listing rules - The Nigerian Stock Exchange

CHAPTER 10
CROSS BORDER LISTING
OVERSEAS ISSUERS – EQUITY SECURITIES
3.7 If the listing involves a marketing of the securities for which listing is being
sought, then securities with an expected market capitalization of at least
$5m 28 Billion Naira or equivalent must be offered in Nigeria; and
Comment [JI10]: Section 3.7 is hereby amended
by deleting “$5m” and substituting therefor with
N28 billion or equivalent”
The requirement that a prescribed percentage of any class of listed securities must at all times be held
by the public does not apply to an overseas issuer whose primary listing is or is to be on another Stock
Exchange.The Issuer shall ensure that a minimum of 10% of the issued share capital is made
available to the public and held by not less than 300 shareholders:
8.6 For the purpose of satisfying or avoiding contravening the under stated position,
viz.:
Where the listing committee decided to cancel the listing of a listed issuer it
will, if requested, give its reason in writing and the issuer shall have the right to
have that decision referred to the listing committee again for review. If the
listing committee endorses or modifies its earlier decision the issuer shall have
a right to further and final review of that decision by the Listing Appeals
Committee. The decision of the Listing Appeals Committee on review shall be
conclusive and binding on the issuer.
An overseas issuer whose primary listing is or is to be on another Stock Exchange
need only appoint one authorised representative who need not be a director or
secretary but be a person acceptable to the listing stock exchange. The authorised
representative should act as the principal channel of communication between the
issuer and The Exchange.
17. In the case of a new applicant whose accounts have not been audited previously on a basis
analogous to that outlined in the listing requirement, or whose accounts have not previously
been published in consolidated form, the listing stock exchange will generally give
favourable consideration to a report in which the reporting accountants’ report without
material qualification on the last two preceding year
three years, provided that the figures for the
have been prepared by the overseas issuer under the supervision of the reporting
accountants on basis consistent with those used in respect of the three years reported
upon.
Comment [FN11]:
Section 17 is hereby amended on line 5 by deleting
the word “three” and substituting therefor “two”;
deleting “for the two earlier years” and substituting
therefor “for the preceding year”; and deleting “on
the basis consistent with those used in respect of the
three years reported upon”
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