Nigerian Stock Exchange Lifts Suspension On Trading Equity Assurance Shares

The Nigerian Stock Exchange (NSE) has lifted the suspension earlier placed on trading in the shares of Equity Assurance Plc.
The suspension of trading in the shares of Equity Assurance Plc was lifted Friday July 14, 2017, according to a statement signed by Godstime Iwenekhai, Acting Head, Listings Regulation Department, NSE.
The NSE referred to its bulletin dated 5 July 2017 where it notifies investors of the suspension of seventeen (17) listed companies for non-compliant with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).
The Rule 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”.
“Our bulletin stated that the suspension of the companies would be lifted upon the submission of the relevant accounts. Equity Assurance Plc which was one of the companies suspended, 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 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”.