Aftermath Of SEC Order: We’ll Revert Oando Price To N5.99 Thursday- NSE


The management of the Nigerian Stock Exchange (NSE), on Wednesday night said the share price of Oando Plc will revert to its price of N5.99 per share when the market opens Thursday, following a directive of the Securities & Exchange Commission (SEC).
According to the NSE: “in the overall interest of investors in Nigeria’s capital markets and following consultation with the commission please be advised that at the start of trading tomorrow, 12 April 2018, trading in Oando’s shares will resume without any impediment in price movement consistent with the NSE’s market structure.”
In the statement which it said is” to clarify and confirm the status of trading in the shares of Oando Plc which are currently on full suspension,” the NSE promised to “keep the investing public and the entire capital market ecosystem informed should there be any further developments on this matter.”
It recalled by a letter dated 9 April 2018, the SEC directed it to lift the technical suspension placed on the trading of Oando’s shares, an order it complied with.
Based on the directive, the NSE said it duly informed the commission via its letter dated 10 April 2018 “that it will lift the technical suspension placed on the shares of Oando effective 11 April 2018. This action was duly effected and trading commenced without any impediment to price movement in the morning of 11 April 2018.
“Subsequent to the lifting of the technical suspension, on 11 April 2018, The Exchange received another communication from the Commission to maintain the status quo prior to the Commission’s letter of 9 April 2018, that is, the technical suspension of trading in Oando’s shares. In order to ensure compliance with the Commission’s further communication notwithstanding the fact that The Exchange’s systems cannot implement a technical suspension intraday, the Exchange suspended trading in Oando’s shares.
“The Exchange regrets any inconvenience that may have arisen due to the foregoing.”