Ardova to issue N60billion bond

By Kayode Tokede

Ardova Plc, former Forte Oil has on Tuesday announced plans to establish a N60billion bond issuance programme with the potential issuance of series of bonds under the Programme.

Acting Company Secretary/General Counsel, Oladeinde Nelson – Cole in a statement said, “The Board of Directors of the Company  via a resolution dated 25 February 2021 have resolved to recommend the Proposed Transaction for the approval of the shareholders of the Company, subject to obtaining requisite regulatory approvals and relevant contractual approvals.

“The final decision to proceed with the Proposed Transaction will be subject to market conditions and the specific details of the Proposed Transaction will be disclosed in the appropriate transaction documents at the relevant time.

“Potential investors are advised that nothing in this announcement shall constitute an offering of any securities once and if the Programme is established.

“Any decision to participate in and subscribe for bonds under the Proposed Transaction will be made based on the investor’s review of the information contained in and incorporated by reference into the shelf prospectus and pricing supplement to be published, and after due consultation with its stockbroker, solicitor, accountant, banker or an independent investment adviser.”