Ellah Lakes Plc, a leading Nigerian agricultural company has called an Extraordinary General Meeting (EGM) of its shareholders, scheduled to take place on Friday, July 25, 2025.
The meeting aims to discuss and approve several key resolutions. Firstly, the company's board of directors is seeking authorization to raise capital of up to N250 billion through a private placement, public offer, or other equity issuance. If approved, the board will have the authority to execute the capital raise at a price, time, and terms deemed fit, subject to regulatory approvals.
Additionally, the meeting will consider a debt-to-equity conversion proposal, where director and shareholder loans granted before July 25, 2025, would be converted into ordinary shares of the company. The board would be authorized to approve the conversion terms and execute the necessary documents.
The meeting will also discuss increasing the company's share capital to accommodate the new shares created through the equity issuance and debt conversion. This would involve amending the company's Memorandum and Articles of Association.
Shareholders will vote on these resolutions, which aim to support the company's growth and development. The board's decisions and actions taken in connection with these resolutions will be subject to ratification and approval by the shareholders.
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