Ardova Plc to be Bought Out and Delisted From NGX.

On Tuesday, Ardova Plc released a corporate disclosure announcing the planned acquisition of all the company’s shares by Ignite Investments & Commodities Limited. If this transaction is successful, it means Ardova Plc would be delisted from the Nigerian Stock Exchange (NGX). 

In a statement signed by the Company Secretary of Ardova Plc, Oladeinde Nelson-Cole, it was stated that Ignite Investments & Commodities Limited had approached the Board of Directors intending to acquire shares held by other shareholders at ₦17.38 per share. The ₦17.38 offer price represents a 22.44% and 24.38% increase over the 30-day and 60-day volume weighted average share price of ₦14.19 and ₦13.97 respectively, as of November 30, 2022, which was the final trading day before the offer.  

Also Read: Ardova Not Facing Winding Up Order Over Prudent Energy Alleged Debt To Zenon-Company

The proposed transaction is planned to be executed via a Scheme of Arrangement per section 715 of the Companies and Allied Matters Act No. 3 of 2020 (as amended) and any relevant regulations. The transaction is also contingent upon the review and approval by the Securities and Exchange Commission and the Company’s shareholders.

About Ardova Plc

Ardova is one of the leading indigenous energy companies in Nigeria. The company traces its root back to 1964 as the Nigerian subsidiary of British Petroleum. It became known as Ardova Plc in 2019 after Ignite investments and Commodities Ltd acquired a 74.02% stake in Forte Oil plc. 

They are engaged in marketing and distributing petroleum products, lubricant products, aviation fuel, and cooking gas (LPG). In 2021, the company purchased 100% ownership in Enyo Retail & Supply Limited, adding the latter’s 95 retail stations to Ardova’s 450 retail stations nationwide.

Ardova has an oil blending plant in Lagos where it manufactures its brand of lubricants: Super V, Visco 2000, and Diesel Motor Oil. The company also holds exclusive distribution rights for Shell-branded Helix Engine Oils in Nigeria.

With a 74% stake already in Ardova Plc, Ignite investments and Commodities Ltd acquiring a 100% stake in Ardova Plc would reduce investor interference in the company and provide the company more flexibility. 

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