Ignite Investments and Commodities Limited acquired 25.9% stake in Ardova Plc for NGN 5.9 billion.
From the Effective Date, the Scheme shall become effective and binding on all the Shareholders of Ardova (regardless of whether they attended or were absent from the Court-Ordered Meeting), if: a. The Scheme is approved by a majority representing not less than three-quarters in value of ordinary shares cast by the Qualifying Shareholders, present and voting, either in person or by proxy, at the Court-Ordered Meeting; b. The SEC approves, with or without modification, the terms and conditions of the Scheme as agreed by the majority of the Scheme Shareholders in accordance with (a) above; c. The Scheme is sanctioned by an order of the Court; and d. A certified true copy of the Court Sanction in respect of the Scheme is delivered to the CAC for registration. The Transaction provides an avenue for the Core Shareholder to support the Company in raising the required capital to expand its business operations in order to improve profitability. The Board of Directors has considered the Offer and considers the terms of the Scheme to be fair and reasonable. Therefore, the Board recommends that you vote in favour of the resolutions, which are to be proposed at the Court-Ordered Meeting scheduled to hold on 31 May 2023. As of June 2, 2023, the Board of Directors of the Company be and are hereby authorised to take all actions deemed necessary to give effect to the aforementioned resolutions of the Company or as may become necessary to put the Scheme of Arrangement into effect.
Stanbic IBTC Capital Limited is acting as Financial Adviser, Banwo & Ighodalo as legal advisor, PricewaterhouseCoopers Nigeria acted as fairness provider, Stanbic IBTC Stockbrokers Limited acted as financial advisor, Veritas Registrars Limited, Veritas Registrars Limited acted as Registrar acted and Deloitte & Touche acted as accountant to Ardova Plc.