By InvestAdvocate
Lagos (INVESTADVOCATE)-Conoil Plc, 7-Up Bottling Company Plc Neimeth International Pharmaceutical Plc and 33 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 July 06 2012 and obtained by www.investadvocateng.com in Lagos Nigeria.
A breakdown of this shows that six (6) of the Companies have missed their Financial filing dates for non rendition of their 2012 Audited Financial Statements.
These six (6) are Premier Breweries Plc, 7-Up Bottling Company Plc, Neimeth International Pharmaceutical Plc, Nigerian German Chemicals Plc, Tripple Gee & Company Plc and Thomas Wyatt Nigeria Plc.
While 11 Quoted Firms each were listed as BLS for non rendition of their 2011 and 2010 Audited Financial Statements respectively.
Two (2) were listed BLS by the NSE’s X-Compliance Report for non rendition of their 2009 Audited Financial Results, one (1) for year 2008 and another two (2) for non rendition of Audited Statements 2006.
However, three (3) were listed BLS for having Regulatory Issues. These firms are Big Treat Plc, MTech Plc and Investment & Allied Assurance Plc.
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 has four (4) identification symbols that indicate the compliance status of listed Companies.
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.
