Letshego Holdings Limited

Letshego Holdings restates its full year 2018 and 2019 reviewed financial results

By Published On: March 3rd, 2021Categories: Corporate announcement, Earnings

Letshego Holdings Limited (“LHL”) was incorporated in 1998, is headquartered in Gaborone and has been publicly listed on the Botswana Stock Exchange (BSE) since 2002. Letshego is an panAfrican financial institution offering microfinance and consumer lending solutions across eleven subsidiaries in sub-Saharan Africa.

Shareholders are advised that Letshego Holdings Limited (“LHL”) will be restating its full year 2018 and 2019 reviewed financial results. This is to rectify a loan to preference share conversion transaction done in March 2018, between LHL and its subsidiary in Namibia, Letshego Micro Financial Services Namibia Ltd (LMFSN).

During 2019, it was determined that the conversion had not been completed in accordance with the Companies Act 2004 and the Listing Requirements of the Namibia Stock Exchange, thereby making the transaction irregular and therefore null and void. Having looked at various options to regularise the transaction, and through consultation with regulators and lawyers, the LHL Board opted to reverse the transaction and restate the LHN and LHL company financial statements for the years 2018 and 2019.

The impact of the restatement is as follows:

Basic and diluted earnings per share for the prior year have also been restated. The amount of the correction for both basic and diluted earnings per share was an increase of 1.5 thebe per share.

By order of the Group Board

Enos Banda                                                                                                                                                                                                                                                                  Andrew F. Okai
Group Chairman                                                                                                                                                                                                                                                         Group Chief Executive

Letshego Holdings Limited (LETSHE.bw)

Share price: 150.00 Thebe (0.00 | 0.00% – 10/08/22)