Access Bank Nigeria Plc announced that its board meeting has been scheduled to hold on Thursday, April 23rd 2020. During the meeting, the board will consider and approve the bank’s unaudited financial results for the quarter that ended March 31, 2020
Access bank also announced that it would observe its closed period starting from Thursday the 9th April 2020, to a date that will be subsequently announced. The closed period is in respect to the bank’s first-quarter financial statement which is set to be released.
This was disclosed in a notification that 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:
“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 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. During this period, those with sensitive information are not allowed to trade on the company’s stock. Such individuals may include company directors, audit committee members, persons discharging managerial responsibilities, employees, and consultants with sensitive information.