Dipo Olowookere
By Dipo Olowookere
The Nigerian Stock Exchange (NSE) has warned investing community at the equity market to observe due diligence when trading in the securities of Thomas Wyatt, one of the companies listed on its trading platform.
A notice to the investing public on Thursday and signed by the Head of Listings Regulation Department at the NSE, Mr Godstime Iwenekhai, explained that this warning followed the refusal of the organisation to adhere strictly to listing rules.
He said Thomas Wyatt failed to file its third quarter unaudited financial statements (UFS) for the period ended December 31, 2019 at the due date, January 30, 2020 in violation of Rule 1.1.2. Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the exchange also known as the issuers’ rules or default filing rules, which provides that, “Every Issuer shall file its unaudited quarterly accounts not later than 30 calendar days after the relevant quarter.”
The notice said in line with the provisions of Rule 2.2.1 of the default filing rules, Thomas Wyatt was issued with a First Deficiency Filing Notice (FDFN) by the NSE to notify the company of the infraction, and to grant it three days to provide information as to why the Q3 UFS had not been filed by the due date, make available a detailed explanation on the reason(s) for the delay; and “state when it intends to file the documents or state that the company is unable to indicate an anticipated filing date, and reasons for such inability to indicate the anticipated filing date.”
According to the disclosure from the NSE, “Thomas Wyatt failed to comply with the exchange’s directives set forth in the FDFN within the stipulated timeline.”
It emphasised that, “In light of the company’s continued breach of Rule 2.2.1 of the default filing rules, and in line with the requirements of Rule 2.2.2, the exchange hereby advises the investing public as follows:
“An FDFN has been issued against Thomas Wyatt;
“And Investors are advised to trade with caution on the securities of Thomas Wyatt in the absence of up to date financial information from the company.
“The investing public is further advised that the exchange will continue to engage with the company and may take the following additional steps should the company fail to comply, and file its Q3 UFSAFS within the 90-day cure period stipulated by Rule 2.1.1 of the default filing rules:
“a. Send Thomas Wyatt a ‘Second Filing Deficiency Notification’ within two business days after the expiration of the 90-day cure period; and
“b. Suspend trading in the company’s shares.”
