NSE Notifies of Trading Suspension In The Shares Of CONOIL, FTNCOCOA and Nine Other Listed Companies

Proshare

Tuesday, July 2, 2019, 02:30PM /NSE

 

The Nigerian Stock Exchange (NSE) has announced the suspension of trading of shares in eleven companies as a result of their failure to comply with filing rules for their audited and periodic results, seven of the eleven companies were from the Insurance sector. According to the Exchange’s release:

Dealing Members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing 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 (2) 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 twenty- four (24) hours of the suspension”, the shares of the eleven (11) under listed companies have been suspended from trading via the facilities of The Exchange, effective today, Tuesday, 2 July 2019:

1. Conoil Plc

2. FTN Cocoa Processors Plc

3. Goldlink Insurance Plc

4. Guinea Insurance Plc

5. Lasaco Assurance Plc

6. Niger Insurance Plc

7. R.T. Briscoe (Nigeria) Plc

8. Resort Savings & Loans Plc

9. Royal Exchange Plc

10. Standard Alliance Insurance Plc

11. Universal Insurance Plc


In accordance with the rules set forth above, the suspension of the above listed companies will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.



Table: Suspended Companies And Their Default Filings

S/N

Company

Last Results Released

Results Expected

1

Conoil Plc

Q3 2018

FY 2018 and Q1 2019

2

FTN Cocoa Processors Plc

Q3 2018

FY 2018 and Q1 2019

3

Goldlink Insurance Plc

Q3 2018

FY 2018 and Q1 2019

4

Guinea Insurance Plc

Q3 2018

FY 2018 and Q1 2019

5

Lasaco Assurance Plc

Q3 2018

FY 2018 and Q1 2019

6

Niger Insurance Plc

Q3 2018

FY 2018 and Q1 2019

7

R.T. Briscoe (Nigeria) Plc

Q3 2018

FY 2018 and Q1 2019

8

Resort Savings & Loans Plc

Q3 2018

FY 2018 and Q1 2019

9

Royal Exchange Plc

Q3 2018

FY 2018 and Q1 2019

10

Standard Alliance Insurance Plc

Q3 2018

FY 2018 and Q1 2019

11

Universal Insurance Plc

Q3 2018

FY 2018 and Q1 2019

 

Source NSE

Proshare Nigeria Pvt. Ltd.


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