TheCable

11 Plc, formerly known as Mobil Plc, has announced its intention to delist from the Nigerian Stock Exchange.

The company has been trading on the stock market for 43 years.

In a notice published on the stock exchange website on Tuesday, the company said the aim of delisting is to explore strategic opportunities, alliances and collaborations that can bolster earnings and provide synergized benefits.

“11 Plc will be able to focus on revenue generation, consider strategic opportunities, alliances & collaborations; and tremendously shift from regulatory, administrative, and financial reporting regulations that companies listed on the Nigerian Stock Exchange must adhere to,” it said.

According to the notice, a resolution was passed at the annual general meeting that held on October 14, 2020, to delist the 360,595,262 ordinary shares of the company listed on the stock exchange.

Shares belonging to investors who wish to dispose of their shares as a result of the delisting will be bought at N213.90 per ordinary share, the highest price at which the company’s shares were traded six months before the notice of the AGM in line with the rules of the Nigerian Stock Exchange.

“Following the conclusion of the delisting process, 11 Plc will become an unlisted public liability company,” the company said.

“Shareholders that intend to remain members of an unlisted 11 Plc shall be free to remain and there is no obligation to receive the exit consideration.”

In August 2017, Mobil Oil Nigeria Plc changed its trading name to 11 Plc (pronounced as Double One Plc) after Nipco Plc acquired 70 percent stake in the company.