The Board of United Capital Plc. will meet in Lagos on Friday, April 17, 2020, to discuss issues about the company’s Q1, 2020 result among others.
In accordance with the NSE Rule Book, the closed period for trading in the shares of the company will commence on Thursday, April 2, 2020, in respect of the Q1, 2020 result.
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.”
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Why this matters: The closed period will allow the board to consider the company’s unaudited financial statements for the first quarter. Other company issues will also be discussed during the meeting of the Board of Directors.
What is a closed period? A closed period is a period before the release of a company’s result or financial statement when 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.
United Capital Plc. is a leading financial services Group in Africa, focused on leveraging technology to empower businesses, individuals and governments with excellent financial services, while contributing to economic growth and prosperity across Africa by supporting financial inclusion.