BY BUSAYO SAMUEL
The Ngerian Exchange Limited has lifted the suspension on the shares of Chellarams Plc.
The Company listed on the Growth Board of the Exchange was placed on suspension in September 2021 due to its failure to file its audited financial results as specified by the rules of listing.
“We refer to our Market Bulletin dated 30 September 2021 with Reference Number: NGXREG/LRD/MB38/21/09/30, wherein we notified Trading Licence Holders and the Investing Public of the suspension of Chellarams Plc in line with the provisions of Rule 7.1(b): Rules for Listing on the Growth Board of the Nigerian Exchange Limited (the Exchange) (Growth Board Rules) which 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,” a statement from the NGX disclosed.
Meanwhile, Chellarams Plc, according to the Exchange, has now filed its audited financial statements for the year ended 31 March 2021 and unaudited financial statements for the quarter ended 30 June 2021 and have been freed to commence trading.
The statement from the NGX further disclosed that in view of Chellarams Plc’s submission of these financial statements, and pursuant to Rule 7.3 of the Growth Board 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 was initially notified of the suspension, that the suspension has been lifted”, Trading Licence Holders and the Investing Public are hereby notified that the suspension placed on trading on the shares of Chellarams Plc was lifted today, Friday, 12 November 2021.
