Closed periods that outlast the results announcement

Many dealing codes end the closed period when results are announced. Others keep restrictions in force until a scheduled window closes, or until inside information elsewhere on the calendar is released. Boards that assume “announcement equals open” can mis-date a trade by several sessions.

Build the calendar first

List every results date, trading update, and strategic announcement in the review window. Against each, note the dealing code rule that defines the closed period — not the informal practice that “everyone uses.”

Plot the trades

Place each PDMR trade on the calendar. If a trade sits inside the coded closed period, look for a written exception. Verbal recollections from the finance director are context; they are not a clearance log.

Watch for residual inside information

A results release can leave unpublished detail that still meets the inside information test for another project. Closed-period maps that stop at the RNS timestamp miss that residue. Flag it as a question for counsel rather than a conclusion.

For a structured assessment of one results window, see our closed-period assessment.