Shareholders of Arbico Plc have approved the voluntary delisting of the issued and fully paid-up ordinary shares of the company from the Nigerian Exchange Limited.
This was in the company’s notice to the Nigerian Exchange Limited and the investment community seen by Nairametrics.
According to the statement, the approval was part of resolution passed at the Extraordinary General Meeting of Arbico Plc held on Thursday, 21 March 2024 in Kuto Abeokuta.
The notice also outlines the approval of voluntary delisting, where shares of dissenting shareholders will be acquired by the Majority Shareholder.
The Registrars will distribute the Exit Consideration to dissenting shareholders according to Nigerian Exchange Limited rules on delisting.
Directors are authorized to take necessary actions, including signing documents and seeking regulatory approvals, to implement the resolutions without further consent from members. The motion passed unanimously.
The statement reads:
- “That subject to obtaining the relevant regulatory approvals and compliance with all applicable regulatory requirements, the shareholders hereby approve the voluntary delisting of the issued and fully paid-up ordinary shares of ARBICO Plc from the Nigerian Exchange Limited;
- “That consequent upon the approval of the voluntary delisting, the shares of dissenting shareholders shall be acquired by the Majority Shareholder and the Registrars shall remit the Exit Consideration as defined in the (Explanatory Memo) to all such dissenting shareholders in accordance with applicable rules of the Nigerian Exchange Limited on delisting;
- “That the Directors be and are hereby authorized to do all acts and things and to approve, sign and/ or execute all documents, appoint such professional parties and advisers, seek approval and comply with the directives of the relevant regulatory authorities, perform all such other acts and do all such other things as may be necessary or incidental to, or deemed appropriate to give effect to the above resolutions without being required to seek any further consent or approval of the members or otherwise to the end and intent that the members shall be deemed to have given approval thereto expressly by the authority of the above resolutions”.
Nairametrics reported recently that Arbico Plc has announced a pivotal move with its decision to voluntarily delist from the Nigerian Exchange Limited, as revealed in a recent notice of an Extraordinary General Meeting (EGM) scheduled for March 21, 2024.
Arbico Plc, a Nigerian construction and civil engineering company, has been facing financial challenges in the last few years.
According to the company, the meeting, set to take place at Park Inn by Radisson in Abeokuta, will address significant resolutions regarding the company’s future direction.
- The first item on the agenda involves a special resolution for the voluntary delisting of Arbico Plc’s shares, contingent upon obtaining necessary regulatory approvals and meeting all regulatory requirements.
- This step indicates a strategic pivot for the company, potentially impacting its stakeholder relations, market presence, and regulatory landscape.
- Following the approval of this delisting, the second resolution focuses on the execution phase, where the company’s registrars will distribute the Scheme Consideration to all shareholders, in accordance with the decisions made during the Court-Ordered Meeting and sanctioned by the Federal High Court.