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Trade with caution share of Medview, Aso Savings, Staco Insurance, IEI, Goldlink, others, says NSE

…mulls suspending trading on their shares after Sept

The Nigerian Stock Exchange (NSE) has urged investors to exercise caution while trading on the shares of thirteen (13) companies in the absence of up to date financial information on them.

The companies are: Aso Savings and Loans Plc, Deap Capital Management & Trust Plc, DN Tyre & Rubber Plc, FTN Cocoa Processors Plc, Goldlink Insurance Plc, International Energy Insurance Plc, Medview Airline Plc, Resort Savings & Loans Plc, Staco Insurance Plc, Standard Alliance Insurance Plc, UNIC Diversified Holdings Plc, Union Dicon Salt Plc, and Union Homes Savings and Loans Plc.

Already, the Exchange has issued Deficiency Filing Notice (DFN) against the aforelisted companies, according to a July 8 note on the Bourse. “The above listed companies’ Unaudited Financial Statement (UFS) became due on June 29, 2020 being the extended due date as granted by The Exchange”, the NSE said.

It further noted that by virtue of non-filing of the UFS by the due date, the companies have violated Rule 1.1.2, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).

The 13 companies failed to comply with The Exchange’s directives set forth in the DFN and in light of the companies’ continued breach of Rule 2.2.1 of the Rules, and in line with the requirements of Rule 2.2.2.

The investing public has further been advised that the Exchange will continue to engage with these companies and may take the following additional steps should they fail to comply, and file their UFS within the ninety (90) day cure period stipulated by Rule 3.1 of the Rules, that is September 27, 2020: (i) send to the aforelisted companies a “Second Filing Deficiency Notification” within two (2) business days after September 27, 2020; and (ii) suspend trading in the companies’ securities.

Issuers’ Rules provide that “Every Issuer shall file its unaudited quarterly accounts not later than thirty (30) calendar days after the relevant quarter, and publish it within five (5) business days after the date of filing, in at least two (2) national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publication. An electronic copy of the publication shall be filed with The Exchange on the same day as the newspaper publication”.

“Pursuant to the provisions of Rule 2.2.1 of the Rules, The Exchange had issued a DFN to the aforementioned companies. The purpose of the DFN was to notify the companies of their infraction, and to grant them three (3) days to provide the following information to the public through the medium of a press release: that the relevant UFS had not been filed by the due date; a detailed explanation of the reason(s) for the delay; and the anticipated filing date, or state that the company is unable to indicate an anticipated filing date, and reasons for such inability to indicate the anticipated filing date,” the Exchange stated.

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