The Nigerian Stock Exchange (NSE) has lifted the technical suspension placed on African Alliance on 5th July 2017, for default in complying with post listing rules on submission of audited and periodic accounts to the bourse.
The Exchange, in a publication titled “Notification of Lifting of Suspension of Trading in the Shares of African Alliance Insurance Plc,” said that the ban lifting was in pursuant to Rule 3.3, rules for filing of accounts and treatment of default filing, rulebook of the Exchange (Issuers’ Rules).
The NSE stated that the suspension was lifted on 10th October “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 African Alliance Insurance Plc.
Quoting the provisions of 3.3, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), ,“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.”
According to the NSE, the suspension on 5 July 2017 which affected 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: (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”.
African Alliance Insurance, one of the companies suspended, submitted its audited accounts for the period ended 31 December 2016 on 17 July 2017 and in view of the submission of the relevant accounts and its satisfaction that the accounts complied with applicable rules, The Exchange lifted the suspension of trading in the shares of African Alliance Insurance.
Stories by Bonny Amadi