Total Nigeria Sets Board Meeting, Closed Period Ahead of FY 2019 Report

• Total Nigeria Plc has disclosed that its Board of Directors will meet on Wednesday, May 13, 2020 to take decisions on the company’s financial statements for the period that ended by December 31, 2019.
• The company told the Nigerian Stock Exchange that it will observe its closed duration from 4 May 2020 until 24 hours after the publication of the audited financial statements for 2019.
• The closed period would enable the board of Total Nigeria to consider the financial statement audited by FY 2019. Many problems with the organisation will also be discussed during the conference.

Total Nigeria Plc has disclosed that its Board of Directors will meet on Wednesday, May 13, 2020 to take decisions on the audited financial statements of the company for the period that ended December 31, 2019.

The company has also told the Nigerian Stock Exchange that it will observe its closed duration from 4 May 2020 until 24 hours after the publication of the audited financial statements for 2019.

The closed period would require the company’s board to approve the audited financial statement for Fiscal Year 2019.

In a notification released by the oil and gas firm, the announcement was announced in compliance with Rule 17.18 of Part 2 (Issuer’s Rules) of the NSE Rule Book (2015) which states:

“The period of closure shall be effective from fifteen (15) days prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of agenda papers pertaining to any of the matters referred to above, whichever is earlier, up to twenty-four hours after the price-sensitive information is submitted to the Exchange.

“The trading window shall thereafter be opened. Every issuer shall notify the Exchange in advance of the commencement of each closed period.”

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A closed period is a time before a company’s performance or financial statement is issued where those with confidential details are not allowed to trade on the stock. Such individuals can include company executives, members of the audit committee, people discharging managerial duty, employees and confidential information consultants.

The close period is intended to prohibit the insiders from trading in a company’s stock ahead of its financial reports being disseminated publicly. It is because the insiders may have access to information that is not yet in the public domain, and may be tempted to “Jump the gun” with regard to their company shareholdings.

The closed period would enable the board of Total Nigeria to consider the financial statement audited by FY 2019. Many problems with the organisation will also be discussed during the conference.