Zenith Bank GMD Ebenezer Onyeagwu, Central Bank of Nigeria,
CBN's loan-to-deposit ratio policy, Nigerian Stock Exchange NSE stocks, Banks
in Nigeria, Deposit Money Banks in Nigeria, Zenith Bank announces close period
ahead of Q3 2019 results
The Board of Directors of Zenith Bank Plc has announced that
the company would observe a close period of trading from Monday, October 14,
2019, until 24 hours after the unaudited financial results for the third
quarter ended September 30, 2019, are released to the public.
The statement, which was disclosed in a notification sent to
the Nigerian Stock Exchange (NSE), stated that the Board of Directors of the
company would hold a meeting on October 23, 2019. Part of the agenda will
involve the approval and consideration of the results.
Zenith Bank Plc
The company stated that 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,
“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.”
Why this matters: The close period will allow the board to
consider the company’s unaudited financial statements for the third quarter.
Other company issues will also be discussed during the meeting.
What is a close period? A close period is a period before
the release of a company’s result or financial statement when of course, 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.
