WATCH THE VIDEO HERE The N3.1 billion shares of Ellah Lakes Plc converted from debt to equity have been listed on the Nigerian Exchange (NGX) Limited. The equities from the exercise were taken to the stock exchange for listing last Wednesday to increase the total issued and fully-paid shares of the organisation. Business Post reports that the company used a total of 1,104,386,890 ordinary shares of 50 Kobo each at N2.8 per unit to pay up about N3.1 billion debt incurred by the firm. The board of Ellah Lakes was given the authority to convert the company’s outstanding debt into equity at its Annual General Meeting (AGM) on December 5, 2024, in Lagos. In a notice to investing public last week, the NGX said, “Trading licence holders are hereby notified that additional 1,104,386,890 ordinary shares of 50 Kobo each of Ellah Lakes Plc were on Wednesday, March 5, 2025, listed on the daily official list of Nigerian Exchange (NGX) 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 conversion of the company’s debt to equity came after one of its largest shareholders, CBO Capital, offloaded about 81 million units of the organisation’s equities at the stock market recently.
Ellah Lakes Lists N3.1bn Shares from Debt Conversion on Stock Exchange
