THUR, SEPT 21 2023-theGBJournal |Ellah Lakes Plc has received Securities Exchange Commission (SEC) approval to conduct the signing ceremony with regards to its proposed Rights Issue of 1,000,000,000 Ordinary Shares of 50 Kobo each at N2.90 Per Share, on the basis of one new ordinary share for every two ordinary shares held.
The qualification date for the Rights Issue is 10th February 2023.
”Subject to the approval of the executed offer documents by the SEC, the application list is expected to open on the 9th of October 2023, or any other date approved by the Commission and shall open for a maximum period of 28 days,” the Company said in a notification to shareholders,
Rights circular will be distributed to shareholders while application forms will also be made available on the website of the company’s Registrars for ease of access.
It advised esteemed shareholders to contact their stockbrokers and other financial advisers for more details of the offer.
Recall that at the Company’s Annual General Meeting December 1, 2022, shareholders authorised the Board of Directors to raise capital of N2.90 billion or such other amount as they may determine by way of a Rights Issue of ordinary shares to its shareholders.
The Rights Issue will be executed at such price, time, period and on such other terms and conditions as the Board of Directors may deem fit.
Chuka Mordi, managing director/CEO of the leading agriculture business in Nigeria, said Wednesday in a statement that the Company’s shareholders will have the opportunity to acquire one new ordinary share for every two ordinary shares they currently hold.
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