WorldStage– A federal high court sitting in Lagos led to Justice Y. Bogoro has ordered a meeting between Neimeth International Pharmaceuticals Plc and its ordinary scheme shareholders for March 31.
But a statement it posted on the NGX indicated the court order on Feb.5 order mandated the meeting between the company and the class of shareholders—fully paid ordinary scheme shareholders.
These are shareholders who subscribed to the 2.37 billion new ordinary shares of 50 kobo each Neimeth issued in 2022 at N1.55 per share. Existing shareholders then bought five new shares for every four they held.
The issue sought to raise ₦3.68 billion which later went for manufacturing, constructing a WHO-class plant in Anambra, upgrading the Oregun, Lagos, facility, and debt reduction then.
A Special/Private Placement got shareholders’ approval in 2025.
There are five issues the court-ordered meeting will address when it comes up virtually: approval and modification of the Scheme of Arrangement; reduction of share premium account: the board of directors obeying related court injunctions and SEC guidelines; the company’s lawyers securing legal backing for the meeting resolutions; and the board getting authorization to do all it deems necessary.
Shareholders may attend or send their proxies.
