Reports from Proshare this morning suggest the rumored deal between Mecuria and Forte Oil has been effectively done! The Global trading company is said to have acquired 17% of Forte Oil from its majority shareholder Femi Otedola.
Forte Oil currently has about 1,302,481,103 outstanding shares with Femi Otedola owning about 11.78% of that directly and his Zenon Company owning another 22.91%. On the back of this report the deal should be fetching the billionaire anything between N31.4billion and N55.79 billion depending on the purchase price.
Forte Oil has traded at a price range of between N141.67 – N252.00 per share and as deals like this are consummated the share price will typically fall within this range. Whilst the deal is said to have been done we have not seen any actual shares in the volume suggested cross. Forte Oil or its remaining shareholders will not be getting any money from the deal if the report is true.
Nevertheless Femi Otedola is about to cash in on over N31 billion in tax free capital gains.