According to a statement, management said the extension is
to enable the Bank to comply with NGX’s free float requirement of 20% issued
and fully paid share capital.
In Naira terms, this translates to N20 billion 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.
The requirement is in line with 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 three years timeframe ending 4 October 2025 given by
NGX failing which NGX RegCo may suspend trading in its securities”, Abbey
Mortgage Bank said.