Following the submission of the 2016 audited and 2017 first quarter result of Sovereign Trust Insurance Plc, the Nigerian Stock Exchange (NSE) has lifted the suspension placed on the share of the insurance company.
According to a statement signed by Godstime Iwenekhai, Acting Head, Listings Regulation Department at the NSE “Sovereign Trust Insurance Plc which was one of the companies suspended, submitted its audited accounts for the period ended 31 December 2016 on 5 July 2017. In view of the submission of the relevant accounts and our satisfaction that the accounts complied with our applicable rules, The Exchange has lifted the suspension of trading in the shares of Sovereign Trust Insurance Plc”.
Iwenekhai explained that pursuant to Rule 3.3, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which states 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.
He noted that on suspending the companies “We refer to our bulletin dated 5 July 2017 notifying you of the suspension of seventeen (17) listed companies for non-compliant with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which states that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period,
Adding that 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”. Our bulletin stated that the suspension of the companies would be lifted upon the submission of the relevant accounts.