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NSE Lifts Suspension on Shares of Standard Alliance Insurance

By Modupe Gbadeyanka

The suspension placed on the trading in the shares of Standard Alliance Insurance on July 5, 2018 by the Nigerian Stock Exchange (NSE) has now been removed.

This embargo removal was confirmed via a statement issued by the Head of Listings Regulation Department at the NSE, Mr Godstime Iwenekhai.

Trading in the shares of Standard Alliance Insurance on the floor of the stock exchange was stopped because the insurer failed to file its Audited Financial Statements for the period ended December 31, 2017.

In the statement issued today, the NSE said investors can now start trading in the securities of the firm at the market effective Wednesday, August 29, 2018.

“We refer to our Market Bulletin dated July 5, 2018 notifying the public of the suspension of Standard Alliance Insurance Plc 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) S end to the Issuer a ‘Second Filing Deficiency Notification’ within two (2) business days after the end  of the Cure Period;  (b)  S uspend trading in the Issuer’s securities; and  (c) N otify the Securities and Exchange Commission (SEC) and the Market within twenty-four (24) hours of the suspension.

“Standard Alliance Insurance Plc 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, Wednesday, August 29, 2018.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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