The Nigerian Stock Exchange (NSE) today suspended trading in Conoil Plc shares. This was disclosed this in a notice posted on its website. The move was due to the failure of the company to submit its audited financial statements as at when due. The shares will remain suspended until the company submits the required results.
Conoil is yet to submit its financial statements for the first quarter ended March 2018.
What does the suspension mean?
The shares have been placed on full suspension, meaning they will neither trade nor will there be any change in price movement. The company will also be fined for the late submission of the results.
The company is one of the usual suspects with respect to late submission of financial statements.
Audited results for the 2017 financial year were submitted on the 1st of June, nearly six months after the financial year end of December. Conoil blamed the delay on challenges with its accounting software. FY 2016 results were submitted on the 21st of June 2017. FY 2015 results were submitted on the 8th of September 2016.
Q1 2017 results were submitted on the 22nd of June 2017. Q1 2016 results were submitted on the 16th of September 2016. Q1 2015 results were submitted on the 21st of September 2015.
Conoil closed at N24.30 on Friday’s trading session at the Nigerian Stock Exchange (NSE). Year to date, the stock is down 13.21%.