Management of the Nigerian Stock Exchange (NSE) has lifted suspension placed on shares of R.T Briscoe Nigeria Plc following fulfillment of financial account filing obligations by the company.
The NSE, in a notice signed by Godstime Iwenekhai, head of listings regulation department at the NSE and made available to investors and stakeholders in the Nigerian stock market on Monday morning, confirmed that the company has eventually filed its outstanding reports that led to the ban placed on its shares on September 12, 2020.
The notice read, “We refer to our Market Bulletin dated 1 September 2020 with Reference Number: NSE/RD/LRD/MB43/20/09/01, wherein we notified Dealing Members of the suspension of six (6) 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) (“Default Filing Rules”).
The rules provide 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 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 24 hours of the suspension.
“R.T. Briscoe Nigeria Plc (the Company), one (1) of the six (6) listed companies that were suspended on 1 September 2020, has now filed its outstanding financial statements with The Exchange.
“In view of the Company’s submission of its outstanding financial statements, and pursuant to Rule 3.3, of the Default Filing Rules”, the Exchange noted.
In details, the Rule 3.3 states thus; “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.”