Thursday, March 28, 2024

2016 results: Conoil, Resort savings, STI, 9 others risk sanctions

The Nigerian Stock Exchange has said that eleven quoted companies have defaulted in meeting the deadline to file their Audited Financial Statements for the year ended 31 December, 2016.

The companies are A.G Leventis Nigeria Plc; African Alliance Insurance plc; Austin Laz & Company plc; Capital Hotel plc; Conoil plc; Niger Insurance plc; Premier Paints plc; Resort Savings & Loans; Smart Products Nigeria plc; Sovereign Trust Insurance plc, and Union Diagnostic and Clinical Services plc.

The listed companies’ AFS became was due on Friday, 31 March 2017 and as the companies failed to file their AFS by the due date, the companies have violated Rule 1.1.4, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules), which requires listed companies to file their AFS “with The Exchange not later than 90 calendar days after the relevant year end.

According to the Exchange in a press statement, Rule 1.1.4 requires that the AFS must be “published in at least two (2) national daily newspapers not later than 21 calendar days before the date of the Annual General Meeting, and posted on the company’s website, with the web address disclosed in the newspaper publications. An electronic copy of the publication shall be filed with The Exchange on the same day as the publication.

In line with its Zero Tolerance Policy on Infractions, The Exchange has notified the public of this rule violation by the afore listed companies through its X-Compliance Report, which may be found on The Exchange’s website/Issuers-section/corporate-disclosures/x-compliance-report. Additionally, the appropriate Compliance Status Indicator has been placed beside the names of the defaulting companies on The Exchange’s trading system and ticker tape.

 

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