Ardova proposes fresh N60bn bond issuance programme

Ardova proposes N60bn bond issuance programme

Ardova Plc has notified the Nigerian Exchange Regulation Limited (The Exchange) and the general public of a proposed establishment of a ₦60 billion bond issuance programme by the company and potential issuance of series of bonds under the Programme.

In a filling at the domestic bourse on Tuesday, Ardova said its board of directors 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.

“The final decision to proceed with the proposed transaction will be subject to market conditions and the specific details of the proposed transaction will be disclosed in the appropriate transaction documents at the relevant time,” the statement signed by Oladeinde Nelson, the company secretary, stated.

The company advised potential investors that nothing in the 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,” the company said.