By Dipo Olowookere
Investors have resumed trading in the shares of C&I Leasing Plc after an embargo earlier placed on it was removed by the regulatory arm of the Nigerian Exchange (NGX) Group Plc, NGX RegCo.
Recall that on July 8, 2024, NGX Limited suspended the firm and others for violating the listing rules.
They failed to file their financial statements as required by the rules guiding their listing on the country’s flagship stock exchange.
After filing its audited financial results for the 2023 fiscal year, the bourse lifted the suspension last Thursday, allowing shareholders and others to trade the company’s equities at the market.
“We refer to our Market Bulletin dated 8 July 2024 with Reference Number: NGXREG/IRD/MB35/24/07/08 wherein we notified trading license holders and the investing public of the suspension in the trading on the securities of C & I Leasing Plc in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (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 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.
“C & I Leasing Plc has now filed its Audited Financial Statements for the year ended December 31, 2023, (2023 AFS).
“In view of the company’s submission of its 2023 AFS, 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 license holders and the investing public are hereby notified that the suspension placed on trading on the shares of C & I Leasing Plc was lifted on Thursday, August 1, 2024,” the notice from the NGX read.