Ellah Lakes Plc has announced it will refund all investors following the unsuccessful conclusion of its N235 billion public offer. The company confirmed in a statement on February 20, 2026, that subscription levels fell short of the minimum threshold required for share allotment, leaving no new shares to be issued. All funds received from applicants will be returned according to the procedures outlined in the offer documents.
The public offer, which opened on November 10, 2025, initially aimed to raise capital through the subscription of 18.8 billion ordinary shares at N12.50 per share. Though the offer period was extended from December 5 to December 19, investor participation remained insufficient, ultimately rendering the capital raise unsuccessful.
Despite the setback, Ellah Lakes assured stakeholders that the failed public offer would not derail its broader growth strategy. The company emphasized its commitment to transparent communication and responsible execution of its business plans, highlighting ongoing efforts to secure the appropriate capital structure.
Notably, Ellah Lakes’ proposed acquisition of Agro-Allied Resources & Processing Nigeria Limited (ARPN) remains on track. Signed in October 2025, the deal is expected to conclude by the end of the first quarter of 2026, pending regulatory approvals. Management says the acquisition will strengthen operational scale, improve efficiencies, and enhance long-term competitiveness within Nigeria’s agro-industrial sector.
Market observers note that Ellah Lakes’ share price initially gained momentum during the offer period, climbing from N11.05 to about N13.85. However, modest revenue growth paired with widening operating losses likely contributed to subdued investor appetite. The company reported N146 million in revenue against N1.87 billion in losses, illustrating that rising costs continue to challenge profitability despite strategic growth initiatives.
source: nairametrics