Ardova Plc has been delisted from the Nigerian Exchange Limited (NGX) today, Wednesday, July 26th 2023.
The delisting of Ardova on the NGX is pursuant to the Scheme of Arrangement between Ardova and the holders of its fully paid ordinary shares of 50 Kobo each as approved by the Securities and Exchange Commission and sanctioned by the Court.
Ardova Nigeria Plc posted a net loss of N4.34 billion in the third quarter of 2022, the last time it released financial statements.
Ardova had a debt-to-equity ratio of 377.03 percent as at September 2022- which is higher than 2021’s 304.97 percent figure-; this means that for every Naira of stockholder equity, the company has N3.77 of debt.
It had N48.13 billion of total debt in its balance sheet, and total liabilities of N127.17 billion as at September 2022.
The NGX this month suspended trading activities of Ardova Plc due to a default in filing its Audited Financial Statements for the year ended 31, December 2022.
