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).
Read more: https://www.investingport.com/ardov...stors-n1738-per-share-to-delist-from-the-ngx/