08 August 2018, Sweetcrude, Lagos — The Nigerian Stock Exchange, NSE, has lifted suspension in the trading on Conoil’s shares, noting that the company has submitted its financial statement for the period ended, 31st March 2018.
This much was contained in a market bulletin with serial number, NSE/RD/LRD/MB02/18/08/08 issued on Wednesday. However, the financial statement submitted by the company is still unaudited.
NSE had in a market bulletin issued on Monday, suspended the company’s shares for non-compliance with 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.”.
However, in the bulletin signed by the market’s Head, Listings Regulation Department, Godstime Iwenekhai, said the lifting of suspension was in view of the submission of its accounts and pursuant to Rule 3.3 of the Default Filing Rules, which provides that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension”.
The lifting takes effect today, Wednesday, 8 August 2018.