ELP increases share capital to N1.5 billion

Ellah Lakes Plc (ELP), has received its shareholders approval at an extra-ordinary general meeting, to increase its authorised share capital from N1 billion to N1.5 billion.

This will be done by the creation and addition of one billion ordinary shares of 0.50 Kobo each, to rank pari passu in all respects with the existing ordinary shares.

The Company also received authorisation to raise additional capital either through debt or equity or a combination of both.

This is in line with ELP’s ambitious growth plan, which requires significant capital investments in the medium term.

Speaking at the meeting in Lagos, Chief Executive Officer, ELP, Chuka Mordi, said: “As we mentioned during our listing process in June 2019 we would be seeking to raise additional capital for the Company and today we have received approval from our shareholders to increase our authorised share capital to N1,500,000,000.

“This provides us with the flexibility to enhance our capital structure while we pursue our aggressive growth plan in the medium term and ensure we deliver value to our shareholders.

“I am also pleased to welcome our new directors who have been appointed to the Board. Their wealth of knowledge, experience and sound corporate governance will position us for success as we take on the opportunities ahead of us,” he added.

Also approved was the appointment of new Non-Executive Directors, namely: Olumide Akpata, Chijioke Dozie, Hauwa Nuru, Shehu Abubakar, Maxwell Oko, Evans Gbubemi Jakpa, and Nnenna Onyewuchi.