The Nigerian Stock Exchange (NSE) has lifted trading suspension placed on the shares of Deap Capital Management and Trust Plc.
It suspended trading on the company’s shares for violating post-listing requirements.
The exchange had notified the Securities and Exchange Commission (SEC) and the investment community of the suspension and those of five other firms over default in filing their accounts as at when due.
The management of the exchange in a statement at the weekend said: “We refer to our Market Bulletin dated 1 November 2018, with Reference Number: NSE/RD/LRD/MB01/18/11/01 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: (a) send to the Issuer a “Second Filing Deficiency Notification” within two 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.”
The notice obtained from the exchange’s report noted that Deap Capital Management and Trust Plc, one of the six companies that were suspended on November 1, 2018, had 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 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 suspension placed on trading on the shares of Deap Capital Management and Trust Plc was lifted on, Thursday, September 5, 2019.”