11Plc (Mobil) will be delisted from the Nigerian Stock Exchange (NSE) following shareholders agreement to have the company’s stock taken down from the capital market in Nigeria. This comes amidst plan by 11 Plc to transfer its real estate portfolio to its subsidiary.
In a statement seen by Equity News, 11 Plc said shareholders approved its delisting, but the date of the exit from the capital market wasn’t disclosed. The delisting by the oil & gas company is voluntarily according to 11 Plc, however, the delisting is still subject to statutory requirements.
“Subject to the applicable rules of the Nigerian Stock Exchange and subject to compliance with other statutory requirements, the shareholders hereby approve the voluntary delisting of the shares of 11 Plc from the Nigeria Stock Exchange.” The company said.
11 Plc To Transfer Assets To Subsidiary
During its Annual General Meeting (AGM) held on October 14, 2020, 11 Plc said its subsidiary, 11 Hospitality Limited, will now take possession of its real estate asset after shareholders proposed and passed the decision, “The transfer of the real estate portfolio of 11 Plc to 11 Hospitality Limited (its wholly-owned subsidiary), as recommended by the Board of Directors be and is hereby approved.”
Dividend: Meanwhile, 11 Plc has disclosed that shareholders agreed to a dividend of NGN2.97 billion, at 825 kobo per share. The dividend will be paid to shareholders who had registered their names before September 29, 2020, “a dividend of N2,974,910,903 that is, 825 kobo per share, subject to withholding tax at the appropriate rate, be and is hereby declared payable on October 15, 2020, to all shareholders whose names were in the Register of members at the close of business on September 29, 2020.”
Also, during the AGM, 11 Plc announced, “the appointment of Senator Daniel Olugbenga Aluko as Independent Non-Executive Director is hereby ratified.”
