Home Stocks & Shares Okomu Oil profit drops by 57% at half year 2019

Okomu Oil profit drops by 57% at half year 2019

Okomu Oil profit drops by 57% at half year 2019

Board of Directors of Okomu Oil Plc has announced that the company would observe the close period of trading from October 10, 2019, until 24 hours after the unaudited financial results for the period ended September 30, 2019, are released to the public.

The statement, which was disclosed in a notification sent to the Nigerian Stock Exchange (NSE), stated that the Board of Directors of the company would hold a meeting on October 14, 2019. Part of the agenda will involve the possible declaration of interim dividends.

The announcement is in line with rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015) which states that,

“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.”

Why this matters: The close period will allow the board to consider the company’s unaudited financial statements for the third 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.

The Okomu Oil Palm Company Plc was established in 1976 as a Federal Government pilot project aimed at rehabilitating oil palm production in Nigeria.

In 1990, the Technical Committee on Privatisation and Commercialisation (TCPC) privatized the company on behalf of the Federal Government of Nigeria.

The company’s share price is currently trading at N54.95 on the Nigerian Stock Exchange, NS

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