Ardova Quits Nigerian Exchange After Delisting

July 26, 2023
Ardova N60bn Bond

By Dipo Olowookere

One of the leading energy companies in the country, Ardova Plc, has exited the Nigerian Exchange (NGX) Limited, Business Post reports.

The firm is leaving the country’s main stock exchange after it requested to quit the platform and stop the public trading of its shares at the NGX.

Recall that in February 2023, Ardova announced that its core shareholder, Ignite Investments & Commodities Limited, was planning to buy out the shares held by minority investors.

Ignite offered to buy the stocks at N17.38 per unit, representing a premium of 22.44 per cent and 24.38 per 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.

A court-ordered meeting was held to approve this deal. The firm then filed an application to voluntarily leave the stock exchange, and it was granted.

In a notice on Wednesday, the bourse said it had delisted the equities of Ardova from its trading platform, confirming the exit of the organisation from the NGX.

“The market is hereby notified that following the submission of the required post-approval documents from Ardova Petroleum Plc, the entire 1,310,629,267 issued share capital of Ardova was delisted from the daily official list of Nigerian Exchange Limited today, Wednesday, July 26, 2023.

“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 (SEC) and sanctioned by the court,” the notice read.

In 2018, Ignite acquired the 75 per cent stake held in the defunct Forte Oil by Mr Femi Otedola. It then rebranded the organisation and brought in a new team.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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