MRS Oil Nigeria Plc has received shareholders approval to go with its proposed voluntary delisting of its shares from the Nigerian Exchange Limited (NGX).
The company made this known in a notice filed on the Exchange and signed by O.M Jafojo, the company’s secretary, on June 26.
The approval comes two months after the company announced plans to delist its shares from NGX and list them on the National Association of Securities Dealers (NASD) OTC Securities Exchange.
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.
In the notice, the company said it had received all necessary approval to delist from NGX.
“That the voluntary delisting of all the company’s issued shares from the daily official list of NGX be and is hereby approved,” MRS Oils said.
“On such terms and conditions (including but not limited to the timing of implementation, arrangements for dissenting shareholders (if any) and the fulfillment of specific conditions precedent to effectiveness (if any), that the board of directors of the company.
“That the Memorandum and Articles of Association (MemArts) of the Company be and are hereby amended to authorize the Company to undertake a share buyback and share capital reduction,” the statement read.
The shareholders authorised the company secretary to make all such filings, take all necessary lawful actions to give effect to the above-referenced resolutions and comply with all relevant regulatory requirements.