Ellah Lakes Plc’s shareholders have approved a plan to raise approximately N5 billion in stock.
The PUNCH reported that the shareholders gave their consent at the company’s latest Annual General Meeting. Resolutions from the AGM were submitted to the Nigerian Exchange Limited on Thursday.
“That, the Board of Directors be and is hereby authorized to raise up to the sum of N5,000,000,000 (five billion Naira) by way of private placement, or any other equity issuance on such terms as may be approved by the Board subject to obtaining all relevant regulatory approvals,” read one of the resolutions adopted at the meeting.
Ellah Lakes shareholders also approved the company’s audited financial results for the year ended 31 July 2023 together with the reports of the Directors, Auditors and Audit Committee
Ellah Lakes, located in Benin City, Edo State, disclosed in its unaudited report for the first quarter ended October that it just bought 80% of the value of ELP Sunshine Limited. The remaining 20 per cent is held by the Ondo State Government. The corporation has 5,000 hectares of land in Ondo State.
It also just received N940 million from the Central Bank of Nigeria under the Real Sector Support Fund for oil palm plantation.
Ellah Lakes generated no income during the review period and had an operating loss of N149,283m due to administrative expenses, personnel costs, finance costs, and depreciation.
The agribusiness has issued shares worth 2,000,000,000.00 at 50 Kobo apiece. It concluded Thursday’s trade at N3.32 per unit.
