Our opinion on the current state of ELI
Ellies (ELI) is a fledgling electronics company which imports and distributes electrical products and supplies solar power solutions. From its heyday in 2013 when the share traded at almost R10 a share, it has fallen to just 2c. Technically, the share has been in a strong downward trend. It is a fairly thinly traded penny stock with only about R100 000 worth of shares changing hands every day on average. On 2nd March 2020, the company announced the commencement of section 189 proceedings in terms of the Labour Relations Act, to retrench 183 staff. This is a company that will probably benefit directly from any improvement in the South African economy and the share does look cheap at current levels. The company is trying to reduce its reliance on Multichoice and the installation of DSTV dishes in a move towards solar energy.
On 26th September 2022, the company announced that it was beginning a section 189 procedure which comes before retrenchments. This caused the share price to fall by almost 20%. In its results for the year to 30th April 2023, the company reported revenue down 7,7% and a headline loss per share of 10,78c compared with a loss of 713c in the previous period. In the six months to 31st October 2023, the company estimated that it would make a headline loss per share of between 12,8c and 13,66c compared to a loss of 4,34c in the previous period. Technically, the latest results and news hammered the share down to 1c. On 31st January 2024, the company announced that it had entered business rescue.
On 26th September 2022, the company announced that it was beginning a section 189 procedure which comes before retrenchments. This caused the share price to fall by almost 20%. In its results for the year to 30th April 2023, the company reported revenue down 7,7% and a headline loss per share of 10,78c compared with a loss of 713c in the previous period. In the six months to 31st October 2023, the company estimated that it would make a headline loss per share of between 12,8c and 13,66c compared to a loss of 4,34c in the previous period. Technically, the latest results and news hammered the share down to 1c. On 31st January 2024, the company announced that it had entered business rescue.
Penafian
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