UMORU ABDULKADIR
The Nigerian Stock Exchange (NSE) on Tuesday lifted the suspension earlier placed on the trading of the stocks of FTN Cocoa Processor Plc
The NSE had suspended trading in the stocks upon failure of the company to submit its audited financial accounts to the Exchange.
The new development was contained in a statement from the NSE and signed by Elizabeth Ekpo on behalf of Head, Listings Regulation Department.
The statement reads in part; “We refer to our Market Bulletin dated 2 July 2019, with Reference Number: NSE/RD/LRD/MB34/19/07/02 wherein we notified Dealing Members of the suspension of eleven (11) listed companies 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”), 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.”
The statement further said, “In view of the Company’s submission of their Audited Financial Statements, 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”, Dealing Members are hereby notified that the suspension placed on trading on the shares of FTN Cocoa Processors Plc was lifted today, Tuesday, 10 December 2019.”
Recalled that FTN Cocoa Processors Plc was one of the eleven companies that was suspended on 2 July 2019 for failure to file its Audited Financial Statements for the year ended 31 December 2018 as well as its first, second and third quarter financial statements for 2019 with The Exchange.
Other companies suspended along FTN, on July 2, 2019, include; Conoil Plc, Goldlink Insurance Plc, Guinea Insurance Plc, Lasaco Assurance Plc, Niger Insurance, Resort Savings& Loans Plc, Royal Exchange, Standard Alliance Insurance, Universal Insurance plc and R.T Briscoe Nigeria Plc.
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