The Board of Directors of FBN Holdings Plc has announced that it would be meeting on Friday October 18 2019, to deliberate on the Company’s 2019 Q3 Financial Statement.
This was disclosed in a notification which was sent to the Nigerian Stock Exchange (NSE).
The company stated that there would be a closed period from Thursday, October 3, 2019, till twenty-four hours after the accounts are filed with the Exchange, in line with rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015) which states that;
“The period of closure shall be effective from fifteen(15) days prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of agenda papers pertaining to any of the matters referred to above, whichever is earlier, up to twenty-four hours after the price-sensitive information is submitted to the Exchange. The trading window shall thereafter be opened. Every issuer shall notify the Exchange in advance of the commencement of each closed period.”
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.
About FBN: FBN Holdings Plc, together with its subsidiaries, provides commercial banking, investment banking, corporate banking, insurance, and other financial services in Nigeria and internationally.