Forte Oil Plc: Acceptance of Takeover Offer for 500,000 Forte Oil Shares


November 7, 2019

By United Capital Research

Following the recent announcement by Ignite Investments and Commodities Limited to offer up to 500,000 ordinary shares of Forte Oil Plc (FO) to minority shareholders, the acceptance period of the stated offer has been opened.

The mandatory take-over offer is to be completed at N66.25 in line with the details of the divestment price given to a majority shareholder executed earlier in the Year.

Offer opens:          Monday, November 04, 2019

Offer closes:          Monday, November 25, 2019

Kindly note that, should the total number of shares from the acceptances of qualifying shareholders exceed 500,000, then acceptances shall be scaled back so that Ignite Investments shall only be obliged to purchase a pro-rated quantity of Ordinary Shares from each such Qualifying Shareholder.

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