By Dipo Olowookere
All insiders and their connected persons in Fidelity Bank Plc would be prohibited from trading in the shares of the lender from Friday, July 26, 2019, a statement from the company has declared.
This is in line with Fidelity Bank Plc’s Insider Trading Policy and the extant Rules of the Nigerian Stock Exchange (NSE).
This restriction will remain until a day after the company releases its audited Half Year 2019 financial accounts on the floor of the NSE on or before August 29, 2019.
With this directive, persons like directors, top management staff and their connected persons having critical information about the company’s books would not be allowed to buy, sell, transfer or otherwise deal in the bank’s shares from today.
This is mainly to prevent these insiders from using the vital information they have about the firm to buy or sell the stocks in their investment portfolio.
In a notice yesterday, Fidelity Bank said it has commenced the audit of its 2019 Half Year Financial Statements in line with its corporate governance practice.
“The Audited Financial Statements shall upon completion of the audit, be presented to the Central Bank of Nigeria (CBN) for approval and thereafter published in compliance with the provisions of the Nigerian Stock Exchange Rule Book and other relevant statutes and/or regulations.
“The Nigerian Stock Exchange and Securities & Exchange Commission have been notified of this development.
“The bank expects to publish its Audited Financial Statements for the Half Year ended June 30, 2019 on or before August 29, 2019,” the disclosure said.
Adedapo Adesanya