bigjay01:


Only goodness knows why this man is offloading
approx 100m so far.

And when the news of 5k dividend for FY end is out ....
Gate of heaven will be too narrow for investors.....
Never trust those Access cowboyz !!!

https://nairametrics.com/2020/01/22/concerns-as-herbert-wigwe-sells-28-8-million-access-bank-shares/

e be like say Ugodre na silent reader

The headline should read 99.999m and it should be taken back to when the 2018 audited financial statements were released when over a billion units of shares of his and friend, AIG reduced significantly.

bigjay01:
https://nairametrics.com/2020/01/22/concerns-as-herbert-wigwe-sells-28-8-million-access-bank-shares/

e be like say Ugodre na silent reader

bigjay01:
https://nairametrics.com/2020/01/22/concerns-as-herbert-wigwe-sells-28-8-million-access-bank-shares/

e be like say Ugodre na silent reader

He is here

Please what is the fair price of wapco. cc.CP.BBM.OGG.FXUSER.and at all.

RabbiDoracle:


The higher it goes, the fall will be spectacular.

I pity those who will end up carrying the last can.

the stock is very bullish technically Boss

Cc Fxuser

bigjay01:
https://nairametrics.com/2020/01/22/concerns-as-herbert-wigwe-sells-28-8-million-access-bank-shares/

e be like say Ugodre na silent reader

..and I quote.
"While there is no proof, it is likely that as a leading member of the management of the bank he may have seen the results of the company giving him an undue advantage over other shareholders of the company who are not privy to results."

I DO NOT THINK HERBERT WIGWE WOULD ACT SO IRRESPONSIBLY AS CEO OF ACCESS - SELLING HIS SHARES IN THE FACE OF BAD RESULT & AT THIS POINT IN TIME, I TOTALLY DOUBT THAT.

DeRuggedProf:


..and I quote.
"While there is no proof, it is likely that as a leading member of the management of the bank he may have seen the results of the company giving him an undue advantage over other shareholders of the company who are not privy to results."

bigjay01:
https://nairametrics.com/2020/01/22/concerns-as-herbert-wigwe-sells-28-8-million-access-bank-shares/

e be like say Ugodre na silent reader

He is a nairalander

WAPCO pullback imminent, dont worry, its only temporal.

Seunn11:
Hahaha. You are needed here please.

Hhmmm. Issokay o.

Bomboclad:
I DO NOT THINK HERBERT WIGWE WOULD ACT SO IRRESPONSIBLY AS CEO OF ACCESS - SELLING HIS SHARES IN THE FACE OF BAD RESULT & AT THIS POINT IN TIME, I TOTALLY DOUBT THAT.

Well, like they say "Not only should Caesar's wife be above board, she must also be seen to be above board". The timing is the key issue.

The truth however is that if you dig deep you will see that Aig is also likely selling Access Shares. The duo are trying to raise money to pay for the PFA subsidiary of AIICO. Why they can't raise a loan to do so is what i don't understand.

Bomboclad:
WAPCO pullback imminent, dont worry, its only temporal.

While I agree on the above, I think it's too early for the pullback to take place.

AUSTINLAZ has been pouring million upon millions since yesterday. Any information?

Is the dry bone trying to resurrect?

That's what i see on my charts, but you might e right. Lets see how it goes.

nna777:


While I agree on the above, I think it's too early for the pullback to take place.

Those waiting for WAPCO to pullback will wait in VAIN... WAPCO is a fast moving TRAIN

THE BIG SMART GUY

Access is this, Access is that. Is it spirits that are queuing up to buy it? Just a kwesion o.
Jijoists are watching this space. Keep it coming ----down.

*Not to take as any recommendation pls. Just observation*

Trust me, I own a whole lot of units in WAPCO, but a pullback is very necessary, not so i buy more, but so it goes higher.

godlyguy:
Those waiting for WAPCO to pullback will wait in VAIN... WAPCO is a fast moving TRAIN

THE BIG SMART GUY

kolaish:
I have been pondering on the bolded for quite a while during the snap bull session until I saw your post on it then, this awaken my suspicion that the bull may not be a long one and of course yours truly quickly took profit. Though I am still in Transcorp and WAPCO, but then, I may consider selling whenever I see that the signs are not favourable.

This does not mean that I will not jump into the market when the signs change, but for now, I am happy seeing my profit in morgan dashboard/bank account than in the market.

Before you go on vacation Rabbi, please where is that your basket trap

Make I help Onifa

I was tempted to sell ACCESS yesterday at a loss but i rebuked the feeling. If ACCESS and/or UBA closes higher today,.............................................................................. .............................................................................................................................................. .........................

jamace:
AUSTINLAZ has been pouring million upon millions since yesterday. Any information?
Is the dry bone trying to resurrect?

You have Austin too?
You know, I had to go and search for it self, that where is it listed? I now saw it under equity.
The volumes are crossing.
Newbies, OYO is your case if you buy without knowing what informs the crossing.

I remember back then when I saw that AIG and Wigwe reduced their shares after the acquisition or merger with Diamond bank. It thus lends credence that both profited greatly from the deal. Access bank shareholders were badly shortchanged in the process. Looking at the 2018 audited financial statements again this morning, the shareholdings both direct and indirect have been revised to obliterate the position they had when the financial statements was first published on the NSE website. I know that some stocks are very volatile and good ground for investors to make good money, but I look at the long term effects of certain actions.

TLAX:


Well, like they say "Not only should Caesar's wife be above board, she must also be seen to be above board". The timing is the key issue.

The truth however is that if you dig deep you will see that Aig is also likely selling Access Shares. The duo are trying to raise money to pay for the PFA subsidiary of AIICO. Why they can't raise a loan to do so is what i don't understand.

Views of an Equity Salesman (Not me)

Insider trading on the Nigerian stock exchange setting a dangerous precedent for Corporate Governance

What is the gold standard definition of a closed period
According to the business dictionary - the time period between the finalizing of the balance sheet and the company's announcement to the public of the results. The time period is typically two months preceding an announcement at which time insiders are not allowed to repeat or report the company's shares. The time between the preparation of a company's balance sheet and its announcement to the public. The close period usually lasts about two months. During this time SEC rules prohibit insiders from buying or selling the company's shares in any way. If we look at other markets. In the United Kingdom, Under Article 19(11) of the Market Abuse Regulation (MAR), the period of 30 calendar days before the announcement of an interim financial report or a year-end report, that an issuer is obliged to make public according to the rules of the trading venue where the issuer's shares are admitted to trading or national law, during which a person discharging managerial responsibilities (PDMR) of an issuer is prohibited from conducting any transactions on its own account or for the account of a third party, directly or indirectly, relating to the shares or debt instruments of the issuer or to derivatives or other financial instruments linked to them. Blackout period. A period of time before the earnings release of a public company during which its directors and specific employees deemed insiders cannot trade the company's stock.

If I go by the definiton above – for a company whose financial year ends 31st December 2019, the closed period is effectively 30 days before 31st December 2019 and 60 days after 31st December 2019. I would go as far as saying that the closed period extends not just 60 days after the end of the period but the closed period rule applies till your results have been publicly disclosed on the floor of the stock exchange

What does the rule book of the NSE say
Rule 17.17: Closed Period
(a) No Director, person discharging managerial responsibility and Adviser of the Issuer and their connected persons shall deal in the securities of the Issuer when the trading window is closed. Any period during which trading is restricted shall be termed as a closed period.
(b) The closed period shall be at the time of:
(1) Declaration of Financial results (quarterly, half-yearly and annual);
(2) Declaration of dividends (interim and final);
(3) Issue of securities by way of public offer or rights or bonus, etc;
(4) Any major expansion plans or winning of bid or execution of new projects e.g. Amalgamation, mergers, takeovers and buy-back;
(5) Disposal of the whole or a substantial part of the undertaking;
(6) Any changes in policies, plans or operations of the Company that are likely to materially affect the prices of the securities of the Company;
(7) Disruption of operations due to natural calamities;
( Litigation/dispute with a material impact;
(9) Any information which, if disclosed, in the opinion of the person disclosing the same is likely to materially affect the prices of the securities of the Company.
Rule 17.18: Period of Closure
(a) 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 (24) hours after the price sensitive information is submitted to The Exchange. The trading window shall thereafter be opened.
(b) Every Issuer shall notify The Exchange in advance of the commencement of each closed period.

The rules around the period of closure on the NSE is something that I believe would need to be revisited and have more stringent rules getting applied. We have seen a flurry of corporate disclosures where insiders are actively trading shares in what should be a closed period if we are holding ourselves to the gold bar or standard of what a closed period should be. It has become a cause of concern for many investors especially with the flurry of calls I am receiving on the matter.

The Optics of it just doesn’t look right.

The NSE rules above technically allow insiders to trade their shares in what we all know as a closed period. Even where rules are not perfect, we believe certain Corporates should hold themselves to a higher stander of corporate governance internally, something that should be upheld by the Compliance department within these organisation.

We have a few cases in the market where a corporate declared closed period to review its result on the 31st of December 2019 and we have insiders selling come January 2020 – What is concerning mostly is that these insiders have come in contact with insider information because they have a view on what the FY results. Whether the quantum of shares being traded are material or not, Insiders should not be trading shares within a closed period. It is a material breach.

With an insider selling shares, is that a sign that I should be advising all my clients to be dumping the shares of the company? Because that is the implied read across given the volumes that is trading in the market. We are not a banana republic.

Please do not sell ooooooo. You will make good money if you waited for the release of their audited accounts

Bomboclad:
I was tempted to sell ACCESS yesterday at a loss but i rebuked the feeling. If ACCESS and/or UBA closes higher today,.............................................................................. .............................................................................................................................................. .........................

I think so too. The fact that Herbert is selling at this time is actually a good thing because if results come out bad, peeps could ask for his resignation on the grounds that he knew results were bad as CEO and so he sold significant quantity of holdings.

rebekah2011:
Please do not sell ooooooo. You will make good money if you waited for the release of their audited accounts

Normal trading so far............
Pullback witnessed early in Wapco at btw 16.90 and 17...

perfectly submitted. The players in the market, regulators SEC, CBN and NSE, all behave together to destroy the market sometimes.

TLAX:
Views of an Equity Salesman (Not me)

Insider trading on the Nigerian stock exchange setting a dangerous precedent for Corporate Governance

.

Mcy56:

You have Austin too?
You know, I had to go and search for it self, that where is it listed? I now saw it under equity.

I don't have it . I Just noticed the heavy rain there.

Bomboclad:
I think so too. The fact that Herbert is selling at this time is actually a good thing because if results come out bad, peeps could ask for his resignation on the grounds that he knew results were bad as CEO and so he sold significant quantity of holdings.

That will be unprecedented in NSE....

Shareholders don't seem to know they have such powers. Market regulators are basically asleep. General public have better things to do such as earning a living.

TLAX:


Well, like they say "Not only should Caesar's wife be above board, she must also be seen to be above board". The timing is the key issue.

The truth however is that if you dig deep you will see that Aig is also likely selling Access Shares. The duo are trying to raise money to pay for the PFA subsidiary of AIICO. Why they can't raise a loan to do so is what i don't understand.

I also heard something along the path in bold last night.
...though my source isn't much of an authority.

But if true, then ACCESS is sure to be a mid to long term hold. ...it will deliver very juicy returns in time.
I have since said that the concerns raised here are overblown !!

As for AIICO, well...

A good wine they say, needs no bush !!
Soon, TIME shall set matters straight and put them in their right perspective.

Jamace Drybone must rise again

Mcy56:

You have Austin too?
You know, I had to go and search for it self, that where is it listed? I now saw it under equity.
The volumes are crossing.
Newbies, OYO is your case if you buy without knowing what informs the crossing.

Bomboclad:
I was tempted to sell ACCESS yesterday at a loss but i rebuked the feeling. If ACCESS and/or UBA closes higher today,.............................................................................. .............................................................................................................................................. .........................

It takes a heart of steel to be still in the storm.
I have learnt Mr. Market only does what he wants not what we say, no matter how reasonably factual our arguments are here.