Veritas Kapital Assurance Plc announced earlier today that it will observe a closed period starting from Wednesday, July 8th, 2020. The closed period will last until 24 hours after the firm’s unaudited Q2 2020 financial statement is made public.
A press statement made available by Veritas Kapital also noted that its board of directors would meet virtually on the 2nd of July, to consider and approve the Q2 financial statement. The statement, which was signed by the Company Secretary Saratu Umar Garba, and sent to the NSE, said:
“Notice is hereby given that a virtual meeting of the Board of Directors of Veritas Kapital Assurance Plc (the Company) will be held on Thursday, July 23, 2020 by 11:00 a.m. to consider and approve the Second Quarter, 2020 unaudited Financial Statements.
“Consequently, in compliance with the Rulebook of The Nigerian Stock Exchange (The Exchange), there will be a closed period commencing from Wednesday, July 8, 2020 until 24 hours after the Second Quarter, 2020 unaudited Financial Statements have been filed with The Exchange.
“During the closed period, no director, person discharging managerial responsibility and adviser of the Issuer and their connected persons shall deal in the securities of the Issuer when the trading window is closed.”
Note that in December 2019, Veritas Kapital Assurance announced that shareholders approved plans by the company’s management to raise an additional N5 billion in a bid to increase its paid-up capital to N12 billion. This was ahead of NAICOM’s initial deadline for insurance companies to recapitalise latest by June 30th, 2020. After the deadline was initially extended by NAICOM, Verita’s CEO, Kenneth Egbaran, disclosed during an interview that the extended timeframe would help boost fund-raising opportunities. NAICOM has since extended the deadline yet again, and it remains unclear whether the company has been able to meet the recapitalisation requirement.
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Recall that Veritas Kapital last announced a closed period in April this year ahead of the release of its Q1 2020 financial statement. The unaudited financial statement, which was eventually released on May 4th, showed a gross premium written of N1 billion. Profit after tax for the Q1 period declined by -78.9 to N53.3 million, compared to N252.5 million in Q1 2019.
The company’s stock is trading at N0.20 on the Nigerian Stock Exchange. Year-to-date, there has been no recorded price movement.