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NSE Lifts Suspension On Standard Alliance Shares

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BY NKECHI NAECHE —The Nigerian Stock Exchange on Thursday said it has lifted suspension placed on shares of Standard Alliance Insurance Plc following the submission of its Audited Financial Statement for the year ended 31 December 2017.

This is contained in a notice made available to dealing members, and the notice thus was: “We refer to our Market Bulletin dated 5 July 2018 notifying the public of the suspension of Standard Alliance Insurance Plc 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”), which provides 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.”

Standard Alliance Insurance Plc (the Company) has submitted its Audited Financial Statement for the year ended 31 December 2017.

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 today, Wednesday, 29 August 2018.

is for your information and update.

 

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