Exchange of RT Briscoe Nigeria Shares Resumes on NSE

By Dipo Olowookere

The embargo earlier placed on shares of R.T. Briscoe (Nigeria) Plc by the Nigerian Stock Exchange (NSE) has now been lifted.

The suspension was removed by the NSE on Wednesday, September 18, 2019 (today), paving way for the trading of the company’s stocks by investors at the stock market again.

The company was one of the 11 firms sanctioned with suspension for failing to submit their financial statements as required of them by the listing rules, under which they were first allowed to trade their shares on the NSE platform.

The regulator had through a circular dated July 2, 2019, with Reference Number: NSE/RD/LRD/MB34/19/07/02 announced suspending R.T. Briscoe (Nigeria) Plc and the 10 others.

According to the NSE, its July 2019 action was 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.’

In a circular released today, the stock market regulatory agency said R.T. Briscoe (Nigeria) Plc, one of the 11 companies that were suspended on July 2, 2019, has now filed its audited financial statements for the year ended December 31, 2018 with the exchange.

It said in view of this, the embargo “placed on trading on the shares of R.T. Briscoe (Nigeria) Plc was lifted today, Wednesday, September 18, 2019.”

The NSE explained that this new action was in line with 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.’