The Nigerian Stock Exchange (NSE) has lifted embargo placed on the trading in the shares of Standard Alliance Insurance Plc,for non-compliance with Rule 3.1, for filing of Accounts and treatment of Default Filing, rulebook of the Exchange.
According to the Exchange, the rule provides that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the Exchange will send to the Issuer a second Filing Deficiency notification within two business days after the end of the Cure Period.
The rule also stipulates that the NSE can also suspend trading in the Issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the market within twenty- four hours of the suspension.
However,in a statement signed by Head, Listings Regulation Department, Mr. GodstimeIwenekhai,Standard Alliance Insurance Plchas submitted its Audited Financial Statement for the year ended December 31, 2017.
“In view of the submission of its accounts 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 statement read.
The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension”. Therefore, the general public is hereby notified that the suspension placed in the trading of the Company’s shares has been lifted with effect from Wednesday, 29 August 2018.
The suspension of Standard Alliance Insurance Plc for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, announced on July 5, 2018 in the market bulletin of the NSE.