Dipo Olowookere
By Dipo Olowookere
Shareholders of Omatek Ventures have been given the permission to begin trading shares of the company on the floor of the Nigerian Stock Exchange (NSE) again.
They had been restricted from performing this since July 2017 because the company failed to file its outstanding financial statements with the exchange as required by the listing rules.
Omatek was among the 17 firms suspended from trading on the exchange on Wednesday, July 5, 2017 because of this non-compliance with the rules, but after doing the needful, the embargo was lifted today, Tuesday, December 31, 2019.
“We refer to our market bulletin dated July 5, 2017, with reference number NSE/LARD/LRD/MB02/05/07/17 wherein we notified dealing members of the suspension of 17 listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the exchange, 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,” a circular issued today and signed by the Head of Listings Regulation Department at NSE, Mr Godstime Iwenekhai, stated.
Continuing, Mr Iwenekhai said, “Omatek Ventures Plc, one of the 17 companies that was suspended on July 5, 2017, has now filed its outstanding financial statements with the exchange.
“In view of the company’s submission of its 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 on trading on the shares of Omatek Ventures Plc was lifted today, Tuesday, December 31, 2019,” the statement added.
