FBN Holdings Calls for Board Meeting

FBN Holdings Plc has asked members of its board of directors to gather for a meeting at the end of this month.

The meeting, according to a notice from the company, will precisely take place on Tuesday, October 27, 2020. The major agenda for the gathering is to consider and approve the financial statements of the organisation for the third quarter of the year.

Companies listed on the Nigerian Stock Exchange (NSE) running the financial year cycle of January to December are expected to file their Q3 earnings by the end of this month and FBN Holdings is one of them.

“This is to inform the public and our stakeholders that the board of directors of FBN Holdings Plc will be meeting to consider the unaudited accounts for the period ended September 30, 2020, on Tuesday, October 27, 2020,” the notice from the financial group said.

As a result of this, the company has placed an embargo on the sale or purchase of its securities at the stock market until 24 hours after the results are made public.

This is to prevent the directors and persons connected to them from taking a trade action that could be to their advantage because of the privilege they have in seeing the financials of the company before other members of the investing community.

“Consequently, there will be a closed period from Monday, October 12, 2020, till 24 hours after the accounts are filed with the exchange, in line with rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015),” the disclosure noted.

Business Post reports that shares of FBN Holdings depreciated on Friday at the exchange by 10 kobo or 1.59 per cent. The equity price closed at N6.20 per unit compared with N6.30 per unit it closed on Thursday.

For several weeks, share price of the company traded within the N5 region and at some points traded below that range. The bull run witnessed late last week and early this week at the stock market pushed the value above N5 to the current N6 region.