CBO Capital Partners Limited, a substantial shareholder, has divested some of its equity holdings in Ellah Lakes Plc, following the recent sales of about 5 million of its shares in the latter.
The recent move is part of a strategic arrangement reached by three substantial shareholders in Ellah Lakes Plc (inclusive of CBO Capital Partners Limited), to sell down 25% of their holdings, in a bid to satisfy the NGX’s free float benchmark of 20% and resolve the lack of liquidity in the shares of the company.
In a statement signed by the company’s secretary, Kenechi Ezezika, and sent to the Nigerian Exchange Limited (NGX) today, the company disclosed that it sold 5,000,000 units of Ellah Lake’s shares in its portfolio, at a unit price of N4.25, amounting to N21, 250,000.
In the same vein, recall that on the 19th of August, 2021, CBO Capital Partners Limited had sold about 26.62 million units of Ellah Lakes Plc shares worth N113.16 million.
It is imperative to note that these disclosures are in line with The Exchange’s policy on insider dealings, aimed at ensuring transparency in the capital markets and maintaining public confidence or trust in the markets.
Ellah Lakes Plc closed trading today 31st of August, 2021 with a share price of N4.25