11 plc has extended its timeframe for exit consideration for shareholders as it nears delisting date from the Nigerian Stock Exchange (NSE).
The extension will give shareholders who don’t want to remain as shareholders more time to exit the oil company.
The company had agreed at its Annual General Meeting (AGM) held in October 2020 to delist its 360,595,262 ordinary shares by March 31, 2021, from the trading floor.
11 Plc, previously known as Mobil, said the delisting will enable the company explore strategic opportunities, alliances and collaborations that can bolster earnings with no regulatory obligations.
The initial date for exit consideration was from February 1, 2021 to March 1, 2021, but it has been moved to March 15, 2021, for shareholders to elect to accept the exit consideration before the delisting date.
Shareholders can either accept the exit consideration, which is N213.90kobo (Two Hundred and Thirteen Naira, Ninety Kobo Only) per ordinary share or remain with 11 Plc, which will become Unlisted Public Liability Company.
While explaining the reason for the extension, 11 Plc said, “Considering that this is a strategic decision, 1 1 Plc has decided to extend the election period by ten (10) working days in order to allow shareholders enough time to make their decision and ensure a fair process.” 11 Plc said in a report.
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