Learn Africa eyes merger, bans directors from trading shares

Learn Africa Plc is considering an organic growth in its operation, with the board of directors set to meet on various issues relating to its capital market activity and financials.

In a statement issued to the investing public and Nigerian Exchange Group (NGX) on Tuesday, it was gathered that merger or acquisition deal is on the table, with the board to decide the way forward.

The publishing company said it will “consider matters regarding a proposed Merger & Acquisition” when the board meets next month, March 8, 2022, via Zoom Teleconference.

Part of the agenda during the meeting is to also “consider and approve the issuance of Rights of Shares.”, which means existing shareholders might be invited to purchase additional new shares in Learn Africa.

READ ALSO: Learn Africa leads decliners, Champion Breweries among top gainers at Nigeria’s stock market

This comes at a period shareholders investment in Learn Africa grew by +88.03% year-to-date, considering the company’s stock appreciated from N1.17kobo per share to N2.20kobo.

In the meantime, directors and other related persons to the company have been barred from trading the shares of Learn Africa, to prevent them from using their access to non-public materials to conduct trading, as the board will be deciding on the firm’s financial statements.

The restriction, which is known as closing period, will last from February 22, 2022 “until twenty-four (24) hours aft.er the release of the decisions taken at the Board Meeting.

“During the closed period, no Director, person discharging managerial responsibilities, employees and advisers of the Company or persons closely related to them may directly or indirectly deal in the shares of the Company.” Learn Africa wrote.

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