In a notice to the Nigerian Stock Exchange (NSE) yesterday, Ellah Lakes Plc gave an update on its restructuring plans as well as progress on a private placement. In the notice, the firm stated that it had settled a debt owed Chief JW Ellah and Sons Limited.
As part of the terms of settlement, the company has handed over property at Obrikom, Ahoada local government to Chief JW Ellah and Sons Limited. The Ellah family founded the firm and is the current majority shareholder.
The company also stated that it had completed the first step of restructuring its balance sheet by this action. The restructuring is expected to be completed in the first quarter of 2019.
From the wording of the document, the firm may have obtained shareholders’ approval for the private placement.
Prior to this
The company had, in September last year, indicated that it would obtain shareholders’ approval to raise debt or equity capital up to N5 billion by way of a private placement.
While the company did not provide much information about Telluria, findings revealed that the firm is owned by Chuka Mordi. Mordi is also the Managing Partner and Co-Founder at CBO Investment Management. CBO’s portfolio investment companies include Union Dicon Salt Plc.
A grey area
The firm, however, may have made several management changes without informing the Nigerian Stock Exchange (NSE) or shareholders. The company’s most recent results were certified by Chuka Mordi, an Executive Director and Joel Omole, the Finance Manager.
When was Chuka Mordi appointed Executive Director?
Why was his appointment not announced?
Ellah Lake’s website merely lists him as director.
About the company
Ellah Lakes was incorporated on the 22nd of August, 1980 as a private limited liability company. It was converted to a public limited liability company on the 16th of June, 1992 and listed on the NSE on the 14th of January, 1993. The company is in Port Harcourt, Rivers State and is primarily into fish farming.