Ellah Lakes Plc has announced it will refund applicants after its N235 billion public offer failed to meet the minimum subscription threshold required for allotment.

The company disclosed this in a statement issued on Friday, February 20, 2026, announcing the close of the offer on its website.

It confirmed that no shares would be allotted under the offer and that all subscription monies received would be returned to investors in line with procedures outlined in the offer documents.

The public offer sought subscription for up to 18.8 billion ordinary shares of 50 kobo each at N12.50 per share.

It opened on November 10, 2025, was initially scheduled to close on December 5, and was later extended to December 19, 2025.

However, at the end of the offer period, subscription levels fell short of the required minimum threshold, rendering the issuance unsuccessful.

Ellah Lakes Plc said its N235 billion public offer has officially closed without meeting the minimum subscription required for share allotment.

The company also confirmed that the proposed acquisition of Agro-Allied Resources & Processing Nigeria Limited (ARPN) remains ongoing and is expected to conclude by the end of the first quarter of 2026, subject to final approvals.

Ellah Lakes had, on November 7, 2025, plans to raise up to N235 billion through the equity offering as part of its broader capital restructuring and expansion strategy.

The funds were expected to support growth initiatives and strengthen its agro-processing operations, including plantation expansion and processing capacity upgrades. Despite extending the subscription window by two weeks, investor participation did not reach the minimum level required for allotment.

In its official press release titled “Ellah Lakes Plc Announces Close of Public Offer and Outcome,” the company stated that no shares would be issued pursuant to the offer.

While the capital raise fell through, the company confirmed that its proposed acquisition of Agro-Allied Resources & Processing Nigeria Limited (ARPN) remains ongoing.

Ellah Lakes had earlier signed an agreement on October 3, 2025, to acquire ARPN from ARPN PTE Ltd, Singapore, describing the deal as a strategically important milestone in its long-term transformation agenda.

The company added that the acquisition is expected to enhance long-term value creation and position it for stronger competitiveness within Nigeria’s agro-industrial value chain.

Before the offer, Ellah Lakes’ share price gained momentum, climbing from around N11.05 at the start of the offer to about N13.85 as investors initially reacted positively to the capital raise and the planned ARPN acquisition.

However, sentiment appeared to soften after recent financial filings revealed modest revenue gains but widening operating losses, as costs continued to outpace sales.

This backdrop of improving market sentiment, but fragile profitability and cash burn, may partly explain why investor appetite ultimately fell short of the minimum subscription threshold required to complete the public offer.