Ellah Lakes Plc has announced the acquisition of 100 per cent equity stake in Telluria Limited effective May 7, 2019.
The company in notice to the Nigerian Stock Exchange (NSE) obtained by the New Telegraph, said that having complied with all the necessary regulatory requirements, the acquisition was approved by the Exchange and by the Securities and Exchange Commission (SEC).
The notice signed by Kenechi Ezezika for the Company Secretary, noted that the primary objective of the acquisition was to strengthen Company’s balance sheet, restore customer confidence, provide access to new markets, improve operations and create organizational efficiencies that will drive profitability and increase shareholders’ value.
“The Board of Directors and Management of Ellah Lakes consider this business combination to be in the best interest of the Company and expect the transaction to; revitalize management; create access to diversified expertise and financial strength; improve administrative and operational and efficiencies of the Company; and strengthen the Company’s market position by aiding access to new products and markets,” he said.
The management of the company, which specialises in fish farming, recently confirmed that it would soon complete its restructuring exercise.
According to a media release by the company, the exercise should be finalised before the end of March 31, 2019.
“Ellah Lakes Plc intends to complete the restructuring exercise within the first quarter of 2019,” the statement signed by the Company Secretary, Mr Michael Ellah, said.
“Following the September 27, 2018 Annual General Meeting (AGM) of Ellah Lakes to approve a private placement and its business combination with Telluria Limited, a board meeting of Ellah Lakes was held on November 29, 2018.
“As a result of the ongoing restructuring exercise, the board of directors of Ellah Lakes at the meeting held on November 29, 2018 approved a full and final settlement by the company of the N589.5 million debt owed to Chief J.W. Ellah Sons & Company Limited.
“In return for the discharge of the debt, Ellah Lakes has assigned its interest in the property lying and situated as Obrokom in Ahoada local government area of Rivers State to the lender in full and final settlement of the debt to Chief J.W. Ellah Sons & Company Limited.
“The result of this is that the lender has irrevocably and unconditionally released Ellah Lakes, its subsidiaries and all other third parties from all obligations, and this is completion of the first step in restructuring the balance sheet of Ellah Lakes.”
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