Forte Oil Plc issued a press release on Tuesday that it has been instructed by the Security and Exchange Commission to issue bonus shares to its customers on or before the end of the first quarter of 2016.
This comes as good news to shareholders of Forte Oil who had been told that they will be issued bonus shares by April 2015. Forte Oil and announced a one for five bonus issue along with a N2.50 per share dividend for the year. Forte has not been able to issue the bonus issues due to what it claimed were reconciliation of its share register a requirement of the Corporate Affairs Commission, CAC. It is surprising to learn that has been reconciling its share register for over 9 months now. SEC by this instruction has now given Forte till the end of March to resolve all issues and pay its shareholders.
Forte Oil remains one of the top gainers of 2015 and has largely avoided the massive sell offs going on in the Nigerian Stock Exchange since crude oil went South.