Investors are beginning to react to Ellah Lakes Plc’s plans to raise N250 billion to acquire strategic assets and clean up its balance sheet in a disclosure to shareholders that’s seen the agricultural firm’s stock surge more than 9 percent barely four days after.
The company called an Extraordinary General Meeting (EGM) scheduled for July 25 to seek approval for equity issuance via public offer, private placement, or other mechanisms and to convert director or related-party loans into ordinary shares.
The plan also involves increasing share capital to accommodate new equity and debt conversion.
