Shareholders of Arbico Plc have approved the voluntary delisting of the issued and fully paid-up ordinary shares of the company from the Nigerian Exchange Limited.
This was in the company’s notice to the Nigerian Exchange Limited and the investment community seen by Nairametrics.
According to the statement, the approval was part of resolution passed at the Extraordinary General Meeting of Arbico Plc held on Thursday, 21 March 2024 in Kuto Abeokuta.
The notice also outlines the approval of voluntary delisting, where shares of dissenting shareholders will be acquired by the Majority Shareholder.
The Registrars will distribute the Exit Consideration to dissenting shareholders according to Nigerian Exchange Limited rules on delisting.
Directors are authorized to take necessary actions, including signing documents and seeking regulatory approvals, to implement the resolutions without further consent from members. The motion passed unanimously.
The statement reads:
Nairametrics reported recently that Arbico Plc has announced a pivotal move with its decision to voluntarily delist from the Nigerian Exchange Limited, as revealed in a recent notice of an Extraordinary General Meeting (EGM) scheduled for March 21, 2024.
Arbico Plc, a Nigerian construction and civil engineering company, has been facing financial challenges in the last few years.
According to the company, the meeting, set to take place at Park Inn by Radisson in Abeokuta, will address significant resolutions regarding the company’s future direction.