Dipo Olowookere
By Dipo Olowookere
The suspension placed on the trading of Thomas Wyatt Nigeria Plc shares by the Nigerian Exchange (NGX) Regulation Limited has finally been removed.
The exchange lifted the embargo last Tuesday after the company complied with the rules it violated earlier, which forced the action on it over a year ago.
Recall that on January 6, 2021, in a circular with Reference Number: NSE/RD/LRD/MB02/21/01/06, the stock exchange informed the investing community of the “suspension in the trading on the securities of Thomas Wyatt Nigeria 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) (Default Filing Rules).
The rule provides that if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will first send to the issuer a second filing deficiency notification within two business days after the end of the cure period; and, secondly, suspend trading in the issuer’s securities; and thirdly, notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
In a fresh notice last week, the bourse informed the market that Thomas Wyatt Nigeria has now filed its Audited Financial Statements for the years ended March 31, 2020 – 2022, and Unaudited Financial Statements for the periods ended June 30, 2021, September 30, 2021, December 31, 2021, and Unaudited Financial Statements for the period ended June 30, 2022.
The notice said, based on this, “the trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Thomas Wyatt Nigeria Plc was lifted on Tuesday, October 25, 2022.”
The disclosure explained that this is in line with 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.”
