The Nigerian Exchange Limited (NGX) has lifted the ban it earlier placed on trading in the shares of Ardova Plc due to failure of the company to file its pending financial reports.
Ardova had failed to meet deadlines for filling its Audited Financial Statements for the year ended 31 December 2021, and Unaudited Financial Statements for the quarter ended 31 March 2022.
Ardova Plc is of the nine listed companies that were suspended on 1 July 2022 due to the regulatory breach in compliance with Rule 3.1 of Rules for Filing of Accounts.
What NGX is Saying
In a statement obtained on Sunday, the confirmed that that Ardova, “has now filed its Audited Financial Statements for the year ended 31 December 2021, and Unaudited Financial Statements for the quarter ended 31 March 2022.
“In view of the company’s submission of these financial statements, and pursuant to Rule 3.3 of the Default Filing 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”, Trading Licence Holders and the Investing Public are hereby notified that the suspension placed on trading on the shares of Ardova Plc was lifted on 7 July 2022.”
The Rule
The Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules), provides that:
“If an Issuer fails to file the relevant accounts by the expiration of the Cure Period1, The Exchange will:
- Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period;
- Suspend trading in the Issuer’s securities; and
- Notify the Securities and Exchange Commission (SEC) and the Market within twenty [1] four (24) hours of the suspension.”
