Ellah Lakes says to conclude special equity placement by Q1

Ellah Lakes Plc has commenced its special equity placement, noting that it will be concluded in first-quarter (Q1) 2024. The company noted this in a statement on its post-Rights Issue and ongoing operations released at the Nigerian Exchange Limited (NGX).

Ellah Lakes Plc concluded its Rights Issue which was well subscribed, raising just over N250 million and significantly deleveraging the Company via a Debt for Equity conversion.

Chuka Mordi, Chief Executive Officer, Ellah Lakes Plc while speaking on the second-quarter (Q2) earnings results of the company said “Despite the headwinds faced in the past few years, during the past quarter the Company achieved significant milestones which have put it back on track towards generating operating cashflow and profitability in the near term”.

Read also: NGX Group reports N5.2bn full year 2023 profit, to pay N1.5bn as final dividend

He said, “On the side of operations, an additional 1,100 hectares has been cleared at the plantation in Edo State, and planting will commence this season as we are in the process of ordering seedlings for this exercise.

“Similarly, the Soybean planting programme will also commence this planting season. We also expect to conclude the installation of our CPO mill which, following the resolution of our community issues, should be fully operational by the third quarter of 2024.

“Given the current Macro environment, we feel validated that we have moved the Company in this direction of import substitution in the Agribusiness space, and look forward to growing year-on-year with our shareholders”.