NSE lists out defaulting companies for 2016 reports

Notore

The Nigerian Stock Exchange has released a list of defaulting companies who have missed the deadline to file their Audited Financial Statements for the year ended 31 December 2016.

LIST OF DEFAULTING COMPANIES:

i. A.G LEVENTIS NIGERIA PLC

ii. AFRICAN ALLIANCE INSURANCE PLC

iii. AUSTIN LAZ & COMPANY PLC

iv. CAPITAL HOTEL PLC v. CONOIL PLC

vi. NIGER INSURANCE PLC

vii. PREMIER PAINTS PLC

viii. RESORT SAVINGS & LOANS

ix. SMART PRODUCTS NIGERIA PLC

x. SOVEREIGN TRUST INSURANCE PLC

xi. UNION DIAGNOSTIC & CLINICAL SERVICES PLC.

The above listed companies’ AFS became due on Friday, 31 March 2017. As the companies failed to file their AFS by the due date, the companies have violated Rule 1.1.4, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“the Rules”), which requires listed companies to file their AFS “with The Exchange not later than ninety (90) calendar days after the relevant year end.”

Further, Rule 1.1.4 requires that the AFS must be “published in at least two (2) national daily newspapers not later than twenty one (21) calendar days before the date of the Annual General Meeting, and posted on the company’s website, with the web address disclosed in the newspaper publications. An electronic copy of the publication shall be filed with The Exchange on the same day as the publication.”

In line with its Zero Tolerance Policy on Infractions, The Exchange has notified the public of this rule violation by the aforelisted companies through its X-Compliance report

Additionally, the appropriate Compliance Status Indicator (CSI) has been placed beside the names of the defaulting companies on The Exchange’s trading system and ticker tape.

Moreover, pursuant to the provisions of Rule 2.2.1 of the Rules, The Exchange has issued a First Deficiency Filing Notice (“FDFN”) to the companies. The purpose of the FDFN was to notify the companies of their infraction, and to grant them three (3) days to provide the following information to the public through the medium of a press release:

a. That the relevant AFS had not been filed by the due date;

b. A detailed explanation of the reason(s) for the delay; and

C. The anticipated filing date or state that the company is unable to indicate anticipated filing date and reasons for the inability to indicate the anticipated filing date.

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