The Nigerian Stock Exchange (NGSE) has notified investing public of lifting of suspension earlier placed in the shares of Royal Exchange Plc (NGSE:ROYALEX).
In a market bulletin dated July 20, 2018 signed by Godstime Iwenekhai, head, listings regulation department, the Nigerian Stock Exchange referred to its market bulletin dated July 5, 2018 where it notified the public of the suspension of eight (8) 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 Rule provides that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, 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- four (24) hours of the suspension.”
The NGSE further noted in its bulletin that Royal Exchange Plc which was one of the companies suspended has submitted its audited financial statement for the year ended December 31, 2017.
In view of the submission of its accounts and pursuant to Rule 3.3 of the Default Filing Rules, which provides 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”; the general public was notified that the suspension placed in the trading of the Company’s shares has been lifted effective Friday.
