Ardova Plc (NGX: ARDOVA) has issued a statement to correct the misrepresentation in media publications regarding an arbitration between Zenon Petroleum and Gas Limited and Ignite Investment Limited.
The company noted in the statement that it has been drawn to news circulated by various media publications claiming victory by Zenon Oil over Ardova Plc in the share purchase agreement (SPA) dispute over the sale of Forte Oil.
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Zenon Petroleum and Gas Limited had won an arbitration case instituted by Ignite Investment Limited in the London Court of International Arbitration (LCIA) over the share purchase agreement (SPA) reached on the sale of Forte Oil Plc to the latter.
Zenon Petroleum was awarded $19.2 million by the LCIA in a judgment delivered on October 7.
In Ardova’s statement seen by Investogist, the company set out th following facts for clarification:
- The arbitration case is strictly between Ignite Investments and Commodities Limited (“Ignite”) and Zenon together with its affiliates for the acquisition of shares in Forte Oil Plc (now Ardova Plc).
- Ardova Plc as an entity is not a party in the arbitration and does not have any dispute with Zenon.
- The arbitral proceedings do not affect or create any liability for Ardova Plc in any way whatsoever.
It went further to state that “For the avoidance of doubt, the Company considers it important to clarify that the matter emanated
from a dispute between former shareholders and a current shareholder.
“Ardova Plc remains a responsible organisation and will not be drawn into a media spectacle on this matter.”
Nnamdi Maduakor is a Writer, Investor and Entrepreneur