Ardova Plc Finally Pays Investors N17.38 per Share to Delist From the NGX

News reaching shows that Ardova Plc delisted its shares from the Nigerian Exchange Limited (NGX) on Wednesday. 

The delisting which happened on July 26 was in line with the agreements between the company and shareholders of its fully paid ordinary shares which got approval from the Securities and Exchange Commission (SEC) and was sanctioned by the court.

Ardova Plc reached a final agreement in which the company agreed that minority shareholders will receive a 2.9% high from their first settlement price given by the purchasing investor.

Abdulwasiu Sowami has decided to pay N17.38 per share for a total of 970.7 million which equals N16.9 billion. With this signing, Sowami has fully taken over the company. However, the minority shareholders had high hopes that each share would be worth N66.

Ardova Plc had notified the Nigerian Exchange Limited (NGX) that Ignite Investments & Commodities Limited had approached the Company's Board of Directors to acquire the shares held by other shareholders of the Company at an offer price of N17.38 per share and then delist the Company from NGX (the Proposed Transaction).

The Notice Reads,

“The market has been officially informed that Ardova Petroleum Plc has submitted the necessary post-approval documents, resulting in the delisting of the entire 1,310,629,267 issued share capital of Ardova from the daily official list of Nigerian Exchange Limited today, Wednesday, July 26, 2023. 

“The delisting of Ardova on NGX is under 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 offer price of N17.38 constituted a 22.44%and a 24.38% premium to the 30-day and 60-day volume weighted average share price of N14.19 and N13.97, respectively, on November 30, 2022 (the last trading day previous to the Offer).

Trading in Ardova and a few other companies' shares was stopped from the Nigerian Exchange Limited (NGX) facilities on Tuesday, July 11, after they failed to complete their Audited Financial Statements for the fiscal year ended December 31, 2022.