Forte Oil to go ahead with name change as shareholders give approval

The shareholders of Forte Oil Plc have given their approval for the company’s name to be changed to ARDOVA PLC. This follows an Extra-Ordinary Meeting which the company held in Lagos on the 17th of December 2019.

To this effect, the company’s directors have been directed to immediately take all the necessary steps towards effecting the above resolution. A statement that was signed by the company’s Acting Secretary and sent to the Nigerian Stock Exchange partly reads thus:

“That the directors of the company are hereby authorised to approve, sign, and/or execute all documents, appoint such professional parties and advisors, as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority and all acts carried out, steps taken and documents executed (or to be executed) by the directors of the company in connection with the above resolutions be and are hereby approved.”

Recall that Nairametrics reported about the company’s intention to change its name back in June. This was shortly after Forte Oil was acquired by Prudent Energy Services Ltd earlier this year. Chief Executive Officer, Olumide Adeosun, had stated that the name “Forte Oil” is personal to the original owners of the company. This appears to the primary reason for the name change.

There were also speculations that Forte Oil Plc could soon be delisted from the Nigerian Stock Exchange. This followed Ignite Investment’s bid to acquire additional stakes in the company. However, this issue was not on the agenda of the Extra Ordinary Meeting of the company which held earlier this week. Therefore, a possible delisting may not be in the offing anyway.

Forte Oil Plc’s stock is currently trading at N18.10 on the Nigerian Stock Exchange.

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