Dipo Olowookere
By Dipo Olowookere
A public company, Anino International Plc, has been booted out of the Nigerian Stock Exchange (NSE), Business Post has learned.
The company was removed from the stock exchange by the management of the NSE after it obtained the approval of its National Council.
On Thursday, April 30, 2020, the council authorised the exchange to commence a regulatory delisting process for Animo International as a result of persistent non-compliance with the NSE’s post listing rules.
It was gathered that the exchange empowered to delist any company trading its stocks on its platform if it fails to adhere to Clause 15 of the General Undertaking, Appendix III of the Rule Book of the NSE, 2015 (Issuers’ Rules).
Under Clause 15 of the issuers’ rules, companies listed on the NSE agreed to “comply with all directives, rules, regulations, procedures, policies and guidelines as may be issued or prescribed by the exchange from time to time, even when the listing of its securities is deferred, suspended or subject to a trading halt.”
Last Monday, the stock exchange delisted Animo International and notified stockbrokers in a circular which said, “Dealing members are hereby notified that pursuant to Clause 15 of the General Undertaking, Appendix III of the Rule Book of the Nigerian Stock Exchange, 2015 (Issuers’ Rules), the entire issued share capital of Anino International Plc (Anino) was delisted from the daily official list of the Nigerian Stock Exchange on Monday, October 12, 2020.
“The delisting of Anino was approved by the National Council of the exchange on Thursday, April 30, 2020, in line with the exchange’s regulatory delisting process as a result of persistent non-compliance with the exchange’s post listing rules.”
