NSE lifts suspension on Omatek shares

Late Florence Seriki Omatek Founder & Logo

The Nigerian Stock Exchange (NSE) announced the lifting of the suspension of trading placed on shares of Omatek Ventures Plc. This is coming after the Exchange had barred the company’s shares from trading since July 5, 2017.

But in a notice sent to the investing community, the NSE said the notice of suspension lifting was in reference to the market bulletin dated July 5, 2017, with reference number: NSE/LARD/LRD/MB02/05/07/17, wherein it notified dealing members of the suspension of 17 listed companies for non-compliance with Rule 3.1, rules for filing of accounts and treatment of default filing, rulebook of the Exchange.

It said the rule provided 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”

It added that after the end of the cure period, it would suspend trading in the issuer’s securities and notify the Securities and Exchange Commission and the market within 24 hours of the suspension. The notice read in part: “Omatek Ventures Plc, one of the 17 companies that were suspended on July 5, 2017, has now filed its outstanding financial statements with the Exchange.

“In view of the company’s submission of its audited financial statements and in 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.”

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