Why the NSE suspends trading of Conoil

Why the NSE suspends trading of Conoil

The Nigerian Stock Exchange, NSE said it has suspended trading in the shares of Conoil PLc.

The NSE said in a statement that:

Dealing members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange, 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

(2) 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 twenty- four (24) hours of the suspension”, trading in the shares of Conoil Plc has been suspended effective today, 6 August 2018.

In accordance with the rules set forth above, the suspension of Conoil Plc will only be lifted upon the submission of the relevant accounts and provided.

The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.