April 18, 2012

The Nigerian Stock Exchange, as part of its ongoing regulatory program to enhance transparency and disclosure launched a report known as X-Compliance Report. The report has four (4) identification symbols that indicate the compliance status of listed entities. The report also notifies the public on when a company is embarking on capital reconstruction, delisting (whether voluntary or regulatory) or restructuring.

We believe that the timely disclosure of financial information and on-going event disclosure is critical to stakeholders in the capital market as well as investors. Consequently, companies that miss their financial filing dates or contravene any of the provisions of the Post Listing Rules will have the symbol BLS (Below Listings Standard) appended to their name. The symbol remains in effect until the company regularizes its compliance status.
 

The symbol ARA (Awaiting Regulatory Approval) is appended to the names of companies that are awaiting primary regulator’s approval and have consequently missed their financial filing date. The symbol remains until regulatory approval is obtained and financial information is released to the public.
 

Companies that are undergoing a capital reconstruction exercise (a public offer or rights issues or share buyback) will have the symbol CRE appended to their names.
 

For companies that have indicated that they will be delisting or companies that are being delisted at the instance of the Regulator pursuant to Clause 15 of Appendix III of the Post- Listing Rules, the symbol DIP (Delisting in Process) will be appended to their names.

Listings Regulation
The Nigerian Stock Exchange