Culled from the released documents through the The Nigerian Stock Exchange site, the management of Ellah Lakes is currently planning to propose to raise additional debt or equity of up to N5 billion by way of a private placement, on whichever terms. According to the report, conditions and dates are as will be determined by the directors subject to the approval of the relevant regulatory authorities.
Preceding the process is the increase in its authorized share capital from the current N60 million comprising of 120 million shares of 50k each to N1 billion comprising of 2 billion ordinary shares of 50k each. In other words, additional 1.880 billion ordinary shares of 50k each shall be created.
It should be noted that the company had been posting series of loss financial positions, thus, should the proposed offer be successful, it will indeed improve capital strength and enhanced its operational activities.
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