MRS Oil Nigeria Plc has announced plans to voluntarily delist its shares from the Nigerian Exchange Limited (NGX) and transition to the NASD OTC Securities Exchange. The move follows shareholder approvals secured at the company’s Extraordinary General Meeting (EGM) on June 25, 2024, in compliance with regulatory requirements.
In accordance with NGX’s delisting regulations, MRS Oil has outlined measures to facilitate the exit of shareholders who either opposed the decision or were absent from the EGM. The company confirmed in a notice to the NGX that it will execute a structured payout process for these shareholders, pending final approvals from the Securities and Exchange Commission (SEC) and NGX.
MRS Oil has set aside funds to compensate dissenting and absentee shareholders, with its designated registrars overseeing the process. The payout period will run from April 4 to July 4, 2025, during which eligible shareholders can claim their entitlements. Shareholders who do not opt for the payout within this period will be automatically migrated to the NASD platform, while unclaimed funds will revert to the company.
At the end of the payout window, the registrars will submit a report to the SEC detailing shareholders who exited and received payments. MRS Oil is urging all affected shareholders to contact the company’s registrars within the specified timeframe to facilitate their payouts.
The company also advised investors to exercise caution when dealing in its shares until the final delisting is completed and officially announced. Further updates on the process will be communicated as soon as regulatory approvals are obtained.
