Ardova plans to establish N6bn bond issuance programme

Ardova Plc, formerly Forte Oil Plc, has said it is proposing to establish a N6bn bond issuance programme and potential issuance of series of bonds under the programme.

The integrated energy company said its board of directors, via a resolution dated Feb. 25, 2021, had 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.

It said in a statement on Tuesday that the final decision to proceed with the proposed transaction would be subject to market conditions and the specific details of the proposed transaction would be disclosed in the appropriate transaction documents at the relevant time.

Ardova said, “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.”

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