Adedapo Adesanya
By Adedapo Adesanya
The parent company of First Bank of Nigeria Limited, FBN Holdings Plc, has announced a meeting of its board of directors fixed for Wednesday, March 11, 2020.
In a correspondence signed by the company’s secretary, Seye Kosoko, it was also disclosed that gathering is mainly for the consideration of the company’s Audited Financial Statements for the year ended December 31, 2019.
“This is to inform the public and our stakeholders that the board of directors of FBN Holdings Plc will be meeting to consider the audited financial statements for the year ended December 31, 2019 on Wednesday, March 11, 2020,” the statement said.
The financial powerhouse also stated that this development will result in to declaration of a closed period from Monday, March 2, 2020 till after the accounts are filed with the Nigerian Stock Exchange (NSE).
It explained that this move was in compliance with rule 17.18 of Part 2 in the Issuer’s rules of the Exchange’s Rule Book.
“Consequently, there will be a closed period from Monday, March 2, 2020 till 24 hours after the accounts are filed with the exchange in line with rule 17.18 of Part 2 (Issuer’s Rules of the NSE Rule Book (2015),” the notice said.
This means that no director, employee, person discharging managerial responsibility and adviser of the company and their connected persons may directly or indirectly deal in the securities of the FBN Holdings in any manner during this 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.
The earnings of FBN Holdings are one of the most anticipated at the stock market. The company is one of the top five banks in the teir one category. Others are GTBank, Zenith Bank, UBA and Access Bank. They were collectively christened ZAGUF Banks by Business Post.
