Neimeth International Pharmaceutical Plc has notified the Nigerian Exchange and the investing public that following close of its Rights Issue exercise on September 15, 2022 that it has received a No Objection from the Securities and Exchange Commission on the allotment of 2,373,947,500 ordinary shares at N1.55 per share on the basis of 5 new Ordinary Shares for every 4 Ordinary Shares held as at the close of business on Friday, April 22, 2022.
The Rights Issue was fully subscribed, leading to fresh injection of N3.68 billion which will further position the company for growth, improve its capital structure, deleverage its balance sheet and fund its working capital needs.
The shares allotted will be credited to the CSCS account of allottees by the Registrars to the Issue, in line with the basis of allotment of the shares as approved by SEC. Allotment of the shares will bring about change in the Shareholding Structure of the Company.
Source: Neimeth raised N3.68bn via Rights Issue, to allot 2.37bn bonus shares – StocksWatch (stocksng.com)