Access Bank has instructed its management and other members of the company against trading in the shares of the lender as it suffers a setback in release of financials.
According to the Nigerian Exchange Group (NGX) companies are expected to release their audited interim second quarter financial report on or before August 29, 2021.
But Access Bank in a statement to the investing public, published on the NGX on Thursday, said it will be unable to meet the deadline for quoted companies.
The company blamed the strategic business combinations across jurisdictions for the late submission. Recall that Access Bank had made series of acquisitions between late 2020 and the First Half of 2021.
It had acquired Grobank Limited in South Africa, African Banking Corporation in Mozambique, Transnational Bank in Kenya and Cavmont Bank Limited in Zambia.
The integration of these acquisitions into the operation of Access Bank were cited as reason for the failure to meet deadline, while also blaming regulatory approval.
Ripples Nigeria gathered that Access Bank now plans to release its Q2 financial report for 2021 on or before September 10, 2021, “In view of the foregoing, NGX has approved an extension of time to publish the Results.” the lender said.
As the firm delays publication of its financials, Access Bank ordered its board of directors, staff, consultants, relatives, and other related parties to stay away from its shares in the capital market.
The directive is in line with NGX listing rules, which forbids company insiders from trading in the quoted firm’s stock during the period their organisation is collating its financial reports.
This is to ensure insiders don’t take advantage of their knowledge of a company’s private information by selling off or buying shares of their firm – such period is called “closed period”.
“The Bank’s insiders are hereby reminded that the earlier declared closed period in respect of transaction in the Bank’s securities remains in place until 24 hours after the release of the Results.” Access Bank directed.
