Nigerian Exchange (NGX) Limited, suspended Royal Exchange Plc and six others for default in filing financial statements for the year ended December 31, 2022.
The other companies are; Afromedia Plc, Pharmadeko Plc, International Energy Insurance Plc, C&I Leasing Plc, Presco Plc and Ardova plc
This was contained in a press release made available to the investing public. The NGX stated that it suspended the seven companies from the facilities of Nigerian Exchange Limited (NGX) effective from July 11, 2023 having failed to file their Audited Financial Statements for the year ended December 31, 2022.
Post-listing rules at the NGX require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.
According to the statement signed by head of the Listings Regulation Department, NGX, Godstime Iwenekhai, “trading License Holders and the investing public are hereby notified that under Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, which 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 notify the Securities and Exchange Commission (SEC) and the Market within 24 hours of the suspension.”
It added that trading in the shares of the seven companies has been suspended from the facilities of Nigerian Exchange Limited (NGX) effective July 11, 2023 having failed to file their Audited Financial Statements for the year ended December 2022.
“By the Default Filing Rules set forth above, the suspension of trading in the shares of the above-mentioned companies will only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited (NGX RegCo) is satisfied that the accounts comply with all applicable rules of NGX,” the Exchange said.
