Zenith Bank Plc has announced that its board of directors
would meet on Wednesday; the 29th day of April 2020 to take decisions on the
company’s unaudited Financial Statements for the period ended March 31, 2020,
among other issues.
The company also announced that it would observe its closed
period from April 17th, 2020 in respect of the Company’s 2019 Audited Financial
Statements to the floor of the Nigerian Stock Exchange. The closed period will
run 24 hours after the result is released to the public
This was disclosed in a notification, which was sent to The
Exchange. 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 matter: The close period will allow the board to
consider the company’s unaudited financial statements for the first 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.
