The Nigerian Exchange Limited (NGX) has listed Ellah Lakes Plc’s 753,786,788 ordinary shares of 50 kobo each for Rights Issue on its Daily Official List.
The Exchange, in its Weekly Report, indicated that the additional shares listed on NGX arose from Ellah Lakes’ Rights Issue of 1 billion ordinary shares of 50 Kobo each at N2.90 per share.
According to the report, with the listing of the additional 753,786,788 ordinary shares of the company, its total issued and fully paid-up shares have increased from 2 billion to 2.754 billion ordinary shares of 50 kobo each.
The report reads: “Trading Licence Holders are hereby notified that an additional 753,786,788 ordinary shares of 50 Kobo each per share of Ellah Lakes Plc (Ellah Lakes or the Company) were on Wednesday, 31 January 2024, listed on the Daily Official List of Nigerian Exchange Limited (NGX).
“The additional shares listed on NGX arose from Ellah Lakes’ Rights Issue of 1,000,000,000 ordinary shares of 50 Kobo each at N2.90 per share.
“With this listing of the additional 753,786,788 ordinary shares, the total issued and fully paid-up shares of Ellah Lakes has now increased from 2,000,000,000 to 2,753,786,788 ordinary shares of 50 kobo each”, the NGX added.
It would be recalled that Ellah Lakes Plc (ELP), which recently received approval from the Securities and Exchange Commission (SEC) to raise an additional N2.90 billion in capital via the rights issue, hinted of its plans to invest $400 million in capital over the next two years to achieve its Crop Processing Zone strategy within a Special Economic Zone (SEZ).
The company’s Chief Executive Officer, Mr. Chuka Mordi, made this disclosure during the presentation of the company’s Facts Behind the Right Issue in Lagos.
Mordi explained that the company had commenced the process of applying for Special Economic Zone (SEZ) status to cover each of its core operating locations in view of the medium and long term benefits to the shareholders and the Nigerian economy.
