One of the 17 companies whose shares trading were suspended on the floor of the Nigeria Stock Exchange (NES), Sovereign Trust Insurance has regained its earlier status.
The NSE has notified the public that it had lifted the suspension earlier place on trading in the shares of the insurance firm.
The suspension of trading in the shares of Sovereign Trust Insurance was lifted Tuesday, July 11, following a statement signed by Acting Head, Listings Regulation Department, Nigerian Stock Exchange, Godstime Iwenekhai.
The NSE referred to its bulletin dated 5 July 2017 where it notifies investors of the suspension of seventeen (17) listed companies for non-compliant with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).
The Rule states that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; (b) suspend trading in the Issuer’s securities; and (c) notify the Securities and Exchange Commission (SEC) and the Market within twenty-four (24) hours of the suspension”.
“Our bulletin stated that the suspension of the companies would be lifted upon the submission of the relevant accounts. Sovereign Trust Insurance Plc which was one of the companies suspended, submitted its audited accounts for the period ended 31 December 2016 on 5 July 2017.
“In view of the submission of the relevant accounts and our satisfaction that the accounts complied with our applicable rules, The Exchange has lifted the suspension of trading in the shares of Sovereign Trust Insurance Plc. The Public is hereby notified that pursuant to Rule 3.3, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which states that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange 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 was initially notified of the suspension, that the suspension has been lifted”.
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