The Shareholders of 11 Plc (NSE Ticker: MOBIL) has approved the voluntary delisting of the shares of 11 Plc from the Nigerian Stock Exchange (NSE). The approval was given at the company’s 42nd Annual General Meeting held on October 14, 2020.
The resolutions at the AGM was contained in a corporate release by the company to the Nigerian Stock Exchange and investing public.
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Other ordinary resolutions proposed and passed by the shareholders at the meeting held at Transcorp Hilton 1, Aguiyi Ironsi Street, Abuja are;
- A dividend of N2.974 billion that is 825 kobo per share, subject to withholding tax at the appropriate rate, be and is hereby declared payable on October 15, 2020 to all shareholders whose names were in the Register of members at the close of business on the September 29, 2020.
- The appointment of Senator Daniel Olugbenga Aluko as Independent Non-Executive Director is hereby ratified.
- Pursuant to Section 361 (1)(b) of the Companies and Allied Matters Act of 2004, the Directors of the Company be and are hereby authorised to fix the remuneration of the external auditors for the year ending December 31, 2020.
- Having scored the highest votes, Esan Ogunleye, Ganiat Adetutu Siyonbola and Ralph Oluwole Osayameh in addition Ramesh Vinwani, Chief Paul C. Obi and Alhaji Abdulkadir Aminu who are the Directors’ representatives are hereby declared members of the Audit Committee.
- The Directors’s remuneration for the year ending 31 December 2020 be and is hereby fixed at N500,000 (Five hundred thousand naira) for each of the Non Executive Directors in the total sum of N2,500,000.00 (two million, five hundred naira).
- The transfer of the real estate portfolio of 11 Plc to 11 Hospitality Limited (its wholly owned subsidiary) as recommended by the Board of Directors be and is hereby approved.
About the Company
11 Plc (formerly Mobil Oil Nigeria Plc) was incorporated as a Private Limited Liability Company in 1951. It became a public limited liability company in 1978 and its share capital is listed on the Nigerian Stock Exchange.
ExxonMobil Plc conducted the transfer/sale of her 60% holding in Mobil Oil Nigeria Plc (MON) to NIPCO Investment Limited, a wholly-owned subsidiary of Nipco Plc in 2017.
As at December 31, 2019, Nipco Group shareholding in 11 Plc is 77.81% while other investors hold 22.19%.
The Change in Control (CIC) resulted in the change of the Company name to 11 Plc (Double one Plc).
The Company was formed principally for the marketing of petroleum products. The Petroleum products the company sells include Petrol, Diesel, Aviation fuel, Liquified petroleum gas and Kerosene are mainly sold through the company’s service stations while Lubricants are sold through distributors. Aviation fuel is sold at Murtala Muhammed Airport.
All the fuels which the Company sells are purchased either from the Nigerian National Petroleum Corporation or from other third party suppliers. Lubricants are blended locally or purchased from ExxonMobil Corporation through a related party.
The Company also has some investment properties which are leased for office and residential purposes at market rate.
11 Plc has 360,595,262 outstanding shares and a market capitalization of N67.395 billion.
Shareholders of the company will in line with NSE rules, have a 90-day window on voluntary delisting to decide on the exit plan on offer to shareholders.
By; Nnamdi M.