Seplat Petroleum Development Company Plc issued a public disclosure earlier today informing the general public about the commencement of its closed period.
According to the statement that was signed by the Company Secretary (Edith Onwuchekwa) and published on the Nigerian Stock Exchange website, the closed period will last for one month, starting from February 24th through to March 24th.
The statement went further to note that the closed period is in accordance with the listing rules of the Nigerian Stock Exchange. Quoted companies on the NSE are required to observe their closed periods ahead of the announcement of their audited full-year financial results.
During the closed period, Seplat’s directors, employees, and anybody discharging managerial duties or advising the company will be disallowed from dealing directly or indirectly with the company’s shares. The same applies to all those who are related to these individuals in whatever capacity.
“Please note that the Company shall commence its closed period from Monday, 24th February 2020 to end on Tuesday, 24th March 2020 or 24 hours after the release of its audited financial results.
“Accordingly, no Director, employee, person discharging managerial responsibility, adviser(s) of the Company and their connected persons may directly or indirectly deal in the shares of the Company in any manner during the closed period.”
In another public disclosure that was separately sent to the NSE, the company also announced the date that its board of directors will meet to approve the audited FY 20119 financial statement. The date is Thursday, March 19th, 2020. The venue will be at the company’s head office in Ikoyi, and the time is 10:00 am. The NSE will be notified about the outcome of the meeting.
Note that Seplat Petroleum’s stock opened trading earlier today on the NSE at N605, but has since declined by 10.00% to N544.50.