MRS Oil Set to Voluntarily Delist from NGX, Move to NASD OTC Securities Exchange

MRS Oil has announced plans to voluntarily delist all its issued shares from the Nigerian Exchange Limited (NGX) and transition to the NASD OTC Securities Exchange.

The company disclosed this development in a corporate statement released through NGX on Friday.

According to the statement, the decision aligns with approvals granted by shareholders during an Extraordinary General Meeting (EGM) held on June 25, 2024. The move is expected to reposition the company for strategic growth and operational flexibility within the OTC market.

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 to 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 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 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.

“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 to 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