NSE lifts suspension on Goldlink Insurance
The Nigerian stock Exchange (NSE) has lifted the suspension it placed on the trading of the shares of Goldlink Insurance Plc on its floor.
The exchange announced the lifting of the suspension on Monday in a statement signed by its Head, Listing Regulation Department, Godstime Iwenekhai.
The suspension, the statement stated, was due to the inability of the underwriting outfit to publish its financial reports promptly.
“ We refer to our Market Bulletin dated 5 July 2017, with Reference Number: NSE/LARD/LRD/MB02/05/07/17 by which we notified Dealing Members of the suspension of seventeen (17) 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) (Default Filing 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 (2) 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” NSE said in the statement.
Continuing, “Goldlink Insurance Plc (the Company) which was one of the suspended companies, has now filed its outstanding Audited and Interim Financial Statements to The Exchange”.
“In view of the submission of the Company’s 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”, Dealing members are hereby notified that the suspension placed in the trading of the Company’s shares was lifted today, Monday, 18 February 2019” it said in concluding.
It should be recalled that in July 2017, NSE issued a notice suspending trading in the shares of 17 companies for non-submission of their results. According to the regulator, the suspension is in line with its guidelines which gives it the powers to suspend any quoted company that did not release its results within a stipulated period.
The suspension became effective on July 5, 2017, and includes a list of 17 companies out of which 7 are insurance firms.
Meanwhile, Goldlink Insurance Plc had recently announced the appointment of Edore Kenneth Egbaran as new managing Director as a result of the restructuring of the Interim Management Board by National Insurance Commission (NAICOM).
A statement released by the Corporate Communications Unit of the underwriting firm, stated that the interim Management has completed its mission of repositioning the company for capital raise; hence the restructuring and has ceased to be at the helm of affairs.
The statement added that this necessitated the appointment of Edore Kenneth Egbaran, as the new Managing Director/Chief Executive Officer, Nahim Abe Ibraheem, as the Chairman of the Board with Messrs. Olanrewaju Sulaimon, Adeyinka Olutungase, Farouk Lawal Yola and Mrs Tonbofa Ashimi as members of the Board.
