Nigerian Exchange Limited (NGX) has lifted the suspension placed on trading in the shares of Ardova Plc.
The Exchange suspended nine companies from the facilities of the Nigerian Exchange Limited (NGX) on Friday, July 1, 2022, having failed to file their Audited Financial Statements for the year ended 31 December 2021.
The companies according to a statement from the NGX include African Alliance Insurance Plc, Niger Insurance Plc, Royal Exchange Plc, Ekocorp Plc, C&I Leasing Plc, Mutual Benefits Assurance Plc, Coronation Insurance Plc, Premier Paints Plc and Ardova Plc.
Why Ardova’s suspension was lifted
According to the statement obtained by Nairametrics, The Exchange said: “We refer to our Market Bulletin dated 1 July 2022 with Reference Number: NGXREG/LRD/MB37/22/07/01 wherein we notified Trading License Holders and the Investing Public of the suspension of nine (9) listed companies for non-compliance with the provisions of 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 (24) hours of the suspension.”
Ardova Plc, one of the nine (9) listed companies that were suspended on July 1, 2022, has now filed its Audited Financial Statements for the year ended 31 December 2021, and Unaudited Financial Statements for the quarter ended 31 March 2022.
In view of the company’s submission of these financial statements, and pursuant to Rule 3.3 of the Default Filing 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.”
The Exchange shall thereafter also announce through the medium by which the public and the SEC were initially notified of the suspension, that the suspension has been lifted. Trading Licence Holders and the Investing Public are hereby notified that the suspension placed on trading on the shares of Ardova Plc was lifted on 7 July 2022.
What you should know
Ardova Plc recently announced the release of its 2021 Audited Financial Statements and Q1 2022 Unaudited Financial Results.
The group posted a 49.89% growth in revenue to N62.934 billion for the first quarter ended March 2022 as against N41.986 billion in 2021.
The company also posted a profit of N1.54 billion in the year ended 31 December 2021.
However, according to a statement from the company, losses from subsidiaries Axles and Cartage, and newly acquired Enyo Retail and Supply Limited created a group net loss position of N3.8bn.
The company noted that in Q1 2022, AP’s performance shows significant improvements as yields from investments made in 2021 contribute to growth in revenue, sales volume, and profits.
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