11 Plc, formerly Mobil Oil Nigeria, has announced that its Board of Directors will hold its meeting on Wednesday 27th of May 2020, to take decisions on the company’s Q1 2020 unaudited financial statements.
11 PLC also informed the Nigerian Stock Exchange that it would observe its closed period starting from today, the 13th of February 2020. The closed period will last until twenty-four (24) hours after the company’s FY 2019 financial statement and Q1 2020 unaudited financial statements are released to the public.
In a letter signed by the Company’s Secretary, Chris-Olumayowa Meseko and seen by Nairametrics, the oil firm stated, “Further to an early notice dated February 12, 2020, and in line with the post-listing requirements of The Exchange, the closed period for trading in the Company’s shares which commenced on February 13, 2020, subsists until 24 hours after the results are released to the public.
“Accordingly, no Director, employee, persons discharging managerial responsibilities and adviser of the company and their connected persons may directly or indirectly deal in the shares of the company during the close period.”
Why this matters: The closed period will allow the company’s board to consider the FY 2019 audited financial statement and other issues will also be discussed at 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.