[ad_1]
Ardova Plc is on the cusp of going personal, a press release by its administrators’ board confirmed on Monday, roughly forty-five years after the corporate listed in Lagos.
Ignite Investments & Commodities Restricted, the funding portfolio of its majority shareholder and chairman, Abdulwasiu Sowami, has put ahead a proposal of N17.38 per share in alternate for all of the shares held by different shareholders, valuing the deal within the neighbourhood of N16.9 billion.
Mr Sowami holds 74.1 per cent of Ardova’s issued shares and is seeking to purchase the remaining 25.9 per cent equal to 970.7 million items presently within the fingers of the investing public.
“The provide worth of ₦17.38 represents a premium of twenty-two.44% and 24.38% to the 30-day and 60-day quantity weighted common share worth of ₦14.19 and ₦13.97 respectively, on 30 November 2022,” Ardova stated within the doc seen by PREMIUM TIMES.
The vitality agency was at numerous factors prior to now referred to as British Petroleum Nigeria, African Petroleum and Forte Oil. It was included in 1964 because the native unit of British Petroleum however grew to become indigenised twelve years after when 60 per cent of its shares have been bought by the Nigerian Nationwide Petroleum Company (NNPC) and the remaining by the Nigerian public. It was christened African Petroleum Restricted in 1978.
NNPC would promote an additional 40 per cent stake on the flip of the millennium in 2000 earlier than billionaire mogul Femi Otedola purchased a controlling stake in 2007, later altering the identify to Forte Oil.
READ ALSO: Ardova seals pact to take over rival vitality agency Enyo
Ardova adopted its present identify in 2019 after Mr Otedola offered his 74.02 per cent curiosity to Ignite Investments.
That no different director holds Ardova’s shares eases the trail for Mr Sowami’s bid to take the corporate personal regardless that it should scale regulators’ hurdles aside from getting shareholders to surrender their stakes.
The transfer is coming at a time of combined fortunes for Ardova, which took over rival Enyo about fifteen months in the past, a deal that added 90 filling stations to its shops and 100,000 clients to its clientele.
Whereas it has not reported revenue for the final two years, its property have expanded by greater than twofold inside the interval.
The deal is to be executed by means of a scheme of association, with the phrases and circumstances to be spelt out in “the Scheme Doc which might be dispatched to all shareholders following the receipt of an order from the Federal Excessive Court docket to convene a court-ordered assembly.”
If the transaction goes via, Ardova might be delisted from the Nigerian Alternate.
Assist PREMIUM TIMES’ journalism of integrity and credibility
Good journalism prices some huge cash. But solely good journalism can guarantee the potential of an excellent society, an accountable democracy, and a clear authorities.
For continued free entry to the perfect investigative journalism within the nation we ask you to think about making a modest help to this noble endeavour.
By contributing to PREMIUM TIMES, you might be serving to to maintain a journalism of relevance and guaranteeing it stays free and out there to all.
Donate
TEXT AD: Name Willie – +2348098788999
[ad_2]
Source link
