By Dipo Olowookere
A closed period has been declared by the board of Union Bank of Nigeria Plc ahead of the release of its earnings for the third quarter of the year ended September 30, 2019.
The lender announced the closed period on Monday, making its impossible for its insiders, who include directors, top management staff and others, from trading shares of the company at the stock exchange.
In a notice signed by the Company Secretary, Somuyiwa Sonubi, and sent to the Nigerian Stock Exchange (NSE), Union Bank said this restriction in the buying and selling of its equities by the set of people commenced on Monday, October 7, 2019 and would end 24 hours after the release of the financial statements.
“There will be a closed period in respect of which no insider of Union Bank of Nigeria Plc may buy and or sell shares of the bank from October 7, 2019 to 24 hours after the filing of the unaudited financial statements with the exchange,” the disclosure by Sonubi stated yesterday.
Union Bank has also said it board of directors would be gathering later this month to consider and approve the financial statements for the last quarter of the year. It said this meeting would take place on Monday, October 21, 2019.
‘In compliance with the NSE Rule Book and the Amendment to the Listing Rules, Union Bank of Nigeria Plc hereby notifies the Nigerian Stock Exchange and our esteemed stakeholders of the meeting of the board of directors scheduled to hold on October 21, 2019 to approve the unaudited financial statements for the period ended September 30, 2019,” the statement said.
Union Bank is one of the mid-level financial institutions transacting its securities on the local bourse and as part of the listing rules, it must show its financial status to the investing public to enhance confidence in the nation’s capital market.
Regularly, the stock market regulatory issue monetary fines to companies which fails to submit their financial statements to the public at the due time. In some instances too, the NSE suspend trading in the shares of the firms and lift the embargo only after the release of the results as stipulated by the rules.
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