Tuesday, November 25, 2014 5.35PM/TheAnalyst
The Nigerian Stock Exchange has eventually delisted four (4) erring quoted firms from the daily official list effective 24th November, 2014 following their failure to regularize their listing status after several notice to do so
The four (4) delisted entities are;
1. Pinnacle Point Group Plc
2. Afroil Plc
3. Starcomms Plc
4. Big Treat Plc
About a month ago, the self-regulatory body issued another one month notice to 9 affected firms out of the initial 24 intending companies slated for delisting.
Eventually, four (4) firm has been delisted from the daily official list.
Between 2002 and early 2014, sixty-five (65) quoted firms have been delisted from the Daily Official List of the Exchange bringing the total to sixty-nine (69) with the addition of the latest four (4).
With the delisting of these four (4) entities, key questions continue to beg for answers. What is the fate of the shareholders of the affected companies? How can they sell the shares and recover the investments? Does over-the-counter (OTC market) provides facilities to shareholders of delisted companies to sell their shares?