The Nigerian Stock Exchange (NSE) has lifted the suspension it placed in the trading of Conoil Plc shares with effective from Wednesday August 8, 2018, according to a notice signed by Godstime Iwenekhai, Head, Listings Regulation Department. Conoil Plc has submitted its unaudited financial statements for the periods ended March 31 and June 30, 2018 respectively.
“In view of the submission of its accounts and pursuant to Rule 3.3 of the Default Filing Rules, which 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”, the Exchange stated.
Recall that on August 6, 2018 the NSE notified the public of the suspension of Conoil Plc 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”).
The Rules provide that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, 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’s securities; and (c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”
