NSE Lifts Suspension on Ekocorp Plc, Three Others

By Modupe Gbadeyanka

The suspension earlier place on trading in the shares of Premier Paints Plc, Ekocorp Plc, Austin Laz & Company Plc and Academy Press Plc has now been lifted by the management of the Nigerian Stock Exchange (NSE).

In a notice on Tuesday, the Head of Listings Regulation Department at the NSE, Mr Godstime Iwenekhai, explained that the embargo was lifted after the firms conformed to the rules of the exchange.

Recall that in three market bulletins dated July 5, 2017, August 2, 2017, and October 4, 2017, the NSE notified the public of the suspension of 17, one and four listed companies respectively for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the Exchange (Issuers’ Rules).

The rule provided 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 the notice today, the NSE said Premier Paints Plc, Ekocorp Plc, Austin Laz & Company Plc and Academy Press Plc, which were among the companies suspended, have submitted their respective Financial Statements.

In view of the submission of their respective accounts and pursuant to Rule 3.3 of the Default Filing Rules, “the general public is hereby notified that the suspension placed on the trading of the companies’ shares has been lifted effective today, November 6, 2018.

Business Post reports that the rule the NSE relied on to lift the trading suspension 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.”