Page 86 - Learn Africa 2021 Annual Report

Learn Africa Plc
Notes to the Financial Statements (cont’d)

For the year ended 31 March 2021

The Company has no restrictions on the realisability of its investment properties. The
investment properties are stated at fair value, which has been determined, based on
valuation performed by Ubosi Chukwudi Stephen – FRC/2013/NIESV/00000001493 of
Ubosi Eleh & Co – FRC/2016/NIESV/00000003997 as at the reporting date. Ubosi Eleh
& Co is a Chartered Estate Surveyors and accredited independent valuer with specialisation
in valuing these types of investment properties. A valuation model in accordance with that
recommended by the International Valuation Standards Committee has been applied after
making the following assumptions:
a) That the information which the valuation is based on are correct;
b) That the property is not adversely affected by or subject to a revocation or compulsory
acquisition, road widening, new road proposal or planning scheme;
c) That the property is free from onerous restrictions and charges;
d) That the titles to the properties are good and marketable

The investment properties were valued on the basis of open market; that is the price which
an interest in a property or an item of plant and machinery might reasonably be expected
to realise in a sale by a private treaty assuming:
a) a willing buyer;
b) a reasonable period within which to negotiate the sale taking into account the nature
of the assets and the state of the market;
c) values will remain static throughout the period;
d) the assets will be freely exposed to the market;
e) no account is to be taken of an additional bid by a special purchaser;
f) no account is to be taken of expense of realisation, which may arise in the event of a
disposal.

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