Boussole Integrated Limited increased its stake in Eunisell Interlinked Plc to 71.69 per cent in the first quarter of its 2027 financial year, from 63.47 per cent a year earlier, as the company's free float declined over the period.
The development represents an 8.22 percentage-point increase in Boussole's ownership of the company, according to Eunisell's unaudited financial statements for their first three months ended September 30, 2026.
The shareholding structure showed that Boussole held 218.952 million units of Eunisell's shares as of September 30, compared with 150.223 million units recorded in the corresponding period of 2025.
The increase coincides with the company's conversion of ₦200 million debt into equity, which resulted in the listing of an additional 68,728,522 ordinary shares on the Nigerian Exchange (NGX) at ₦2.91 per share on September 4, 2026.
The conversion increased Eunisell's issued and fully paid-up share capital from 236.70 million shares to 305.43 million shares.
Interestingly, the approximately 68.729 million-share increase in Boussole's holding closely corresponds with the 68.728 million additional shares arising from the debt-to-equity conversion.
However, the financial statement does not expressly identify the creditor or the recipient of the newly issued shares, leaving the precise relationship between the conversion and Boussole's increased stake subject to further confirmation.
A debt-to-equity conversion involves replacing a company's outstanding debt obligation with shares, effectively making the creditor a shareholder rather than requiring repayment of the converted amount in cash.
Meanwhile, Eunisell's free float declined to 23.90 per cent in September 2026 from 28.19 per cent in the corresponding period of the previous year, representing a 4.29 percentage-point reduction.
Free float represents the proportion of a company's shares available for public trading on the stock exchange, excluding holdings generally regarded as unavailable for public trading.
Despite the decline, Eunisell stated that its free-float position remained compliant with the Nigerian Exchange's requirements for companies listed on the Main Board.
The company's shareholding disclosure also showed an increase in directors' shareholdings to 4.41 per cent from 2.00 per cent in September 2025.
Meanwhile, Eunisell's cash position improved during the quarter, with cash and cash equivalents rising to ₦257.73 million as of September 30, 2026, from ₦15.68 million at the end of June 2026.
The company also generated ₦259.29 million in net cash from operating activities during the three-month period, reflecting an improvement in cash generated from its business operations. Their revenue increased 79% from ₦445 million in the same period of 2025 to ₦792 million in 2026 while profit after tax increased 69% from ₦115 million in the same period of 2025 to ₦194 million in 2026.