by Godwin Akanfe
The Nigerian Stock Exchange has issued a final warning to companies that have failed to comply with the exchange regulations, especially as it concerns filling of quarterly and yearly earnings reports. On Monday, 23 June 2014, The Nigerian Stock Exchange (The Exchange) published a notice of its intention to delist 24 listed companies from the Daily Official List arising from their non-compliance with provisions of the Listings Rules of The Exchange and pursuant to Clause 15 of the General Undertaking.
The notice provided a 3 month window for each of the affected listed companies to regularize its listing status with The Exchange. Since then, 1 of the affected companies has fully regularized its listing status. Further, 14 companies have taken some steps to regularize their listing status.
However, the entities listed below have failed to take any/or appropriate steps to regularize their listing status:
- Investment and Allied Insurance Plc
- Pinnacle Point Group Plc
- Afroil Plc
- West African Glass Industry Plc
- Nigeria Wire & Cable Plc
- Starcomms Plc
- Mtech Plc
- Big Treat Plc
- Jos International Breweries Plc
The NSE in a statement on it’s official website stated that this serves as the Final Notice of Delisting, with the Exchange stating that it will proceed with the delisting process for the above listed companies after one month of this notice unless they take appropriate steps to effect compliance with their post listing obligations.
The Exchange also says it will continue to engage the 14 companies that have taken steps towards regularizing their listing status with a view to bringing them into compliance with their post listing obligations.
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