eTranzact International Plc has announced that its Board of Directors would meet on Friday, April 24, 2020, via teleconference to decide on the company’s unaudited Q1 financial statement, as well as other issues.
Note that the meeting was earlier scheduled for March 26, 2020, but later suspended as a result of the COVID-19 pandemic.
According to a notification that was sent to The Nigerian Stock Exchange, eTranzact also announced the commencement of its closed period. The statement said:
“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 matters: The closed 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 closed period?: A closed period is a period before the release of a company’s result or financial statement when 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.