NGSE Suspends Trading In DN Tyre, IEI, UNIC, 3 Others

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Management of the Nigerian Stock Exchange (NSE), on Monday announced suspension of trading in the shares of six companies with immediate effect.
They include: DN Tyre & Rubber Plc; FTN Cocoa Processors Plc; International Energy Insurance Plc; and Thomas Wyatt Nigeria Plc. Others are: Union Dicon Salt Plc; and Unic Diversified Holdings Plc.
The suspension, according to a notice by the exchange follows the failure of the company boards to comply with the post-listing Rule 3.1- Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”).
It 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”.
Consequently, the exchange said the suspension “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.”

Findings from the website of the NSE by Investdata News shows that Union Dicon Salt last presented its financials (audited for year ended December 31, 2017), showing that there was no operations within the period, resulting in a loss before and after tax of N83.774m.
Thomas Wyatt in a filing by Stephen Mayaki, its board chairman, on June 7, 2018, notified stakeholders that its audited financial for year ended March 31, 2018 would be delayed beyond June 30, 2018, due to “unanticipated delay” in the audit exercise. He had promised that the delay would not go beyond September 30, 2018 (eight days ago).
The most recent filing by International Energy Insurance at the NSE was the audited result for year-ended December 31, 2016, showing that net loss stood at N3.665bn, an increase of about 377.55% over the N767.578m reported in the corresponding period of 2015.

 https://investdata.com.ng/2018/10/ngse-suspends-trading-in-dn-tyre-iei-unic-3-others/#more

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