NSE Cautions Investors On Trading Thomas Wyatt Nigeria’s Securities

The Nigerian Stock Exchange has advised investors in the country to “trade with caution” on the securities of Thomas Wyatt Nig. Plc following the firm’s failure to file in unaudited financial statement as at when due.

The NSE made the disclosure on its website Thursday where it alleged the company “missed the deadline to file its third quarter (Q3) unaudited financial statement (UFS) for the period 31 December 2019.”

“The Exchange hereby advises the investing public as follows:

a. A First Deficiency Filing Notice (FDN) has been issued against Thomas Wyatt; and

b. Investors are advised to trade with caution on the securities of Thomas Wyatt in the absence of up to date financial information from the Company.” The statement reads in part.

The Exchange explained further that the company’s UFS became due 30 January 2020, adding that the delay violates the provision of Rule 1.1.2 of the ‘Issuers Rule and Default Filing Rules’ of the Exchange.

According to the rule, “every issuer shall file its audited quarterly account not later than thirty (30) calendar days after the relevant quarter…”

As a result of the default, NSE has given the defaulter a three-day ultimatum to provide Nigerian investors with a detailed reason for the delay, adding that the company must release a date for the filing of its unaudited statement.

However, the Exchange recommended that in the case of inability to give a date, the company should disclose its limitation to the public.

The Exchange also warned to take action on the company if it fails to comply, and file its Q3 UFS within the ninety-day cure period stipulated by Rule 2.1.1 of the Default Filing Rules:

It said after the elapse of the 90 days, it will: “a. Send Thomas Wyatt a “Second Filing Deficiency Notification” within two (2) business days after

the expiration of the ninety-day cure period; and

b. Suspend trading in the Company’s shares.”

Recall the company was reinstated on the NSE on February 2, 2019 after it was delisted by the Exchange on November 1 2018 for failing to file its unaudited financial statement, which is a similar offence.

Thomas Wyatt Nig. Plc. formerly Thomas Wyatt and Sons West Africa is a manufacturer of school and office stationery and large-scale printers incorporated on March 18, 1948.