The Nigerian Stock Exchange (NSE) on Monday announced the suspension in the shares of oil marketing major, Conoil Plc.
This is contained in a circular signed by Godstime Iwenekhai, head, listings regulation department at the NSE said.
According to Exchange the company is yet to file its audited financial report as at when due.
“Pursuant to 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”, trading in the shares of Conoil Plc has been suspended effective today, 6 August 2018.
In accordance with the rules set forth above, the suspension of Conoil Plc will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.
