Following the proposed takeover offer by Ignite Investments and Commodities Limited to other existing shareholders, strong indications emerged yesterday that Forte Oil was contemplating delisting its shares from the main board of the Nigerian Stock Exchange (NSE).
The takeover company had reviewed plans to increase its stake in Forte Oil Plc by 0.04 per cent with Forte Oil issuing a statement on August 30, 2019, declaring its intention to undertake a takeover offer of up to 500,000 ordinary shares, representing a 0.04 per cent equity stake, adding that the offer have not been formally launched.
According to the statement, “shareholders are advised to take no action in respect of the proposed offer at this time. Shareholders will be appropriately notified in line with regulatory requirements by Ignite Investments of the formal launch date”
However, experts are of the opinion that the move by Ignite Investments to propose a takeover offer was to enable it acquire controlling stake in Forte Oil and eventually go for delisting from the NSE.