The Members of Neimeth Pharmaceuticals Plc (NEIMETH) has approved the payment of the 7 kobo per 50 kobo ordinary share final dividend as recommended by the board.
The final dividend which amounts to N132,941,047.49 (one hundred and thirty-two million, nine hundred and forty-one thousand, forty-seven naira and forty-nine kobo only) was unanimously approved by the company’s shareholders at the 63rd Annual General Meeting of the company held on Tuesday, March 22, 2022, at NECA House, Plot A2 Hakeem Balogun Street, Central Business District, Alausa – Ikeja, Lagos State.
On Friday 25th March 2022, the dividend will be paid electronically to shareholders whose names appear in the Register of Members as of Monday, March 14, 2022.
The NEIMETH share price closed at N1.63 per share on Wednesday. YTD the share price is down by 6.86%. However, in the past 2 years it’s up 239.58%.
Read also: List of Dividends announced in 2022, qualification and payment dates
Other resolutions passed at the meeting include the approval of the report of the directors, statement of financial position as at September 30th 2021, together with the statement of comprehensive income for the year ended on that date and the reports of the auditors and audit committee.
The directors of the company were also authorized to raise additional equity capital of N3.68 billion through a rights issue and N1.32 billion through private placement.
The document published by Neimeth Pharmaceuticals Plc on the Nigerian Exchange read in part:
“That subject to obtaining the approval of the relevant regulatory authorities, the Directors of the Company (the “Directors”) be and are hereby authorised to raise equity capital of N3,679,618,625 (Three Billion, Six Hundred and Seventy Nine Million, Six Hundred and Eighteen Thousand, Six Hundred and Twenty Five Naira Only) by way of creation of 2,373,947,500 Ordinary Shares of 50kobo Each at N1.55k per share on the basis of five (5) new Ordinary Shares for every four (4) Ordinary Shares (Rights Issue) on such other terms and conditions as the Directors may deem fit to determine”.
“That the Rights Issue be underwritten by an appointed Underwriter on a standby basis to ensure full subscription to the Rights Issue. Provided that in the event of an under-subscription of any Rights Issue undertaken by the Company, if any of the shareholders fail to exercise their right to subscribe for or take up their rights, the other shareholders who have taken up their rights shall be given the first right of refusal to subscribe for the non-subscribing shareholders’ portion of unsubscribed shares. The non-subscribing shareholders shall be deemed to have to waive their pre-emptive rights to any unsubscribed shares under the Rights Issue and the Directors are hereby authorised to issue such shares to interested investors, as far as practicable, on the same terms as the Rights Issue”.
“That the Directors of the Company be and are hereby authorised to do all acts and things and to approve, sign and/or execute all documents, appoint such professional parties and advisers, perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority”.
“That all acts carried out by the Directors of the Company hitherto in connection with the above, be and are hereby ratified”.
“That the Company raise equity capital of N1,320,381,375.60 (One Billion, Three Hundred and Twenty Million, Three Hundred and Eighty-One Thousand, Three Hundred and Seventy-Five Naira and Sicty Kobo Only) by way of Special/Private Placement to finance the establishment of a new plant and working capital needs.”
“That the company issue up to 628,753,036 ordinary shares of 50k each at N2.10k per share to raise the above capital.”
“That the level of dilution from the above capital raise be limited to 12.38%.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
