By InvestAdvocate
Lagos (INVESTADVOCATE)-Conoil Plc, Costain West Africa Plc, Daar Communications Plc and 30 other Companies listed on the Floor of the Nigerian Stock Exchange (NSE) have been said to be performing Below Listing Standard (BLS).
This is contained in the Nigeria’s Exchange X-Compliance Report as at June 01 2012 and obtained by www.investadvocateng.com in Lagos Nigeria.
In April, the Nigeria’s Exchange unveiled a Report known as X-Compliance Report as part of its ongoing regulatory program to enhance transparency and disclosure.
The Report launched on its website on April 16, 2012 and obtained by www.investadvocateng.com has four (4) identification symbols that indicate the compliance status of listed entities.
The X-Compliance Report also notifies the public when a company is embarking on capital reconstruction, delisting (whether voluntary or regulatory) or restructuring.
According to the NSE, it believes that the timely disclosure of financial information and on-going event disclosure is critical to stakeholders in the Capital Market as well as investors.
The NSE said consequently, Companies that miss their financial filing dates or contravene any of the provisions of the Post Listing Rules will have the symbol BLS (Below Listings Standard) appended to their name. The symbol remains in effect until the company regularises its compliance status.
Also, the symbol ARA (Awaiting Regulatory Approval) is appended to the names of companies that are awaiting primary regulator’s approval and have consequently missed their financial filing date. “The symbol remains until regulatory approval is obtained and financial information is released to the public†the NSE said.
The further affirmed that Companies undergoing a capital reconstruction exercise (a public offer or rights issues or share buyback) will have the symbol CRE appended to their names.
While those that have indicated that they will be delisting or companies that are being delisted at the instance of the Regulator pursuant to Clause 15 of Appendix III of the Post- Listing Rules, the symbol DIP (Delisting in Process) will be appended to their names.
As at April 16 2012, a list of 76 Quoted Companies was released on the Nigeria’s Exchange website for non-rendition of Audited Financial Statements 2011.
