Merger: NGSE Places Diamond Bank On Full Suspension, Lifts Thomas Wyatt

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Following the completion of its business combination and the ongoing integration process with Access Bank, effective Tuesday, March 19, 2019, the Nigerian Stock Exchange (NSE), on Wednesday morning placed Diamond Bank Plc on full suspension.
This means there were be no more trading on its shares.

According to the NSE in its notice, “the suspension is required to prevent trading in the shares of the bank in order to determine the bank’s shareholders who will qualify to receive the Scheme consideration.

A notice by the NSE said the decision also followed the Tuesday, March 19, 2019, court sanction of the scheme of merger between both banks, which also followed the near-unanimous approval of the merger by the shareholders at court-ordered meetings of both institutions on March 6. The fusion has also received the nod of their primary regulator- the Central Bank of Nigeria (CBN), as well as the Securities & Exchange Commission (SEC).
“The Scheme will result in the delisting of Diamond Bank Plc from the Daily Official List of The Exchange,” the NSE added.

Addressing investors during a conference call on Monday, the management of Access Bank assured that the integration will be seamless, given its past merger experience over the 2000’s when it cut its teeth in business combination, with the absorption of Allison Ayida’s then Credit Lyonnais Bank Ltd.
Meanwhile, the NSE also on Wednesday announced a lifting of the suspension placed on trading in the shares of Thomas Wyatt Nigeria Plc.

The company was suspended via Market Bulletin of November 1, 2018, with Reference Number: NSE/RD/LRD/MB01/18/11/01, along with five other listed companies for non-compliance with its Rule 3.1.
Titled Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers Rules) (Default Filing Rules), “provides that: if an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: send to the Issuer a second Filing Deficiency Notification within two business days after the end of the Cure Period; suspend trading in the Issuer’s securities; and notify the Securities and Exchange Commission (SEC) and the Market within 24 hours of the suspension.”

Management of the exchange, confirmed “the submission of the company’s outstanding financial statements 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.”

https://investdata.com.ng/2019/03/merger-ngse-places-diamond-bank-on-full-suspension-lifts-thomas-wyatt/

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