By Dipo Olowookere
Trading on the shares of Thomas Wyatt Nigeria Plc and Union Dicon Salt Plc has resumed after the Nigerian Stock Exchange (NSE) lifted the suspension earlier placed on the companies.
This followed failure of the two firms to file their financial statements on time as required by the listing rules.
The duo were part of the six companies which had their shares suspended by the local stock market regulator earlier this month.
A statement issued by the NSE disclosed that the embargoes placed on the shares of Thomas Wyatt Nigeria Plc and Union Dicon Salt Plc were lifted after submitting their Audited Financial Statement for the year ended March 31, 2018 and Unaudited Financial Statement for the period ended March 31, 2018 respectively to the NSE.
“In view of the submission of the companies’ 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 companies’ shares have been lifted effective today, October 19, 2018,” the statement said.
Business Post reports that Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) states 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 24 hours of the suspension.”
