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NSE Says STACO, IEI, FTNCOCOA, UNION DICON, 9 Others Default in Quarterly Filing

July 9, 2020/NSE

The Nigerian Stock Exchange (“The Exchange”) hereby informs the general public that the companies listed below have failed to comply with The Exchange’s directive to issue a Press Release as set forth in the Deficiency Filing Notice (DFN) issued to them.

The above listed companies’ Unaudited Financial Statement (UFS) became due on 29 June 2020, being the extended due date as granted by The Exchange. By virtue of non-filing of the UFS by the due date, the companies have violated Rule 1.1.2, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“the Rules”), which provides that “Every Issuer shall file its unaudited quarterly accounts not later than thirty (30) calendar days after the relevant quarter, and publish it within five (5) business days after the date of filing, in at least two (2) national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publication. An electronic copy of the publication shall be filed with The Exchange on the same day as the newspaper publication.”

Pursuant to the provisions of Rule 2.2.1 of the Rules, The Exchange had issued a DFN to the aforementioned companies. The purpose of the DFN was to notify the companies of their infraction, and to grant them three (3) days to provide the following information to the public through the medium of a press release:

a) That the relevant UFS had not been filed by the due date;
b) A detailed explanation of the reason(s) for the delay; and
c)The anticipated filing date, or state that the company is unable to indicate an anticipated filing date, and reasons for such inability to indicate the anticipated filing date.
The defaulting companies failed to comply with The Exchange’s directives set forth in the DFN and in light of the companies’ continued breach of Rule 2.2.1 of the Rules, and in line with the requirements of Rule 2.2.2, The Exchange hereby advises the investing public as follows:

a) A DFN has been issued against the aforelisted companies; and
b)Investors are advised to trade with caution on the securities of these companies in the absence of up to date financial information on them.
The investing public is further advised that The Exchange will continue to engage with these companies and may take the following additional steps should they fail to comply, and file their UFS within the ninety day cure period stipulated by Rule 3.1 of the Rules, i.e. 27 September 2020:

a) Send to the aforelisted companies a “Second Filing Deficiency Notification” within two (2) business days after 27 September 2020; and
b) Suspend trading in the companies’ securities.

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