Ellah Lakes Plc (NGX: ELLAHLAKES) has announced plans to raise N250 billion through various equity issuance methods, including private placements, public offers, or other equity-based fundraising.
The new capital raise is subject to sharesholders approval at an Extraordinary General Meeting (EGM) scheduled to take place on Friday, July 25, 2025, at the Conference Centre, Naval Dockyard, Victoria Island, Lagos.
This was contained in a corporate action notice signed by the board on Thursday, 26th June.
The meeting is set to address significant strategic initiatives that are poised to reshape the company’s capital structure and financial trajectory.
The specific terms – pricing, timing, and structure of the new capital raise will be determined by the Board and subject to necessary regulatory approvals.
The company is also proposing to convert existing director and shareholder loans that were granted before July 25, 2025 into equity.
This move is expected to lower the company’s financial leverage and enhance shareholder value.
At the meeting, the Board is also seeking approval to increase the company’s share capital
The newly created shares will rank pari passu with existing ordinary shares and will be allocated accordingly. This resolution includes an amendment to the company’s Memorandum and Articles of Association.
Shareholders who are unable to attend the meeting could vote by proxy.
The company said the EGM will be streamed live via Zoom to accommodate remote shareholders.
The Board also reaffirmed its commitment to regulatory compliance, authorizing the execution of all necessary documents and appointment of professional advisers.
For more details or to access meeting materials, shareholders are encouraged to visit www.ellahlakes.com or contact the company via email at info@ellahlakes.com.
In the past three weeks, the share rice of Ellah Lakes Plc has surged over 100% closing at N7 per share on Friday.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
