7 November 2012

Nigeria: Non-Compliance - NSE Reports Cappa and D'Alberto to SEC

The Nigerian Stock Exchange (NSE) has reported Cappa & D'Alberto Plc, a company listed in the construction sector of the exchange, to the Securities and Exchange Commission (SEC) for failing in its financial obligations to shareholders and the exchange.

In a notification to stockbrokers, the management of NSE said the company had since 2009 failed to discharge its financial obligation to shareholders and disclosure obligations the exchange.

According to the exchange, Cappa & D'Alberto Plc had applied for voluntary delisting and thereafter held an Extraordinary General Meeting (EGM) on March 24, 2009. A resolution to delist the company's shares from the Daily Official List of the exchange was passed at the EGM

"The company, however, did not follow the voluntary delisting process of The Exchange after the EGM, but rather it stopped discharging its financial reporting and disclosure obligations immediately.

"Cappa & D' Alberto did not discharge its financial obligations to both the exchange and its shareholders and the matter has been escalated to SEC for its further actions," NSE said.

THISDAY checks revealed that the last time the shares of the company where traded was on May 15, 2009.

But while the company did not follow the delisting process, a shareholder of the Cappa & D'Alberto and National Coordinator of Independent Shareholders Association of Nigeria (ISAN), Mr. Sunny Nwosu, said the company had been operating as non-listed public limited liability company.

According to him, the company has been holding AGMs and paying dividends.

Meanwhile, trading at the stock market remained closed positively for the second day as the Nigerian Stock Exchange (NSE) All-Share Index rose by 0.47 per cent. Similarly, the market capitalisation of equities added N39 billion to close at N8.516 trillion, up from N8.477 trillion the previous day.

GlaxoSmithKline Consumer Nigeria Plc led the price gainers with N1.91 to close at N43.80, followed by Nigerian Breweries Plc with an appreciation of N1.50, closing at N134.00 per share.

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