Neimeth International Pharmaceuticals Plc announced that its shareholders have unanimously approved a resolution at the Court-ordered meeting held virtually on March 31, 2026, which paves the way for the implementation of a major corporate restructuring scheme.
The resolutions, duly passed at the meeting, focus on the approval of the Scheme of Arrangement contained in the Scheme Document dated 25 February 2026.
The Scheme includes the reduction of the company’s Share Premium Account from ₦2,377,756,000 to ₦390,017,000, with the sum of ₦1,987,739,000 being transferred to the Revenue Reserve Account.
In a statement signed by Company Secretary Chinenye S. Adekambi, the Board expressed satisfaction with the outcome and confirmed that directors have been fully authorized to:
– Consent to any modifications of the Scheme Document required by the Securities and Exchange Commission (SEC) or the Court;
– Carry out all necessary actions to give full effect to the Scheme;
– Seek formal Court sanction of the resolutions and the Scheme itself.
The resolutions also empower the Board and the company’s solicitors to take all incidental, consequential, and supplementary steps needed to complete the process.
This development is an achievement for Neimeth.
The approved Scheme is expected to strengthen the company’s balance sheet by converting part of the share premium into distributable reserves, providing greater flexibility for future operations, potential dividends, or further investment in its product portfolio..
The company will then proceed with a formal application to the Court for sanction of the Scheme.
Once sanctioned, the company will issue a further public notice detailing the effective date and full implications of the Scheme.
About the company
Neimeth International Pharmaceuticals Plc is a pharmaceutical company that manufactures, distributes, and markets pharmaceutical and consumer health products.
Administrator and Writer
