One of the nation’s top oil firms, Ardova Plc, has left the Nigerian Exchange Limited after being delisted.
According to Business Post, the company has requested to leave the platform and suspend the open trading of its shares at the NGX, and as a result, it is quitting the primary stock exchange of the country.
Remember that in February 2023, Ardova disclosed that its primary shareholder, Ignite Investments & Commodities Limited, intended to acquire the minority shareholders’ shares.
Ignite made an offer to purchase the shares on November 30, 2022, the final trading day before, for N17.38 per unit, which is a premium of 22.44 percent and 24.38 percent over the 30-day and 60-day volume-weighted average share prices of N14.19 and N13.97, respectively.
This contract was approved at a meeting that was mandated by the court. The company then submitted a request to voluntarily quit the stock exchange, which was approved.
The bourse announced on Wednesday that it had removed Ardova’s stocks from its trading platform, confirming the company’s departure from the NGX.
“The market is hereby informed that as of today, Wednesday, July 26, 2023, the entire 1,310,629,267 issued share capital of Ardova was delisted from the daily official list of Nigerian Exchange Limited following the submission of the necessary post-approval documentation by Ardova Petroleum Plc.”
The notice said that the delisting of Ardova on NGX is pursuant to the Scheme of Arrangement between Ardova and the holders of its fully paid ordinary shares of 50 Kobo each, as approved by the Securities and Exchange Commission and sanctioned by the court.
In 2018, Ignite bought Mr. Femi Otedola’s 75% share in the defunct Forte Oil. After that, it hired a new team and relaunched the organization.
