As NSE lifts ban on shares trading
Equity Assurance Nigeria Plc, with recent release of its first quarter financial statement for the period ended 31 March 2017 and the 2015 audited financial statement has shortened regulatory fine for breaching post listing rule on timely result filling.
Equity Assurance for defaulting in result filling, coughed out N1.1 million, as contained in the Nigerian stock exchange (NSE) in schedule six default filling of accounts, x-compliance
Summary of the sanction showed that the company was fined N600,000 for default in filing audited financial report for the period ended December 31,2015, while another N500,000 was paid for default in filling first quarter account for the period ended 31 March 2016.
Meanwhile, with the release of its first quarter 2017 audited financial statements, Equity assurance plc has pruned down the quantum of sanction on the company by the Nigerian Stock Exchange, as ban on trading the company’s on the exchange has been lifted by the bourse.
Equity Assurance Plc’s shares can now be traded on the floor of the Nigerian Stock Exchange (NSE), as the sanction was lifted July 14.
The NSE had suspended 17 company’s shares from trading on its floors on the 5th of July for failing to file their relevant accounts as at when due.
This brings to total, two recalled companies, as the NSE had announced last week the pardon of Sovereign Trust Insurance Plc after the company filed its results satisfactorily.
The market bulletin signed by the NSE’s Acting Head, Listings Regulation Department Mr. Godstime Iwenekhai, disclosed that the trade restriction on Equity Assurance shares was removed on Friday after the company submitted its audited accounts for the period ended December 31, 2016 on July 13, 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 statement said.
The NSE also explained that the suspension was lifted 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
However, the company may still face classification by the NSE, if it defaults in filing second quarter result 2017.
equity assurance Plc and its subsidiary companies interim financial statements for the period ended 31 March, 2017 ,showed that the group’s total assets as at 31March 2017 closed at N11, 198,700, which was against N10, 269,880 recorded by the group as at 31 December 2016.
Also the company’s total assets as at 31March 2017 closed at N10,436,763, total assets for the company closed December 2016 at N9,571,905, reflecting growth in both group’ and company’s assets during the period under review.