Shareholders approve MRS de-listing from NGX

Shareholders of MRS Nigeria Limited have approved the voluntary delisting of the company’s shares from the Nigerian Exchange Limited.

This was contained in the company’s notice to the Nigerian Exchange Limited as part of the resolution passed at the Extraordinary General Meeting of MRS Nigeria, held on June 25, 2024, at the Civic Centre, Ozumba Mbadiwe Avenue, Victoria Island, Lagos.

The statement signed by the company secretary, O. M. Jafojo (MRS), indicated that the Board of Directors was also authorised to determine the terms and conditions for the delisting, including timing, dissenting shareholder arrangements, and regulatory approvals.

It was also approved that the company’s Memorandum and Articles of Association will be amended to permit a share buyback and share capital reduction.

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The company was also authorised to buy back shares and reduce share capital as needed, particularly for dissenting shareholders, in compliance with laws and regulations.

The statement read in part: “That the Memarts of the Company be amended upon completion of the share buyback and share capital reduction, to reflect the Company’s updated share capital.

“That upon conclusion of the Voluntary Delisting, and whilst the Company remains a public limited liability company, the Board be and is hereby authorised to take all such action as may be required, to admit the Company’s shares on the NASD OTC Securities Exchange in order to ensure that dealings in the Company’s shares are implemented in accordance with the Securities and Exchange Commission’s Rules on Trading in Unlisted Securities.”