(Alliance News) - Russia-focused oil company Exillon Energy PLC on Thursday said it will propose the cancellation of its shares from Main Market trading.
The cancellation needs the approval of at least 75% of its shareholders at an upcoming extraordinary general meeting vote, Exillon said.
The firm added: "Exillon intends to offer to repurchase shares from the company's shareholders by way of a tender offer the amount of which will be determined at a later stage and will in no event exceed 25% of the company's issued share capital, subject to approval of such repurchase by the company's shareholders at the upcoming EGM."
Shares in Exillon are currently suspended from trading, it is yet to release its annual results for 2018.
In August, the company explained that work to on its 2018 statement was still ongoing. It first announced a delay to its 2018 results in April.
Exillon said at the time: "The delay is mainly due to the fact that certain transactions entered into by the group companies have been identified where the status of the counterparties and the nature of the transactions require further review and analysis by the board of directors and the management of the company and its auditors."
By Eric Cunha; ericcunha@alliancenews.com
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