MRS Oil Nigeria Plc Approves Voluntary Delisting from NGX and Plans Share Buyback



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MRS Oil Nigeria Plc held an Extraordinary General Meeting (EGM) on June 25, during which shareholders approved the voluntary delisting of all the company’s issued shares from the Nigerian Exchange Limited (NGX).

The “Voluntary Delisting” will proceed upon receiving all necessary regulatory approvals. Additionally, the company’s Memorandum and Articles of Association (MemArts) will be amended to facilitate a share buyback and share capital reduction.

Following the delisting, MRS Oil Nigeria will remain a public limited liability company. The Board will take the necessary actions to list the company’s shares on the NASD OTC Securities Exchange, ensuring compliance with the Securities and Exchange Commission’s rules on trading in unlisted securities.

Shareholders also approved a share buyback and share capital reduction for any shares purchased from dissenting shareholders as a result of the delisting. These actions will be carried out under terms and conditions, volumes, and timelines deemed fit by the Board, subject to applicable laws and regulations.

Upon completion of the share buyback and share capital reduction, the company’s MemArts will be updated to reflect the new share capital structure. The Board of Directors received approval to take all necessary legal actions, including executing agreements, appointing advisers, and complying with regulatory directives to implement these resolutions fully.

The Company Secretary was authorized to make the necessary filings and take all lawful steps to ensure compliance with regulatory requirements and the implementation of the resolutions.

Babatunde Akinsola
Babatunde Akinsola
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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