Learn Africa proposes bonus of 1 share for every 8

… profit drops by 97%

Learn Africa Plc has for the period ended March 31, 2024 proposed a bonus issue of one (1) share for every eight (8) ordinary shares held by shareholders.

The N3.52 per share which the company traded on Friday June 12 nears its 52-week high of N4.23 as against 52-week low of N2.8. Learn Africa has shares outstanding of 771.45million units.

The register of members shows that as at March 31, 2024, only three persons held more than 5 percent of the Company’s shares.

One person Iwerebon Emeke Felix held 13.90percent, Fredrick E. Ijewere held 6.23percent and the Estate of AdeAjayi Jacobs Festus held 5.50 percent of the Company’s shares while fourteen (14) members held between 1percent and 5percent; other shareholders held less than 1percent respectively.

Read also: Learn Africa honours top three 2023 NECO students with over N2m

Meanwhile, on May 17, Emeke Iwerebon, chairman, Learn Africa Plc purchased additional 521,574 units at N3.50 kobo per share, according to the company while notifying the Nigerian Exchange Limited (NGX) of share dealing by insider.

The proposed bonus of 1 for 8 is for shareholders whose names appear in the register of members as at the close of business on Friday September 6, 2024.

According to the company, the register of shareholders will be closed from Monday September 9, 2024 to Friday September 14, 2024 (both days inclusive) while qualification date is Friday September 6, 2024.

Learn Africa Plc further noted that on Thursday September 26, the bonus shares will be issued to shareholders whose names appear on the register of members as at Friday September 9.

The principal activities of the Company are publishing and distribution of educational materials for all levels of learning – Nursery, Primary, Secondary and Tertiary.

Its financial statements for the year ended March 31, 2024 show that despite growing turnover by 18 percent to N4.084billion from N3.472billion, its profit before taxation (PBT) decreased by 57percent to N260.522million from a high of N606.735million in the preceding year.

Likewise, profit after taxation (PAT) decreased by 97percent to N11.194million from N429.532million recorded the preceding financial year.