Access Bank Plc, NPF Microfinance Bank Plc, Regency Assurance Plc, FBN Holdings Plc, AXA Mansard Insurance Plc, and Consolidated Hallmark Insurance Plc are among the latest financial services firms that have declared closed periods and announced board meetings, ahead of the release of their half-year 2020 earnings reports.
In a statement issued to the Nigerian Stock Exchange on July 13, 2020, Access Bank Plc informed its stakeholders that its closed period will commence today and last until twenty-four hours after the company’s audited interim financial statements for half-year 2020 has been released.
The tier-1 bank also announced that its directors will meet later this month (July 30th to be precise), to consider the financial statements as well as a proposed interim dividend payment to shareholders.
NPF Microfinance Bank Plc also notified stakeholders that its closed period began on July 13 and will last until twenty-four hours after the release of its Q2 2020 financial statement. In the meantime, the company’s directors will meet on July 28th to deliberate on the results ahead of release.
Board members of Regency Assurance Plc will meet on July 28 to consider the company’s Q2 2020 financial statements. The closed period started yesterday and will end one day after the Q2 report has been released.
As for FBN Holdings Plc, closed period started today July 14, 2020, even as the board members are scheduled to meet on July 29.
AXA Mansard Insurance Plc also notified the Nigerian Stock Exchange that its directors will also meet on July 29 to consider the company’s Q2 2020 unaudited financial statements. The company also sent a separate notice informing stakeholders about the commencement of its closed period starting from today July 14.
Lastly, Consolidated Hallmark Insurance Plc’s board will meet on the 29th of July to deliberate on some issues, including the company’s Q2 financial result. The company’s closed period started yesterday.
As Nairametrics explained in an earlier report, the board members of companies listed on the NSE typically meet to consider/approve financial statements before the release of such statements. In view of half-year 2020 results releases, most directors are scheduled to meet this month.
Meanwhile, between the time a company’s board of directors meet over their financial statements and the actual release of said financial statements, there is what is called “a closed period”. During this closed period, all persons with insider knowledge of the company’s affairs are prohibited from trading in the company’s stock.