NSE lifts suspension on shares of Standard Alliance Insurance

The Nigeria Stock Exchange (NSE) on Wednesday lifted the suspension placed on trading in the shares of Standard Alliance Insurance Plc over non-submission of accounts.

In a statement by Godstime Iwenekhai, Head of Listings Regulation Department, NSE said the suspension was lifted after the company submitted its accounts.

The exchange had on July 5 announced the suspension of Standard Alliance Insurance Plc for non-compliance with Rule 3.1, the Rules for Filing of Accounts and Treatment of Default Filing.

The rule provides that if an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the Exchange will, among other actions, 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 twenty- four (24) hours of the suspension.

“Standard Alliance Insurance Plc (the Company) has submitted its Audited Financial Statement for the year ended 31 December 2017,” the NSE said Wednesday morning.

“In view of the submission of its accounts 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 general public is hereby notified that the suspension placed in the trading of the Company’s shares has been lifted effective today, Wednesday, 29 August 2018.”