11 Plc Notifies of Related Party Transaction And General Mandate Approval

Proshare

Friday, May 29, 2020 / 1:55 PM / NSE / Header Image Credit: 11 Plc 


11 PLC (the Company) hereby informs The Nigerian Stock Exchange ("The Exchange") and the investing public that in line with the circular issued by The Exchange on 17th April, 2020 on the above subject, the Board of Directors of the Company, at its meeting held on 27th May, 2020, approved the following:

That Management be and it is hereby authorized to enter into recurrent related party transactions listed in (ii) below, which transactions are required to enable the Company continue with its day-to-day operations, and that any such transaction already entered into by Management be and it is hereby ratified.

That these transactions be conducted at arm's length and at competitive and market related prices.

That this authorization will continue and remain in place for the next one year from the date of the Board's approval.

 

            i.          Related persons with which the Company will be transacting:

                        a. NIPCOPLC

                        b. Agri-chemicals Ltd

                        c. P.C. Obi & Co.

           

            ii.         Nature of transactions:

                        a. Inter companies purchase and sales of petroleum products, plant and equipment

                        b. Logistic Service

                        c. Consultancy Service


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