Ardova delists shares from NGX

Ardova Plc on Wednesday delisted its shares from the Nigerian Exchange Limited (NGX), ending a 53-year old listing after its precursor, African Petroleum was admitted to the stock market.

The delisting on July 26 is pursuant to the scheme of arrangements between Ardova and holders of its fully paid ordinary shares as approved by the Securities and Exchange Commission (SEC) and sanctioned by the court.

Ardova reached a buyout agreement that sees minority shareholders get 2.9 percent more than the settlement price the acquiring investor initially offered them.