By Dipo Olowookere
An energy company, 11 Plc, formerly known as Mobil Oil Nigeria Plc, has joined the NASD over-the-counter (OTC) Securities Exchange.
The firm joined the NASD Exchange on Friday, June 18, 2021, after it voluntarily delisted its stocks on the Nigerian Exchange (NGX) Limited last month.
Business Post gathered that when 11 Plc was admitted into the unlisted securities market, it was allotted the trading symbol, SD11PLC, and its securities were listed at N215 per unit.
Recall that in February 2021, Business Post reported that 11 Plc would trade its shares on the NASD platform after it exits the country’s main stock exchange.
The energy firm had explained that it was leaving the NGX to “focus on revenue generation, consider strategic opportunities, alliances and collaborations; and tremendously shift from regulatory, administrative, and financial reporting regulations that companies listed on the exchange must adhere to.”
Before leaving, it offered shareholders who intend to sell their stake in the firm N213.90 for each of the unit held by them, noting that this amount was reached because it was the price shares of the company were sold at the exchange six months preceding the notice of the Annual General Meeting (AGM) of 2020, where the decision to delist was agreed.
At the close of business on Tuesday, February 9, 2021, shares of the company traded flat at N228 per unit. The firm had shares outstanding of 360,595,262 and a market capitalisation of N82.2 billion.
“The interest of dissenting shareholders shall be bought by the company for a consideration of N213.90 per ordinary share, being the highest price at which 11 Plc shares have traded, six months preceding the notice of the AGM at which the resolution to delist was deliberated, as provided by the rules of the NSE,” 11 Plc had said.
In a related development, the NASD OTC Exchange has also admitted Capital Bancorp Plc on its trading platform. The company also joined last Friday.
Capital Bancorp, which offers financial services, was given the trading symbol SDCBANCO and was listed at N3.83 per unit.
This brings the total number of companies on the trading exchange to 41. The OTC platform was created for securities that are not listed on any other securities exchange, providing a secure regulated platform for investors to trade on them.
