MRS Oil has finalized plans to voluntarily delist its shares from the Nigerian Exchange Limited (NGX) and migrate to the NASD OTC Securities Exchange.
The decision was approved during an Extraordinary General Meeting (EGM) on June 25, 2024, and disclosed through a corporate filing with NGX.
In line with NGX Delisting Rules (Rules 1.10 and 1.13(f)) and other regulatory requirements, MRS Oil will compensate shareholders who opposed the delisting or were absent from the EGM through a structured payout process.
The Securities and Exchange Commission (SEC) and NGX must grant final approval before the payout is executed.
Payout and Migration Process
- MRS Oil has allocated funds to settle dissenting and absentee shareholders.
- The payout account will remain open for three months, managed by the company’s registrars.
- Shareholders must claim their entitlements between April and July 2024.
- After this period, unclaimed funds will revert to MRS Oil, and remaining shareholders will be migrated to the NASD OTC platform.
- The registrars will submit a final report to SEC, detailing the payout process and shareholder exits.
MRS Oil assured stakeholders that further updates will be provided once final regulatory approvals are obtained. The company also advised investors to exercise caution when trading its shares until the delisting process is fully completed and formally announced.
