The NASD OTC plc said recently that over the next couple of weeks it shall identify companies who in compliance with the Companies and Allied Act have registered their public securities with the Securities Exchange Commission (SEC).
“As these securities are automatically eligible to trade on the market, we shall create a Memorandum Listing for such companies. In other words, they will fall under our coverage when we review corporate governance and financial performance. In addition, shareholders of these companies are assured of SEC protection,” the NASD said recently.
The SEC last year asked all public companies who were yet to register their shares with the commission to do so before June 30, 2014, or be sanctioned. Public companies, according to the Companies and Allied Matters Act, 1990, are firms that have more than 50 shareholders.
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Meanwhile, NASD identified 10 companies who have satisfied the requirements of the SEC “and are therefore in compliance with the Law.” These companies and their share capital number are: Allied Energy plc (3,000,000); Antonio Oil plc (2,451,115); Fan Milk plc (549,899); Fumman Agricultural Product Industry plc (1,200,000); Lagos Building Investment Company plc (2,882,047); NIPCO plc (187,668); Nigerian Police Mortgage Bank plc (3,950,000); Onward Paper Mill plc (800,000); Property gate Development and Investment plc (250,000), and Vital Products plc (1,823,084).
“Shareholders in unlisted public companies who do not see their company in either the trading securities or in the new Memorandum List may wish to speak to their NASD participating institutions and find out the status of their company,” NASD said.
Meanwhile, Cappa and D’Alberto has opened to trade on NASD OTC market. According to the NASD, shareholders who wish to trade their shares should approach a participating institution (stockbroker) who can trade on their behalf with the identifier code SDCAPPABETO in an open, transparent market.
“Further to the introduction of Cappa and D’Alberto plc, structures have been put in place and communicated to the relevant OTC stakeholders to allow seamless continuity of transactions in this security. These modalities were put in place to allay the fears of shareholders about the useful life of the security,” according to the NASD OTC.
Iheanyi Nwachukwu
