- NSE Lifts Suspension on Thomas Wyatt, Union Dicon Salt
The Nigerian Stock Exchange (NSE) has lifted suspension on trading in the shares of Thomas Wyatt Nigeria Plc and Union Dicon Salt Plc, after the two companies submitted their relevant financial statements.
The NSE had earlier this month suspended trading on shares of six companies for failing to adhere to best corporate governance and extant post-listing requirements that require quoted companies to submit their periodic financial statements and reports within stipulated timelines.
The suspended companies included DN Tyre & Rubber Plc, FTN Cocoa Processors Plc, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc, Union Dicon Salt Plc and Unic Diversified Holdings Plc.
The Exchange stated that Thomas Wyatt Nigeria and Union Dicon Salt have submitted their audited financial statement for the year ended March 31, 2018, and unaudited financial statement for the period ended March 31, 2018 respectively to the Exchange.
Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.
Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31. While March 31 is usually the deadline for submission of annual report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.
