The N6.3 billion shares of Ellah Lakes Plc converted from debt to equity have been listed on the Nigerian Exchange (NGX) Limited.
Instead of paying its creditors N6.3 billion loans in cash, Ellah Lakes triggered the option of paying back in equities.
According to a notice from NGX Regulation Limited on Tuesday, the company gave the creditors a total of 2,252,142,858 ordinary shares of 50 Kobo at a unit price of N2.80, amounting to N6.306 billion.
The listing of these additional stocks of Ellah Lakes has raised its total issued and fully paid-up shares to 6,110,316,536 ordinary shares of 50 Kobo each from 3,858,173,678 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that additional 2,252,142,858 ordinary shares of 50 Kobo each of Ellah Lakes Plc were today, Tuesday, June 23, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from Ellah Lakes Plc’s conversion of N6,306,000,000.00 debt-to-equity.
“With this listing of the additional 2,252,142,858 ordinary shares, the total issued and fully paid-up shares of Ellah Lakes Plc has now increased from 3,858,173,678 to 6,110,316,536 ordinary shares of 50 Kobo each,” the circular signed by Bonaventure Onwuji for the Head of Issuer Regulation Department stated.
