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Tag: lifts suspension

  • Exchange lifts suspension on Goldlink Insurance

    •Firm posts N149m loss

    The Nigerian Stock Exchange (NSE) has lifted suspension on trading in Goldlink Insurance Plc shares, after the insurance firm submitted its relevant financial statements to the Exchange.

    The NSE had on July 5, 2017 suspended trading in Goldlink Insurance shares and other companies for failing to adhere to best corporate governance and extant post-listing requirements that require quoted companies to submit their periodic financial statements and reports within stipulated timelines.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90  calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

    Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31. While March 31 is usually the deadline for submission of annual report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.

    The NSE said Goldlink Insurance, “which was among the companies suspended, has submitted its outstanding audited and interim financial statements to the Exchange” citing the rules that state 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 lifting of suspension took effect on Monday, February 18, 2019.

    Key extracts of the interim report and accounts for the third quarter ended September 30, 2018 showed improvements in the operations of the insurance company, although it remains in loss.

    Goldlink Insurance suffered net loss after tax of N149.26 million in 2018 as against net loss of N243.29 million in 2017. Loss before tax reduced from N222.70 million to N132.44 million while turnover improved marginally from N786.13 million in 2017 to N799.23 million in 2018.

  • Stock Exchange lifts suspension on Resort Savings & Loans

    •Posts N44m loss

    The Nigerian Stock Exchange (NSE) has lifted suspension on trading in the shares of Resort Savings & Loans Plc, after the mortgage banker submitted its relevant financial statements to the Exchange.

    The NSE had on July 5, 2017 suspended trading in shares of Resort Savings and 16 other companies for failing to adhere to best corporate governance and extant post-listing requirements that quoted companies submit their periodic financial statements and reports within stipulated timelines.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

    Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31. While March 31 is usually the deadline for submission of annual report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.

    The NSE stated that Resort Savings has submitted its outstanding audited and interim financial statements to the Exchange.

    Key extracts of the interim report and accounts of Resort Savings for the nine-month period ended September 30, 2018 showed that the company recorded considerable growths in earnings. Turnover rose by 51 per cent from N350.13 million in 2017 to N529.95 million in 2018. Interest income increased by 67 per cent from N314.35 million to N525.46 million. Loss before and after tax reduced from N152.24 million in 2017 to N43.56 million in 2018.

    Milost Global Inc-an American private equity firm, had recently appointed a Nigerian escrow agent and placed funds in escrow account to back up its investment in Resort Savings & Loans. Milost had indicated it plans to invest $250 million, about N76.5 billion, on Resort Savings & Loans. Milost, combining its traditional equity and debt approach, would be staking $100 million as equity capital and $150 million as debt capital.

     

  • Stock Exchange lifts suspension on Great Nigeria Insurance

    The Nigerian Stock Exchange (NSE) on Monday lifted suspension on trading in the shares of Great Nigeria Insurance (GNI) Plc, after the insurance company submitted its relevant financial statements to the Exchange.

    The NSE had on July 5, 2017 suspended trading in shares of GNI and other companies for failing to adhere to best corporate governance and extant post-listing requirements that require quoted companies to submit their periodic financial statements and reports within stipulated timelines.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

    Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31. While March 31 is usually the deadline for submission of annual report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.

    The NSE stated that GNI, “which was amongst the companies suspended has submitted its outstanding financial statements to the Exchange” citing the rules that state 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”.

     

  • Stock Exchange lifts suspension on four companies

    Authorities at the Nigerian Stock Exchange (NSE) yesterday lifted suspension on trading in the shares of four companies, after the companies submitted their relevant financial statements. The companies included Premier Paints Plc, Ekocorp Plc, Austin Laz & Company Plc and Academy Press Plc.

    The NSE had in the second half of 2017 suspended trading in the shares of the four companies for failing to adhere to best corporate governance and extant post-listing requirements that require quoted companies to submit their periodic financial statements and reports within stipulated timelines.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

    Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31. While March 31 is usually the deadline for submission of annual report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.

    Head, Listings Regulation Department, Godstime Iwenekhai, said the four of Premier Paints, Ekocorp, Austin Laz & Company and Academy Press have submitted their respective financial statements.

     

  • NSE lifts suspension on Royal Exchange

    The Nigerian Stock Exchange (NSE) has lifted suspension on trading in the shares of Royal Exchange Plc, after the insurance and investment holding group submitted its full-year audited report for the 2017 business year.

    The NSE had on July 5 suspended trading on shares of eight companies for failing to adhere to best corporate governance and extant post-listing requirements that require quoted companies to submit their periodic financial statements and reports within stipulated timelines.

    The suspended companies included seven insurance companies and an auto company, namely African Alliance Insurance, Cornerstone Insurance, RT Briscoe, Royal Exchange, STACO Insurance, Standard Alliance Insurance, Universal Insurance Company and Veritas Kapital Assurance.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

    Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year.

    The business year thus terminates on December 31. While March 31 is usually the deadline for submission of annual report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.

     

  • Stock Exchange lifts suspension on Ikeja Hotel

    The Nigerian Stock Exchange (NSE) has lifted its one and a half years suspension on trading in the shares of Ikeja Hotel, paving the way for resumption of trading in the shares of the hospitality and tourism company.

    Ikeja Hotel’s share price rose by 4.49 per cent or 8.0 kobo to close at N1.86 per share during trading on Monday at the NSE.

    Head, Listings Regulation Department, Nigerian Stock Exchange (NSE), Godstime Iwenekhai, said the Quotations Committee of the National Council of the Exchange had on Friday May 11, 2018 approved the lifting of the full suspension.

    The board and management of Ikeja Hotel had also on Friday May 18, 2018 provided a status update to the market during an interactive session on the underlying facts behind the restructuring of the company. The interim board of the company indicated that it has undertaken considerable resolutions of the challenges facing the company.

    Iwenekhai stated that the Securities and Exchange Commission (NSE) has been notified of the lifting of suspension, in line with extant rules at the capital market.

    The NSE had in November 2016 suspended trading on the shares of Ikeja Hotel Plc in response to the high-stake dispute in the Ibru family. The Ibrus own the majority shareholdings in the hospitality and tourism company.

    The full suspension on Ikeja Hotel implied no trading whatsoever in the shares of the company. Unlike technical suspension where trading can take place without price movement, full suspension disallows both trading and price movement.

    The Exchange noted that the full suspension was taken “to safeguard the investments of shareholders of Ikeja Hotel Plc following the continued dispute between the major shareholders which has negatively impacted on the company’s governance structure”.

    The NSE stated that it acted pursuant to the provisions of rule 15.45: suspension on trading of securities, rulebook of the Exchange, 2015. The suspension took effect on November 10, 2016.

    In May 2017, SEC dissolved the board of directors of Ikeja Hotels Plc and ordered a forensic investigation into the affairs of the hospitality and tourism company. The Commission appointed Chief Anthony Idigbe (SAN) as the interim chairman for the company.

    The apex capital market regulator said it took the decision to sack the board due to unresolved internal crisis involving some majority shareholders of Ikeja Hotels Plc, in apparent reference to the squabbles within the Ibru family, which holds the largest shareholdings in the company.