Universal Insurance: NSE lifts suspension

The Nigerian Stock Exchange has lifted the suspension placed on Universal Insurance Plc.

The NSE in its market bulletin said the company had submitted its Audited Financial Statement for the year ended 31 December 2017.

According to the exchange: “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. “

Universal Insurance Plc, along with eight (8) other listed companies, were suspended 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”).

It 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.”

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