Medview Airline, Other 12 Companies Receive DFN for Failing to File Financial Results

The Nigerian Stock Exchange (NSE) has issued Medview Airline Plc and twelve other listed companies Deficiency Filing Notice (DFN) for failing to file their unaudited financial statements (UFS) as at 29 June 2020, the extended due date granted by The Exchange.

The defaulting companies are;

1. Aso Savings and Loans Plc
2. Deap Capital Management & Trust Plc
3. DN Tyre & Rubber Plc
4. FTN Cocoa Processors Plc
5. Goldlink Insurance Plc
6. International Energy Insurance Plc
7. Medview Airline Plc
8. Resort Savings & Loans Plc
9. Staco Insurance Plc
10. Standard Alliance Insurance Plc
11. UNIC Diversified Holdings Plc
12. Union Dicon Salt Plc
13. Union Homes Savings and Loans Plc

In a statement issued by the Nigerian Stock Exchange, by not filing their unaudited financial statements by the due date, the twelve companies violated Rule 1.1.2, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (issuers’ Rules) (the Rules), which provides that “Every Issuer shall file its unaudited quarterly accounts not later than thirty (30) calendar days after the relevant quarter, and publish it within five (5) business days after the date of filing, in at least two (2) national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publication. An electronic copy of the publication shall be filed with The Exchange on the same day as the newspaper publication.”

“Pursuant to the provisions of Rule 2.2.1 of the Rules, The Exchange had issued a DFN to the aforementioned companies. The purpose of the DFN was to notify the companies of their infraction, and to grant them three (3) days to provide the following information to the public through the medium of a press release:

a. That the relevant UFS had not been filed by the due date;

b. A detailed explanation of the reason(s) for the delay; and

c. The anticipated filing date, or state that the company is unable to indicate an anticipated filing date, and reasons for such inability to indicate the anticipated filing date.”

NSE, therefore, advised investors as follows:

a. A DFN has been issued against the aforelisted companies; and

b. Investors are advised to trade with caution on the securities of these companies in the absence of up to date financial information on them.

The investing public is further advised that The Exchange will continue to engage with these companies and may take the following additional steps should they fail to comply, and file their UFS within the ninety-day cure period stipulated by Rule 3.1 of the Rules, i.e. 27 September 2020:

a. Send to the aforelisted companies a “Second Filing Deficiency Notification” within two (2) business days after 27 September 2020; and

b. Suspend trading in the companies’ securities.