The Board of MRS Oil Nigeria Plc has adjourned the Extra-Ordinary General Meeting (EGM) of the Company, earlier scheduled for Tuesday, May 21, 2024, to seek shareholders’ approval to voluntarily delist from the Nigerian Exchange Limited (NGX) to Tuesday, June 25, 2024.
This was contained in a notice to the Nigerian Exchange Limited (NGX) and the investing public seen by Nairametrics.
The Board noted that it has authorized the Company Secretary to disseminate necessary notifications to the Company’s shareholders, NGX, the Securities and Exchange Commission, and the Corporate Affairs Commission.
According to the statement signed by the Company Secretary, Mrs. O.M. Jafojo, these notifications will encompass the amendments regarding the EGM date and will be duly published in national newspapers.
Recommended reading: MRS Oil Nigeria seeks shareholders’ approval to delist from NGX
The statement reads:
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“In line with the post-listing requirements of the Nigerian Exchange Limited (NGX), Notice is hereby given of the following Board decisions:
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That the Extra-Ordinary General Meeting (EGM) of the Company, earlier scheduled for Tuesday, May 21, 2024, has been rescheduled to Tuesday, June 25, 2024.
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That the Company Secretary is authorized to send necessary notifications to the Company’s shareholders, NGX, the Securities and Exchange Commission and the Corporate Affairs Commission on the amendments to the date of the EGM, as well as publish same in the national dailies”.
Nairametrics reported that the company will at the company’s Extraordinary General Meeting (EGM) request shareholders’ endorsement to voluntarily delist from the daily official list of Nigerian Exchange Limited (NGX).
The decision to exit from the NGX was contained in the notice of an Extraordinary General Meeting to be held in Lagos on May 21, 2024.
The company will also seek shareholders’ approval that the company’s Memorandum and Articles of Association (MemArts) will be modified to allow for a share buyback and share capital reduction.
The company is authorized to conduct a share buyback and share capital reduction, including purchasing shares from dissenting shareholders as necessary due to Voluntary Delisting.
This will be carried out in accordance with applicable laws and regulations, at the discretion of the Board.
Also, that following the conclusion of Voluntary Delisting and while the company remains public, the Board is empowered to facilitate the admission of the company’s shares on the NASD OTC Securities Exchange.
This action ensures compliance with the Securities and Exchange Commission’s rules on trading in unlisted securities.
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What you should know
Nairametrics reported that MRS Oil Nigeria Plc has proposed a final dividend of N2.36 per ordinary share for the period ending December 31, 2023. The proposed dividend payment by MRS Oil makes it the first time the company is paying dividends to its shareholders since 2017 when it paid N1.73 per ordinary share of 50k.
The information was revealed in a corporate disclosure on the NGX website accessed by Nairametrics. According to the disclosure, the dividend will be paid to shareholders whose names appear in the register of members as at the close of business on June 28, 2024. While the payment will be made on August 2, 2024. Accordingly, the shareholders register will be closed from July 1 to July 5, 2024.
