By Modupe Gbadeyanka
Trading the shares of Conoil Plc on the floor of the Nigerian Stock Exchange (NSE) has now been suspended.
This information was revealed on Monday, August 06, 2018, in a statement issued by the market regulator.
According to a circular signed by the Head of Listings Regulation Department at the stock exchange, Mr Godstime Iwenekhai, Conoil was suspended because it failed to file in its financial statements as required by the rules governing the market.
“Dealing members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ 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 (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,” a part of the circular said.
It said further that “trading in the shares of Conoil Plc has been suspended effective today, August 6, 2018.”
The stock exchange management however said, “In accordance with the rules set forth above, the suspension of Conoil Plc 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.”
Business Post reports that as at the close of market last Friday, shares of Conoil were sold at N24.30k each.
However, as at the time the NSE suspended trading in the shares of the oil firm, it was being traded at N23 per share, indicating that it had lost N1.10k or 4.56 percent of its share value on Monday.
