NSE To Lift Suspension On Trading Of Ikeja Hotel Shares On Monday

…Interim Management Promises Better Days Ahead

SUCCOR may have come the way of shareholders of Ikeja Hotel Plc, as the Nigerian Stock Exchange (NSE), yesterday announced plans to lift the two years suspension on the shares of the company on Monday, May 21.

The NSE had on November 10, 2016 suspended trading on the shares of the hotel following the continued dispute among the major shareholders.

According to the NSE, the suspension, which is pursuant to the Provisions of Rule 15.45 of its Rulebook, is to safeguard shareholders of the company as the dispute has negatively impacted the company’s governance structure. Ikeja Hotels Plc, which owns Lagos Sheraton Hotel, has been involved in a boardroom crisis, a development that led to some of the shareholders removing its chairman, Mr. Goodie Ibru early 2015 at an Extra-ordinary General Meeting (EGM).

Speaking during the ‘Facts Behind the Restructuring of the company’, which held at the Stock Exchange in Lagos yesterday, the Executive Director Regulation, NSE, Tinu Awe, stated that trading would commence on the shares of the company, noting that the new board have complied with the necessary regulatory requirements as well as restored the company on the path of recovery. Hesaid, “We aresatisfiedwith theworktheikejahotelshave donetilldate. Thisisanappropriate time to lift the suspension on the trading of the shares of the company. The expectation on the direction of the Quotations Committee of Council is that the trading on the shares will be lifted on Monday.”

“Those of you following the company will be aware that it has cleared the backlog of financials, and indeed this is now in compliance with the financial obligation up to date. Giving where the company is coming from, again it is an example of a company picking itself up and putting it back on a track of recovery,” he added.