In a publication signed by the Company Secretary, Seplat Petroleum Development Company Plc (NSE: SEPLAT), today announced the commencement of its closed period from Wednesday, 1st July 2020 to end on Thursday, 30th July 2020 or 24 hours after the release of its audited financial result.
The announcement is in pursuant to Clause 17.2 of the Amendments to the Listings Rule of the Nigerian Stock Exchange and in the run up to the announcement of SEPLAT’s Q2 2020 Financial Results.
In accordance with closed period rules, no Director, employee, person discharging managerial responsibility, adviser(s) of the Company and their connected persons may directly or indirectly deal in the shares of the Company in any manner during the closed period.
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The drop in oil prices owing to the coronavirus pandemic is expected to take its toll on the performance of the company, and be reflected on the half year financial statement. In the first quarter ended 31st March 2020, SEPLAT reported a loss of N25.0 billion, a 336.9% drop from the N9.9 billion reported for the same period in 2019.
At the end of trading on the floor of the Nigerian Stock Exchange today, the share price of SEPLAT closed at N386.00. Analyst at Investogist have a SELL rating on the stock, with an estimated fair value between N192.25 and N230.70.