Ardova Plc (Formerly known as Forte Oil Plc) has notified the Nigerian Stock Exchange and the Investing public that, the meeting of the Board of Directors of the Company has been scheduled to hold on Thursday, July 30, 2020 to consider and approve the Unaudited Financial Statements for the period ended 30th June 2020.
In the notification dated 15 July 2020 and signed by the AG Company Secretary/General Counsel Oladeinde Nelson – Cole, Ardova also announced the commencement of its closed period.
The closed period will commence on Wednesday July 15, 2020 in accordance with Rule 17.18: Period of Closure, Rulebook of The Exchange, 2015 (Issuers’ Rules).
Consequently, no Director, person discharging managerial responsibility, employee with sensitive information, adviser, and consultant of the Bank and their connected persons may directly or indirectly deal in the shares of the Company until 24 hours after the Unaudited Financial Statements for the period ended 30th June 2020 are released on The Exchange.
Ardova Plc is into the business petroleum products marketing. In its unaudited interim financial statements for the period ended 31 March 2020, the company recorded 22.31% growth in revenue to N52.051 billion from N52.558 billion posted in Q1 2019.
Despite the significant rise in revenue, the Profit after tax dropped by 85.04% to N497.44 million in Q1 2020 from N3.324 billion in the same period in 2019.
The share price of Ardova has remained unchanged at N11.65 since 3 July 2020. The 52 week high and low prices are N20.60 and N9.40 respectively.