Ardova plans N60bn bond issuance programme

Ardova Plc has notified the Nigerian Exchange Regulation Limited (The Exchange) and the general public of the proposed establishment of N60billion bond issuance programme by the Company and potential issuance of series of bonds under the Programme.

The Board of Directors of the Company via a resolution dated February 25, 2021 have resolved to recommend the Proposed Transaction for the approval of the shareholders of the Company, subject to obtaining requisite regulatory approvals and relevant contractual approvals.

“The final decision to proceed with the Proposed Transaction will be subject to market conditions and the specific details of the Proposed Transaction will be disclosed in the appropriate transaction documents at the relevant time”, according to a notice at the Nigerian Stock Exchange signed by Oladeinde Nelson – Cole, acting Company Secretary/General Counsel, Ardova Plc.

Read Also: Guinness, other stocks drive NSE ASI high by 0.41%

Potential investors in the proposed N60billion bond issuance programme were advised that nothing in the announcement shall constitute an offering of any securities once and if the Programme is established.

“Any decision to participate in and subscribe for bonds under the Proposed Transaction will be made based on the investor’s review of the information contained in and incorporated by reference into the shelf prospectus and pricing supplement to be published, and after due consultation with its stockbroker, solicitor, accountant, banker or an independent investment adviser,” the notice reads.