In a notice posted to its website on Thursday, the Nigerian Stock Exchange (NSE) has announced the suspension in trading of the shares of Unity Bank Plc and five others namely Fortis Microfinance Bank Plc, Thomas Wyatt Nigeria Plc, Multi-Trex Intergrated Foods Plc, Golden Guinea Breweries Plc and Deap Capital Management & Trust Plc.
The move was taken following the inability of the companies to submit their results as at when due, and in accordance with rule 3.1 of the Exchange’s rule book. The rule states 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”.
The NSE also stated that the suspension would only be lifted, after the relevant accounts have been submitted, and provided the Exchange is satisfied that the accounts comply with all applicable rules.
The implication of this suspension is that investors that own these shares will not be able to trade them, till the suspension is lifted.
The companies will also be fined for late submission of their results.
BY CHRISTY ANYANWU Travel often has a way of confronting our expectations. Sometimes, we set…
Dangote Petroleum Refinery and Petrochemicals has clarified its position following recent reports referencing data released…
President Bola Ahmed Tinubu, GCFR, has approved a landmark reform that replaces project-by-project negotiations with…
The Permanent Chairman of the Southern Nigerian Traditional Rulers Council (SNTRC), Arole Oodua Olofin Adimula…
The Oyo State Road Traffic Management Authority (OYRTMA) has commenced the replacement of stolen manhole…
BY 'KEMI PINHEIRO There are men whose passing is announced by the tolling of bells.…