By Peter Egwuatu
In a move to beat the new deadline requirements for release of end year results set by the Securities and Exchange Commission, SEC, four companies last week joined seven companies that had earlier submitted notice for close period for the 2019 financial results.
The companies are Dangote Sugar Refinery Plc, Transcorp Hotels Plc, Axa Mansard Insurance Plc and Jaiz Bank Plc.
The NSE in a notice to public companies stated: “The SEC’s communication required public companies to elect one of two options: to file Fourth Quarter, Unaudited Financial Statement, UFS within thirty (30) days after the quarter end and Annual Financial Statement, AFS within ninety (90) days after the year end or not to file Fourth Quarter UFS but to file the Annual AFS within sixty (60) days after the year end.
“ In view of the above, companies listed on the Nigerian Stock Exchange are required to notify the Exchange on or before Friday, 17 January 2020 of their preferred option to enable Exchange monitor compliance with the SEC’s directive effectively.”
Early filers, according to the NSE are companies that file their interim financial statements at least two weeks before the due date, and Audited financial statements at least four weeks before the due date.
Meanwhile, according to information gathered by Financial Vanguard, Dangote Sugar submitted its notice to the NSE January 23, 2020. The notice reads: In compliance with Rule 17:17 to 17:18 of the Issuers’ Rules, Dangote Sugar Refinery Plc hereby announces the commencement of a closed period for the trading of the company’s shares. Consequently, the company wishes to notify the Exchange and the investing public of its closed period from today, January 23, 2020 till 24 hours after the filling of the audited financial statement for the year ended December 31, 2019.”
The notice from Transcorp Hotels stated: “The Board of Directors of Transcorp Hotels Plc has scheduled its 70th Board meeting to hold on February 17, 2020, to consider among other things the Audited Financial Statement for the company for the year-ended 31 December 2019. Consequently, the company hereby notifies the Exchange of commencement of its closed period from February 1, 2020 up to twenty four (24) hours after the release of the company’s 2019 Audited Financial Statement.”
On its part, Jaiz Bank, in a notice submitted to the NSE, said: “In compliance with the NSE Listing Rules, Jaiz Bank Plc hereby announces the commencement of the closed period for trading in the shares of the bank. Further to this, no Director, employee, person discharging managerial responsibility, advisers and consultants of the bank and their connected persons may directly or indirectly deal in the shares of the bank from the 20th January, 2020 till 24 hours after filling of the Unaudited Interim Financial Statements for the fourth quarter ended December 31, 2019.”
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