The Board of Directors of United Capital Plc has announced that it would meet to consider the close period of trading from Thursday, October 3, 2019, in respect of the company’s third-quarter financial statements.
This was disclosed in a notification which was sent to the Nigerian Stock Exchange (NSE).
Why this matters: The close period will allow the board to consider the company’s unaudited financial statements for the third quarter. Other company issues will also be discussed during the meeting of the Board of Directors which will hold on Friday, October 18, 2019.
What is a close period? A close period is a period before the release of a company’s result or financial statement when of course, those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information.
A look into the company’s financials: In its 2019 Half-year results, the company recorded a massive 17% decline in its revenues. Revenues dropped from about N3.8 billion to N3.2 billion. Pre-tax profits also dropped 17% from N2.39 billion to N1.99 billion.
About United Capital Plc: United Capital Plc is a financial and investment banking services group. Its services include investment banking, asset management, securities trading, and trusteeship.
The company has a track record of assisting African governments, individuals and corporate citizens achieve their strategic objectives throughout the market cycle, with a robust suite of financial and investment banking service offerings.
The Group Chief Executive Officer of United Capital is Peter Ashade, who replaced Oluwatoyin Sanni last year, June (2018). The company had claimed that Toyin Sanni wanted to pursue a personal venture.
Toyin Sanni, who was once declared the All African Business Woman of the year 2017 by CNBC Africa, and Nigeria’s CEO of the Year 2017 by Pearl Awards, is now the founder and CEO of the Emerging Africa Capital Group.