NSE: equity goes bearish
The Nigerian Stock Exchange says it has lifted the Suspension placed on the trading of the Company’s shares on four (4) listed companies namely; Premier Paints Plc, Ekocorp Plc, Austin Laz & Company Plc and Academy Press Plc which were among the companies suspended for noncompliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing.
This was contained in a statement by Godstime Iwenekhai, Head, Listings Regulation Department of the NSE.
According to Iwenekhai, “These companies have submitted their respective Financial Statements hence the suspension placed on the trading of these Company’s shares have been lifted effective today, 6 November 2018”.
Referring to the Market Bulletins of the Exchange dated; 5 July 2017, 2 August 2017, and 4 October 2017 notifying the public of the suspension of seventeen (17), one (1) and four (4) listed companies respectively for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”), provides that,
“If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; (b) Suspend trading in the Issuer’s securities; and (c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”
In view of the submission of their respective accounts and pursuant to Rule 3.3 of the Default Filing Rules, which provides that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange, the Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension”.
