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NGX Approves NPF Microfinance Bank Plc Free Float Compliance Extension

Dec 07, 2022   •   by NGX   •   Source: NGX   •   eye-icon 50 views

NPF Microfinance Bank Plc (“the Bank”) hereby notifies all its esteemed shareholders that Nigerian Exchange Limited (NGX) has approved the Bank’s free float compliance extension request of one (1) year ending 1st December 2023. 

This is to enable the Bank 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 and to ensure that the Bank returns to compliance with its post listing obligations. This is in line with Rule 3.1.4 of The Exchange’s Rules Governing Free Float Requirements, which 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 one (1) year timeframe ending 1st December 2023 given by NGX Regulation Limited (NGX RegCo) failing which NGX RegCo may suspend trading in its securities. 

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