Ellah Lakes Plc has converted its N3.1bn debt to equity, leading to the listing of an additional 1.1 billion ordinary shares on the Nigerian Exchange Limited.
In a notification to trading license holders on Wednesday, NGX disclosed that 1,104,386,890 ordinary shares of 50 kobo each were listed on its daily official list at N2.8 per share.
The statement read, “Trading license holders are hereby notified that an additional 1,104,386,890 ordinary shares of 50 kobo each of Ellah Lakes Plc (the company) were today, Wednesday, March 5, 2025, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from Ellah Lakes Plc’s conversion of N3,092,283,294.81 debt to equity. With this listing of the additional 1,104,386,890 ordinary shares, the total issued and fully paid-up shares of Ellah Lakes Plc have now increased from 2,753,786,788 to 3,858,173,678 ordinary shares of 50 kobo each.”
The PUNCH reported that Ellah Lakes Plc has posted a loss of N396.6m for the second quarter ended January 31, 2025, reflecting a financial strain amid rising administrative and personnel expenses.
The company’s unaudited financial statements filed on the Nigerian Exchange recently show that its operating loss stood at N675.8m, up from N344.2m in the corresponding period of 2024. The negative earnings were driven by higher administrative costs of N249.3m and personnel expenses of N414.3m, compared to N86.3m and N119.5m, respectively, in the previous year.
