Further to the announcement of 14 June 2021 wherein Ardova PLC notified the Nigerian Exchange Limited, its shareholders and the investing public of the execution of a share purchase agreement to acquire 100% equity stake in Enyo Retail and Supply Limited, the company is pleased to announce today that the transaction has been completed and all conditions have been satisfied.
Nairabrands reports that the acquisition was completed through a wholly owned subsidiary of the Company, Bags and Kegs Limited, and with effect from today, Enyo is now a wholly owned subsidiary of the Company.
Stanbic IBTC Capital Limited and Banwo & Ighodalo advised Ardova while Rand Merchant Bank and Herbert Smith Freehills Paris LLP acted as financial and legal advisers respectively to Enyo.
Also, Ardova Plc announce the establishment of its ₦60,000,000,000 (Sixty Billion Naira) bond issuance programme (the “Programme”) and the
successful issuance of ₦11,444,000,000 (Eleven Billion, Four Hundred and Forty-Four Million Naira) 7-year 13.3% fixed rate bonds and ₦13,856,000,000 (Thirteen Billion, Eight Hundred and Fifty-Six Million Naira) 10-year 13.65% fixed rate bonds being tranches A and B respectively of the series 1 bonds under the Programme.
The bonds are duly registered with the Securities and Exchange Commission. An application will be made to list the Bonds on the FMDQ Securities Exchange Limited.
Vetiva Capital Management Limited and Stanbic IBTC Capital Limited acted as Joint Issuing Houses, whilst Banwo & Ighodalo acted as Transaction Counsel. The trustees were advised by Aluko & Oyebode.
Commenting on the transaction, the company’s Chief Executive Officer, Mr. Olumide Adeosun, said: “We are pleased with the successful conclusion of this transaction which again demonstrates investors’ confidence in the Company and provides additional resources for the Company to continue its expansion projects.”