Ellah Lakes Plc says it has gotten approval from the Securities Exchange Commission (SEC) to undertake a rights issue to raise N2.9 billion.
The offer is expected to open on the 9th of October 2023, subject to the approval of the executed offer documents by the SEC, the company said in a notification to all stakeholders signed by Olumoroti Alli, for the company secretary
The statement is titled, “SEC APPROVAL OF ELLAH LAKES PLC – RIGHTS ISSUE OF 1,000,000,000 ORDINARY SHARES OF 50 KOBO EACH AT N2.90 PER SHARE”.
It read: “Ellah Lakes Plc is pleased to notify its esteemed Shareholders and stakeholders that the Company has obtained approval from the Securities Exchange Commission to conduct the signing ceremony with regard to the proposed Rights Issue of 1,000,000,000 Ordinary Shares of 50 Kobo each at N2.90 Per Share, based on one (1) new ordinary shares for every two (2) 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.
“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.
“Esteemed shareholders are advised to contact their stockbrokers and other financial advisers for more on the offer details.”
It will be recalled that earlier this year, the company signed a Seed Production and Technical Support Agreement between Adani Staple Crop Processing Zone Food Company Limited, a subsidiary of Ellah Lakes and the International Institute for Tropical Agriculture (“IITA”). This was designed for its seed multiplication program, which, in the first phase, involves the production of high-yielding soybean seed varieties on 5 hectares of land located in IITA Ibadan, Oyo State and subsequently, on Five Hundred (500) hectares of land located in Adani, Enugu State.
Also, last year, Ellah Lakes Plc took over the Management and Operations of Adarice Farms & Associated Assets from Enugu State Government. Adarice Farms is a Five Thousand Hectare farming estate located in Adani, Uzo -Uwani Local Government Area in Enugu State, it has a Diversion Dam and a 15km main canal for irrigation; it also has secondary distribution canals to enable farming all year round.
Ellah Lakes PLC is the first agribusiness company to be publicly listed on the Nigerian Stock Exchange.
