Ardova delists shares from NGX

Ardova Plc on Wednesday delisted its shares from the Nigerian Exchange Limited (NGX), ending a 53-year old listing after its precursor, African Petroleum was admitted to the stock market.

The delisting on July 26 is pursuant to the scheme of arrangements between Ardova and holders of its fully paid ordinary shares as approved by the Securities and Exchange Commission (SEC) and sanctioned by the court.

Ardova reached a buyout agreement that sees minority shareholders get 2.9 percent more than the settlement price the acquiring investor initially offered them.

Each scheme shareholder (as defined in the scheme document) shall receive N17.88kobo per scheme share held.

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Ardova Plc had notified the Nigerian Exchange Limited (NGX) that Ignite Investments & Commodities Limited approached the Board of Directors of the Company with an intention to acquire the shares held by other shareholders of the Company at an offer price of N17.38 per share, and subsequently delist the Company from NGX (the Proposed Transaction).

The offer price of N17.38 represented a premium of 22.44 percent and 24.38 percent to the 30-day and 60-day volume weighted average share price of N14.19 and N13.97 respectively on November 30, 2022 (being the last trading day prior to the Offer).

Trading in shares of Ardova and few others were suspended from the facilities of Nigerian Exchange Limited (NGX) effective Tuesday, July 11 having failed to file their Audited Financial Statements for the year ended December 31, 2022.