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

Local investors account for 60.86% of Nigeria’s equities trading in 8 months

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.”

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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.