Ellah Lakes Plc has said that subscribers in its public offer of last year will be refunded their money.

In a statement to the Nigerian Exchange (NGX), Managing Director/Chief Executive of Ellah Lakes, Mr. Chuka Mordi, explained that at the close of its Public Offer for Subscription of up to 18,800,000,000 ordinary shares of 50 kobo each at a subscription price of ₦12.50 per share, representing an equity raise of up to ₦235 billion, the level of subscription did not meet the minimum threshold required for allotment.

Consequently, he said, no shares will be allotted pursuant to the Offer, adding that in accordance with the terms of the Offer, subscription money received would be refunded to applicants in line with the procedures set out in the offer documents.

“The Company appreciates the interest shown by investors during the Offer period and remains committed to maintaining transparent communication with all stakeholders,” Mordi said.

Meanwhile, Mordi said update on the proposed acquisition Agro-Allied Resources and Processing Nigeria Limited (ARPN) remains a strategically important milestone for Ellah Lakes’ long-term growth and transformation agenda, assuring that the acquisition process is ongoing, and is expected to close by the end of Q1 2026.

He said the acquisition is expected to mark a significant milestone in Ellah Lakes’ trajectory, because it will strengthen its operational footprint and position it for enhanced scale, improved efficiencies, and long-term value creation.

Mordi said: “Ellah Lakes’ strategic direction remains focused on driving operational efficiency, maximising the productivity of our existing plantations, and achieving a significant increase in yield per hectare over the coming years. We are also committed to diversifying our product mix and enhancing vertical integration across palm oil and cassava, positioning the Company for sustainable growth and long-term value creation”.

He added that “The acquisition of ARPN represents a complementary milestone that, once completed, will strengthen our operational footprint and support the Company’s broader transformation agenda”, assuring that “we remain disciplined in executing the transaction responsibly and securing the appropriate capital structure. We are confident that, upon closing, this transaction will mark a transformative milestone in Ellah Lakes’ growth journey and create sustainable value for our shareholders.