The Board of Directors of Ellah Lakes Plc has announced that it would be meeting on the 22nd October 2019 to consider, among other matters, the audited financial statements of the Company for the financial year ended 31 July, 2019.
The Company also announced the commencement of a closed period from 7 October 2019, until 24 hours after the Company’s Audited Financial Statements are filed with The Exchange.
Top executives, directors, advisers, and many others at Ellah Lakes Plc have been barred from trading in the company’s shares ahead of the meeting of the board of directors of Ellah Lakes.
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 audited financial statements for year end July 31, 2019. 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: Ellah Lakes Plc is an integrated palm oil company.