By Adedapo Adesanya
An energy company listed on the NASD over-the-counter (OTC) Securities Exchange, 11 Plc, formerly known as Mobil Oil Nigeria Plc, has proposed the payment of a N8.50 dividend to its shareholders for the 2021 financial year.
In a notice issued on Thursday, the board stated that the proposed cash reward will be paid to those who hold the stocks of the company at the close of business on Friday, April 22 (today).
This means only those who hold the company’s shares as of the closing session today will be eligible to receive the stipulated dividend payment. The notice noted that the closure of the company’s register will be from Monday, April 25, 2022, to Friday, April 29, 2022 (both dates inclusive).
However, the payment will be subject to the approval of 11 Plc shareholders at the Annual General Meeting (AGM) of the company scheduled for Tuesday, May 24, 2022.
According to the firm, the yearly shareholders’ gathering will hold at Transcorp Hilton Hotel located at 1, Aguiyi Iron Street, Abuja by 11 a.m.
If the dividend payment is approved at the meeting, shareholders of the company will have their bank accounts credited on Wednesday, May 25.
At the close of trading at the NASD OTC bourse yesterday, Business Post gathered that the share price of 11 Plc appreciated by N18.20 to N200.00 per unit from the previous day’s N187.20 per unit.
Formerly known as Mobil Oil Nigeria Plc and founded in 1951, 11 Plc produces and markets a range of petrochemicals which includes gasoline, motor oils, lubricants, marine fuel and jet fuel. The company is one of six major petroleum product marketers in Nigeria and operates through over 250 retail outlets located in all 36 states of the federation.
