United Bank for Africa, UBA Plc announced the commencement of the closed period for trading in the bank’s shares.
The bank said: “In compliance with the NSE rule book and the amendments to the Listing Rules, the closed period commenced January 11, 2017 in respect of the Accounts and Financial Statements for the period ended December 31, 2017.”
A close period is a period, usually of two months, prior to the release of results during which directors and other insiders are not allowed to trade in a company’s shares.
It is also usual for companies to refrain from making other price sensitive announcements (e.g. trading statements) during the close period, Worldstage reports.
The bank thus stated that “No director, person discharging managerial responsibility, employees with sensitive information, advisers and consultants of the Bank and their connected persons may directly or indirectly deal in the securities (Shares and Bonds) of the Bank until 24 hours after the release of the Audited Accounts and Financial Statements of the Group for the period ended December 31, 2016 to the Nigerian Stock Exchange and by Extension, the general Public.”