Sterling Bank Plc has announced that its Board of Directors will be meeting on Thursday 29th July, 2021 at 10:00am to take decisions on the company’s audited financial statements for the period ended 30th June, 2021.
Sterling Bank also informed stakeholders and the investing public that it would observe its closed period starting from 1st July, 2021 until 24 hours after the unaudited 2019 financial statements is released.
This is according to a notice signed by the company’s secretary, Temitayo Adegoke, and sent to the Nigerian Exchange Group Limited (NGX), as seen by Nairametrics.
The disclosure is in line with Rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015) which states that: ‘’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.’’
A close period is a period before the release of a company’s result when those with material information that could impact the firm’s share price, are prohibited from trading the shares of the company. Those with enough material information that could influence share price include company’s directors, audit committee members, managers etc.