The Nigerian Exchange Limited (NGX) has listed Ellah Lakes Plc’s Rights Issue of 753,786 million ordinary shares of 50 kobo each on its Daily Official List.
According to the NGX in its weekly report seen by Nairametrics, the additional shares listed on NGX arose from Ellah Lakes’ Rights Issue of 1 billion ordinary shares of 50 Kobo each at N2.90 per share.
The report noted that with the listing of the additional 753,786,788 ordinary shares, the total issued and fully paid-up shares of Ellah Lakes have increased from 2 billion to 2.754 billion ordinary shares of 50 kobo each.
The statement reads:
- “Trading Licence Holders are hereby notified that an additional 753,786,788 ordinary shares of 50 Kobo each per share of Ellah Lakes Plc (Ellah Lakes or the Company) were on Wednesday, 31 January 2024, listed on the Daily Official List of Nigerian Exchange Limited (NGX).
- The additional shares listed on NGX arose from Ellah Lakes’ Rights Issue of 1,000,000,000 ordinary shares of 50 Kobo each at N2.90 per share.
- With this listing of the additional 753,786,788 ordinary shares, the total issued and fully paid-up shares of Ellah Lakes has now increased from 2,000,000,000 to 2,753,786,788 ordinary shares of 50 kobo each”.
What you should know
Nairametrics reported recently that Ellah Lakes Plc (ELP) said that it plans to invest $400 million in capital over the next two years to deliver on its Crop Processing Zone strategy within a Special Economic Zone (SEZ).
Mr. Chuka Mordi, Chief Executive Officer of Ellah Lakes Plc, stated this at the presentation of the company’s Facts Behind the Right Issue in Lagos.
The company recently received approval from the Securities and Exchange Commission (SEC) to raise an additional N2.90 billion in capital via the rights issue.
Special Economic Zone: Mordi noted that ELP is in the process of applying for Special Economic Zone (SEZ) status to cover each of its core operating locations.
According to Mordi, the key benefits and incentives for operating within a Special Economic Zone include:
- “Complete tax holiday from all forms of taxes, rates, and levies, duty-free import of raw materials, capital goods and other inputs for production, Immigration waiver on expatriate quota, businesses are allowed full repatriation of capital, profit, and dividends, among others”
Infrastructure: He noted that in addition to existing infrastructure, ELP intends to build storage silos, capable of storing up to 10,000 MT of soybean and maize.
- “The storage infrastructure will serve both ELP’s needs as well as those of 3rd party growers within the region and will complement the Federal Government’s strategic grain reserves.
- ELP has active plans to reduce the carbon footprint of its operations. The Company intends to power the SCPZ using renewable energy (water and solar).
- The Company has also commenced discussions with several stakeholders on carbon sequestration projects, to ensure our overall operations are carbon neutral,” he said.
Mordi noted that Nigeria imports an estimated 340 million liters of ethanol annually, valued at $315 million adding that only 6% of the product is produced locally.
- “The coming upstream of the Dangote Refinery would also result in an increased demand for ethanol to ensure the refinery’s output meets EU requirements for ethanol content in the refined product (10-15%).
- ELP has scope to expand into other key cassava by-products that have both high growth potential and relatively easy substitutes/complements to existing food production processes and industrial applications,” he said.
