MRS Oil to Delist from Nigerian Exchange, Moves to NASD

MRS Oil Nigeria Plc has announced a decision to voluntarily delist from the Nigerian Exchange Limited (NGX) and move to the NASD OTC Securities Exchange. The company gave the notice following its shareholders approval at the Extraordinary General Meeting (EGM) held on June 25, 2024, in compliance with NGX delisting rules and regulatory requirements. The company said the transition to NASD OTC aligns with its strategic objectives and will provide an alternative trading platform for its shares. The voluntary delisting reflects MRS Oil’s restructuring efforts and its decision to operate in a less regulated trading environment, potentially impacting investor participation and market liquidity.
As part of the delisting process, MRS Oil has arranged a pay-out for dissenting and absentee shareholders, ensuring those who wish to exit receive fair value for their shares. The company has set aside the required funds to settle these shareholders, and the pay-out window will be open from April 4 to July 4, 2025. After this period, shareholders who have not opted for the pay out will be migrated to the NASD OTC platform, where their shares will continue to be tradable.
The company’s registrars will maintain an account for three months and submit a report to the Securities and Exchange Commission (SEC) listing all shareholders who have exited. Shareholders who wish to claim their dividends or pay out must contact the company’s registrar within the stipulated period, according to Cowry Asset Limited. The investment firm said such shareholder will be required to submit relevant documentation, including proof of shareholding and a valid means of identification. Any unclaimed funds after the deadline will revert to the company. Investors who choose to remain shareholders will automatically have their holdings transferred to NASD OTC, where they can continue to trade their shares in the over-the-counter market.