The Nigerian Stock Exchange (NSE) has lifted the suspension it placed on the shares of R.T. Briscoe Nigeria Plc today, September 18, 2019.
This follows the company’s submission of its Audited and Interim Financial Statements to the Exchange.
In a statement signed by Godstime Iwenekhai, NSE’s Head of Listings Regulation Department, the exchange stated that the suspension of the Issuer’s securities was lifted based on the submission of the relevant accounts.
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In view of the Briscoe’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.”
Nairametrics had earlier reported that Briscoe was suspended from trading its shares alongside 10 other firms for their failure to submit their financial statements.
The other suspended firms were FTN Cocoa Processors Plc, Goldlink Insurance Plc, Guinea Insurance Plc, LASACO Assurance Plc, Niger Insurance Plc, Conoil Plc, Resort Savings & Loans Plc, Royal Exchange Plc, Standard Alliance Insurance Plc, and Universal Insurance Plc.
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A laudable move for The Exchange? The NSE has often been criticised by a section of investors for taking too long to wield the big stick on rogue listed companies, which continue to flout listing rules, despite the obvious risk they pose to investor funds. It is, therefore, always good to see it act tough in order to get stuff fixed.
Meanwhile, Briscoe Nigeria Plc is currently trading N0.29 on the floor of the NSE.