Thursday, 12 July 2012 00:00

The management of the Nigerian Stock Exchange (NSE), has disclosed that 75 percent  of quoted companies whose shares are traded on the  Exchange have so far released their year ended 2011 audited results .
The position of the Exchange was contained in the compliance list of all quoted companies that have complied with the post listing requirement relating to the 2011 audited results.

According to the list obtained from the NSE’s website,out of the one hundred and ninety five (195) companies, only 143 have full compliant status, representing 75 per cent compliant status on the Nigerian bourse in respect of 2011 audited results.
The list also indicates that  46 listed companies are yet to comply, representing a 25 per cent non-compliant status as regards to 2011 Audited Accounts.
Meanwhile, the Nigeria’s Exchange has also reported that 12 Companies out of 25 due to submit their 2012 audited accounts between January and March has so far complied compared to the non-compliant 13 firms; indicating 48 per cent compliance.

It can be recalled that the NSE listed an estimated 37  to have performed below its listing standard in its X-Compliance report released last week, which  showed a breakdown of six companies missing their financial filing dates for non rendition of their 2012 audited financial statements.
The six  according to the NSE’S report include 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 by the report for non rendition of their 2011 and 2010 audited financial statements respectively, two were liste by the NSE’s X-Compliance report for non rendition of their 2009 audited financial results, one  for year 2008 and another two  for non rendition of their audited statements since 2006.
The report went on to reveal that three other  firms, Big Treat Plc, MTech Plc and Investment & andAllied Assurance Plc have various regulatory issues.

In April, the Nigeria’s Exchange unveiled a report known as X-Compliance report as part of its ongoing regulatory efforts to enhance transparency and disclosure in the stock market.
The report has four 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.