The Nigerian Exchange Limited (NGX) has granted a three-year grace period for Prestige Assurance Plc to meet up with its free-float requirements, effective till 20th of August, 2024.
The extension is to enable the firm meet up with the free float requirements of 20% issued and fully paid share capital or N20 billion free float market capitalization for companies listed on the NGX Main Board.
This is according to a statement signed by the company’s secretary, Chidinma Ibe-Louis, which partly reads: ‘’Prestige Assurance Plc (the Company) wishes to inform the Nigerian Exchange Limited (NGX or the Exchange), its shareholders and investing public that the NGX has granted an approva;l for a three-year extension of time to cure the Company’s free float deficiency, till 20th August 2024. This is to enable the company to comply with NGX’s free float requirements of 20% issued and fully paid share capital or Twenty Billion Naira free float market capitalization for companies listed on its Main Board.’’
In addition, based on the provisions of Rule 3.1.4 of the Exchange’s Rules Governing Free Float Requirements for Listed Companies, NGX reserves the right to suspend trading in the company’s securities if it fails to achieve the required free float threshold within the extended period.
What you should know:
- NGX had earlier given UACN Property Development Company Plc (UPDC Plc) a 2 year grace period to meet up with its free-float requirements.
- Prestige Assurance closed trading today 24th of August, 2021 with a share price of 47 kobo per share.