MRS Oil Nigeria Plc reschedules board meeting, closed period

The Board of Directors of MRS Oil Nigeria Plc has shifted its meeting to Wednesday, May 27, 2020. The meeting is to deliberate on the Audited Annual Financial Statements for the period ended December 31, 2019, and Unaudited Results for the first quarter of 2020, amongst other issues.

In addition, the Board of Directors of MRS Oil Nigeria Plc also announced that the company would observe its closed period from Wednesday, May 12, 2020 till 24 hours after the filing of the 2019 report and the Q1 2020 result at the Exchange.

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:

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“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.”

(READ MORE: Total announces board meeting, closed period ahead of FY 2019 result release)

Why this matters: The closed period will allow the board to consider the company’s unaudited financial statements for the year ended and 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.