CBO Capital Partners transfers Ellah Lakes shares to creditors
CBO Capital Partners Limited has transferred a portion of its Ellah Lakes shares to its shareholders and creditors in a cross deal.
Chuka Mordi, CEO of Ellah Lakes, said in a statement on Wednesday that the move was aimed at offsetting the CBO’s outstanding obligations to its 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,” he said.
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, according to Mordi.
“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,” he added.
