Stock Exchange warns investing public to be cautious in dealing with Conoil, 10 others
Pursuant to Rule 2.2.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), the Nigerian Stock Exchange (NSE) has informed the general public that Conoil Plc, and 10 other companies have missed the deadline to file their Audited Financial Statements (AFS) for the year ended 31 December 2016.
A statement for the Head, Listings Regulation Department of the NSE, by Godstime Iwenekhai said the Exchange advised the investing public that an FDFN has been issued against the defaulting companies; and, investors are advised to trade with caution on the securities of these companies in light of the absence of up to date financial information on them.
The investing public is further advised that NSE will continue to engage with these companies and may take the following additional steps should they fail to comply, and file their AFS within the ninety-day cure period stipulated by Rule 2.1.1 of the Rules, i.e. 29 June 2017:
While NSE had sent a “Second Filing Deficiency Notification” within two (2) business days after 29 June 2017; and, it also suspend trading in the companies’ securities.
The affected companies include AG Leventis, African Alliance Insurance, Austin Laz, Capital Hotel, Niger Insurance, Premier Paints, Resort Savings, Smart products, Sovereign Trust Insurance, Union Diagnostic group.
While explaining that the above listed companies’ AFS became due on Friday, 31 March 2017 because they failed to file their AFS by the due date, the companies have violated Rule 1.1.4, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“the Rules”), which requires listed companies to file their AFS “with The Exchange not later than ninety (90) calendar days after the relevant year end.”
Further, Rule 1.1.4 requires that the AFS must be “published in at least two (2) national daily newspapers not later than twenty one (21) calendar days before the date of the Annual General Meeting, and posted on the company’s website, with the web address disclosed in the newspaper publications. An electronic copy of the publication shall be filed with The Exchange on the same day as the publication.”
In line with its Zero Tolerance Policy on Infractions, The Exchange has notified the public of this rule violation by the aforelisted companies through its X-Compliance Report, which may be found on The Exchange’s websit.
Additionally, the appropriate Compliance Status Indicator (CSI) has been placed beside the names of the defaulting companies on The Exchange’s trading system and ticker tape.
Moreover, pursuant to the provisions of Rule 2.2.1 of the Rules, The Exchange has issued a First Deficiency
Filing Notice (“FDFN”) to the companies. The purpose of the FDFN was to notify the companies of their infraction, and to grant them three (3) days to provide the following information to the public.
