The Nigerian Stock Exchange (NSE) today suspended trading in
Conoil Plc shares. This was disclosed this in a notice posted on its website.
The move was due to the failure of the company to submit its audited financial
statements as at when due. The shares will remain suspended until the company
submits the required results.
Conoil is yet to submit its financial statements for the first
quarter ended March 2018.
What does the
suspension mean?
The shares have been placed on full suspension, meaning they
will neither trade nor will there be any change in price movement. The company
will also be fined for the late submission of the results.
Perpetual offender
The company is one of the usual suspects with respect to
late submission of financial statements.
Audited results for the 2017 financial year were submitted
on the 1st of June, nearly six months after the financial year end of December.
Conoil blamed the delay on challenges with its accounting software. FY 2016
results were submitted on the 21st of June 2017. FY 2015 results were submitted
on the 8th of September 2016.
Q1 2017 results were submitted on the 22nd of June 2017. Q1
2016 results were submitted on the 16th of September 2016. Q1 2015 results were
submitted on the 21st of September 2015.
Conoil closed at N24.30 on Friday’s trading session at the
Nigerian Stock Exchange (NSE). Year to date, the stock is down 13.21%.
