The Nigerian Stock Exchange has lifted the suspension of trading in the shares of R.T. Briscoe Plc.
The NSE, in its weekly market report, referred to as Market Bulletin, dated July 5, 2018, which notified the public of the suspension of eight listed companies for non-compliance with the rules for filing of accounts and treatment of default filing and the rulebook of the exchange (issuers’ rules).
It said the rule provided that if an issuer failed to file the relevant accounts by the expiration of the cure period, the Exchange would send to the issuer a ‘Second Filing Deficiency Notification’ within two business days after the end of the cure period.
The bourse added that trading in the issuer’s securities would be suspended and the Securities and Exchange Commission and the market would be notified within 24 hours of the suspension.
The statement read in part:
“R. T. Briscoe Plc, which was among the companies suspended, has submitted its audited financial statement for the year ended December 31, 2017. The company has also submitted its unaudited financial statements for the periods ended March 31 and June 30, 2018.
“In view of the submission of the company’s accounts and pursuant to rule 3.3 of the default filing rules, which provides that The suspension of trading in the issuer’s securities will be lifted upon submission of the relevant accounts provided the Exchange is satisfied that the accounts comply with all applicable rules of the Exchange.”
According to the rule, 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 FRIDAY, SEPTEMBER 14, 2018.”
R.T. Briscoe (Nigeria) Plc was incorporated in Nigeria as a limited liability company on 9 March 1957 and became a public limited liability company in 1973.
The Group is primarily engaged in the sales and servicing of Toyota and Ford motor vehicles, technical equipment, including forklifts, industrial compressors, mining and drilling equipment and generating sets, facility management, property development and leasing of property.