Caverton Offshore Support Group Plc (NSE: CAVERTON) and Nigerian Aviation Handling Company Plc (NSE: NAHCO) in separate corporate actions on the Nigerian Stock Exchange notified the Exchange and the investing public of their board meetings and commencement of closed periods.
In its publication, CAVERTON stated that its Board meeting will be held on Wednesday, 29 July 2020 to consider among other things the Unaudited Financial Statements of the Company for Q2, 2020.
Going further the publication read, “in compliance with the NSE Rules, the COSG hereby announces the commencement of a closed period for trading in its shares by Directors, Employees, Advisers, Consultants and any other person(s) with insider’s information and their connected persons from Tuesday, July 14, 2020 until 24 hours after the announcement of the Unaudited Financial Statement for Q2, 2020 to the Market.”
In its own publication, NAHCO stated that a meeting of the Board of Directors of the company has been scheduled to hold on 29th July, 2020, to consider and approve the company’s 2020 second quarter unaudited financial statement, along with other agenda items.
In compliance with the listing rules of the Exchange, NAHCO declared a closed period from 13th July, 2020 until 24 hours after the 2020 second quarter unaudited financial statement is released to the Market.
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Accordingly, Directors at NAHCO, Audit Committee members, persons discharging managerial responsibility, employees with sensitive information and advisers/consultants to the company and their connected persons were advised not to directly or indirectly deal in the shares of the company in any manner during the closed period.
Both companies have been consistent in their financial performances over the years, and they have also been good and consistent dividend paymasters.
Given the nature of the businesses engaged in, by these two companies, their operations would have been impacted by the lock-down that followed the COVID-19 pandemic, and this will be reflected on the forthcoming financial statement.
Both stocks are trading close to Investogist’s fair value for them, and both have BUY ratings within the fair value price range.
CAVERTON gained N0.14 at the end of trading today to close at N1.95, while NAHCO lost N0.02 to close at N2.18.
Written by;
Nnamdi M.
