Several companies informed the Nigerian Stock Exchange and the investing public about their board meetings, and commencement of their respective closed periods.
Flour Mills of Nigeria Plc: The Board of Flour Mills of Nigeria Plc (NSE Ticker: FLOURMILL) will meet in Lagos on Wednesday, 21st October 2020. The Board will consider among other things the Company’s unaudited Financial Statements for the second quarter ended 30th September 2020.
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In accordance with the NSE Rule Book, the closed period for trading in the shares of the Company will commence on Tuesday 6th October 2020 in respect of the second quarter.
Zenith Bank Plc: The Board of Directors of the Bank is scheduled to meet on Thursday, October 22, 2020, to consider the Group’s Unaudited Financial Statement for the third quarter ended September 30, 2020.
Consequently and in line with the post-listing requirements of the Nigeria Stock Exchange for quoted companies, the Bank declared the commencement of the closed period for trading in the bank’s shares from October 7, 2020.
The closed period will run until 24 hours after the third quarter account is released to the public.
Wema Bank Plc: The Board meeting is scheduled for Thursday, 28th October 2020 at 12.00pm at Lagos to consider and approve the Group’s Unaudited Financial Statements for the quarter ended 30th September 2020 along with other corporate actions.
The Bank has declared the Closed Period from 9th October 2020 to 24hours after the Bank’s financials and other information have been made public in line with the Rulebook of The Exchange.
Jaiz Bank Plc: The bank gave notice that a meeting of the Board of Directors of Bank has been scheduled to hold on Tuesday October 27, 2020 at 11:00am. The meeting will consider the 3rd Quarter Accounts of the Bank, amongst other businesses.
In the light of the above, the Bank therefore announce the commencement of a closed period from Wednesday, October 7, 2020 until 24 hours after the 3rd quarter accounts of the Bank is released to the public.
Berger Paints Nigeria Plc: the Board of Directors of Berger Paints Nigeria Plc. (BPN) will be meeting on Thursday, October 29, 2020 to, amongst other matters, consider the Company’s 2020 Q3 Unaudited Financial Statements (Accounts).
Accordingly, a ‘Closed Period’ will be observed from Tuesday, October 13, 2020, until 24
hours after the Accounts are filed with the Nigerian Stock Exchange (NSE), in line with the NSE’s Rule Book (2015).
Skyway Aviation Handling Company Plc: The Board of Directors of the Company will meet to consider among others the approval of the Unaudited Account for the period ended 30th September, 2020.
As a result, the Company notified the exchange and investing public of its closed period from Monday, 25th October 2020 until 24 hours after the decisions taken at the Board meeting are made public and release of the Company’s Unaudited Account for the said period.
Japaul Oil & Maritime Services Plc: A virtual Board Meeting of the Board of Directors of the Company will be held via Zoom Platform on the 28th day of October 2020 by 10:00am. The Board will receive and consider the Unaudited Financial Statements of the Company for the period ended September 20, 2020.
The company went on to announce the commencement of a closed period from October 6, 2020 until 24 hours after the release of the Financial Statements of the Company 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 typically 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.”
Rule 17:18 (b) mandates all issuers to notify The Exchange in advance of the commencement of each closed period.
Written by;
Nnamdi M.
