As companies prepare tp release the financial results of the last quarter ended 30th September, several companies has notified the Nigerian Stock Exchange and the Investing public of their respective board meeting dates.
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Amongst the companies that gave the notifications are;
The Board of Directors of Union Bank of Nigeria Plc (NSE Ticker: UBN) will meet on Monday, 26th October 2020 to approve the Unaudited Financial Statements for the nine months ended 30th September 2020.
Consequently, there will be a closed period in respect of which no insider of UBN may buy and/or sell shares of the Bank from 11th October 2020 to twenty-four after the filing of the Unaudited Financial Statements with the Exchange.
The Committee of the Board of 11 Plc (NSE Ticker: MOBIL) has scheduled its meeting to hold on October 28, 2020, to consider among other things the Unaudited Financial Statements of the Company for Q3, 2020.
The closed period of the company will commence from 13th October, 2020 up to twenty-four hours after the release of the Company’s Q3, 2020 Unaudited Financial Statements.
On Wednesday, the 28th day of October 2020, the Board of Directors of Regency Alliance Insurance Plc (NSE Ticker: REGALINS) will meet to consider and approve amongst other issues the Unaudited Financial Statement for the third quarter ended 30th September 2020.
In view of the above, the closed period for trading in the company’s shares will commence from Tuesday 13th of October 2020 and will continue until 24 hours after the Unaudited account is released to the Exchange and the general public.
The Board meeting of Custodian Investment Plc (NSE Ticker: CUSTODIAN) will hold on October 27, 2020 at 2.00pm to deliberate on and approve the Company’s Unaudited Financial Statements for the third quarter ended September 30, 2020 amongst other matters.
Accordingly, all insiders and their connected persons are prohibited from trading in the Company’s shares from October 12, 2020 until 24 hours after the release of the Company’s Unaudited Financial Statements to the Nigerian Stock Exchange and the general public.
The closed period is the time between the completion of a listed company’s financial results and the announcing of these results to the public.
It is regarded as the one-month period preceding the release of a company’s quarterly results, and the two-month period before the release of its annual results.
According to Rule 17.17 of the Nigerian Stock Exchange Rule Book, “no Director, person discharging managerial responsibility and Adviser of the Issuer and their connected persons shall deal in the securities of the Issuer when the trading window is closed. Any period during which trading is restricted shall be termed as a closed period.”
By; Nnamdi M.