The Nigerian Stock Exchange (NSE) has listed the suspension it earlier placed in the shares of Universal Insurance Plc.
The NSE had in its market bulletin dated July 5, 2018 notified the public of the suspension of eight (8) listed companies for non-compliance with the post-listing Rules.
Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules) provide that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: Send to the Issuer a “Second Filing Deficiency Notification” within two business days after the end of the Cure Period; 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.”
Universal Insurance Plc (the Company) which was one of the companies suspended has submitted its audited financial statement for the year ended 31 December 2017, the NSE said in a statement signed by Godstime Iwenekhai, Head, Listings Regulation Department.
“In view of the submission of its accounts and pursuant to Rule 3.3 of the Default Filing Rules, which provides 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”; the general public is hereby notified that the suspension placed in the trading of the Company’s shares has been lifted effective July 30, 2018,” the notice reads