Ardova Plc to Raise N60 Billion From Debt Market

The management of Ardova Plc on Tuesday announced the Board of Directors of the Company on February 25, 2021 approved the company’s plan to raise N60,000,000,000 through bond issuance.

Ardova stated that the final decision to proceed with proposed bond issuance will be subject to market conditions and the specific details of the Propose Transaction will be disclosed in the appropriate transaction documents at the relevant time.

In the statement signed by Oladeinde Nelson-Cole, AG. Company Secretary and General Counsel, Ardoval, the company said “Ardova PLC (the “Company”) hereby notifies the Nigerian Exchange Regulation Limited (“The Exchange”) and the general public of the proposed establishment of a ₦60,000,000,000 (Sixty Billion Naira) bond issuance programme (the “Programme”) by the Company and potential issuance of series of bonds under the Programme (the “Proposed Transaction”).

“The Board of Directors of the Company (the “Board”) via a resolution dated 25 February 2021 have 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.”

“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,” Ardova added.