NGX lifts suspension placed on Chellarams shares

The management of Nigerian Exchange Limited (NGX) has announced lifting suspension placed on Chellarams shares for not complying with post-listing requirement.

The Exchange in a statement said, “We refer to our Market Bulletin dated 30 September 2021 with Reference Number: NGXREG/LRD/MB38/21/09/30, wherein we notifiedthe Investing Public of the suspension of Chellarams Plc in line with the provisions of Rule 7.1(b): Rules for Listing on the Growth Board of the NGX (Growth Board Rules) which states 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 Exhange explained that the company has now filed its Audited Financial Statements for the year ended March 31, 2021 and Unaudited Financial Statements for the quarter ended June 30 , 2021.

The Exchange added that, “In view of Chellarams’s submission of these financial statements, and pursuant to Rule 7.3 of the Growth Board 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 was initially notified of the suspension, that the suspension has been lifted”, Trading Licence Holders and the Investing Public are hereby notified that the suspension placed on trading on the shares of Chellarams Plc was lifted today, Friday, 12 November 2021.”