Tag: Ellah Lakes Plc

Ellah Lakes reschedules Annual General Meeting (AGM) to November 22.

Chidi Emenike Leave a comment

Ellah Lakes Plc has notified shareholders and the general public, of a change in the date of its forthcoming Annual General Meeting (AGM) earlier scheduled to hold on 8th of October, 2021.

According to a notice issued by the company dated 5th of October, 2021 and filed with the Nigerian Exchange Limited (NGX), the AGM will now hold on Monday, 22nd of November, 2021 at 11:00 am prompt.

The company had earlier disclosed that the forth coming AGM was scheduled to consider the proposed listing of the company shares on the London Stock Exchange (LSE) and approve its audited financial statements for the year ended July 31, 2021, among other topical issues.

Consequently, the date for the closure of its register and transfer books was moved from an initial dates of September 20-24, 2021 (with both dates inclusive) to November 8-12, 2021 (both dates inclusive).

What you should know:

  • Ellah Lakes Plc opened trading today 8th of October, 2021 with a share price of N4.25 on the floor of the Nigerian Exchange Limited (NGX).

See link to recent disclosure.

Ellah Lakes set to consider listing its shares on the London Stock Exchange in forthcoming Annual General Meeting (AGM).

Chidi Emenike Leave a comment

Ellah Lakes Plc has announced that it will be considering listing its shares on the London Stock Exchange (LSE) in the forthcoming Annual General Meeting scheduled to hold on the 8th of October, 2021.

According to a statement signed by the company and sent to the Nigerian Exchange Limited (NGX), the AGM will hold at No. 7 Ibiyinka Olorunbe Close, Victoria Island, Lagos, by 11:00 am prompt,

Other cogent issues to be discussed include;

  • The audited financial statement for the year ended July 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee, among others.

In view of the directives on physical distancing and the restriction on maximum number of people at every gathering due to the COVID-19 pandemic, the meeting will hold by proxy in accordance with section 254 of the Companies and Allied Matters Act 2020 and as approved by the Corporate Affairs Commission.

Additionally, the AGM will be streamed live online, to enable shareholders and other relevant stakeholders who will not be attending the meeting physically to also be part of the proceedings. The link for the live streaming will be made available at least 48 hours before the scheduled date for the AGM.

The register of members and transfer books of the Company would be closed from Monday, September 20, 2021 to Friday, September 24, 2021 (both dates inclusive) to enable the registrar to make necessary preparations for the AGM.

What you should know:

  • As at the period of reporting this, Ellah Lakes Plc is currently trading at N4.25 on the floor of the Nigerian Exchange Limited (NGX).

 

 

CBO Capital Partners Limited sells off additional 5 million units of Ellah Lakes shares worth N21.3 million.

Chidi Emenike Leave a comment

CBO Capital Partners Limited, a substantial shareholder, has divested some of its equity holdings in Ellah Lakes Plc, following the recent sales of about 5 million of its shares in the latter.

The recent move is part of a strategic arrangement reached by three substantial shareholders in Ellah Lakes Plc (inclusive of CBO Capital Partners Limited),  to sell down 25% of their holdings, in a bid to satisfy the NGX’s free float benchmark of 20% and resolve the lack of liquidity in the shares of the company.

In a statement signed by the company’s secretary, Kenechi Ezezika, and sent to the Nigerian Exchange Limited (NGX) today, the company disclosed that it sold 5,000,000 units of Ellah Lake’s shares in its portfolio, at a unit price of N4.25, amounting to N21, 250,000.

In the same vein, recall that on the 19th of August, 2021, CBO Capital Partners Limited had sold about 26.62 million units of Ellah Lakes Plc shares worth N113.16 million.

It is imperative to note that these disclosures are in line with The Exchange’s policy on insider dealings, aimed at ensuring transparency in the capital markets and maintaining public confidence or trust in the markets.

Ellah Lakes Plc closed trading today 31st of August, 2021 with a share price of N4.25

 

 

 

CBO Capital Partners Limited sells off 26.62 million units of Ellah Lakes shares worth N113.16m.

Chidi Emenike 1 Comment

CBO Capital Partners Limited, a substantial shareholder, has offloaded some of its stakes in Ellah Lakes Plc.

In a statement signed by the company’s secretary, Kenechi Ezezika, and sent to the Nigerian Exchange Limited (NGX), the company disclosed that it sold about 26,624,751 units of Ellah Lake’s shares in its portfolio, at a unit price of N4.25, amounting to N113, 155,191.75.

This disclosure is in line with The Exchange’s policy on insider dealings, aimed at upholding the integrity of the financial system and maintaining public trust.

Back story:

Nairametrics had earlier reported that CBO Capital Partners Limited and two (2) other substantial shareholders had agreed to sell off 25% of their shares held in Ellah Lakes Plc. The substantial shareholders agreed to carry out the drastic decision owing to the reduction in the free float of the company occasioned by the acquisition of Telluria in 2019. The acquisition reduced the company’s free float to about 13%.

Therefore in a bid to put more shares of the company in the hands of the public and resolve the lack of liquidity in the shares of Ellah Lakes, substantial shareholders- CBO Capital Partners Limited, Blackman & Co, and Osaro Oyegun resolved to sell down 25% of their holdings in the company. The action of the shareholders will also help Ellah Lakes match the NGX’s free float benchmark of 20%.

What you should know:

  • As at April 2021, CBO Capital Partners Limited holds about 564 million units of shares in Ellah Lakes Plc, translating to about 28.2% of the total shareholding.
  • Ellah Lakes Plc closed trading today 19th of August, 2021 with a share price of N4.25.

 

 

 

 

Ellah Lakes Plc appoints Robert Grant as Chief Financial Officer

Chidi Emenike Leave a comment

Ellah Lakes Plc has announced the appointment of Mr Robert Grant as its Chief Financial Officer (CFO), effective from 1st of September, 2021.

The appointment was announced in a notice sent to the Nigerian Exchange Limited (NGX) today which reads: ‘’ Ellah Lakes Plc. (“Ellah Lakes”, or “the Company”) is pleased to announce the appointment of Mr. Robert Grant as the Chief Financial Officer (CFO) of the Company.’’

Robert Grant has over 20 years of investment banking and consulting experience and is currently the Head of Infrastructure Financing at First City Monument Bank. He joined FCMB Capital Markets as a Vice President in 2012 having previously spent 5 years at First City Monument Bank Limited. Prior to that, he was the acting CFO of Ghana Telecom from 2003 to 2006 and he was a director at Lucent Technologies between 1999 and 2002 and a Vice President at TD Securities from 1995 to 1999. He has been a team leader on the successful execution of numerous project and structured finance deals in the power, oil & gas and telecommunications sectors.

Robert holds an MBA from New York University’s Stern School of Business, New York, NY and a B.Sc.Accounting from Hayward State University, Hayward, CA.

Commenting on the recent development, the Chief Executive Officer/Managing Director of Ellah Lakes Plc, Mr. Chuka Mordi said: ‘’We are extremely pleased to have such a seasoned professional like Robert Grant joining our team, and we are very excited at the wealth of experience and capacity that we now have at our disposal, for the next stage of growth at Ellah Lakes Plc”

What you should know:

  • Ellah Lakes is a diversified Nigerian agribusiness operator with focus on production of oil palm, cassava, maize, soya bean and their derivative products. The firm was established in 1980 and is currently listed on the mainboard of the Nigerian Exchange Limited (NGX).
  • The firm closed trading today 9th of August, 2021 with a share price of N4.25

Ellah Lakes Plc: Notice of Board Meeting.

Chidi Emenike Leave a comment

Ellah Lakes Plc has announced that it will be hosting a Board meeting in Lagos on the 17th of August, 2021.

This is according to a notice issued by the company and sent to the Nigerian Exchange Group Limited today.

According to the notice, the meeting will enable the Board Directors to consider the company’s financial statement for the year ended 31 July, 2021. Decisions reached at the meeting will be subsequently communicated.

In addition, the firm also announced a closed period from 2nd of August 2021 until 24 hours after the company’s financial statement and outcome of the board meeting have been made public in line with the Rulebook of the Nigerian Exchange Limited.

Here is a link to the notice.

Ellah Lakes Plc signs strategic deal with KJM Trading Ghana Limited to expand operations.

Chidi Emenike Leave a comment

Ellah Lakes Plc has announced the signing of a Memorandum of Understanding (MoU) with KJM Trading Limited Ghana (KTLG), in a bid to expand its frontiers and business interests beyond Nigeria.

The partnership will enable Ellah Lakes to kick off the process of securing 20,000 hectares of arable farmland in Ghana and will herald the emergence of its subsidiary in Ghana. In addition, the company is looking at leveraging on KTLG’s strong network across the West African market, given its diversified business interests.

According to a notice sent to the Nigerian Exchange Group Limited (NGX), the deal is part of the strategic plan by Ellah Lakes Plc to establish a presence in three other Anglophone countries in West Africa starting with Ghana.

What they are saying:

Commenting on the deal, the Chief Executive Officer/Managing Director of Ellah Lakes Plc, Mr Chuka Mordi said: ‘’Ellah Lakes is very pleased to commence this strategic partnership with KJM Trading Limited. This is the first stage of our planned West African dominance and Ellah Lakes Ghana, a subsidiary of Ellah Lakes Plc will be set up as a result of this partnership.

Under this partnership, Ellah Lakes will also kick off the process of securing 20,000 hectares of arable farmland in Ghana. We are certain that this partnership will strengthen and advance the transformation agenda of the company.’’

On the other hand, the CEO of KJM Trading Limited, Mr Emmanuel Kojo Jones-Mensah said: ‘’At KTLG, we aim to build a prosperous agriculture chain in Africa. We are excited to be part of this next chapter of Ellah Lakes growth and look forward to putting our expertise and experience to use for a successful partnership.

What you should know:

  • It is pertinent to note that the value of the deal at the moment cannot be ascertained as negotiations between the aforementioned parties are currently going on. This was highlighted by the firm when it stated that: ‘’The agreement between the Company and KTLG is subject to negotiation and execution of definitive documentation in more detail with the terms of their collaboration.’’
  • Ellah Lakes is a diversified Nigerian agribusiness operator with focus on production of oil palm, cassava, maize, soya bean and their derivative products. The firm was established in 1980 and is currently listed on the mainboard of the Nigerian Exchange.
  • On the other hand, KJM Trading Limited is a private limited liability company incorporated under the laws of Ghana. It renders diversified services such as clearing, warehousing, haulage and transportation services .