Ardova to delist from NGX, to sell shares

Ardova PLC, an indigenous marketer of petroleum products, has notified the Nigerian Exchange Limited of its plan to delist from the bourse.

In a statement sent to the Exchange, the company said this follows from the intention expressed by Ignite Investments and Commodities Limited to acquire the shares held by other shareholders of the Company.

Ignite has offered to buy the shares of Ardova at a price of N17.38 per share, Ardova said.

“The offer price represents a premium of 22.44 per cent and 24.38% to the 30-day and 60-day volume weighted average share price of N14.19 and N13.97 respectively, on 30 November 2022,” the company explained.

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It said 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 transaction is also subject to the review and clearance of the Securities and Exchange Commission as well as the approval of the shareholders of the Company, the statement said.