Federal Court discharges Ex-Parte order obtained by BGL Plc, Reaffirms SEC Suspension

Proshare

Sunday, September 20, 2015 11.38AM / SEC

 

In a public notice issued yesterday, the Securities & Exchange Commission (SEC) of Nigeria states that on September 17th, 2015, the Federal High Court in Suit No. FHC/L/CS/767/15; BGL Plc & Ors Vs Securities and Exchange Commission, discharged the Ex-Parte order obtained by BGL Plc and its subsidiaries on the 27th of May 2015


Thus, it is informing the general public that on September 17th, 2015, the Federal High Court in Suit No. FHC/L/CS/767/15; BGL Plc & Ors Vs Securities and Exchange Commission, discharged the Ex-Parte order obtained by BGL Plc and its subsidiaries on the 27th of May 2015.

 

In view of the Courts’ ruling, BGL, its subsidiaries and sponsored individuals remain suspended from operating in the Nigerian capital market.

 

The Nigerian Stock Exchange (NSE), Central Securities Clearing System CSCS, Financial Market Dealers Quotation (FMDQ) Plc, Nigeria Association of Securities Dealers  (NASD) Plc and the general public should further note that the directives of the Commission in its public notice dated the 21st of May 2015 still subsists (see note 5 below). 

 

Editors NOTE: 

This SEC Public Notice is timely, coming on the back of the ‘market alert’ issued by Proshare on Friday, September 18, 2015 where it alluded to the “confusion that existed for investors who wanted to trade in the stock of BGL Plc” but found out it was NOT TRADABLE on the NASD OTC in the first place; putting a lie to the statements/impression given by BGL Plc in relation to its post-offer commitments. 
 

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