NSE lifts suspension on Sovereign Trust Insurance

 

THE Nigerian Stock Exchange (NSE) has lifted suspension of trading in the shares of Sovereign Trust Insurance Plc.
The bourse had on July 5, 2017 suspended Sovereign Trust Insurance Plc and 16 other listed companies for failed to file the relevant accounts by the expiration of the cure period.
The NSE Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), states 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”. Our bulletin stated that the suspension of the companies would be lifted upon the submission of the relevant accounts. According to the NSE in a notice signed by Godstime Iwenekhai, Acting Head, Listings Regulation Department of the exchange, “Sovereign Trust Insurance Plc which was one of the companies suspended, submitted its audited accounts for the period ended 31 December 2016 on 5 July 2017. In view of the submission of the relevant accounts and our satisfaction that the accounts complied with our applicable rules, The Exchange has lifted the suspension of trading in the shares of Sovereign Trust Insurance Plc.”
The bourse notified that pursuant to Rule 3.3, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which states 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. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted”; the suspension of trading in the shares of Sovereign Trust Insurance Plc has been lifted today, 11 July 2017.”