*Warns against trading of its shares within CP
OpeOluwani Akintayo
04 October 2017, Sweetcrude, Lagos — Seplat has announced a Closed Period, CP for its Persons Discharging Managerial Responsibilities (“PDMRs”) and Insiders, from 1st October 2017 to 31st October 2017.
A Closed Period is a time between the preparation of a company’s balance sheet and its announcement to the public. The CP usually lasts about two months. During this time, the Security and Exchange Commission, SEC rules prohibit insiders from buying or selling the company’s shares in any way.
In a memo sent to the Nigerian Stock Exchange, Seplat said the CP was a run up to the announcement of its third quarter financial results.
“In the run up to the announcement of the Third Quarter Financial Results of SEPLAT, please be aware that a Closed Period on SEPLAT Share Dealings for all persons on the Insider List of the Company (including persons discharging managerial responsibilities) will be from 1st October 2017.
However, in a twist suggesting that the company have had to deal with interferences from its PDMRs, insiders including their relatives and friends who kept trading in its shares even during CPs, the memo gave a stern warning, asking them to stay off its shares.
“Therefore, you and your “Connected Persons”, as described under the SEPLAT Share Dealing Policy, are not expected to and must not trade in SEPLAT Shares from 1st October 2017 until 31st October 2017, both dates inclusive.
In accordance with the provisions of SEPLAT’s Share Dealing Policy, the company described Connected Persons to include the spouse, children, including step-
children, relative who, at the relevant date, occupied the same household as the Applicable Person or Restricted Person, for at least 12 months, agent or nominee, including an investment manager managing funds on behalf of the Applicable Person or Restricted Person, a trust of which the Applicable Person, or Restricted Person or any person connected to him/her, or any member of their family or any associated company, is the trustee or beneficiary, other than a trust for the purposes of an employee share scheme or a pension scheme.
Others are a person in partnership with the Applicable Person or Restricted Person, or any person connected to him/her, a legal entity in which the Applicable Person or Restricted Person, or his/her connected person is a partner, or where a partner is a firm in which the Applicable Person or his/her connected person is a partner, company which the Applicable Person or Restricted Person, or his/her connected person or either of their family member controls, a company in which the Applicable Person or Restricted Person, or his/her connected person is a director or senior executive who has the power to make management decisions affecting the future development and business prospects of that company; or, a company in which the Applicable Person or Restricted Person or his/her connected person controls, or can exercise, more than 20% of the voting power or are interested in at least 20% in nominal value of the issued shares excluding Treasury Shares.
