• Thursday, March 28, 2024
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Update: Shareholders approve Forte Oil name change to Ardova

forte oil

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).

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.