NSE Lifts Suspension on RT Briscoe Shares
By Dipo Olowookere
The restriction placed on trading of shares of RT Briscoe Plc on the floor of the Nigerian Stock Exchange (NSE) has been removed by the stock market regulator.
On July 5, 2018, the NSE suspended trading on shares of RT Briscoe and seven other companies for failing to adhere to best corporate governance and extant post-listing requirements that require quoted companies to submit their periodic financial statements and reports within stipulated timelines.
RT Briscoe had failed to submit its full-year audited reports for the 2017 business year and interim reports for the first and second quarters of 2018, which angered the NSE.
But after the automobile and allied company complied submitted the required documents, the suspension was finally removed.
According to a statement issued by the NSE, in view of the submission of the company’s accounts, the suspension placed in the trading of the company’s shares was lifted effective Friday, September 14, 2018.
“RT Briscoe Plc, which was among the companies suspended, has submitted its audited financial statement for the year ended 31 December 2017.
“The company has also submitted its unaudited financial statements for the periods ended March 31, and June 30, 2018,” the NSE stated.
According to the NSE’s post-listing rules, quoted companies are required to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.
Not less than 83 percent of quoted companies use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31. While March 31 is usually the deadline for submission of annual report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.