11 Plc, (formerly Mobil Oil Nigeria Plc) has said that the delisting of its shares from the Nigerian Stock Exchange (NSE), is not meant to make the Company private.
“It is only a cessation of trading of the Company’s shares on the NSE platform. Hence there is no forceful acquisition of shares from the minority shareholders,” 11 Plc said in a statement today.
“The company’s shares will be listed on the NASD OTC, thus still making its shares tradable.”
Shareholders will have a choice of selling their shares now at the price indicated by the company at the NSE platform before the delisting cutoff date, or to sell on the NASD platform after delisting or to hold on to their shares and continue to receive their dividend.
11 Plc said the company could choose to return to the NSE platform sometime in the future.
“The minority shareholders have nothing to fear or worry about in connection with the delisting,” the firm said.