock Exchange (NSE).
11 Plc formerly known as Mobil Oil Nigeria Plc had highlighted plans to delist from the Nigerian Stock Exchange on 9th February 2021, saying the company’s shareholders have between February 1, 2021 to March 1, 2021 to accept the Exit Consideration of the Company.
According to the company, the extension was to allow shareholders enough time to make their decision and ensure a fair process.
Therefore, shareholders that still wish to dissent were asked to forward their completed election forms to the Registrar- Greenwich Registrars & Data Solutions Limited located at 274 Murtala Muhammed Way, Alagomeji-Yaba on or before Monday, 15th of Match 2021.
11 Plc added that “It is however necessary to reiterate that shareholders that intend to remain members of the company are free to remain and may decide to keep their shares (which will be tradable on the NASD OTC platform).”
The company plans to purchase the interest of dissenting shareholders at N213.90 per share, the highest amount the company shares traded in the last six months.
Demutualisation: Nigerian Stock Exchange Rebrands to NGX Group
The Nigerian Stock Exchange (NSE) on Tuesday announced it has rebranded following the demutualisation the led to the establishment of non-operating holding company NGX Group Plc and its subsidiaries: Nigerian Exchange (NGX) Limited; NGX Regulation (NGX RegCo) Limited, and NGX Real Estate (NGX RelCo) Limited.
Speaking on the development, the Group Chief Executive Officer, NGX Group, Mr. Oscar Onyema, said: “We are very excited about the launch of our new brand identity and website at this pivotal time in our history. Influenced by the dynamism and resilience of our market in both good and challenging times, our new identity, which builds on our rich heritage, reflects who we are today, our ambitions for the future, and our resolve to deliver superior value to our stakeholders. As we step into the NGX era, we remain committed to achieving the highest level of competitiveness, both in African and global capital markets.”
According to Onyema, NGX Group, with the new vibrant and responsive website, will offers an enriched user experience.
“Accessible via ngxgroup.com, information about the group and the various subsidiaries are independently situated but featured as one website. With its centralised home page and clearly delineated tabs for each subsidiary, the new site delivers relevant content in a clean and organised way to provide visitors easy access and navigation to all the information they require,” he noted.
Hallmark Insurance, Japaul Gold Lead Gainers as Equities Market Closed in Green
Consolidated Hallmark Insurance Plc and Japaul Gold led gainers on Thursday as the Nigerian Stock Exchange closed in the green.
Investors exchanged 145.332 million shares valued at N1.576 billion in 3,525 transactions during the trading hours of Thursday.
Market value of listed equities inched slightly higher to N20.300 trillion while the Nigerian Stock Exchange All-Share Index gained 0.07 percent to 38,799.83 index points.
Banks’ stocks led the most traded stocks with First Bank of Nigeria Holdings leading with 21,851,331 shares valued at N157,179,233.85. This was followed by GTBank’s 20,500,310 shares estimated at N589,173,071.90. See the details below.
Delist: 11 Plc Opens Escrow Account to Settle Shareholders
In a bid to complete its ongoing delisting process and settle shareholders accordingly, 11 Plc, formerly Mobil, 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 N213.90 per share based on the highest price of N213.90 at which 11 Plc traded in the last 6 months preceding the date of the Annual General Meeting where the resolution to delist was passed in line with the Nigerian Stock Exchange guidelines.
The company said, “Further to the application made to The Exchange by 11 Plc on the Voluntary Delisting of the Company from The Exchange as recommended by the Board of Directors, the Exchange approved the delisting application subject to 11 plc’s evidence of opening an escrow account in the Registrar’s name and evidence that shareholders who have accepted to exit have been paid.”
11 Plc attributed the decision to delist from NSE to the need to strategise for better performance, minimise costs, and stay competitive within its industry.
On the escrow account, it said “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.”
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