Market Date: 03-02-2012
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NSE Council Sanctions Erring Quoted Companies to NSE Sanctions Erring Quoted Companies
Category: The Capital Market
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The National Council of The Nigerian Stock Exchange has approved the suspension of some quoted companies while placing others on a ‘watch list’.
The affected companies have defaulted in post-listing requirements, especially in financial reporting of their operations and payment of annual listing fees.
Consequently, the following companies have been placed on full suspension (there will be no transaction on their shares) for failure to render 2008 audited accounts as at 6th September 2010:
7. Ekocorp Plc
8. Nigercem Plc
11. Albarka Air Plc
13. Arbico Plc
15. Stokvis Plc
The Council also directed that if by Monday, 11th October, they fail to render their arrears of audited and interim accounts, The Exchange shall commence formal de-listment process on them. For failure to submit their 2009 financial statements, the following 28 companies would be placed on technical suspension (there will be trading but not price movement on their shares) as from Monday, October 4, 2010:
4. Chams Plc
13. M-Tech Plc
14. G. Cappa Plc
17. Big Treat Plc
18. MTI Plc
20. Conoil Plc
22. SCOA Plc
26. Crusader Plc
27. IPWA Plc
On the Emerging market platform, the following companies have been directed to regularize their status in the areas of audited accounts, evidence of recapitalization and payment of outstanding listing fees. Failure to conclude the regularization by 11th October 2010, The Exchange would commence de-listing process against them.
2. Krabo Plc
3. New Pak Plc
Furthermore, the following companies have been placed on WATCH LIST to enable them complete their recapitalization activities, submit outstanding financial accounts (audited and interim), hold their Annual General Meetings, clear all regulatory issues with the Securities & Exchange Commission (SEC) and have a satisfactory site visit report from The Exchange.
2. Anino Plc
3. Rak Unity
4. Rokana Plc
The Exchange shall continue to enforce compliance with its post-listing requirements in order to ensure regular information flow between the market and the investing public.
Sola Oni
Head, Corporate Communications
September 7, 2010
