The National Council of The Nigerian Stock Exchange, in pursuant of investor-confidence building has approved suspension of some quoted companies while others have been placed on watch list.
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The affected companies have defaulted in post-listing requirements, especially in financial reporting of their operations and payment of annual listing fees.
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Consequently, the following companies have been placed on full suspension (there will be no transaction on their shares) for failure to render 2008 audited accounts as at 6th September 2010:
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Wiggins Teape Nigeria Plc
Jos International Breweries Plc
Hallmark Paper Products Plc
Okitipupa Oil Palm Plc
Nigerian Wire & Cable Plc
Union Dicon Salt Plc
Ekocorp Plc
Nigercem Plc
Golden Guinea Breweries Plc
Daily Times of Nigeria Plc
Albarka Air Plc
Foremost Dairies Plc
Arbico Plc
First Capital Invest Trust Plc
Stokvis Plc
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The Council also directed that if by Monday, 11th October, they fail to render their arrears of audited and interim accounts, The Exchange shall commence formal de-listment process on them. For failure to submit their 2009 financial statements, the following 28 companies would be placed on technical suspension (there will be trading but not price movement on their shares) as from Monday, October 4, 2010:
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Lennards Nigeria Plc
PS Mandrides Co. Plc
Aluminum Manufacturing Co. of Nigeria Plc
Chams Plc
Ikeja Hotels Plc
Nigerian-German Chemical Plc
Pharma Deko Plc
Studio Press Nigeria Plc
Tourist Company of Nigeria Plc
Union Diagnostic & Clinical Services Plc
Nigeria Energy Sector Fund Plc
Vono Products Plc
M-Tech Plc
G. Cappa Plc
Nigerian Wire Industries Plc
Interlinked Technologies Plc
Big Treat Plc
MTI Plc
African Petroleum Plc
Conoil Plc
Nigerian Ropes Plc
SCOA Plc
Dangote Flour Mills Plc
Evans Medical Plc
Daar Communications Plc
Crusader Plc
IPWA Plc
Nigerian Sewing machine Manufacturing Co. Plc
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On the Emerging market platform, the following companies have been directed to regularize their status in the areas of audited accounts, evidence of recapitalization and payment of outstanding listing fees. Failure to conclude the regularization by 11th October 2010, The Exchange would commence de-listing process against them.
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Flexible Mineral Plc
Krabo Plc
New Pak Plc
Tropical Petroleum Plc
West African Aluminum Plc
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Furthermore, the following companies have been placed on WATCH LIST to enable them complete their recapitalization activities, submit outstanding financial accounts (audited and interim), hold their Annual General Meetings, clear all regulatory issues with the Securities & Exchange Commission (SEC) and have a satisfactory site visit report from The Exchange.
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Afrik Pharmaceuticals Plc
Anino Plc
Rak Unity
Rokana Plc
Smart Products Plc
Udeofson Garment Plc
Union Ventures & Petroleum Plc
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The Exchange shall continue to enforce compliance with its post-listing requirements in order to ensure regular information flow between the market and the investing public.
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Sola Oni
Head, Corporate Communications
September 7, 2010
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