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Ongoing restructuring’ll return us to profitability, says Ellah Lakes

Ongoing restructuring exercise will bring back Ellah Lakes Plc into profitability and commencement of dividend payment to shareholders, the management of the company has said.

Its Managing Director, Mr. Chuka Mordi,  said the restructuring would make Ellah Lakes to attain profitability and further foster its vision of being the leading supplier of sustainable edible oil and starch to the consumer goods sector in Nigeria.

He noted that prior to 2019, Ellah Lakes was an insolvent entity but Telluria Limited completed a reverse acquisition of the company, recapitalising the balance sheet and repositioning the business for growth with a new board and management team.

“Today, we are undergoing a restructuring, 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,” Mordi said

He assured that the resolution of the company’s free float deficiency remains a priority of the board, noting that the company is working together with its advisers and the Nigerian Exchange (NGX) on ensuring that the required free float percentage is achieved in the shortest possible time.

Chief Agronomist Ellah Lakes Plc, Mr. Jamie Rixton, presented the financials and future plans of the company, emphasising its intention to improve cash flow and ultimately start paying dividends to shareholders.

At the presentation of the underlying facts on the operations of the company, Divisional Head, Listings Business, NGX, Mr. Olumide Bolumole commended the board and management of Ellah Lakes for ongoing efforts to reposition the company.

He noted that 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.

 

“Given the invaluable contributions of the agricultural sector to the Nigerian economy, Ellah Lakes 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 and Cassava highlights its drive and commitment towards creating value for shareholders,” Bolumole said.

He assured that the NGX would continue to implement policies aimed at strengthening the corporate governance of listed companies and providing products, services and platforms that are aligned to issuers’ and investors’ requirements in a fair and orderly market.

He pointed out that the fact-behind-the-figures presentation provides listed companies the opportunity to inform the market of their financial performance as well as other strategic and operational developments.

He added that since the activation of remote trading and working from home in March 2020, NGX has transitioned the forum  into a virtual session thereby opening up the platform to more participants across the capital market ecosystem.

 



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