Ellah Lakes Plc presented its 2019/2020 financial year to capital market stakeholders on the Facts Behind the Figures platform of Nigerian Exchange (NGX) Limited on Wednesday, 26 May 2021. The virtual event was hosted by the Divisional Head, Listings Business, NGX, Mr. Olumide Bolumole, and featured the Managing Director, Ellah Lakes Plc, Mr. Chuka Mordi, who was honoured with a digital Closing Gong Ceremony.
Speaking at the event, Mr. Bolumole noted, “Given that the market is driven by timely, relevant, and accurate information, interactions with the market are vital for transparency, price discovery and overall performance of securities. I must, therefore, commend the Board and Management of Ellah lakes for partaking in this Facts Behind the Figures. Given the invaluable contributions of the agricultural sector to the Nigerian economy, Ellah Lakes Plc continues to exploit the opportunities in 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 & Cassava highlights its drive and commitment towards creating value for shareholders. On our part at NGX, we continue to implement policies aimed at strengthening the corporate governance of our listed companies and providing products, services and platforms that are aligned to issuers’ and investors’ requirements in a fair and orderly market.”
In making his presentation, Mr. Mordi stated, “Prior to 2019, Ellah Lakes Plc was an insolvent entity on NGX. Later on that year, Telluria Ltd completed a reverse acquisition of the company, recapitalizing the balance sheet and repositioning the business for growth with a new board and management team. Today, we are undergoing a restructuring exercise, which will return the business to profitability and reposition it as a leading Agribusiness player across West Africa. From a corporate governance point of view, we hold ourselves to high standards of governance as expected by our shareholders and regulator, and as is befitting of our vision to become the leading supplier of sustainable edible oils and starch to the FMCG Industry in Nigeria, particularly, and West Africa, in general. Furthermore, our free float status remains a priority for the Board. We are working together with our advisers and the Exchange on ensuring that the required free float percentage is achieved in the shortest possible time.”
Chief Agronomist at Ellah Lakes Plc, Mr. Jamie Rixton, went on to present the financials and future plans of the company, emphasizing its intention to improve cash flow and ultimately start paying dividends to shareholders.
The NGX Fact Behind The Figures presentation provides our listed companies the opportunity to inform the market of their financial performance as well as other strategic and operational developments. Since the activation of remote trading and working from home in March 2020, NGX has transitioned this engagement into a virtual session thereby opening up the platform to more participants across the capital market ecosystem.