By UMORU ABDULKADIR
The Nigerian Stock Exchange (NSE) on Thursday has lifted the suspension placed on trading on the shares of Royal Exchange Plc following the submission of its 2018 Audited Financial Statements.
NSE had on July 2, suspended trading in shares of Royal Exchange Plc and other ten companies for failure to file their accounts within the stipulated time.
The default is in violation of 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 send to the issuer a “second filing deficiency notification” within two (2) business days after the end of the Cure Period; suspend trading in the issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the Market within twenty four (24) hours of the suspension.
However, following the submission of the accounts, the Exchange lifted the submission today noting that the Company’s submission of its Audited Financial Statements has fulfilled Rule 3.3 of the Default filing Rules, which provides that , The suspension of trading in the issuer’s be 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.”
Announcing the lifting of the suspension, the notice reads, ” Dealing Members are hereby notified that the suspension placed on trading on the shares of Royal Exchange Plc was lifted today, Thursday 29 August, 2019.”
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