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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.
Visit 11 Plc IR Page in Proshare MARKETS
Graph - One Year Share Price Movement
Table: Unaudited Q3 2019 Results
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