FO: Proposed Take Over By Ignite Investment and Commodities Limited Still Under Review By Regulators

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Friday, August 30, 2019 05:50PM / NSE / Header Image Credit: Forte Oil

 

This is to clarify to shareholders of Forte Oil Plc ("Forte Oil" or the "Company") that the Proposed Offer by Ignite Investment and Commodities Limited ("Ignite Investments") to other shareholders of Forte Oil is still under review by the relevant regulators and has not been formally launched. As such, 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. This will happen following the receipt of the requisite regulatory approvals from the Securities and Exchange Commission and the Nigerian Stock Exchange. The final version of the bid document (following its registration by the Securities and Exchange Commission) will be circulated to all shareholders when the Proposed Offer is launched. This document will outline steps that will be required to be taken by shareholders who wish to participate in the proposed offer as well as key dates and timelines.

 

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Graph – One Year Share Price Movement

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Table: Unaudited Q1 2019 Results

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Proshare Nigeria Pvt. Ltd.


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