Close period

Under the Model Code ( www.practicallaw.com/7-107-6854) , a period of time during which persons discharging managerial responsibilities ( www.practicallaw.com/4-200-9271) of a listed company are prohibited from dealing in the company’s securities. The close periods are:

  • The period of 60 days immediately preceding a preliminary announcement of the company’s annual results or, if shorter, the period from the relevant financial year end up to and including the time of the announcement; or

  • The period of 60 days immediately preceding the publication of its annual financial report or if shorter the period from the end of the relevant financial year up to and including the time of such publication; and

  • If the company reports on a half-yearly basis, the period from the relevant financial period end up to and including the time of such publication; and

  • If the company reports on a quarterly basis the period of 30 days immediately preceding the announcement of the quarterly results or, if shorter, the period from the relevant financial period end up to and including the time of the announcement.

For further details, see Practice note, Model Code ( www.practicallaw.com/1-200-8819) .

Note that with effect from 3 July 2016, the Model Code will be deleted and a new concept of a closed period ( www.practicallaw.com/5-626-7359) will be set out in Article 19(11) of the Market Abuse Regulation ( www.practicallaw.com/5-626-6147) .

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