Ellah Lakes has disclosed a leap in shareholders’ fund from N497.8 million to a whopping sum of N4.5 billion.
The Details: This was contained in a notification sent by the company to the Nigerian Stock Exchange (NSE) and signed by Oake Legal, the company’s secretary after the firm released its results for the year ended 31 July 2019.
This development is coming after the firm published its first audited accounts where it listed an additional 1,880,000,000 shares on the Nigerian bourse.
Reacting to the results, Chuka Mordi, the Managing Director of the firm said, “It has been four months since I took over the management of Ellah Lakes Plc with this period being transformational for our company.
“I am happy to inform our shareholders that today, we are now a strategically focused agri-business, poised for growth, and are glad to announce that, cultivation is rapidly expanding on the plantations in Edo and Delta States. We have blocked out 900 hectares of land and we expect to achieve our target of 2000 hectares by Q2 2020.
“We turned a corner through the recapitalisation of our Balance Sheet, following the acquisition of Telluria Limited in Q2 2019. This led to an increase in Shareholders fund from N497.8 million to N4.5 billion with total assets moving in the same direction to close the year at N4.7 billion.
“At our Extra-Ordinary Meeting (EGM) held on 31 July 2019, we obtained shareholder approval to raise further capital for the expansion of the business and we expect to compete the re-financing process by the first quarter of 2020, even as we focus on the achievement of our operational targets.”
Recent Developments: Ellah Lakes Plc recently acquired Telluria Limited. The company mentioned that it acquired a 100% stake at Telluria Limited, having complied with the necessary rules under the approval of the Nigerian Stock Exchange.
The acquisition was made in furtherance of the diversification of its agribusiness services.
Similarly, Olumide Akpata was appointed to serve as the Chairman of the company’s Board of Directors after the resignation of General (Rtd) Zamani Lekwot from the same position.