Forte Oil plans name change

Nov 26, 2019

Forte Oil (FO) Plc on Monday notified its shareholders of plans for a name change to Ardova Plc.

The company stated this in a notice of Extra General Meeting (EGM) posted on the Nigerian Stock Exchange (NSE) web site and signed by Oladeinde Nelson-Cole, the acting Company Secretary.

The company would be seeking shareholders resolution for a name change at an EGM slated for Dec. 17.

Nelson-Cole said that the company’s directors at the meeting would be empowered to authorise, approve, sign or execute all documents and appoint advisers regarding the matter where necessary.

The acting company secretary said that they were also expected to comply with the directives of regulatory authorities to make the name change possible.

Nelson-Cole noted that the register of members and transfer of books of the company would be closed from Dec. 6 to Dec. 15, for the purpose of attending the EGM.

The News Agency of Nigeria (NAN) reports that share price of Forte Oil Plc reached a new high on June 19, driven by record off-market trading as Nigeria’s billionaire businessman, Femi Otedola, completed the sale of his stake in the oil and gas company.

Specifically, a total of 970,166,694 units of FO were done as off-market trades at N66.25 per share.

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