NSE Lifts Embargo on Royal Exchange Shares

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The Nigerian Stock Exchange (NSE) has notified the general public that the suspension placed in the trading of Royal Exchange Plc shares has been lifted with effect from Friday July20, 2018.

The company was among the eight whose shares were suspended from trading on July 5, 2018 for non-compliance with Rule 3.1, which stipulates that if a company fails to file the relevant accounts by the expiration of the Cure Period the NSE notify the company.

It also provides that after a second filing deficiency notification within two business days, the NSE should suspend trading in the company’s securities and notify the Securities and Exchange Commission (SEC) and the market within twenty- four hours of the suspension.

However, the NSE in a statement by Godstime Iwenekhai, Head, Listings Regulation Department, said Royal Exchange Plc., which was one of the companies suspended has submitted its ‘Audited Financial Statement for the year ended December 31, 2017.

The said, “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 Exchange shall thereafter also announce through the medium by which the public and the SEC were initially notified of the suspension”; the general public is hereby notified. According to the NSE, “This is for your information and update.”




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