BREAKING:  MRS Oil Nigeria to delist N59.97bn worth of shares on NGX  

MRS Oil Nigeria Plc that worth N59.97 billion shares on Friday announced plans to voluntary delist from the Nigerian Exchange Limited (NGX) and subsequent admission to the NASD OTC Securities Exchange (NASD).

The company  currently  trading  at  N174.90 per  share  and 342,884,708.00 outstanding shares  on NGX. 

The Company Secretaryy,   MRS Oil Nigeria ,  Mrs. O. M. Jafojo in a signed  statement  noted  that the  decision follows the approvals granted by the Company’s shareholders at the  Extra-ordinary General Meeting (EGM) held on June 25, 2024, in accordance with    applicable regulations.

In her statement,  the delisting by the  downstream oil &  gas  company  is  in accordance with Rule 1.10 and Rule 1.13 (f) of NGX’s  rules for delisting of equity securities from the Daily Official List of the Exchange and other relevant legal and regulatory requirements.

She noted  that  the  Company will in  furtherance of the voluntary delisting, purchase the interests of shareholders who   were absent from the EGM or dissented to the Voluntary Delisting.

She  explained further that  the effectiveness of this Payout remains subject to the final approvals of the   Securities and Exchange Commission (SEC) and NGX

Key terms of the Payout as approved by SEC are as follows that,  “The Company shall comply with NGX regulations by setting aside the  necessary funds to settle dissenting and absentee shareholders; The Registrars shall maintain the Account for a period of three months, during  which eligible Shareholders who wish to exit the Company may claim their entitlements

Other approved by SEC include,  “after the three months period, Shareholders who have not opted for the Payout shall be migrated to the NASD platform and any unclaimed funds shall revert to the Company  and the Registrars shall submit a detailed report to the SEC, listing the   Shareholders who have exited and have received payment.

“In the light of the foregoing, Shareholders who were absent from the EGM or dissented to the Voluntary Delisting are advised to contact the registrar for their  payoff from April 4 to July 4 2025.

“Further updates will be communicated to the public upon receipt of final regulatory  approvals for the Voluntary Delisting. Shareholders and the public are advised to  exercise caution when dealing in the Company’s shares until the final delisting is  concluded and officially announced,” her statement  added. 

.