3 Shareholders Undertake to Sell Down 25% Shares in Ellah Lakes Plc

Must Read

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of First Bank of Nigeria Sort Codes in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...
- Advertisement -

Following discussions with The Nigerian Stock Exchange (NSE), on the lack of liquidity in the shares of Ellah Lakes Plc, due to the Company’s free float that currently stands at 14.55% with a value of  N1,236,333,070.75, three major shareholders of Ellah Lakes have each undertaken to sell down 25% of their shares held in Ellah Lakes towards the resolution of the Company’s free float deficiency, on or before the 15″ of March 2021.

The NSE’s regulations require that all companies listed on The Exchange’s Main Board must have a minimum of 20% of their shares held by members of the public or a free float value of Twenty Billion Naira.

CEO Dumps Ellah Lakes Stocks
Chuka Mordi | www.brandspurng.com

Following the completion of the acquisition of Telluria in 2019, a majority of the shares of Ellah Lakes Plc were consolidated, and the free float was reduced to 13% (below the regulatory threshold of 20%).

In a bid to rectify this situation, CBO Capital Partners, Blackman & Co, and Osaro Oyegun have given an undertaking, with the intent of bringing the Company into compliance with the 20% free float requirements of the Nigerian Stock Exchange.

Read Also:  Unemployment Rises To 29.1% In Third Quarter

Chuka Mordi, the CEO of Ellah Lakes Plc said:

- Advertisement -

“We fully appreciate why we need to have more shares in the hands of the public, which is why we are listed on the Nigerian Stock Exchange.

We are working towards compliance, and we fully expect that we can achieve this by the deadline of 15 March 2021, so as to galvanise, and encourage liquidity in the shares of Ellah Lakes Plc”.

- Advertisement -
3 Shareholders Undertake to Sell Down 25% Shares in Ellah Lakes Plc - Brand Spur3 Shareholders Undertake to Sell Down 25% Shares in Ellah Lakes Plc - Brand Spur
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

3 Shareholders Undertake to Sell Down 25% Shares in Ellah Lakes Plc - Brand Spur3 Shareholders Undertake to Sell Down 25% Shares in Ellah Lakes Plc - Brand Spur

Latest News

Establishing Twitter’s Presence in Africa, Why Ghana?

In line with its growth strategy, Twitter has announced that it is now actively building a team in Ghana. Twitter CEO...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -3 Shareholders Undertake to Sell Down 25% Shares in Ellah Lakes Plc - Brand Spur3 Shareholders Undertake to Sell Down 25% Shares in Ellah Lakes Plc - Brand Spur