UPDC gets till 2026 to meet free float requirement

The Board of Directors of UPDC Plc has notified its shareholders that NGX Regulation Limited (NGX RegCo) approved the Company’s request for extension of time to achieve the required free float threshold within two years (2024-2026).

This is to enable the Company comply with Nigerian Exchange Limited’s free float requirements of 20percent issued and fully paid share capital or N20billion free-float market capitalisation for companies listed on its Main Board and to ensure that the Company returns to its post-listing obligations.

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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 Board and majority shareholders of the Company remain committed to good corporate governance practices and will ensure that the free float deficiency of the Company is cured within the stipulated timeline given by NGX RegCo, failing which NGX RegCo may suspend trading in its securities,” the company noted in its February 16 statement signed by Folake Kalaro, Company Secretary.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.