Shareholders of Neimeth International Pharmaceuticals Plc have approved a major capital restructuring that will see the company reduce its share premium account from N2.38bn to N390.02m and transfer N1.99bn to its revenue reserve account.
The resolutions were passed at a Court-Ordered Meeting of the company held virtually, where shareholders gave their backing to a Scheme of Arrangement designed to strengthen the company’s financial position and provide greater flexibility for future operations.
Under the approved scheme, the reduction of the share premium account by N1.99bn will be effected through a transfer to retained earnings, a move widely seen as a balance sheet optimization strategy.
The restructuring is also expected to enhance the company’s capacity for future growth initiatives and improve its ability to manage capital efficiently.
Shareholders further authorised the Board of Directors to implement the Scheme of Arrangement in full, including consenting to any modifications that may be required by the Securities and Exchange Commission (SEC) or the Court. The Board was also empowered to take all necessary steps to ensure the successful execution of the resolutions.
In addition, the company’s solicitors have been mandated to seek the sanction of the Court to formalise the Scheme and the resolutions passed at the meeting. This includes obtaining any incidental or consequential orders required to give full legal effect to the restructuring.
The meeting also granted broad authority to the Board to undertake any supplementary actions deemed necessary to implement the scheme and ensure a seamless transition.
The approval marks a significant milestone for Neimeth International Pharmaceuticals Plc as it advances its corporate restructuring efforts, positioning the company for improved financial stability and long-term value creation for shareholders.
The Scheme of Arrangement, as detailed in the Scheme Document dated February 25, 2026, remains subject to final regulatory and court approvals before full implementation.
