Ardova Plc said that the delay in submitting its financial statement for the year ended December 31, 2021 was occasioned by the process of reconciliation of its accounts following the acquisition of Enyo Retail and Supply Limited (ERSL) late last year by the company.
Ardova Plc had in November 2021 concluded the acquisition of Enyo as part of moves to increase its retail footprints in the downstream oil and gas sector.
In a regulatory filing to the Nigerian Exchange Limited (NGX), Oladeinde Nelson-Cole, the Company Secretary, said that the reports would be released on or before Friday, July 8, 2022, while reassuring investors of the safety of their investment.
He also assured the investing public of Ardova’s committment to the highest standards of compliance and corporate governance.
Nelson-Cole said: “The board and management of Ardova Plc hereby wishes to allay concerns over the recent suspension of trading of the company’s securities on the Nigerian Exchange Limited (NGX) over the late filing of its 2021 audited financial statements.
“The delay in submission was primarily due to the accounting reconciliations that followed the acquisition of Enyo Retail and Supply Limited (ERSL), a transaction which was concluded in November 2021.”
