Wind-up Petition: GCR Places Ardova Plc on Watch
GCR Ratings has placed the national scale long-term and short-term Issuer ratings of A-(NG) and A2 (NG) respectively, accorded to Ardova Plc on rating watch negative over potential risk of wind-up petition before it.
In a rating statement, the emerging market ratings firm said its review follows the recent development with regards to a wind-up petition currently before a federal high court.
Recall that Zenon Petroleum and Gas Limited filed a wind-up petition against Prudent Energy Services Limited, the largest shareholder in Ardova Plc. READ: Forex Trader Jailed for N20m Cryptocurrency Fraud
In its rating statement, GCR however noted that the solicitors to Prudent Energy Services Limited are of the opinion that Zenon’s demand and winding-up petition are both misconceived and mischievous.
Nevertheless, GCR said it will closely monitor this development and assess the impact on Ardova’s overall credit risk profile, accordingly.
“We anticipate resolving the ratings watch when we get more information regarding the legal, reputational and financial risks facing the Company”, the firm stated in the new rating note on Ardova Plc. #Wind-up Petition: GCR Places Ardova Plc on Watch
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