The shareholders of agribusiness company, Ellah Lakes Plc, have approved the plan to raise about N5bn in capital.
The shareholders gave their approval at the last Annual General Meeting of the company. Resolutions from the AGM were filed with the Nigerian Exchange Limited on Thursday.
“That, the Board of Directors be and is hereby authorised to raise up to the sum of N5,000,000,000 (five billion Naira) by way of private placement, or any other equity issuance on such terms as may be approved by the Board subject to obtaining all relevant regulatory approvals,” read part of the resolutions passed at the meeting.
At the meeting, Ellah Lakes shareholders also passed the company’s audited financial statements for the year ended 31 July 2023 together with the reports of the Directors, Auditors and Audit Committee
Ellah Lakes which is headquartered in Benin City, Edo State, in its unaudited report of its first quarter ended October, revealed that it recently acquired 80 per cent of the value of ELP Sunshine Limited. The remining 20 per cent is owned by Ondo State Government. The company has 5,000 hectares of land in Ondo State.
It also recently accessed N940m from Central Bank of Nigeria under the Real Sector Support Fund for oil palm plantation.
In the period under review, Ellah Lakes recorded no revenue and suffered an operating loss worth N149,283m due to administrative expenses, personnel cost, finance cost and depreciation.
The agribusiness has issued share of 2,000,000,000.00 at 50 Kobo each. It closed Thursday’s trading priced at N3.32 per unit.