The new majority core investor in Forte Oil Plc may soon launch a mandatory tender offer (MTO) to take over ordinary shares held by minority shareholders
The Nation
The transaction was valued at about N64 billion. Ignite Investments and Commodities Limited immediately took over the management of the company, new managing director and chief financial officer for the company. The new core investor has also made changes to the board of the company to reflect the new ownership structure.
Ignite confirmed that it acquired 74.02 per cent equity stake in Forte Oil, which translates to about 964.097 million ordinary shares of 50 kobo each. Forte Oil has total issued share capital and outstanding shares of 1.302 billion ordinary shares of 50 kobo each. Minority shareholders thus hold 338.38 million ordinary shares of 50 kobo each.
Sources, who preferred anonymity because of potential conflict of interests, however differed on whether Ignite will follow through with a full tender offer or opt to acquire certain percentage of existing minority shareholdings and the relevant price for the MTO.
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