THE Nigerian Stock Exchange has lifted the suspension it placed on trading in the shares of Conoil Plc.
The NSE, in a statement on Friday, referred to its Market Bulletin dated 2 July 2019, which notified the public of the suspension of Conoil for non-compliance with the rules for the filing of accounts and treatment of default filing and the rulebook of the exchange (issuers’ rules).
It said the rule provided that if an issuer failed to file the relevant accounts by the expiration of the cure period, the Exchange would send to the issuer a ‘Second Filing Deficiency Notification’ within two business days after the end of the cure period.
The bourse added that trading in the issuer’s securities would be suspended and the Securities and Exchange Commission and the market would be notified within 24 hours of the suspension.
The statement read in part, “Conoil Plc, which was one of the eleven (11) companies that were suspended has now filed its Audited Financial Statement for the year ended 31 December 2018 to The Exchange”.
In view of the Company’s submission of its Audited Financial Statements, 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”, Dealing members are hereby notified that the suspension placed in the trading of the shares of Conoil Plc was lifted today, Friday, 5 July 2019.