Notore Chemical Industries Plc has notified all its esteemed shareholders that Nigeria Exchange Limited (NGX) approved the Company’s free float compliance extension request for two years (2023- 2025).
Free float, also known as public float, refers to the shares of a company that can be publicly traded and are not restricted (held by insiders). It is used to describe the number of shares that is available to the public for trading in the secondary market.
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Notore Chemical Industries Plc which is listed on the Main Board currently has 0.87 percent of free float valued at N874.771million, according to the X-Compliance Report.
The free float requirements for companies listed on the Main Board of the NGX show: minimum of 20percent of the issued and fully paid-up shares or the value of its free float is equal to or above N20 billion.
The X-Compliance Report is a transparency initiative of NGX Regulation Limited (NGX RegCo) which maintains market integrity and protects investors by providing compliance related information on all listed companies.
In a notice signed by Ohis Ohiwerei, Group Managing Director, Notore Chemical Industries Plc, the company said the extension enables it comply with the NGX’s free float requirement for companies listed on its Main Board and to ensure that the Company returns to its post-listing obligations.
“This is in line with Rule 3.1.4 of The Exchange’s Rules Governing Free Float Requirements, which states that The Exchange may suspend trading in the company’s securities if the company does not achieve the required free float within the stipulated timeframe”.
“The Company’s Board and Management steadfastly uphold good corporate governance principles, demonstrating a resolute commitment to rectifying the free float deficiency within the prescribed timeline set forth by NGX Regulation Limited (NGX RegCo), failing which NGX RegCo may suspend trading in its securities. We are diligently working towards ensuring compliance to maintain the integrity of our trading environment,” the company further noted.
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Notore is a vertically integrated agro-allied and chemicals business in Onne (near Port Harcourt), Rivers State, South-South Nigeria. It is engaged primarily in the production and sale of fertilizer products. Notore’s vision is to be the number one company by market share and profitability in our chosen businesses, and a significant contributor to the development of Africa. Our mission is to enhance the quality of life.
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