Update: Shareholders approve Forte Oil name change to Ardova

The shareholders of Forte Oil Plc at the company’s Extraordinary General Meeting (EGM) approved that the name of the company be changed from Ardova Plc.

Ignite Investments had on June 24, 2019 acquired 970,166,694 ordinary shares representing a 74.02percent equity stake in Forte Oil from Zenon Petroleum & Gas Limited, Thames Investment Incorporated and Femi Otedola, for a cash consideration of N66.25 per share.

The acquisition was consummated following the execution of a share purchase agreement between Ignite Investments, Zenon Petroleum, Thames Investment and Femi Otedola, and the approval of the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).

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Recently, Ignite Investments and Commodities Limited through a mandatory takeover acquired up to 500,000 ordinary shares in Forte Oil Plc at N66.25 per share, which now makes its equity holdings in Forte Oil up to a maximum of 74.06percent.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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