MRS Plc to delist from NGX, list on NASD

MRS Oil Nigeria Plc says the company has concluded arrangements for the voluntary delisting of all its issued shares from the Nigerian Exchange Limited (NGX).

In a statement signed by O.M. Jafojo, MRS Oil secretary, on Friday, the company said it will delist from the stock market and list on the NASD OTC Securities Exchange (NASD).

NASD is a trading marketplace that does not operate like a traditional stock exchange, with all registered securities traded over the counter (OTC) — leveraging a broker-dealer network.

MRS Oil said the decision follows the approval granted by the company’s shareholders “at the Extra-ordinary General Meeting (EGM) held on June 25, 2024, in accordance with applicable regulations”.

“In accordance with Rule 1.10 and Rule 1.13 (f) of NGX’s Rules for Delisting of Equity Securities from the Daily Official List of the Exchange and other relevant legal and regulatory requirements, the Company will in furtherance of the Voluntary Delisting, purchase the interests of shareholders who were absent from the EGM or dissented to the Voluntary Delisting (the “Payout”),” the company said.

“The effectiveness of this Payout remains subject to the final approvals of the Securities and Exchange Commission (“SEC”) and NGX.”

MRS Oil noted the key terms of the payout as approved by the SEC include the company complying with NGX regulations by setting aside the necessary funds to settle dissenting and absentee shareholders during the EGM.

“The Registrars shall maintain the Account for a period of three months, during which eligible Shareholders who wish to exit the Company may claim their entitlements,” the oil firm added.

“After the three months period, Shareholders who have not opted for the Payout shall be migrated to the NASD platform and any unclaimed funds shall revert to the Company.

“The Registrars shall submit a detailed report to the SEC, listing the Shareholders who have exited and have received payment.

“In light of the forgoing, Shareholders who were absent from the EGM or dissented to the Voluntary Delisting are advised to contact the registrar for their payoff from April 4 to July 4 2025.”

MRS added that further updates will be communicated to the public upon receipt of final regulatory approvals for the voluntary delisting.

The oil firm advised shareholders and the public to exercise caution when dealing in the company’s shares until the final delisting is concluded and officially announced.