Ardova shareholders to receive N17.88 per share for transfer

Shareholders of Ardova Plc, at a court ordered meeting held in Lagos, have approved the Scheme of Arrangement, for the holders of its fully paid ordinary shares of 50 kobo each, subject to the approval of the Securities and Exchange Commission and the court.

Each Scheme shareholder of the company, subject to the sanction of the court, would receive N17.88k per share held by such shareholder.

According to a statement signed by Ardova Plc’s Company Secretary, Oladeinde Nelson–Cole, the shareholders at the meeting approved the Board of Directors of the company to consent to any modifications of the Scheme of Arrangement that the SEC and/or the court may deem fit to impose and approve.

According to the proposed Scheme presented to shareholders, Daily Trust gathered that the transaction provides an avenue for the core shareholder to support the company in raising the required capital to expand its business operations in order to improve profitability.

It would be recalled that Ignite Investments & Commodities Limited, had approached the Board of Directors of the company to acquire the shares held by other shareholders of the company and subsequently delist the company from NGX if the planned acquisition succeeds.