The Board of Directors of 11 Plc has notified the investing public of its proposed voluntary delisting from the Nigerian Stock Exchange. A total of 360,595,262 ordinary shares of 11 Plc listed on the Nigerian Stock Exchange would be delisted.
The decision for delisting was finalized at the Annual General Meeting which held on the 14th of October, 2020, where shareholders of 11 Plc considered, thought it fit and approved the Voluntary delisting of 11Plc from the floor of the NSE.
According to the statement by the company, the purpose of delisting is to enable the Company explore strategic opportunities, alliances and collaborations that can bolster earnings and/or provide synergized benefits with little or no regulatory obligations.
Exit Provision
Shareholders who disapprove the delisting, can indicate their dissent through the registrar for appropriate consideration. The interest of dissenting shareholders shall be bought by the Company for a consideration of N213.90 (Two Hundred and Thirteen Naira, Ninety Kobo Only) per ordinary share, being the highest price at which 11 Plc shares have traded, six (6) months preceding the notice of the AGM at which the resolution to delist was deliberated, as provided by the rules of the Nigerian Stock Exchange. The Financial Advisers and the Board, therefore consider this price fair and reasonable.
Following the conclusion of the delisting process, 11 Plc will become an Unlisted Public Liability Company (PLC). Shareholders that intend to remain members of an unlisted 11 Plc shall be free to remain and there is no obligation to receive the exit Consideration.
Historical Market Trading of 11 Plc
11 Plc is listed on the NSE with average daily trading volume of 48,272.22 shares and average daily value traded of N8,236,994.97 over the last 12 months. The chart below reflects the trading pattern of 11 Plc on the NSE within the six (6) months period preceding the date of notice of the AGM-17th of September, 2020.
Effect of delisting
Upon the delisting of 11Plc, the shares of the Company will no longer be available for trading on the Main Board of the Nigerian Stock Exchange. It is envisaged that the delisted 11 Plc will continue its operations as an unlisted Public Company.
Settlement
Shareholders who dissent, from the delisting proposal should complete the attached form and forward same to Greenwich Registrars & Data Solutions Limited located at 274 Murtala Muhammed Way, Alagomeji-Yaba, within the specified period.
At the conclusion of the delisting arrangements and receipt of clearance from the NSE, shareholders of 11 Plc that have opted to exit the Company will receive exit consideration in section 3 above. The consideration to each dissenting shareholder shall be remitted by the Registrars through electronic transfer to the respective bank accounts provided in the attached form.