The Nigerian Stock Exchange on Tuesday has lifted the suspension placed on Unity Bank.
The suspension earlier announced on Thursday, 1st of November 2018 was due to the inability of the Bank and 5 other companies to submit their results as at when due.
In a swift response to the development, Unity Bank amongst the companies suspended submitted its outstanding Audited and Interim Financial Statements to the Nigerian Stock Exchange on Tuesday, November 2nd, 2018; thereby leading to the lifting of the suspension placed on the bank by NSE.
In a statement made available on the website of the Nigerian Stock Exchange, the Exchange stated thus:
“We refer to our Market Bulletin dated 1st November, 2018 notifying the public of the suspension of six (6) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rule book of The Exchange (Issuers’ Rules) (“Default Filing Rules”), which provides 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.” Unity Bank Plc (the Company) which was amongst the companies suspended has submitted its outstanding Audited and Interim Financial Statements to the Exchange.
“In view of the submission of the Company’s accounts 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. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension”; the general public is hereby notified that the suspension placed in the trading of the Bank’s shares was lifted today, 2nd November, 2018”