Buy-back program: CDVM publishes the situation of february 2012
In accordance with the provisions of Decree No 2-02-556 of 24 February 2003, as amended and supplemented, the Moroccan Securities Ethics Council (CDVM) discloses publicly the transactions conducted during the month of february 2012 by the companies which obtained approval from General Meetings to initiate a stock buy-back program, in order to adjust their share price.
These transactions were carried out by the said companies either directly, or via their subsidiaries or controlled companies.
The CDVM recommendations in terms of the financial disclosure
On the occasion of financial publications under the second half of 2011, the CDVM strongly recommends issuers to:
- publish detailed comments on the results achieved;
- hold information briefings with financial analysts and the specialised press after the publication of results.
- Post the published financial statements on the Website, if any. However, such statements are subject to a prior disclosure in a newspaper authorised to publish legal notices, before being available on the Internet.
Reminder of the issuers’ financial disclosure deadline
The CDVM reminds issuers of the deadline for the publication of financial statements for the second half of 2011.
- March 31st, 2012, deadline for publication of financial statements.
As a reminder, issuers who will publish their annual accounts in respect of the fiscal year 2011 on or before March 31st, 2012, are exempt from the publication for the second half of 2011.