MRS Oil Nigeria Plc held its Extra-ordinary General Meeting (EGM) on June 25 where the shareholders approved the voluntary delisting of all the Company’s issued shares from the daily official list of Nigerian Exchange Limited (NGX).
The approved “Voluntary Delisting” of MRS Oil Nigeria is subject to obtaining all requisite regulatory approvals and the Memorandum and Articles of Association (MemArts) of the Company will be amended to authorize the Company to undertake a share buyback and share capital reduction.
The shareholders approved that upon conclusion of the Voluntary Delisting, and whilst the Company remains a public limited
liability company, the Board will take all such action as may be required, to admit the Company’s shares on the NASD OTC Securities Exchange in order to ensure that dealings in the Company’s shares are implemented in accordance with the Securities and Exchange Commission’s
Rules on Trading in Unlisted Securities.
The Company got shareholders approval to undertake a share buyback and share capital reduction in connection with any of its issued shares which may be purchased from dissenting shareholders where necessary as a consequence of the Voluntary Delisting; on such terms and conditions, in such volumes and at such times as the Board deems fit; subject to, and in accordance with, applicable laws and regulations.
The Board got approval of shareholders for the MemArts of the Company to be amended upon completion of the share buyback and share capital reduction, to reflect the Company’s updated share capital.
The board of directors also got shareholders approval to take all such lawful actions and steps (including but not limited to entering into/executing such agreements and documents, appointing professional advisers and other parties, complying with directives of any regulatory authority) deemed necessary to give full effect to the above-referenced resolutions.
The Company Secretary was authorised to make all such filings, take all necessary lawful actions and/or steps to give effect to the above-referenced resolutions and comply with all relevant regulatory requirements.
