NGX Delists Entire 1.31bn Shares Of Ardova Petroleum From Official List

The Nigerian Exchange Limited said it has delisted the entire 1,310,629,267 issued share capital of Ardova Petroleum Plc from the Daily Official List on Wednesday, 26 July 2023.
This, it said followed “the submission of the required post-approval documents from Ardova Petroleum Plc,” and pursuant to the Scheme of Arrangement between Ardova and the holders of its fully paid ordinary shares of 50 Kobo each as approved by the Securities and Exchange Commission and sanctioned by the Court.
Ardova had in February announced the receipt of an offer from Ignite Investments & Commodities Limited to buy out minority holders of its shares at an offer price of ₦17.38 per share.
Ignite Investment had previously 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 by 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 (READ MORE).