The Nigerian Stock Exchange (NSE) has lifted the suspension it placed on trading in the shares of FTN Cocoa Processors Plc.
The NSE referred to its Market Bulletin dated 2 July 2019, in a statement, which notified the public of the suspension of FTN Cocoa Processors Plc for non-compliance with the rules for the filing of accounts and treatment of default filing and the rulebook of the exchange (issuers’ rules).
The statement read in part, We refer to our Market Bulletin dated 2 July 2019, with Reference Number: NSE/RD/LRD/MB34/19/07/02 wherein we notified Dealing Members of the suspension of eleven (11) listed companies for non-compliance with 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.”
FTN Cocoa Processors Plc, one (1) of the eleven (11) companies that were suspended on 2 July 2019, have now filed its Audited Financial Statements for the year ended 31 December 2018 as well as its first, second and third quarter financial statements for 2019 with The Exchange.
In view of the Company’s submission of their 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 on trading on the shares of FTN Cocoa Processors Plc was lifted today, Tuesday, 10 December 2019.