The Nigerian Stock Exchange (NSE) has lifted suspension on Equity Assurance Plc share price over failure to release audited financial statement.
The Exchange on July 5, 2017 had announced suspension of Equity Assurance and 16 other companies for not filing 2015, 2016 financial statement as stipulated in the listing requirements. Equity Assurance last week finally submitted its audited accounts for the period ended December 31, 2016 on July 13, 2017.
The Exchange in a circular obtained by our correspondent said, “We refer to our bulletin dated July 5, 2017 notifying you of the suspension of 17 listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which states that; “ If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: first, send to the Issuer a “Second Filing Deficiency Notification” within two business days after the end of the Cure Period;
“Secondly, suspend trading in the Issuer’s securities; and (c) notify the Securities and Exchange Commission (SEC) and the Market within 24 hours of the suspension”. Our bulletin stated that the suspension of the companies would be lifted upon the submission of the relevant accounts.
The circular added that, “Equity Assurance Plc which was one of the companies suspended, submitted its audited accounts for the period ended 31 December 2016 on 13 July 2017.
“In view of the submission of the relevant accounts and our satisfaction that the accounts complied with our applicable rules, The Exchange has lifted the suspension of trading in the shares of Equity Assurance Plc.
“The Public is hereby notified that pursuant to Rule 3.3, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which states 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, that the suspension has been lifted”; the suspension of trading in the shares of Equity Assurance Plc was lifted on 14 July 2017.”