NSE lifts suspension placed on trading in shares of R.T. Briscoe

The Nigerian Stock Exchange (NSE) has lifted the suspension it earlier placed on trading in the shares of R.T. Briscoe Nigeria Plc. The suspension was listed on Friday, September 25, 2020.

The NSE referred to its Market Bulletin dated September 1, 2020, with Reference Number: NSE/RD/LRD/MB43/20/09/01, wherein it notified Dealing Members of the suspension of six (6) listed companies 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 Default Filing Rule provides that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period1, The Exchange will: Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; Suspend trading in the Issuer’s securities; and Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”

The NSE said R.T. Briscoe Nigeria Plc has now filed its outstanding financial statements with The Exchange.

“In view of the Company’s submission of its outstanding financial statements, and pursuant to Rule 3.3, of the Default Filing Rules, which states that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided 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 were initially notified of the suspension, that the suspension has been lifted”, Dealing Members of the Nigerian Stock Exchange was notified on Monday, September 28.

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.