CBO Capital Partners Limited and Blackman & Co. Limited, substantial shareholders with more than 15% stakes in Ellah Lakes Plc have acquired additional shares of the company.
These additional share acquisitions were made public knowledge in the disclosures issued respectively to the substantial shareholders (CBO Capital and Blackman Limited) acquisition.
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It is important to note that the notification is compliant with The Exchange’s policy on insider dealing.
According to the notifications of Share dealing by insiders issued by the Company Secretary, Kenechi Ezezika, CBO Capital and Blackman acquired additional shares of the Ellah Lakes amounting to 42,421 units of the issued shares of the company, worth N153,392.87.
The statements revealed that:
- On 19, 21, and 22 January 2021, CBO Capital Partners Limited acquired a total of 26,369 units of the ordinary shares of the company at a price of N3.23 per share.
- On 20 and 21 January 2021, Blackman & Co. Limited acquired a total of 16,052 units of the ordinary shares of the company at a price of N4.25 per share.
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Why this matters
Dealings by insiders of listed companies are corporate actions to be disclosed by the management of the company. This is in compliance with NSE’s policy on insider dealing, as the disclosure is key in the effort to ensure transparency and reinforce the trust of the investing public.
The purchase of the shares of Ellah Lakes Plc further cements CBO Capital and Blackman & Co. Limited’s position as substantial shareholders of the company.
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What you should know
- According to figures contained in the Company’s 2020 Annual Report, CBO Capital and Blackman & Co. Limited held 28.20% and 16.92% of the issued share capital of the company respectively, as of 31st July 2020.
- It is important to note that at the open of trading activities on the floor of the Nigerian Stock Exchange today 5th February 2021, shares of Ellah Lakes were trading at N4.25.
- This, however, puts the market capitalization of the company at N8.5 billion.
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