This transaction occurred over the dates of October 14, 15, and 16, during which CAPE IV sold around 24.717 million shares of Aradel at an average price of N802.99 per share. Following this sale, ACA's ownership in Aradel has decreased from 16.49% to 15.92%.
Despite this reduction, ACA continues to be the principal shareholder in the company. It remains uncertain whether the private equity fund intends to fully exit or maintain its position in Aradel. As stated in a corporate disclosure on the NGX website, the purpose of the share sale was to "provide liquidity for the listing of Aradel shares on the NGX."
Prior to its listing on the NGX, Aradel had more than 1,800 shareholders, with a free float of 64.32%, while the majority shareholders held 35.68% of the company.
The share divestment by ACA CAPE IV significantly impacted Aradel’s stock price, which fell by 11% to N625.40 from its initial listing price of N702.69.
Although the share price initially rose to N820 within the first two days of trading, it subsequently experienced a consistent decline, losing about 24% of its value to close the week at N625.40 between October 15 and October 18.