The Nigerian Stock Exchange (NSE) has lifted the suspension it placed on the shares of Royal Exchange Plc, Concise News reports.
This news medium understands that Royal exchange was among the 11 listed companies suspended for non-compliance with Rule 3.1 relating to filing of accounts and treatment of default filing and the rulebook of the Exchange.
According to the rule, “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, it would suspend trading in the Issuer’s securities and notify the Securities and Exchange Commission (SEC) and the market within twenty- four hours of the suspension.”
However, the NSE in a statement on Tuesday, noted that the suspension has been lifted from the firm.
“Royal Exchange Plc, which was one of the 11 companies that were suspended, has now filed its audited financial statement for the year ended December 31, 2018, to the Exchange,” it said.
“In view of the company’s submission of its audited financial statements and in 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.”