ELLAH Lakes Nigeria Plc has announced plans to sell down a fraction of its shares held by substantial shareholders of the company, CBO Capital Partners, Blackman & Co.
The company made this announcement in a statement sent to the Nigerian Stock Exchange(NSE).
The statement revealed that three major shareholders of the company had each undertaken to sell down 25 per cent of their shares held in Ellah Lakes on or before the 15th of March, 2021.
In a bid to bring the company into compliance with the 20 per cent free float requirements of the Nigerian Stock Exchange, CBO Capital Partners, Blackman & Co, Osaro Oyegun who are substantial shareholders of Ellah lakes have resolved to sell down 25 per centof their holdings in the company.
Noting that the decision would help to put more shares of the company in the hands of the public, and resolve the lack of liquidity in the shares of Ellah lakes.
While speaking on this development the CEO of Ellah Lakes Plc, Chuka Mordi explained that the company needs to have more of its shares in the hands of the public, which is one of the reasons why Ellah Lakes is a publicly listed company.
He said: “We are working towards compliance, and we fully expect that we can achieve this by the deadline of 15th March 2021, so as to galvanize and encourage liquidity in the shares of Ellah lakes Plc.”
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