Ellah Lakes’s N2.9bn Rights Issue Get SEC Approval

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Ellah Lakes Plc, yesterday announced that the Securities and Exchange Commission (SEC) has granted approval to its proposed N2.9 billion via rights issue exercise.

The company in a notice on the Nigerian Exchange Limited (NGX) said it got approval to conduct the signing ceremony with regards to the proposed rights issue of 1,000,000,000 ordinary shares of 50 kobo each at N2.90 per share, on the basis of one (1) new ordinary share for every two (2) ordinary shares held.

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OAKE Legal/ Company Secretary, Ellah Lakes, Olumoroti Alli in a signed statement said, “The right issue is 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 details of the offer,” the statement added.

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