Ardova Plc has informed the Nigerian Exchange (NGX) of its intention to delist as a publicly listed company. This is on the backdrop of Ignite Investments & Commodities Limited’s proposed N17.38 per share buyback.
Company Secretary, Ardova Plc, Oladeinde Nelson-Cole disclosed this development in a statement cited by BizWatch Nigeria.
In the statement, Nelson-Cole added that the company had been approached by its parent firm, Ignite Investments & Commodities Limited to acquire the shares held by other shareholders of the company at an offer price of N17.38 per share.
Ignite Investments & Commodities Limited currently owns 74% of Ardova and is the majority shareholder of the company.
Nelson-Cole said the company arrived at the share price of N17.38 per share using the 30-60 day volume weighted average share price of N14.19 and N13.97 respectively, on November 30, 2022
“The offer price of N17.38 represents a premium of 22.44per cent and 24.38per cent 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).
“It is intended that the Proposed Transaction will be implemented under a Scheme of Arrangement in line with section 715 of the Companies and Allied Matters Act, No.3 of 2020 (as amended) and other applicable rules and regulations.
“The Proposed Transaction is subject to the review and clearance of the Securities and Exchange Commission as well as the approval of the shareholders of the Company.
“The terms and conditions of the Proposed Transaction will be provided in the Scheme Document which will be dispatched to all shareholders following the receipt of an order from the Federal High Court to convene a Court Ordered Meeting. If the conditions of the Proposed Transaction are satisfied and same is sanctioned by the Federal High Court, the Company would be delisted from NGX.
“Further developments will be communicated to shareholders in due course. Ardova Shareholders and members of the public are advised to exercise caution in dealing in Ardova’s shares until further information is provided,” the statement added.
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