UPDC Granted Two-Year Extension to Meet 20% Free Float, Market Cap Threshold of N20bn
UACN Property Development Company (UPDC) Plc has been given the green light for a further two-year extension to meet the Nigerian Exchange’s (NGX) free float regulatory requirements until 2028, news.ng reports.
In a press release on Friday, the extension was said to enable the property company’s board to comply with listing standards. It will also allow the company to address its free float deficiency within the given two-year grace period.
Recall that the NGX had mandated a minimum of 20% of issued and fully paid share capital to be held by the public, or a free float market capitalisation of at least ₦20 billion for companies listed on the Main Board.
Citing Rule 3.1.4 of The Exchange’s Rules Governing Free Float Requirements, the property company noted 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”.
However, the board and majority shareholders of the company have pledged to “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.”
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