Stakeholder in Goldlink Insurance Plc. have expressed the hope that its new management would take steps towards recapitalization of the company, following the lifting of suspension placed on the insurance company by the Nigerian Stock Exchange, NSE.
A leader of one of the shareholders’ groups who spoke on the condition of anonymity expressed confidence that the lifting of the suspension would encourage the new management of the company to work hard towards recapitalisation.
Goldlink, was suspended alongside with 17 other companies listed on the Nigerian Stock Exchange via its market bulletin dated July 5, 2017 for failure to file their outstanding audited and interim financial statements to the exchange.
The NSE said in a recent statement that Goldlink which was one of the suspended companies has now filed its outstanding audited and interim financial statements to the Exchange. “In view of the submission of the company’s outstanding financial statements and pursuant to Rule 3.3 of the Default Filing Rules, which provides that, “The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided the Exchange is satisfied that the accounts comply with all applicable rules of the Exchange.
“The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension”, Dealing members are hereby notified that the suspension placed in the trading of the Company’s shares was lifted on Monday, 18 February 2019.”
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The NSE had in July last year, notified its dealing members of the suspension of the 17 listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules”), which provides that if an Issuer fails to file the relevant accounts by the expiration of the “Cure Period, The Exchange will: (a) send to the Issuer a ‘Second Filing Deficiency Notification’ within two (2) business days after the end of the Cure Period; (b) suspend trading in the Issuer’s securities; and (c) notify the Securities and Exchange Commission, SEC, and the market within 24 hours of the suspension.”
In 2012, the National Insurance Commission, NAICOM took over the management of Goldlink and appointed an interim management board for the company in furtherance of its regulatory oversight function.
Last year, the commission approved a re-capitalisation plan for the insurance company in a bid to restructure and return it to profitability but early this year it directed the removal of the managing director and chief executive officer of the company and subsequently approved the appointment of Kenneth Egbaran as the new chief executive of the insurance firm.
