Chinwendu Obienyi
For failing to submit their audited financial statement (AFS) on time in line post-listing requirement, the Nigerian Stock Exchange (NSE), has suspended the shares of Conoil Plc, FTN Cocoa processors and nine others from trading on its platform.
This is coming after the nation’s bourse had slamed a fine of N431 million on 37 other firms that failed to submit their 2017 and 2018 financial statements on time, was in accordance with the provision of Section 14 of Appendix 111 of the Listing Rules of the Exchange.
In a notification on its website yesterday, the NSE said that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”),which provides that if an issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will either send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period or suspend trading in its securities.
The Exchange said in line with its rule, it will notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension”, the shares of the eleven (11) under listed companies have been suspended from trading via the facilities of The Exchange, effective Tuesday, July 2, 2019.
The names of the affected companies include Conoil Plc, FTN Cocoa Processors Plc, Goldlink Insurance Plc, Guinea Insurance Plc, Lasaco Assurance Plc, Niger Insurance Plc, R.T. Briscoe (Nigeria) Plc, Resort Savings & Loans Plc, Royal Exchange Plc, Standard Alliance Insurance Plc and Universal Insurance Plc
It said, “In accordance with the rules set forth above, the suspension of the above listed companies will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of the Exchange”.