MRS Oil Nigeria Plc with a market capitalisation of N60 billion has concluded with its decision to voluntarily delist all its issued shares from the Nigerian Exchange Limited (NGX) and transition to the NASD OTC Securities Exchange (NASD).
Total outstanding shares of the company stood at 342,884,708.00 on Friday while price per share of the stock closed at N174.9.
According to a statement on NGX on Friday, the decision was approved by the company’s shareholders at an Extraordinary General Meeting (EGM) held on June 25, 2024.
The move is in compliance with NGX’s regulations, specifically Rule 1.10 and Rule 1.13 (f) regarding the delisting of equity securities from the official daily listing of the exchange.
The statement said that to ensure a smooth transition, MRS Oil Nigeria Plc has outlined a payout plan for shareholders who were either absent from the EGM or opposed the delisting. The company has set aside necessary funds to compensate dissenting shareholders, with key terms.
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“The company will maintain a dedicated account through its registrars for three months to facilitate payouts. Shareholders who wish to exit can claim their entitlements between April 4 and July 4, 2025. After this deadline, shareholders who have not chosen to receive a payout will be migrated to the NASD platform. Any unclaimed funds will revert to the company. Additionally, the registrars will provide a detailed report to the Securities and Exchange Commission (SEC) that lists the shareholders who have exited and received payments,” the statement reads.
The statement added that the effectiveness of this delisting and payout plan remains subject to final approvals from the SEC and NGX. MRS Oil Nigeria Plc has advised shareholders and the investing public to exercise caution when dealing in the company’s shares until the delisting process is officially concluded.
According to the oil and gas financial result on NGX, the company’s after-tax profit rose to N6.49 billion in 2024 from N4.08 reported in 2023.
Its revenue increased by 71 percent to N312 billion from N182 billion, this was driven by the sales of Premium Motor Spirit (PMS) which drove 87 percent of the company’s turnover as a result of price increment.
The company earnings per share amounted to N18.95 from N11.81 during the period.
