Ardova Seeks Shareholders Approval For N60 Billion Fresh Capital

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Olumide Adeosun Ardova Plc CEO

The Board of Directors of Ardova Plc has decided to seek the approval of shareholders of the downstream oil and gas company for a new capital raise under which the company plans to raise up to N60 billion in debt capital.

In a regulatory filing at the Nigerian Exchange (NGX) Limited, the board of Ardova indicated that the company plans to establish a N60 billion bond issuance programme, under which series of bonds will be issued.

Directors of the company stated that they had through a resolution dated February 25, 2021 resolved to recommend the N60 billion bond issuance for the approval of the shareholders of the company, subject to obtaining requisite regulatory approvals and relevant contractual approvals.

The board however noted that the final decision to proceed with the N60 billion bond issuance will be subject to market conditions and the specific details of the bonds which will be disclosed in the appropriate transaction documents at the relevant time.

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