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NSE Lifts Suspension on Thomas Wyatt Nigeria

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) has lifted the suspension it placed on the exchange of shares of Thomas Wyatt Nigeria Plc on its trading platform.

Thomas Wyatt Nigeria was one of the six companies suspended by the stock market regulator in November 2018 for failing to adhere to listing rules.

Having released its past financial statements, the NSE, in a notice to investors on Wednesday, announced that the embargo placed on the trading of the firm’s shares has now been removed, paving way for a price movement on the company’s securities.

“We refer to our market bulletin dated November 1, 2018, with reference number: NSE/RD/LRD/MB01/18/11/01, which we notified dealing members of the suspension of six listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange.

“The rule says 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.

“Thomas Wyatt Nigeria Plc, which was one of the suspended companies, has now filed its outstanding Interim Financial Statements to the exchange.

“In view of the submission of the company’s outstanding 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 in the trading of the shares of Thomas Wyatt Nigeria Plc was lifted today, Wednesday, March 20, 2019,” the notice said.

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. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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