Rhoda Ogunseye 
The Board of Directors of UPDC Plc said the NGX Regulation Limited (NGX RegCo) had approved the company’s request for extension of time to achieve the required free float threshold within two years (2024-2026). A statement signed by Folake Kalaro, the Company Secretary, and seen on NGX website, said this was to enable the company comply with Nigerian Exchange Limited’s free float requirements of 20 per cent issued and fully paid share capital or N20 billion freefloat market capitalisation for companies listed on its Main Board and to ensure that the company returns to its post-listing obligations.
It said this was 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 Board and majority shareholders of the company remain committed to good corporate governance practices and will ensure that the free float deficiency of the company is cured within the stipulated timeline given by NGX RegCo, failing which NGX RegCo may suspend trading in its securities.” In a similar development, the Board of Directors of Neimeth Inter national Pharmaceuticals Plc notified its esteemed shareholders that NGX Regulation Limited (NGX RegCo) had approved the company’s request for extension of time to achieve the required free float threshold within two years (2024-2026). This is to enable the Company comply with Nigeria Exchange Limited’s free float requirements of 20 per cent issued and fully paid share capital or N20 billion free-float market capitalization for companies listed on its Main Board and to ensure that the company returns to its post-listing obligations. Chinenye S. Adekanmbi, Ag. Company Secretary, said in a statement that “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.
