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    ARDOVA   NGAP00000004

ARDOVA PLC

(ARDOVA)
  Report
End-of-day quote Nigerian Stock Exchange  -  2022-11-29
13.90 NGN   -.--%
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ARDOVA : PRESS RELEASE - MISLEADING MISREPRESENTATION IN MEDIA PUBLICATIONS OF A CHARGE TO WIND UP PESL

08/09/2022 | 12:49pm EST

ARDOVA PLC

LAGOS, 09 AUGUST 2022

Misleading misrepresentation in Media Publications of a "charge" to wind up PESL

Attention of the Management of Ardova Plc (Ardova or the Company) has been drawn to news circulated in various media publications on 8 August 2022, which seem to include Ardova Plc in a report of a "charge" to wind-up Prudent Energy & Services Limited (PESL) over an alleged inability to pay $6 million debt presented to the Federal High Court by Zenon Petroleum and Gas Limited (Zenon).

Ardova Plc hereby states that the story is misleading and presents the facts of the matter as follows:

  1. The issues relate to the claims and warranties under the Share Purchase Agreement ("SPA") between Ignite Investments and Commodities Limited ("Ignite") and Zenon together with its affiliates for the acquisition of shares in Forte Oil Plc (now Ardova Plc).
  2. There are no claims against Ardova Plc as an entity. There are no winding-up petitions threatened or filed against Ardova Plc in respect of these issues or any other issue.
  3. For the avoidance of doubt, Ardova Plc is not a party to any of the proceedings and the proceedings neither affect Ardova Plc's rights nor create any liability for Ardova Plc in any way.

However, the Company has faith in the dispute resolution process and believe it will culminate in a just resolution of the issues. Ardova wants to avoid being drawn into a media spectacle and consider it important to clarify that this report relates to a dispute between former shareholders and a current shareholder and has nothing to do with Ardova Plc as a separate entity.

Signed,

Oladeinde Nelson-Cole

Company Secretary

Disclaimer

Ardova plc published this content on 09 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2022 16:48:10 UTC.


ę Publicnow 2022
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Financials
Sales 2022 239 B 539 M 539 M
Net income 2022 -3 999 M -9,01 M -9,01 M
Net Debt 2022 - - -
P/E ratio 2022 -
Yield 2022 -
Capitalization 18 140 M 40,9 M 40,9 M
Capi. / Sales 2022 0,08x
Capi. / Sales 2023 0,07x
Nbr of Employees 169
Free-Float 73,9%
Chart ARDOVA PLC
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 1
Last Close Price 13,90 NGN
Average target price 16,28 NGN
Spread / Average Target 17,1%
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Olumide Adeosun Chief Executive Officer & Executive Director
Moshood Olajide Chief Financial Officer & Executive Director
AbdulWasiu O. Sowami Chairman
Olugbenga Olorunnisola Assistant General Manager-Compliance
Olusola Adeeyo Independent Non-Executive Director
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