Ellah Lakes lists additional 1.88bn ordinary shares

Ellah Lakes Plc has listed on the Nigerian Stock Exchange (NSE) additional 1.88billion Ordinary Shares of 50 Kobo each issued to shareholders of Telluria Limited as consideration for the acquisition of Telluria Limited by Ellah Lakes Plc.

Recently, Ellah Lakes Plc acquired 100percent equity stake in Telluria Limited. The acquisition which became effective on May 7, 2019 came after the company complied with all the necessary regulatory requirements the acquisition was approved by the Nigerian Stock Exchange (NSE) and by the Securities and Exchange Commission (NSE).

A notice to Dealing Members of the Nigerian Stock Exchange on Monday June 17, and signed by Elizabeth Ekpo, for head, Listings Regulation Department, noted that 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 120million to 2billion ordinary shares.

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The company had said that the primary objective of the acquisition was to strengthen its balance sheet, restore customer confidence, provide access to new markets, improve operations and create organisational efficiencies that will drive profitability and increase shareholders’ value.

Ellah Lakes Plc is one of Nigeria’s foremost agriculture businesses, specialising in Fish Farming. It was incorporated on July 2, 1980 and listed on the Nigerian Stock Exchange on January 14, 1993. Ellah Lakes acquired Telluria in order to diversify its product offerings in the AgriBusiness sector.

The Board of Directors and Management of Ellah Lakes considered this business combination to be in the best interest of the Company and expect the transaction to; revitalize management; create access to diversified expertise and financial strength; (c) improve administrative and operational and efficiencies of the Company; and strengthen the Company’s market position by aiding access to new products and markets.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.