One year after, NSE lifts suspension on four firms

The Nigerian Stock Exchange has lifted the suspension it placed on trading in the shares of Premier Paints Plc and three other firms more than a year ago.

The firms, including Ekocorp Plc, Austin Laz & Company Plc and Academy Press Plc, were suspended for failure to adhere to best corporate governance practices and refusal to submit their accounts and operational reports.

Premier Paints and Ekocorp were suspended on July 5, 2017; Austin Laz was suspended on August 2, 2017, and Academy Press on October 4, 2017.

The Head, Listings Regulation Department, NSE, Godstime Iwenekhai, in a statement on Tuesday, referred to the market bulletins dated July 5, 2017; August 2, 2017 and October 4, 2017, which notified the public of the suspension of the companies for non-compliance with the rules for filing of accounts and treatment of default filing and the rulebook of the exchange.

It said the rule provided that if an issuer failed to file the relevant accounts by the expiration of the cure period, the Exchange would send to the issuer a ‘Second Filing Deficiency Notification’ within two business days after the end of the cure period.

The bourse added that trading in the issuer’s securities would be suspended and the Securities and Exchange Commission and the market would be notified within 24 hours of the suspension.

The statement read in part, “Premier Paints Plc, Ekocorp Plc, Austin Laz & Company Plc and Academy Press Plc, which were among the companies suspended, have submitted their respective financial statements.

“In view of the submission of the company’s accounts and pursuant to rule 3.3 of the default filing rules, which provides that ‘the suspension of trading in the issuer’s securities will 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 rule, the Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension.

“The general public is hereby notified that the suspension placed in the trading of the company’s shares has been lifted, effective Tuesday, November 6, 2018.”

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