Earlier today, Vitafoam Nigeria plc announced the commencement of a closed period on the trading of its shares, starting from today April 15th.
In a public disclosure that was issued to the Nigerian Stock Exchange, stakeholders were informed that the closed period will last till 24 hours after the company’s unaudited Q1 2020 result has been announced.
To this end, the company’s directors, employees, their relatives and all those with insider knowledge about the company have been prohibited from trading in the company’s shares.
“Consequently, no Directors, Employees, persons discharging managerial
responsibilities, Advisers and Consultants of the company and their connected
persons may directly or indirectly deal in the shares of the company during the
closed period,” the statement said in parts.
READ MORE: Has Vitafoam finally left stormy waters?
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.
Vitafoam Nigeria Plc is Nigeria’s leading manufacturer of flexible, reconstituted and rigid foam products. It has the largest foam manufacturing and distribution network which facilitates prompt delivery of finished products throughout West African Sub region.
