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NSE Lifts Suspension on Royal Exchange Shares

By Dipo Olowookere

The management of Nigerian Stock Exchange (NSE) has announced lifting the suspension it earlier placed on the shares of Royal Exchange Plc, one of the publicly quoted firms on its trading platform.

Some days ago, the stock market regulator announced the suspension of Royal Exchange and seven other companies for failing to submit their financial statements of the past periods as required by the laws governing listed firms on the NSE.

In a statement issued and signed on Friday by the Head of Listings Regulation Department at the NSE, Mr Godstime Iwenekhai, it was disclosed that Royal Exchange has now abided by the rules, submitting its financial results as required.

Mr Iwenekhai said as a result of this, the management of the stock exchange has now lifted the suspension, allowing investors to trading the shares of Royal Exchange on the platform again.

The statement disclosed that the suspension was lifted on Friday, July 20, 2018.

“We refer our Market Bulletin dated July 5, 2018, notifying the public of the suspension of eight 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: (a) Send to the Issuer a ‘Second Filing Deficiency Notification’ within two 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 24 hours of the suspension.

“Royal Exchange Plc, which was one of the companies suspended, has submitted its Audited Financial Statement for the year ended December 31, 2017.

“In view of the submission of its 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.

“The general public is hereby notified that the suspension placed in the trading of the company’s shares has been lifted effective today, Friday, July 20, 2018.”

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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