By Adedapo Adesanya
The board of directors of Nestle Nigeria Plc will meet on Friday, May 8, 2020 to take decisions on the company’s unaudited financials statements for the period ended March 31, 2020.
The company also announced that it would observe its closed period from April 23, 2020, to May 11, 2020, a notification sent to the Nigerian Stock Exchange (NSE) from the firm stated.
At the board meeting slated for next month, participants will discuss the company’s unaudited financial statements for the first quarter of this year as well as other issues.
During the closed period, top executive and management staff of Nestle Nigeria will be prohibited from trading shares of the organisation at the stock market until the release of the results.
In the notice to the NSE, Nestle Nigeria explained that the announcement was in line with Rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015) which states: “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.”
A closed period is the time period between the finalizing of the balance sheet and the company’s announcement to the public of the results. During the period, insiders are not allowed to repeat or report the company’s shares.
