What Happened to Ardova Plc (Forte Oil) Shares?
Ardova Plc, previously Forte Oil and before that African Petroleum, was delisted from the Nigerian Exchange in July 2023 after a scheme of arrangement. Here is what that means for anyone with an old holding under any of those names.
Ardova Plc is no longer listed on the Nigerian Exchange (NGX). Its entire issued share capital was removed from the official list on 26 July 2023, after Ignite Investments and Commodities Limited, its majority shareholder, acquired the shares held by other shareholders through a scheme of arrangement approved by the Securities and Exchange Commission and sanctioned by the court. Anyone holding ARDOVA shares when the scheme took effect stopped being a shareholder and became entitled to the cash consideration stated in the scheme document.
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One Company, Three Names
The reason this company generates so many enquiries is its history of name changes. It was listed for decades as African Petroleum Plc, known to most people as AP. It was later renamed Forte Oil Plc, and in 2020, after a further change of ownership, it became Ardova Plc. All three names refer to one company with one continuous register of members.
A certificate headed African Petroleum Plc or Forte Oil Plc is therefore a record of a holding in what became Ardova. The registrar can match a certificate issued under an earlier name to the register as it stood at the date of the scheme.
How the Delisting Happened
In early 2023 Ardova announced that its majority shareholder had proposed to acquire the shares it did not already own and that the company would then leave the Exchange. The proposal was structured as a scheme of arrangement under the Companies and Allied Matters Act 2020, put to shareholders at a court-ordered meeting, and sanctioned by the court. The delisting followed in July 2023. The consideration per share and the timetable are set out in the scheme document and the NGX notices; this article gives no view on them. Older price pages, broker watchlists and articles may still display the ARDOVA symbol, because third-party sites are not always updated when a company leaves the Exchange. The NGX website and the company's own regulatory announcements are the authoritative sources for listing status.
What It Means for Holders
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- The scheme bound all shareholders in the class, including those who did not vote or did not know about it.
- Scheme shares passed to the acquirer. What a former holder has is a right to be paid, administered by the registrar.
- Payment was normally made to the account on the holder's e-dividend mandate. Without a valid mandate, the money remains unclaimed until the holder or the estate comes forward.
- There is no NGX price or liquidity, and a broker cannot place an order in ARDOVA.
- Unpaid dividends from the AP, Forte Oil or Ardova years are a separate claim, also made through the registrar.
Holdings in this company often changed in number over the years through bonus issues and other corporate actions. Do not calculate an expected payment from the figure on an old certificate. Ask the registrar for the balance on the register at the scheme date.
How to Check the Status and Trace a Holding
- Look up the company on the NGX website and read the 2023 notices on the scheme and the delisting, which identify the registrar.
- Gather certificates and warrants under all three names, together with the registered name, old addresses and any Clearing House Number (CHN).
- Check bank statements from mid-2023 onwards for a payment from the registrar.
- Write to the registrar asking what was registered at the scheme date, whether the consideration has been paid and whether any dividends are outstanding.
- Where payment is outstanding, supply the identification and bank mandate the registrar asks for. If the certificate is missing, the registrar will explain its affidavit and indemnity requirements.
If the registered holder has died, the registrar deals with the executor or administrator named in a grant of probate or letters of administration. Our guides to inherited shares and to transferring shares after a shareholder's death set out that process.
Found an AP or Forte Oil certificate and unsure what became of it, or whether there are other holdings in the same name? A Find My Shares search checks across brokers, registrars and the CSCS.
Start a Find My Shares SearchFrequently Asked Questions
Are African Petroleum, Forte Oil and Ardova the same company?
They are successive names of one company. The register continued through each change, so a holding recorded under African Petroleum or Forte Oil carried forward into Ardova automatically.
Is Ardova still listed on the NGX?
It was delisted on 26 July 2023 following the scheme of arrangement. The NGX website shows which securities are currently on the official list.
Can I sell my Ardova or Forte Oil shares now?
Shares covered by the scheme were transferred to the acquirer, so there is no holding left to sell. A former holder claims the scheme consideration, and any unpaid dividends, from the registrar.
I never received a payment. What now?
Contact the registrar with your identification, the registered name and your bank details. A payment that failed for want of a valid mandate is held as unclaimed, and the registrar can tell you what is needed to release it.
Was the price paid to shareholders a good one?
This article does not assess it. The consideration was set out in the scheme document, reviewed by the SEC, voted on by shareholders and sanctioned by the court, and those documents are available for anyone who wishes to form their own view.
Where can I learn how schemes of arrangement and delistings work?
Our article on what happens when a company is delisted from the NGX explains the different types of delisting and what each means for a CSCS or certificated holding.
Important disclaimer. This article is for general information and educational purposes only. It does not constitute financial advice, investment advice, or any recommendation to buy, sell, or hold any security. The value of investments can fall as well as rise. You should seek independent regulated financial advice before making any investment decision. Shares Saver does not provide financial advice.
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