₦airaland Forum

Panadee:
"The next equity raise will focus on just developing what we have at the present time and any M & A opportunity we think is optimal for our growth" Please interpret

crownprince2017:
I bought a lot to average down when it was 12, 13 and 14 and I'm happy I did.

I wanted to buy more n I was hoping it will touch 18 thinking it will not be discovered until Q2 results is released.

Na too much aroro want wound me.

Until you and bovali cast the thing.

Chai..

Agbalowomeri:
When you see a smooth talker saying "hopefully", "in a couple of weeks" etc
He even talk land banking. Well at least dem get 400 pigs. Abeg how much be one pig for market? Na wetin shareholders go share be that when they file for bankruptcy Beacon don land

KarlTom:
Yes it is.

The sales were at no cost to the company.
More like the buyers bore the cost of transportation etc...

HesInMe:
So, for this supposedly farming operation, buyers also bore Ellah's expenses for:

- Raw materials and other inputs (seed, feed, fresh fruit bunches for mill, fertilizer, pest control, crop insurance, etc.)
- Direct labour
- Overhead costs attributable to sales (e.g., facility costs, electricity, equipment depreciation)

Sales straight out of thin air... And we thought Oando's financial engineering was next level.

Una neva see.

Mankind2024:
The letter that prompted Chuka Mordi to address investors is a testament to the power of collective action. It shows that CEOs do indeed read and consider feedback from investors. Kudos to all self-investors who contributed to this outcome – we won collectively!

Dear Ellah Lake Management Team,
It is no longer a secret that your performance has been terrible, disappointing and disastrous for minority investors. The promises and reassurances given to investors seem to be fading away. Forum members of Nigerian Stock Exchange Market Pick Alerts(NSEMPA) are currently exposing the root of your business. It appears you are running an intangible audio business, as there is no single uploaded video of your integrated farm on the internet.

You pride yourself as the first agriculture company listed on the NGX, having been listed in 1980 according to your website. However, it seems Ellah Lake lacks direction towards achieving its stated vision of becoming the best and prototype integrated farm in Africa. You have failed, and failure is now associated with your mission. Yes there is no crime in failure, not using it as a stepping stone is a potential recipe for future disaster.

We no longer hear about the fishing business or news about the Tellura farm you acquired. Are they still generating income? What is the current state of the rice ,soyabeans and cassava plantation?There is no video evidence of the 5,000 hectares of palm plantation and the piggery.
The integrity of your management team is now a subject of discussion on Nairaland, and your financial statement is under public scrutiny. The figures don't add up, and the more I analyse them, the less clarity I get.

https://www.nairaland.com/1131485/nigerian-stock-exchange-market-pick/8993

It's noteworthy that CBO Capital, one of your largest shareholders and partners, disinvested 81 million shares in November/December 2024. Time is running out; it's time to prove your critics wrong.

https://nairametrics.com/2024/11/13/ellah-lake-declares-zero-revenue-for-two-consecutive-years-as-cbo-capital-sells-down-81-million-shares/

I personally own 2.5 million units of ordinary shares in your stagnanted company. The phrase "all noise, no action" comes to mind. I was once convinced by a feedback report quoted in Business Day, which mentioned a delegation of stockbrokers visiting Ellah Lakes Plc's plantation in Edo State.

https://businessday.ng/companies/article/stockbrokers-laud-ellah-lakes-strategic-investment-in-palm-plantation-livestock/

https://www.proshare.co/articles/ellah-lakes-plc-ceo-issues-statement-on-post-rights-issue-ongoing-operations?menu=Market&classification=Read&category=Stock%20%26%20Analyst%20Updates

However, it's unimaginable how an Agric ⁶company wouldn't declare any profit in 4 consecutive years. Poor revenue, poor operating income, poor cash flow, negative retained earning, always in capital deficit. These are pointers to an unsustainable failing business.

The antecedent of Ellah Lake is consistent with that of a company that may be delisted.

Mr. Chuka Mordi, time is of the essence, and money cannot buy it. I urge you to come clean and do the needful and execute your remote plan of delisting if this is your agenda for Ellah Lake and consider relisting in the future at a better price when there are tangible plantations, as it appears investors are only investing in an intangible palm plantation. This shouldn't be a reason to toll the path of one of your kinsmen Mr Dozy Mmobuosi of infamous Tingo Group.
https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26086

nosa2:
Seems your're onto something. The company is a total fraud. Dont buy!!

Agbalowomeri:
When you see a smooth talker saying "hopefully", "in a couple of weeks" etc
He even talk land banking. Well at least dem get 400 pigs. Abeg how much be one pig for market? Na wetin shareholders go share be that when they file for bankruptcy Beacon don land

Agbalowomeri:
When you see a smooth talker saying "hopefully", "in a couple of weeks" etc
He even talk land banking. Well at least dem get 400 pigs. Abeg how much be one pig for market? Na wetin shareholders go share be that when they file for bankruptcy Beacon don land

Agbalowomeri:
When you see a smooth talker saying "hopefully", "in a couple of weeks" etc
He even talk land banking. Well at least dem get 400 pigs. Abeg how much be one pig for market? Na wetin shareholders go share be that when they file for bankruptcy Beacon don land

HesInMe:
So, for this supposedly farming operation, buyers also bore Ellah's expenses for:

- Raw materials and other inputs (seed, feed, fresh fruit bunches for mill, fertilizer, pest control, crop insurance, etc.)
- Direct labour
- Overhead costs attributable to sales (e.g., facility costs, electricity, equipment depreciation)

Sales straight out of thin air... And we thought Oando's financial engineering was next level.

Una neva see.

Panadee:
And don't forget the eggs! (abi poultry no follow for the business?)

leo1234:

How did the company get listed in the first place

Mankind2024:
Ellah Lake was listed in 1980,

Mordi's efforts to dual-list on the London Stock Exchange (LSE) failed due to capital requirements. Instead, he allegedly used shareholders' funds to recoup 1000% of his personal investment, treating the company like a sole proprietorship. This raises concerns about the company's governance and transparency, with potential implications for tax authorities.
The blurred lines between personal and business finances, common in sole proprietorships, seem to be at play here. If true, this would explain the lack of identifiable
costs associated with profits. Only time will tell if this assessment is accurate.

Streetinvestor2:
I thought they said they whr already in crop farming. Then he sounded like it has not even started. Abi my ears no hear well because he mentioned they have land for it in two states.And did not say what crop and quantity they are getting in those two places

HesInMe:
So, for this supposedly farming operation, buyers also bore Ellah's expenses for:

- Raw materials and other inputs (seed, feed, fresh fruit bunches for mill, fertilizer, pest control, crop insurance, etc.)
- Direct labour
- Overhead costs attributable to sales (e.g., facility costs, electricity, equipment depreciation)

Sales straight out of thin air... And we thought Oando's financial engineering was next level.

Una neva see.

Streetinvestor2:
You mean this present ceo has been part of the business since all this many yrs.
Then this part of you write up is very strong and worrisome. .
Verdict
The guy has a partner with us or have agent here. No wonder the farm address is kept as top secret from invastigative investors Even alhaji sugar refinery etc dey net for you to see the structure.
Finally Verdict. Ellahlakes is only good for jijo

Mankind2024:
To his credit, Chuka Mordi responded to some of our concerns, indicating that he either follows this forum or has representatives who keep him informed.

Panadee:
Me sef dey confused.
He was not specific and it did not sound like any actual farming has started in those two states.
But one thing is for sure, the usual SP rise after interaction with journalists will happen for JIJO (and JOJI).
Ellah is 'immature' and probably for patient men who don't want to marry soon.

Streetinvestor2:
You are right.
They will definitely come to raise money from market because I don't think anyone will want to borrow them again. This is is the reason behind the interview. I don't see the offer price above #3 for any option they adopt to raise the fund..As it stands now they don't have running capital for the business

Locotrader:
The interview command one day wave.
The owners of the wedge fit carry am this night self.
All eyes on Ellah baby tomorrow.
I pray for plenty bids from Chuka boys.
The more the bids,the easier for cash out.

Sunrisepebble:
You have not left the neck of this business .
I like it, continue

Streetinvestor2:
Target #3.50 tomorrow. When you see japa..lol
You know say Friday and Mon na break therefore traffic go dey Thursday for market cash out

Locotrader:
I got only 500k units at reasonable prices today.The other 1.5m is at today's highest price.If I target 3.75,the rain fit fall on me but I no think rain go fall tomorrow.

Wetin go happen be say I go carry rain gauge for hand from tomorrow and next.

SonofElElyonRet:
Loco wey go still buy Ellah codedly

PuristForest:
So many insurance assets setting up nicely
https://ewnation.com/guineans-bulls-cant-be-relied-on/
https://ewnation.com/conhallplc-recovery-to-be-short-lived/
Dyor

SonofElElyonRet:
So you don buy 2 million units of Ellah today? And you still dey eye more? I predicted it

Locotrader:
Chuka has done the highest thing he can do.
Maybe he did this to respond to Mankindman and other shareholders like Nosa who have been asking questions.

Jijo people decided to make use of the interview for 10-30%.

Ellah shareholders should plan and visit the farm and ask those workers in the farm some questions about Chuka & sons Enterprises.

I don't like the next support of the share price if nothing serious is done.