The Nigerian Stock Exchange (NSE), on Wednesday, suspended trading in the shares of Academy Press, Nigerian German Chemical, Roads Nigeria and Thomas Wyatt, over the failure by the quartet to file their quarterly and full-year financials.
In doing so, the NSE it relied on “Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).”
The Rule requires directors of companies listed on the bourse to file without fail, “relevant accounts by the expiration of the Cure Period,” after which The Exchange will:
(a) Send to the Issuer a second Filing Deficiency Notification within two (2) business days after the end of the Cure Period;
(b) Suspend trading in the Issuer’ securities; and
(c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension?
The suspension “will only be lifted upon the submission of the relevant accounts, provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange,” the statement said.