The Nigerian Stock Exchange (NSE) yesterday lifted the trading suspension placed on the shares of Afromedia Plc. The company was suspended for not filling their accounts in accordance with the post-listing requirements of the exchange.
According to the NSE, “pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange , which provides that “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; suspend trading in the issuer’s securities; and notify the SEC and the market within twenty- four (24) hours of the suspension.
The exchange also explained that in accordance with its rules cited above, the suspension of the company’s shares 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.
But in a notification to market operators, NSE said that Afromedia Plc has now filed its outstanding financial statements to the exchange.
“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 Afromedia Plc was lifted today, Monday, 8 April 2019”. It said.