11 Plc clarifies NSE delisting, says minority shareholders can keep shares

11 Plc, formerly known as Mobil Plc, says minority shareholders may decide to keep their shares despite the planned delisting from the Nigerian Stock Exchange (NSE).

The company, in a statement, assured minority shareholders that they do not have to sell their shares and can still trade freely on the National Association of Securities Dealers (NASD) over- the counter (OTC) market.

“The delisting of 11 Plc’s shares from NSE is not meant to make the company private. It is only a cessation of trading of the company’s shares on the NSE platform,” the statement read.

It noted that shareholders have a choice of selling their shares at the price indicated by the company or at the NSE platform price before the delisting cut-off date

“Hence, there is no forceful acquisition of shares from minority shareholders. The company’s shares will be listed on the NASD OTC, thus still making its shares tradable.”

The company recently announced its intention to delist from NSE after 43 years of trading.

11 Plc said the N213.90 per share offered to shareholders wishing to sell their shares is in line with Item 1.11 of the voluntary delisting rules of the NSE; being the highest price at which the company’s shares have traded, six months before the notice of the annual general meeting.

It noted that shareholders have a choice of selling their shares at the price indicated by the company or at the NSE platform price before the delisting cut-off date or hold on to their shares and continue to receive their dividends.

“At the end of the new deadline set for shareholders to dissent (if they so choose), the company will prepare a schedule of dissenting shareholders (if any) and make funds available for the acquisition of their shares as directed by the exchange at the set price of N213.90 irrespective of the share price at the exchange which oscillates and is subject to the forces of demand and supply,” the statement read.

“Minority shareholders are not bound to sell their shares but may decide to keep their shares (which will still be freely tradable on the NASD OTC platform) in view of the company’s track record on dividend payouts.”