By Dipo Olowookere
The management of Ellah Lakes Plc, a company which specialises in fish farming, has confirmed that it would soon complete its restructuring exercise.
According to a media release by the company, this exercise should be finalised before the end of March 31, 2019.
“Ellah Lakes Plc intends to complete the restructuring exercise within the first quarter of 2019,” the statement signed by the Company Secretary, Mr Michael Ellah, said on Wednesday.
It further said, “Following the September 27, 2018 Annual General Meeting (AGM) of Ellah Lakes to approve a private placement and its business combination with Telluria Limited, a board meeting of Ellah Lakes was held on November 29, 2018.
“As a result of the ongoing restructuring exercise, the board of directors of Ellah Lakes at the meeting held on November 29, 2018 approved a full and final settlement by the company of the N589.5 million debt owed to Chief J.W. Ellah Sons & Company Limited.
“In return for the discharge of the debt, Ellah Lakes has assigned its interest in the property lying and situated as Obrokom in Ahoada local government area of Rivers State to the lender in full and final settlement of the debt to Chief J.W. Ellah Sons & Company Limited.
“The result of this is that the lender has irrevocably and unconditionally released Ellah Lakes, its subsidiaries and all other third parties from all obligations, and this is completion of the first step in restructuring the balance sheet of Ellah Lakes.”
