Dipo Olowookere
By Dipo Olowookere
The suspension earlier placed on Royal Exchange Plc by the regulatory subsidiary of the Nigerian Exchange (NGX) Group Plc, NGX Regulation Limited, has been lifted.
Royal Exchange is a leading asset management company in Nigeria, which also offers insurance protection to its clients.
On July 11, 2023, trading in the shares of the company was prohibited as a result of the failure of the board to file its financial statements for the perusal of the investing community.
But after filing its outstanding financial accounts, the embargo placed on the firm has now been lifted. This action was done last Wednesday, according to a circular issued by NGX Limited.
“We refer to our market bulletin dated July 11, 2023, with Reference Number: NGXREG/LRD/MB26/23/07/11 wherein we notified trading license holders and the investing public of the suspension in the trading on the securities of Royal Exchange Plc for non-compliance with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which provides that, If an Issuer fails to file the relevant accounts by the expiration of the Cure Period1, 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.
“Royal Exchange Plc, whose securities were suspended on July 11, 2023, has now filed its outstanding financial accounts.
“In view of the company’s submission of the outstanding financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states 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, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Royal Exchange Plc was lifted on September 13, 2023,” the disclosure stated.
