In an effort to fulfil the free float requirement of Nigerian Exchange (NGX), Ellah Lakes Plc has notified the Nigerian Exchange and the investing public that CBO Capital Partners Ltd Transfers Ellah Lakes Plc Shares to its Shareholders/Creditors in Cross Deal.
The CEO of Ellah Lakes Plc, Chuka Mordi stated thus:
“We are pleased to announce that CBO Capital Partners Limited (“CBO”), a major shareholder of Ellah Lakes Plc., is transferring a portion of its’ Ellah Lakes shares to its’ shareholders & creditors in a cross deal. This trade move is aimed at offsetting CBO’s outstanding obligations to CBO Shareholders, while simultaneously fulfilling Nigerian Exchange Limited’s (NGX) requirements on the free floating of Ellah Lakes shares.
By undertaking this strategic move, CBO is demonstrating its’ commitment to financial responsibility and compliance with regulatory standards set forth by the NGX. The decision to transfer a portion of Ellah Lakes shares to its’ creditors not only helps CBO manage its’ obligations effectively, but also enhances the liquidity and free float of Ellah Lakes shares in the market.
This cross deal signifies a proactive approach by CBO to strengthen its’ financial position and support the stability and growth of Ellah Lakes Plc. We believe that this trade move will have a positive impact on all stakeholders involved and contribute to the overall success of Ellah Lakes Plc.”