Thursday, February 25, 2021 /12:35 PM / By NSE / Header Image Credit: Ellah Lakes

Followingdiscussions with The Nigerian Stock Exchange (NSE or The Exchange), on the lackof liquidity in the shares of EllahLakes Plc ("Ellah Lakes" or "the Company"), due to the Company'sfree float that currently stands at 14.55% with a value of  N1,236,333,070.75, three major shareholders ofEllah Lakes have each undertaken to sell down 25% of their shares held in EllahLakes towards the resolution of the Company's free float deficiency, on orbefore the 15" of March, 2021.

The NSE'sregulations require that all companies listed on The Exchange's Main Board musthave a minimum of 20% of their shares held by members of the public or a freefloat value of Twenty Billion Naira.

Following thecompletion of the acquisition of Telluria in 2019, a majority of the shares of EllahLakes Plc were consolidated, and the free float was reduced to 13% (below the regulatorythreshold of 20%)

In a bid torectify this situation, CBO Capital Partners, Blackman & Co, and OsaroOyegun have given anundertaking, with the intent of bringing the Company into compliance with the 20%free float requirements of the Nigerian Stock Exchange.

Chuka Mordi, theCEO of Ellah Lakes Plc said: "We fully appreciate why we need to have more shares inthe hands of the public, which is why we are listed on the Nigerian Stock Exchange. We areworking towards compliance, and we fully expect that we can achieve this by thedeadline of 15 March 2021, so as to galvanise, and encourage liquidity in theshares of Ellah Lakes Plc".

Visit EllahLakes Plc IR Page in Proshare MARKETS

Graph - One Year Share Price Movement

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Related News - Ellah Lakes Plc

1.       EllahLakes Executes An Agreement With Ondo State Govt for JD on Cultivation of OilPalm and Cassava

2.      EllahLakes Notifies Of Board Meeting And Closed Period; To Consider AFS For FYE July31, 2019

3.      WoleOnasanya Resigns As CFO Of Ellah Lakes Plc

4.      EllahLakes Plc Lists Additional 1.88bn Ordinary Shares Issued to Shareholders ofTelluria Limited

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6.      ELLAHLAKES declares N6.3m loss in Q1 '12 result.

7.      EllahLakes Plc declares N14.5 million loss in Q1 2011 result.