Corporate Actions

Some listed companies on the Nigerian Stock Exchange are now making last-minute preparations ahead of the release of their financial results for the 2018 fiscal year.

Berger Paints Plc and UACN Property Development Company Plc, yesterday, issued statements informing the Nigerian Stock Exchange and the investing public that their boards would soon meet to consider their 2018 results.

According to the statement by Berger Paints Plc, the company’s board members will meet on March 19, 2019, to review the company’s audited result, as well as consider issues relating to their dividend declaration.

In the meantime, the company has commenced a Closed Period for trading in its shares by its Advisers, directors, employees, and anyone with insider information. The Closed Period would last until twenty-four hours after the 2018 financial statement is publicly-disclosed.

In the same vein, UACN Property Development Company Plc said its board of directors already met on March 4, 2019, for the same purpose of considering the 2018 full year result.

The company also announced a Closed Period in trading in its shares which would last until 24 hours after the audited result is filed.

In a related development, the management of African Alliance Insurance Plc announced that the Nigerian Stock Exchange has granted it permission for an extension of the submission dates for its full-year 2018 results as well as that of Q1 2019.

Cadbury Nigeria Plc reminded stakeholders that its Closed Period is still ongoing, until March 21st, 2019 after the expected result must have been released. The company also advised any stakeholder with insider information about the company’s affairs to ensure to abide by the Close Period.

Finally, NPF Microfinance Bank Plc informed their NSE and the investing public about their inability to meet up with the deadline for the submission of the company’s audited financial statement.

According to the company, the delay is as a result of the challenges associated with the newly acquired core Banking Software (T24) test run under the National Association of Microfinance Banks Unified Integration Platform (NAMBUTT) project of the Central Bank of Nigeria.

Many companies are expected to disclose their full-year 2018 financial statements before the end of this month. And based on available information, some companies will report losses.

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