NSE pounces on Medview, 12 other defaulters of financial statement fillings

The Nigerian Stock Exchange (NSE) has commenced disciplinary regulatory exercise on some 13 issuers that have failed to meet deadline for Q1 2020 Unaudited Financial Statement (UFS) filling.

The listed companies failed to fulfill the obligation or issue a press release as set forth in the Deficiency Filing Notice (DFN) issued to them, management of the bourse announced in a statement signed by Godstime Iwenekhai, head, listings regulation department

The companies are Aso Savings and Loans Plc, Deap Capital Management & Trust Plc, DN Tyre & Rubber Plc, FTN Cocoa Processors Plc, Goldlink Insurance Plc and International Energy Insurance Plc.

Others are Medview Airline Plc, Resort Savings & Loans Plc, Staco Insurance Plc, Standard Alliance Insurance Plc, UNIC Diversified Holdings Plc, Union Dicon Salt Plc and Union Homes Savings and Loans Plc.

The listed companies, according to the NSE, failed to file their Unaudited Financial Statement (UFS) which became due on 29 June 2020, being the extended due date as granted by The Exchange.

“By virtue of non-filing of the UFS by the due date, the companies have violated Rule 1.1.2, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).

The said rule stipulates that “Every Issuer shall file its unaudited quarterly accounts not later than thirty (30) calendar days after the relevant quarter, and publish it within five (5) business days after the date of filing, in at least two (2) national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publication.

“An electronic copy of the publication shall be filed with The Exchange on the same day as the newspaper publication.

“Pursuant to the provisions of Rule 2.2.1 of the Rules, the exchange had issued a DFN to the aforementioned companies,” it said on Friday.

The purpose of the DFN was to notify the companies of their infraction, and to grant them three (3) days to provide necessary information to the public through the medium of a press release about their infraction.

“The investing public is further advised that the exchange will continue to engage with these companies” and may take additional steps, should they fail to comply, and file their UFS within the 90-day cure period stipulated by Rule 3.1 of the Rules, i.e. 27 September 2020,” the exchange   said.