The board of Benin City, Edo State based Ellah Lakes Plc, last week as part of the special business at an annual general meeting of the company, got the blessing of shareholders to convert its total debt into equity.

The conversion will be “on such terms and in such manner as the Board of Directors deems fit, and subject to obtaining all relevant regulatory approvals.

Consequently, the directors also received the nod of the shareholders to raise the company’s share capital “to such amount as may be determined by the Board of Directors ranking pari passu in all respects with the existing

ordinary shares of the Company.”

The new shares, according to a filing of the AGM outcome at the Nigerian Exchange, the shares so created will “be allotted pursuant to the

conversion of the Company’s debt into ordinary shares and registered with the Securities and Exchange Commission (SEC).

In the aftermath of the creation of shares, the directors are to ensure that the Memorandum of Association of the Company be amended accordingly.”

Also, the meeting also approved a change in the company’s financial year-end from August to July 1, to January-December 31, following which the current financial year will span 17 months from August 1, 2024, to December 31, 2025.