By Dipo Olowookere
Those having shares of Universal Insurance Plc in the investment portfolio can now begin to trade them on the floor of the Nigerian Stock Exchange (NSE).
On Tuesday, July 2, 2019, the NSE announced the suspension of trading in the equities of 11 companies on its trading platform over their failure to release their financial statements as required by the listings rules.
In the circular marked NSE/RD/LRD/MB34/19/07/02, the NSE had said the affected firms went against Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the exchange (Issuers’ Rules), which provides 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 a notice yesterday, the NSE said Universal Insurance, one of the 11 companies that were suspended last month, has now filed its Audited Financial Statements for the year ended December 31, 2018.
It said in view of the company’s submission of its Audited Financial Statements, the suspension placed on trading on the shares of Universal Insurance was lifted on Wednesday, August 7, 2019.
According to the circular, the embargo was removed in pursuant to Rule 3.3 of the Default Filing Rules, which provides 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.”
Adedapo Adesanya