Seplat Petroleum Development Company Plc announced earlier today that its closed period had started on Wednesday, 1st of April 2020. The closed period would run till Thursday, 30th April 2020, which would be 24 hours after the release of the company’s audited financial results.
This was disclosed in a notification which was sent to the Nigerian Stock Exchange (NSE). The company also notified The Exchange that the Board of Directors would meet on Tuesday 28th April 2020, at the board room of Seplat’s head office in Ikoyi, Lagos. The directors are meeting to discuss Seplat’s Q1 2020 financial results. The meeting would hold from 10 am to 3 pm.
Why this matters: The close 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 of the Board of Directors.
What is a close period? A close period is a period before the release of a company’s result or financial statement when of course; 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.
About SEPLAT: Seplat Petroleum Development Company (SEPLAT) is a Nigerian independent oil and gas company listed on both the London and Nigerian stock exchanges with a strategic focus in the Niger Delta of Nigeria.
The company was formed in June 2009 through the partnership of Shebah Petroleum Development Company Limited and Platform Petroleum Joint Ventures Limited, with the specific purpose of pursuing upstream oil and gas opportunities in Nigeria.