Ellah Lakes Plc AGM 2024: Key Resolutions on Financial Statements, Leadership, and Debt Conversion
Details of the Meeting:
Ellah Lakes Plc held its Annual General Meeting (AGM) on 5th December 2024 at Paul Dike Hall, Victoria Island, Lagos. Several significant resolutions were passed during the meeting, which encompassed both ordinary and special business.
Ordinary Business Resolutions:
1. Approval of Financial Statements:
The Company’s audited financial statements for the year ending 31 July 2024 were reviewed and approved, along with the Directors’, Auditors’, and Audit Committee reports.
2. Re-Election of Directors:
The following directors were re-elected after retiring by rotation and offering themselves for re-election:
• Joe Attueyi
• Evans Jakpa-Johns
• Maxwell Oko
• Enotie Ogbebor
3. Ratification of Director Appointment:
The appointment of Mr. Kofo Majekodunmi as a Director was ratified.
4. Appointment of Auditors:
• Olabode Akande & Co. was appointed as the Company’s auditor for the extended financial period spanning 1 August 2024 to 31 December 2025.
• The Board was authorized to determine the remuneration of the auditors.
5. Statutory Audit Committee:
Shareholders’ representatives elected to the committee:
• Mr. Olugbosun Banji
• Mr. Makanjuola Oladayo Abdulyekini
• Mr. Okoahaba Emmanuel Ifeanyi
The Board nominated the following directors to the committee:
• Ms. Osaro Oyegun
• Ms. Nnenna Onyewuchi
Special Business Resolutions:
1. Debt-to-Equity Conversion:
• Approval was granted for the Company to convert its debt into ordinary shares, subject to regulatory approvals and at the Board’s discretion.
• Acts performed by the Board related to this conversion were ratified.
2. Capital Increase:
• The Company’s share capital was approved for an increase to accommodate new shares created for the debt conversion, ensuring parity with existing shares.
• The Company’s Memorandum of Association will be amended to reflect these changes.
3. Financial Year Adjustment:
• The Company’s financial year will change from 1 August – 31 July to 1 January – 31 December.
• The current financial year will span a transitional 17 months (1 August 2024 – 31 December 2025).
4. Authorization of the Board:
• The Board was empowered to take any additional actions necessary to implement these resolutions.
Significance:
These resolutions reflect strategic moves to strengthen the Company’s governance, financial structure, and operations, particularly the debt-to-equity conversion and share capital increase, which position Ellah Lakes Plc for sustainable growth.
For more details, visit Ellah Lakes Plc.
Details of the Meeting:
Ellah Lakes Plc held its Annual General Meeting (AGM) on 5th December 2024 at Paul Dike Hall, Victoria Island, Lagos. Several significant resolutions were passed during the meeting, which encompassed both ordinary and special business.
Ordinary Business Resolutions:
1. Approval of Financial Statements:
The Company’s audited financial statements for the year ending 31 July 2024 were reviewed and approved, along with the Directors’, Auditors’, and Audit Committee reports.
2. Re-Election of Directors:
The following directors were re-elected after retiring by rotation and offering themselves for re-election:
• Joe Attueyi
• Evans Jakpa-Johns
• Maxwell Oko
• Enotie Ogbebor
3. Ratification of Director Appointment:
The appointment of Mr. Kofo Majekodunmi as a Director was ratified.
4. Appointment of Auditors:
• Olabode Akande & Co. was appointed as the Company’s auditor for the extended financial period spanning 1 August 2024 to 31 December 2025.
• The Board was authorized to determine the remuneration of the auditors.
5. Statutory Audit Committee:
Shareholders’ representatives elected to the committee:
• Mr. Olugbosun Banji
• Mr. Makanjuola Oladayo Abdulyekini
• Mr. Okoahaba Emmanuel Ifeanyi
The Board nominated the following directors to the committee:
• Ms. Osaro Oyegun
• Ms. Nnenna Onyewuchi
Special Business Resolutions:
1. Debt-to-Equity Conversion:
• Approval was granted for the Company to convert its debt into ordinary shares, subject to regulatory approvals and at the Board’s discretion.
• Acts performed by the Board related to this conversion were ratified.
2. Capital Increase:
• The Company’s share capital was approved for an increase to accommodate new shares created for the debt conversion, ensuring parity with existing shares.
• The Company’s Memorandum of Association will be amended to reflect these changes.
3. Financial Year Adjustment:
• The Company’s financial year will change from 1 August – 31 July to 1 January – 31 December.
• The current financial year will span a transitional 17 months (1 August 2024 – 31 December 2025).
4. Authorization of the Board:
• The Board was empowered to take any additional actions necessary to implement these resolutions.
Significance:
These resolutions reflect strategic moves to strengthen the Company’s governance, financial structure, and operations, particularly the debt-to-equity conversion and share capital increase, which position Ellah Lakes Plc for sustainable growth.
For more details, visit Ellah Lakes Plc.