Ardova Plc (NGX: ARDOVA) has notified the Nigerian Exchange Limited that there is an offer to acquire the shares held by other shareholders of the company and subsequently delist the company from the Exchange.
In a “cautionary announcement” by the company seen by Investogist, the company stated that it’s majority shareholder, Ignite Investments & Commodities Limited has approached the Board of Directors of the Company with an intention to acquire the shares held by other shareholders of the Company at an offer price of ₦17.38 per share, and subsequently delist the Company from NGX.
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Prudent Energy and Services, owned by Abdulwasiu Sowami had in 2019, through his investment company Ignite Investments and Commodities Limited acquired 74.02% equity stake in Forte Oil Plc’s downstream operation.
The Proposed Transaction is subject to the review and clearance of the Securities and Exchange Commission as well as the approval of the shareholders of the Company. The terms and conditions of the Proposed Transaction will be provided in the Scheme Document which will be dispatched to all shareholders following the receipt of an order from the Federal High Court to convene a Court Ordered Meeting. If the conditions of the Proposed Transaction are satisfied and same is sanctioned by the Federal High Court, the Company would be delisted from NGX.
The announcement went further to state that the price of N17.38 represents a premium of 22.44% and 24.38% to the 30-day and 60-day volume weighted average share price of ₦14.19 and ₦13.97 respectively, on 30 November 2022 (being the last trading day prior to the Offer).
Ardova Plc’s share price was N13.90 on November 30, 2022, and rose to N19.10 by January 31st, 2023. At the end of trading on Monday, 6th February, 2023, the share price stood at N17.65.
Read more about Ardova: Ardova Plc – The 56 years journey
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
