NSE Lifts Suspension On Trading In Shares Of FTN Cocoa Processors

The Nigerian Stock Exchange (NSE), on Tuesday, December 10, 2019, said it has lifted the suspension placed on FTN Cocoa Processors Plc, one of the 11 companies suspended on July 2, 2019.

This, the NSE said in a statement by Elizabeth Ekpo, Head of its Listings Regulation Department, following the company’s filing of its audited financial statements for the year ended December 31, 2018, as well as its unaudited financials for the first three quarters of 2019.

The statement referred to the NSE’s July 2, 2019, Market Bulletin with Reference Number: NSE/RD/LRD/MB34/19/07/02 wherein it notified Dealing Members of the suspension of the 11 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).

It 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 business days after the end of the Cure Period; suspend trading in the Issuer’s securities; and (thereafter) notify the Securities and Exchange Commission (SEC) and the Market within 24 hours of the suspension.”

Rule 3.3 of the Default Filing Rules, 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.”