NSE lifts suspension on Universal Insurance Plc

The Nigerian Stock Exchange on Wednesday announces the lifting of suspension placed on the trading in the shares of Universal Insurance Plc.

In a statement made available on the website of NSE, the  Exchange stated thus:

“We refer to our Market Bulletin dated 2 July 2019, with Reference Number: NSE/RD/LRD/MB34/19/07/02 wherein we notified Dealing Members of the suspension of eleven (11) listed companies for non-compliance with 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: “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.”

Universal Insurance Plc, one of the eleven (11) companies that were suspended on 2 July 2019, has now filed its Audited Financial Statements for the year ended 31 December 2018withThe Exchange.

“In view of the Company’s submission of its Audited Financial Statements, 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”

“Dealing members are hereby notified that the suspension placed on trading on the shares of Universal Insurance Plc was lifted today, Wednesday, 7th, August 2019”.

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