Ardova to issue N60billion bond

Ardova Plc, former Forte Oil has on Tuesday announced plans to establish N60 billion 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 has resolved to recommend the Proposed Transaction for the approval of the shareholders of the Company, subject to obtaining required 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.