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Buyer beware: NSE places caveat on 13 listed securities


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Buyer beware: NSE places caveat on 13 listed securities

10th July 20200SHARES

The Nigerian Stock Exchange (NSE) has advised investors to be cautious while trading shares belonging to some thirteen companies listed on its platform. In a statement signed by Godstime Iwenekhai, Head of NSE listings regulation department, the bourse said the companies failed to comply with directive to issue a press statement as set forth in the deficiency filing notice (DFN).

The defaulting companies include Aso Savings and Loans Plc; Deap Capital Management & Trust Plc; DN Tyre & Rubber Plc; FTN Cocoa Processors Plc; Goldlink Insurance Plc; International Energy Insurance Plc; Medview Airline Plc; Resort Savings & Loans Plc; Staco Insurance Plc; Standard Alliance Insurance Plc; UNIC Diversified Holdings Plc; Union Dicon Salt Plc; and Union Homes Savings and Loans Plc. The NSE said the companies were meant to have issued unaudited financial statements (UFS) in a press release on June 29, 2020, the extended due date.By not filing the financial statements, the Exchange said the companies violated rule 1.1.2 of the rules for filing accounts and treatment of default filing of the exchange’s rulebook. The statement also disclosed that pursuant to the provision of rule 2.2.1, it has issued a DFN to the companies. NSE said the purpose of the DFN was to notify the 13 companies of their “infraction and to grant them three days to provide that the relevant UFS had not been filed by the due date; a detailed explanation of the reasons for the delay; and 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”.

Credit: The Sun

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