The Quotations Committee of the National Council of the Nigerian Stock Exchange (QCN) has placed the duo of Deap Capital Management Plc and Evans Medical Plc on its delisting watch-list.
DEAP Capital is a Nigeria-based fund management company. The Company operates in the capital market, mortgage banking, and oil and gas sectors. Its major services include fund management, portfolio management, capital market/financial advisory services and issuing house services.
Evans Medical Plc is among Nigeria’s largest pharmaceutical manufacturing companies.
In other to increase the revenue base of the company and to ensure that it does not only remain competitive but also relevant in the Healthcare services now and the future, Evans Medical Plc undertook a restructuring that saw the company metamorphosizing into four different companies.
The four companies are: Evans Medical Plc [Holding]-Manufacturing, Sales and Marketing of OTC-Products; Evans Nutraceutical Ventures Limited; Evans Therapeutics Limited (Formerly Cipla Evans Nig. Ltd); and Evans Healthcare Nigeria Limited.
INVESTOR learnt from the Exchange’s X –Compliance Report that the QCN approved both Companies to be placed on delisting watch-list of the Exchange subject to their filing Quarterly Compliance Report.
The X-Compliance report is a transparency initiative of the Exchange which is designed to maintain market integrity and protect investors by providing compliance related information on all listed companies.
X-Compliance Report provides information on: released financials, early filers of audited accounts, delinquent filers of audited accounts, delinquent filers of quarterly reports, companies slated for delisting/restructuring, companies that breached the listings Rules of the Exchange, enforcement actions by the Exchange, Companies that have been granted waivers to comply with the Free Float requirements, applications approved by the Exchange, and Meetings of Companies.
Also worthy of note is that the Quotations Committee of the National Council of the Nigerian Stock Exchange has also approved the delisting process of four companies –MTI Plc, Mtech Plc, UTC Nigeria Plc, and Beco Petroleum Product Plc.
Aside the aforementioned, the NSE has approved the restructuring of ten other companies. The companies are: Afrik Pharmaceuticals Plc, Union Dicon Salt Plc, Anino International Plc, African Paints (Nigeria) Plc, Goldlink Insurance Plc, Thomas Wyatt Nigeria Plc, Nigerian German Chemical Plc, Golden Guinea Breweries Plc, FTN Cocoa Processors Plc, and Unic Insurance Plc.
There are seven companies identified as “delinquent” for non-rendition of their 2015 audited financial statements.
The delinquent companies are: Multi-Trex Integrated Foods Plc, Omatek Ventures Plc, Aso Savings & Loans Plc, Ekocorp Plc, Ikeja Hotel Plc, Union Homes Savings & Loans Plc, and DN Tyre & Rubber Plc.
Every listed company is required to provide timely information to enable the Exchange efficiently perform its function of maintaining an orderly market.
Companies that are listed on The Exchange are required to adhere to high disclosure standards which are prescribed in Appendix 111 of the Listing Rules. Financial information which is periodic disclosure and on-going material events disclosure should be released to the Exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market.
Iheanyi Nwachukwu
