Shareholders of 11Plc (formerly Mobil Oil Nigeria Plc) have approved the company’s proposals to voluntarily delist from the Nigerian Stock Exchange. The approval was part of the resolution at the company’s Annual General Meeting (AGM) held in Abuja.
The shareholders also approved the transfer of the real estate portfolio of the oil company to a wholly owned subsidiary, 11 Hospitality Limited. The meeting also approved distribution of N2.975 billion as cash dividend for the 2019 business year, representing a dividend per share of N8.25.
The board of Directors of 11 Plc had said that as a sequel to its meeting held on February 27, 2020, it considered and approved the proposals for the oil firm to voluntarily exit from the Nigerian Stock Exchange.
In a statement obtained from the NSE, the company noted that its decision to exit the Nigerian Bourse will be subject to shareholders’ approval at the next annual general meeting slated for June 3, 2020, according to the notice filed to the Stock Exchange.
In line with the NSE rules, shareholders of the company will have a 90-day window on voluntary delisting to decide on the exit plan to offer shareholders. In addition to this, the oil company also seek to restructure the company’s business by transferring its real estate unit to 11 Hospitality Limited, the new subsidiary of the company, for optimum return on investment, whilst 11 Plc will concentrate more on the downstream sector of its business.