MRS Oil says it has concluded arrangements for the voluntary delisting of all its issued shares from the Nigerian Exchange Ltd. (NGX) and subsequent admission to the NASD OTC Securities Exchange.

The company revealed this in a corporate disclosure through the Nigerian Exchange Ltd. on Friday.

According to the company, this decision followed the approvals granted by the company’s shareholders at the Extraordinary General Meeting (EGM) held on June 25, 2024.

It said, “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, the company will, in furtherance of the voluntary delisting, purchase the interests of shareholders who were absent from the EGM or dissented from the voluntary delisting (the “payout”).

“The effectiveness of this payout remains subject to the final approvals of the Securities and Exchange Commission (SEC) and NGX.”

MRS Oil unveiled key terms of the payout as approved by the SEC.

It said the company would 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 entitlement.

“After the three-month 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.

“The registrars shall submit a detailed report to the SEC, listing the shareholders who have exited and have received payment,” it added.

The disclosure noted that in the light of the foregoing, shareholders who were absent from the EGM or dissented from the voluntary delisting were advised to contact the registrar for their payoff from April 4 to July 2024.

It also explained that further updates would be communicated to the public upon receipt of final regulatory approvals for the voluntary delisting.

It advised shareholders and the public to exercise caution when dealing in the company’s shares until the final delisting is concluded and officially announced. 

(NAN)