MRS Nigeria Limited shareholders have approved the voluntary delisting of the company’s shares from the Nigerian Exchange Limited (NGX).
Following the delisting, the company whose market capitalization currently stands at N46.3 billion withdrew its shares from the equity market.
MRS Oil disclosed this in a recent notice to NGX and the investment community and signed by its Corporate Secretary, Mrs OM Jafojo.
According to the notice, the approval was part of the resolutions passed at the Extraordinary General Meeting of the MRS Nigeria, held on June 25 at the Civic Centre, Ozumba Mbadiwe Street, Victoria Island, Lagos.
The Board of Directors also has the authority to determine the terms and conditions of delisting, including timing, arrangements for dissenting shareholders, and regulatory approvals.
It was also agreed that the Memorandum and Articles of Association of the company would be amended to allow for share buybacks and reduction of share capital.
The company is also authorized to buy back shares and reduce share capital as needed, especially for shareholders with differing opinions, in accordance with laws and regulations.
The notice read: “As part of the special agenda, shareholders considered and passed, with or without modification, the following additional resolutions as special resolutions:
“That the voluntary delisting of all issued shares of the Company from the daily official list of the Nigerian Exchange Limited (“Voluntary Delisting”) has been and is hereby approved, subject to such terms and conditions (including but not limited to the timing of implementation, arrangements for dissenting shareholders (if any) and the fulfillment of specific conditions precedent to effectiveness (if any)), deemed necessary by the Board of Directors of the Company (“Board”) in connection with the Voluntary Delisting; and must obtain all necessary regulatory approvals.
“That the Company’s Articles of Association and Bylaws (“MemArts”) are hereby amended to authorize the Company to carry out share buybacks and reduce share capital.
“That the Company is and is hereby authorized to carry out share buybacks and reductions in share capital in relation to each share it issues which can be purchased from shareholders who have different opinions if necessary as a result of the Voluntary Delisting; with certain terms and conditions, in a certain volume and at a time deemed appropriate by the Board; comply with and comply with applicable laws and regulations.
“That the Company’s MemArts be amended upon completion of the share buyback and reduction of share capital, to reflect the Company’s updated share capital.
“That upon completion of the Voluntary Listing, and as long as the Company remains a public limited liability company, the Board is hereby authorized to take all actions that may be necessary, to admit shares of the Company on the NASD OTC Stock Exchange to ensure that transactions in shares of the Company are conducted in accordance with Securities Commission Regulations and the Exchange regarding Unlisted Securities Trading”.
“Shareholders also authorize the Board to take all lawful actions and steps (including but not limited to creating/signing such agreements and documents, appointing professional advisors and other parties, and complying with the directions of any regulatory authority) deemed necessary to giving full effect to the resolution referred to above.”
By: Babajide Okeowo
Shareholders approve delisting of MRS Oil from stock market first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.
