Total Nigeria, First City Monument Bank (FCMB), as well as C & I Leasing have all announced their closed period. The companies closed trading on their shares as they begin to collate their audited financial results for submission to the Nigerian Stock Exchange (NSE).
Total Nigeria, FCMB, and C & I Leasing disclosed the closed period to the investing public to alert them on the company's preparedness to release the second quarter unaudited financial statements scheduled for June 30, 2020. The announcement is in line with the post-listing requirement of the NSE.
When companies announce closed period, directors, managers, employees, company advisers, and individuals connected to them families or relatives are forbidden from trading on the stock of the company. This is because, during the collation period of the unaudited financial statements, the aforementioned persons will have knowledge of financial dealings of the company, and this might give them an advantage over other shareholders without insider knowledge, in the stock market.
According to the oil & gas firm, trading in Total’s shares was closed from July 9, 2020, and will remain closed until 24-hours after the company releases its unaudited financial statements,
"This is to notify The Nigerian Stock Exchange and the investing public that the Board of Total Nigeria Plc (the Company) will meet on Thursday 23rd July 2020 to consider the Company’s Unaudited Financial Statements for the quarter ended 30th June 2020.
"Consequently, and in line with the post-listing requirements of The Nigerian Stock Exchange the Company will commence a closed period for trading in the Company’s shares from 9th July 2020 until 24 hours after the unaudited Accounts for 2020 is released to the public.
"Accordingly, no Director, employee, person discharging managerial responsibilities and adviser of the Company and their connected persons may directly or indirectly deal in the shares of the Company in any manner during the closed period." Total said in a statement seen by AllNews.
Also commenting on its closed period, FCMB said, "Notice is hereby given that the Board of Directors’ meeting of FCMB Group Plc (the Company) is scheduled to hold on Friday, July 24, 2020at 11.00 am. In view of the rules on social distancing and restriction on public gathering, the meeting will be held electronically via Zoom.
"FCMB Group Plc has therefore declared the commencement of the closed period for trading in the Company’s shares from July 9, 2020, in respect of the Unaudited Financials for the quarter ended June 30, 2020."
C&I Leasing also has a different date for its meeting and closed period, "C & I Leasing Plc hereby notifies The Nigerian Stock Exchange (The Exchange) and the investing public that the Board of Directors of the Company will meet on Thursday, 23rd July 2020 to consider amongst other items on the agenda, the half-year Management Account for the period ended 30th June 2020.
"In compliance with the NSE Issuers’ Rules, C&I Leasing had commenced a closed period, effective from 6th July, 2020till twenty-four (24) hours after the half-year Management Account for the period ended 30th June, 2020is duly filed with The Exchange." C&I Leasing said in a statement obtained by AllNews.