“Restructuring of Ellah Lakes to become a major player in the agro-industry”
Ellah Lakes Plc Managing Director Mr. Chuka Mordi said the company is undergoing restructuring and is positioning itself as a major player in agribusiness in West Africa.
Mordi said this during the presentation of the company’s “facts behind the numbers” to market stakeholders on the Nigerian Exchange (NGX) Limited platform.
According to him, prior to 2019 Ellah Lakes Plc was an insolvent entity on NGX, but Telluria Ltd acquired the company, recapitalized its balance sheet and repositioned its business for growth with a new board of directors and a new management team.
“Today, we are conducting a restructuring exercise, which will bring the company back to profitability and reposition it as a major player in the agrifood industry in West Africa.
“From a corporate governance perspective, we hold ourselves to high standards of governance as intended by our shareholders and our regulator, and as befits our vision of becoming the leading supplier of oils and oils. sustainable edible starch for the FMCG industry in Nigeria, in particular, and West Africa in general. In addition, our float status remains a priority for the board.
“We are working with our advisors and the Exchange to ensure that the required free float percentage is reached as quickly as possible,” said Mordi.
Ellah Lakes Plc Chief Agronomist Mr. Jamie Rixton then presented the company’s financial statements and future plans, highlighting its intention to improve cash flow and start paying dividends to shareholders. .
The NGX Fact Behind the Figures presentation offers listed companies the opportunity to inform the market about their financial performance as well as other strategic and operational developments.
Since the activation of remote trading and work from home in March 2020, NGX has transformed this engagement into a virtual session thus opening the platform to more participants across the ecosystem of financial markets.
Speaking at the event, NGX Listing Division Head Mr. Olumide Bolumole, as the market was driven by timely, relevant and accurate information, interactions with the market were vital for transparency , price discovery and overall stock performance. .
“So I have to commend the board and management of Ellah Lakes for taking part in these facts behind the numbers. Considering the invaluable contributions of the agricultural sector to the Nigerian economy, Ellah Lakes Plc continues to exploit the opportunities of the sector. The company’s recent agreement with the Ondo State government for the joint development and management of 5,000 hectares of land, for the cultivation of oil palm and cassava, underscores its will and commitment to create shareholder value, ”he said.