Deap Capital, Medview, 5 Insurers, Others, Yet To File Q1 Results, NGSE Says

Deap Capital, Medview, 5 Insurers, Others, Yet To File Q1 Results, NGSE Says

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Post Views: 135 Barely 24 hours after the Asset Management Corporation of Nigeria (AMCON) announced its July 1, 2020 seizure of three Lagos-based prop...

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Barely 24 hours after the Asset Management Corporation of Nigeria (AMCON) announced its July 1, 2020 seizure of three Lagos-based properties linked to the major promoter of Deap Capital Management & Trust Plc, over a its lingering N1.6bn debt, the Nigerian Stock Exchange (NSE), on Thursday listed among 13 companies yet to file their unaudited result for the first quarter ended March 30, 2020.

In a deficiency filing notice, the NSE said the failure by the defaulters, including five insurance companies, three mortgage firms, is despite results falling due on June 29, 2020, “being the extended due date as granted by The Exchange.”

The companies include Goldlink Insurance, International Energy Insurance, Staco Insurance, Standard Alliance Insurance, UNIC Diversified Holdings, Aso Savings & Loans, Resort Savings & Loans, Union Homes Savings & Loans, Union Dicon Salt, Medview Airlines, FTN Cocoa Processors, and DN Tyres & Rubber.

The statement by Godstime Iwenekhai, Head of the NSE’s Listings Regulation Department, said the notice was issued pursuant to the provisions of its Rule 2.2.1, to notify them of their infraction.

The defaulting companies, he explained, are in breach of Rule 2.2.1 of the Rules, and that in line with the requirements of Rule 2.2.2, the Exchange warns the investing public “to trade with caution on the securities of these companies in the absence of up to date financial information on them.”

The companies, he said, now have three days to provide information to the public via a press release giving reason(s) for the delay, and providing an anticipated filing date, “or state that the company is unable to indicate an anticipated filing date, and reasons for such inability to indicate the anticipated filing date.”

He however assured that the Exchange, while continuously engaging with the companies, may take additional steps should they fail to comply, and file the expected financial statements within the 90-day cure period stipulated by Rule 3.1 of the Rules (27 September 2020).

Such companies will, after September 27, be sent a “Second Filing Deficiency Notification” within two business days; after which trading in the companies’ securities will be suspended.

He added that by virtue of non-filing of the result by that 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 Rules).

The Rulebook provides that “Every Issuer shall file its unaudited quarterly accounts not later than 30 calendar days after the relevant quarter, and publish it within five business days after the date of filing, in at least two 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.”

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