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11 Plc Notifies of Board Resolutions; Proposes to Delist from NSE

Stock & Analyst Updates	1591 VIEWS
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Tuesday, March 03, 2020 / 01:30 PM / NSE / Header Image Credit: 11 Plc

The Board of Directors of 11 Plc at its Board meeting held on 27 February, 2020 considered and approved the following proposals:

a) A proposal for 11 PLC to voluntarily delist from the Nigerian Stock Exchange. The proposal is to be considered for shareholders' approval at the next Annual General Meeting slated for June 3, 2020. In line with NSE rules, shareholders of the company will have a 90-day window on voluntary delisting to decide on the exit plan on offer to shareholders;

b) A proposal to restructure the company's business by transferring its real estate unit to 11 Hospitality Limited, the new subsidiary of the company, for optimum return on investment whilst 11 Plc will concentrate more on the downstream sector of its business;

c) The Board also appointed Senator Daniel O. Aluko as Independent Non-Executive Director with effect from February 27, 2020.

Senator D.O. (Gbenga) Aluko

Senator Aluko is a graduate of the College of Energy and Petroleum Studies, Oxford England with a post graduate Degree in International Oil Trading and Pricing. He had his first degree in Geography with specialization in regional Planning from the University of Benin in 1982.

He is the Executive Chairman of Alsteg & Midlands Limited and serves as an external consultant to Chevron Nigeria Mid-Africa Strategic Business Unit. He retired as the Director, Government Affairs, Policy, Government and Public Affairs - Chevron Nigeria Mid-Africa Strategic Business Unit (NMASBU) in January 2018. He has over 25 years' experience in the oil and gas industry.

He was also a Senator of the Federal Republic of Nigeria, representing Ekiti South Senatorial District from 1999-2003. As a member of the 4th National Assembly, He served as the Chairman Senate Committee on Petroleum (Downstream) and Vice Chairman Senate Committee on Gas among other committees.

He is a member of several professional bodies with various awards to his credit. A recipient of fellowships & grants from foreign universities and bodies including the prestigious Stanford University Graduate School of Business.

The Board approvals aforementioned are subject to Shareholders and Regulatory approvals in the prescribed form.

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