The Nigerian Stock Exchange has lifted the suspension placed on the trading in the shares of Afromedia Plc. This was released on Monday 8th of April, 2019 as follows:
“We refer to our Market Bulletin dated 9 April 2018, with Reference Number: NSE/REG/LRD/MB01/18/04/09 wherein we notified Dealing Members of the suspension of Afromedia Plc (the Company) 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.”
Afromedia Plc has now filed its outstanding Financial Statements to The Exchange.
In view of the submission of the Company’s outstanding 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 in the trading of the shares of Afromedia Plc was lifted today, Monday, 8 April 2019.”
Yours faithfully,
Elizabeth Ekpo For: Head, Listings Regulation Department