The shareholders of Ardova Plc have approved ₦17.88k per share for Scheme shareholders.
The approval came at a 31 May Court Ordered Meeting in Lagos, during which the shareholders approved the Scheme for the holders of its fully paid ordinary shares of 50 kobo each.
They are however awaiting the approval of the Securities and Exchange Commission (“SEC”) and the Court.
When the Scheme is finally approved by SEC, the court and registered by the Corporate Affairs Commission (CAC), each shareholder of the Company, shall receive ₦17.88k per share held.
The approval at the meeting also shows that the Scheme shareholders of the Company will be able to realise their holdings in the Company at a 28 per cent premium to the Company’s share price of ₦13.90 on 30 November 2022, being the last traded price prior to the offer.
According to the proposed Scheme presented to shareholders, the transaction provides an avenue for the core shareholder to support the Company in raising the required capital to expand its business operations to improve profitability.
The Chairman for the Meeting, Aniola Durosinmi-Etti, stated, “In recent years, the macro-economic environment in Nigeria had been particularly difficult on the general operations of businesses in the country”.
She added that “over the past five years, the Company has recorded declining margins despite growth in its top-line”. She noted that operating costs had impacted the Company’s ability to pay decent returns as evidenced by its dividend payout history in the last five years.
She expressed that the management is committed to the long-term survival of the oldest and leading indigenous energy group in Nigeria.
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