NSE suspends trading in Conoil shares

NSE suspends trading in Conoil shares

The Nigerian Stock Exchange (NSE) on Monday announced the suspension on trading in the shares of oil marketing firm, Conoil Plc.

The suspension was disclosed in a by Godstime Iwenekhai, head, listings regulation department at the NSE, posted on the bourses’ official website.

The move, the circular said, was due to the failure of Conoil to submit its audited financial statements as required by the rules governing the market.

“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 (Issuers’ Rules) (“Default Filing Rules”), which provides that,” it read.

“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 afterthe 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.”

This is not the first time Conoil will submit its financial statements behind schedule.

Its annual financial statement for 2017 was submitted in May 2018. It is yet to file its first quarter and half-year 2018 reports.

Since the company’s shares have been placed on full suspension, its share price will remain constant, since trading cannot take place and it will be fined for its late submission of financial results.  



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