Ardova Plc has clarified the misrepresentation in media publications claiming arbitration victory of Zenon Oil against Ardova regarding the purchase of Forte Oil.
In a statement by the company available on the website of the Nigerian Exchange, Ardova Plc stated thus:
“The attention of the Management of Ardova Plc (the Company) has been drawn to news circulated by various media publications claiming victory by Zenon Oil over Ardova Plc in the share purchase agreement (SPA) dispute over the sale of Forte Oil.
Ardova Plc will like to set the following facts for clarification.
- The arbitration case is strictly between Ignite Investments and Commodities Limited (“Ignite”) and Zenon together with its affiliates for the acquisition of shares in Forte Oil Plc (now Ardova Plc).
- Ardova Plc as an entity is not a party in the arbitration and does not have any dispute with Zenon.
- The arbitral proceedings do not affect or create any liability for Ardova Plc in any way whatsoever.
For the avoidance of doubt, the Company considers it important to clarify that the matter emanated from a dispute between former shareholders and a current shareholder. Ardova Plc remains a responsible organisation and will not be drawn into a media spectacle on this matter”.