Core Investor Seeks Buyout Of Minority Shareholders, Delisting Of Ardova Plc From NGX

The board of Ardova Plc, on Monday informed the Nigerian Exchange Limited (NGX) that it has received an offer from Ignite Investments & Commodities Limited, its majority shareholder, seeking to buyout minority holders of its shares at an offer price of ₦17.38 per share.
Recall that Ignite Investment had some years ago acquired 970,166,694 shares in the then Forte Oil Plc from Zenon Petroleum & Gas Limited, Thames Investment Incorporated, and Femi Otedola for N66.25 per share. This was followed a further offer to acquire up to 500,000 shares, representing 0.04% of the total issued and fully paid-up capital of Forte Oil Plc from other shareholders of the company, bringing its shareholding to 74.06%.
The offer price of N66.25, at the time represented an upside potential of 330.19%
Ardova Plc in the notice by Oladeinde Nelson-Cole, its Company Secretary, said the offer price 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).
The Proposed Transaction, which will be implemented under a Scheme of Arrangement in line with section 715 of the Companies and Allied Matters Act, No.3 of 2020 (as amended) and other applicable rules and regulations, the statement added, and subsequently result in its delisting from NGX, if the conditions are sanctioned by the Federal High Court, the Company would be delisted from NGX.
“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, he stressed.