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Sunday, December 4, 2022

Abbey Mortgage Bank Gets Three Years Extension For Free Float Compliance

Abbey Mortgage Bank Plc has said the Nigerian Exchange Limited (NGX) has approved its request for a free float compliance extension till October 4th, 2025. 

The company disclosed this in a statement that to its stakeholders.

Companies listed on NGX are required to maintain a minimum free float for the set standards under which they are listed, to ensure that there is an orderly and liquid market for their securities.

The statement by the company explained that the request was to enable the bank to comply with NGX’s free float requirement of 20% issued and fully paid share capital or N20 billion free-float market capitalization for companies listed on its main board. 

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Rule 3.1.4 of the NGX’s Rules of governing free float requirements states that:

  • “The Exchange may suspend trading in the company’s securities if the company does not achieve the required free float within the stipulated timeframe 
  • “The bank is positioned to achieve and meet the free float requirements within the three-year timeframe ending 4th October 2025 given by NGX, failing which NGX RegCO may suspend trading in securities.”

Source: Nairametrics


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