By Dipo Olowookere
The suspension earlier place on the shares of FTN Cocoa Processors Plc by the Nigerian Stock Exchange (NSE) has been lifted.
The embargo was removed last Friday after the company adhered to the listing rule it earlier violated that led to the suspension in the first place.
FTN Cocoa was one of the six companies suspended from the trading floor of the exchange on September 1, 2020, for failure to file their financial statements.
The latest development has now given investors to begin trading the shares of the company at the stock market after two months.
Confirming the lifting of the suspension on the firm, the NSE issued a circular to the market, stating that FTN Cocoa has now submitted the results.
“We refer to our market bulletin dated September 1, 2020, with reference number: NSE/RD/LRD/MB43/20/09/01, wherein we notified dealing members of the suspension of six 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), which provides that; if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will send to the issuer a second filing deficiency notification within two business days after the end of the cure period, suspend trading in the issuer’s securities, and notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
“FTN Cocoa Processors Plc, one of the six listed companies that were suspended on September 1, 2020, has now filed its outstanding financial statements with the exchange.
“In view of the company’s submission of its outstanding financial statements, and pursuant to Rule 3.3, of the default filing 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 and the SEC was initially notified of the suspension, that the suspension has been lifted.
“Dealing members are hereby notified that the suspension placed on trading on the shares of FTN Cocoa Processors Plc was lifted on Friday, November 27, 2020,” the notice said.