The embargo earlier placed in the trading in the shares of Conoil Plc, an energy firm on the Nigerian Stock Exchange (NSE), has been removed.
On Tuesday, the NSE announced the suspension of the company from its trading platform alongside 10 others as a result of their failure to release their financial statements for the year ended December 31, 2018 and the first quarter of 2019.
Nearly 48 hours after the suspension, Conoil released the results and declared the payment of N2 to its shareholders for last fiscal year.
In a notice to on Friday, 05 July 2019, the stock market regulator said it has now removed the restriction in the trading of the company’s shares on its platform, having released the results.
Head of Listings Regulation Department at NSE, Mr Godstime Iwenekhai, said in today’s statement that investors can now begin to trade equities of the firm.
“We refer to our Market Bulletin dated July 2, 2019, with Reference Number: NSE/RD/LRD/MB34/19/07/02 wherein we notified dealing members of the suspension of 11 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”), which provides 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 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 24 hours of the suspension.”
“Conoil Plc, which was one of the 11 companies that were suspended has now filed its Audited Financial Statement for the year ended December 31, 2018 to the exchange.
“In view of the company’s submission of its Audited Financial Statements, 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.
“Dealing members are hereby notified that the suspension placed in the trading of the shares of Conoil Plc was lifted today, Friday, July5, 2019,” the statement said.