The Board of Directors of Unilever Nigeria Plc has announced that the company would observe the close period of trading from Tuesday, October 8, 2019, until Monday, October 28, 2019, in respect of its third-quarter financial statements.
This was disclosed in a notification which was sent to the Nigerian Stock Exchange (NSE).
The announcement is 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.
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 the company: Unilever is a British-Dutch transnational consumer goods company co-headquartered in London, United Kingdom, and Rotterdam, Netherlands. Its products include food and beverages (about 40 per cent of its revenue), cleaning agents and beauty & personal care products. Its Nigerian arm, Unilever Nigeria Plc is a publicly listed company with trading and manufacturing interest in the consumer goods market.