MON, JUNE 17 2019-theG&BJournal- Ellah Lakes Plc today listed an additional 1,880,000,000 Ordinary Shares of 50 Kobo Each on the Nigerian Stock Exchange (NSE).
According to a statement by the NSE, the additional shares listed arose from the 1,880,000,000 ordinary shares of 50 Kobo each issued to the shareholders of Telluria Limited, as consideration for the acquisition of the entire issued shares of Telluria Limited by Ellah Lakes.
Ellah Lakes completed the acquisition of Telluria Limited last week, appointing Mr Chuka , Mordi as Managing Director, effective June 12th, 2019. The acquisition was approved by the both the NSE and the Securities and Exchange Commission (SEC).
With the listing of the additional 1,880,000,000 ordinary shares, the total issued and fully paid up shares of Ellah Lakes has now increased from 120,000,000 to 2,000,000,000 ordinary shares.
The company said Ellah Lakes Plc’s listing of these shares on the NSE will create options for investors in the agri-business segment of the NSE. Consequently, this listing is expected to provide increased liquidity to existing shareholders.
Speaking on the announcement, the outgoing Ellah Lakes Plc CEO, Frank Ellah, said: “Today marks a milestone in the history of our company. After a number of years of challenging operational performance and trading illiquidity, with our new management in place, I am pleased to see the new trajectory of our growth as a business. We welcome existing and new shareholders to participate in our growth story”
Also speaking on the listing, Chief Executive Officer, Chuka Mordi, said: “We are pleased to be embarking on this new phase in the journey of Ellah Lakes Plc. With the business combination of the assets of Telluria, Ellah Lakes is in a great position to deliver value to all shareholders. The enlarged Ellah Lakes is built on a foundation of growth to meet the needs of Nigerians for agricultural products, both as retail consumers and as industrial partners. We believe and expect to partake in Nigeria’s growth story as we continue to support the communities we operate in, and all our stakeholders”
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