Investors charge to beware while gluttonous to buy or barter on shares of 49 quoted companies, a latest acquiescence appraisal address by the Nigerian Stock Exchange (NSE) has shown.
The latest tracker address on accumulated governance, adjustment and acquiescence acquired by The Nation adumbrated that 49 companies accept apprehension and changing acquiescence and babyminding issues that abode them beneath the aerial standards appropriate of quoted companies. The cardinal of companies tagged with the red active for assorted deficiencies represents about 28.5 per cent of the 172 absolute cardinal of quoted companies at the Exchange.
The address was based on the Acquiescence Status Indicator (CSI) of the NSE, which uses three-letter codes to mark out companies that abatement beneath the post-listing requirements at the Exchange. The tracker is adapted consistently with accession of anew amiss companies and absolution of anew adjustable companies.
The companies beneath the red-alert admonishing included Union Bank of Nigeria, Presco, Skye Bank, Transcorp Hotel, Resort Savings and Loans, Evans Medical, Academy Press, Nigerian-German Chemicals and Caverton Offsshore Support Group.
A breakdown of the acquiescence address adumbrated that 22 companies were flagged for abortion to abide their balance letters aural the appointed timeline, nine companies were tagged for chargeless float deficiencies, bristles companies were beneath delisting process, two companies were beneath restructuring while 10 added companies had circuitous authoritative issues.
The flagged companies included Capital Hotel, Chellarams, Interlinked Technology, Infinity Trust Mortgage, E-Tranzact, Omatek Ventures, Roads Nigeria, Multi-Trex Integrated Foods, Aso Savings & Loans, Ekocorp, Ikeja Hotel, Union Homes and Savings, Deap Capital Management & Trust, International Energy Insurance, Afrik Pharmaceuticals, Anino International, African Paints, Goldlink Insurance and Thomas Wyatt Nigeria.
Others included Golden Guinea Breweries, FTN Cocoa Processors, African Alliance Insurance Company, Austin Laz & Company, Daar Communications, Fortis Microfinance Bank, Juli, Great Nigerian Insurance, Capital Oil, Union Dicon, Union Diagnostics, Universal Insurance, Premier Paints, Avon Crowncaps & Containers and Afromedia.
The NSE uses 10 codes to tag companies with authoritative and acquiescence issues in adjustment to draw absorption to the changing deficiencies as allotment of efforts to enhance bazaar candor and ensure investors accept abounding and cellophane disclosures to accomplish their decisions.
The code-Below Advertisement Accepted (BLS) comprises all deficiencies apropos continuing advertisement standards. Absent Authoritative Filing (MRF) implies that the aggregation absent authoritative filing deadline. Delisting Watch-list (DWL) relates to companies that accept been served with a delisting apprehension but the delisting activity has been put on authority because they accept accustomed a break of activity from the Exchange for a authentic aeon during which they undertake to cure the issues that led to the arising of the delisting notice. If they abort to cure the affair aural the authentic aeon or any addendum thereof, the authority on the delisting activity will be lifted.
Also, Delisting in Progress (DIP) defines companies that are in the delisting process, binding or voluntary. Usually, the delisting activity commences with a apprehension of ambition to delist from The Exchange to an issuer, in the case of binding delisting, or to the Exchange from an issuer, in the case of autonomous delisting. Apprehension Authoritative Approval (AWR) implies that the companies that are apprehension the approval or no argument of their primary or addition government regulator afore absolution their audited banking statements.
Other codes included Restructuring (RST), which relates to companies that are in the activity of restructuring; Beneath Advertisement Accepted and Absent Authoritative Filing (BMF), companies that absent authoritative filing and were beneath advertisement standard; Beneath Advertisement Accepted and Apprehension Authoritative Approval (BAA), companies with beneath advertisement accepted and apprehension authoritative approval; Beneath Advertisement Accepted and Restructuring (BRS), beneath advertisement accepted and restructuring; Absent Authoritative Filing and Restructuring (MRS), absent authoritative filing and restructuring; and Beneath Advertisement Standard, Absent Authoritative Filing and Restructuring (BMR), which defines companies with beneath advertisement standard, absent authoritative filing and restructuring codes.
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