Neimeth International Pharmaceuticals Plc with Meristem Securities as the Issuing House, has commenced the execution of the Rights Issue of 821,576,716 ordinary shares of 50 kobo each at N1.50k per share.The acceptance list opened on Tuesday, October 4, 2011 and will close on Thursday November 10, 2011.One unique value of the proposition is that existing shareholders will maintain their current percentage holding in the company thereby reducing the element of dilution of shares. The current very attractive dividend yield at 4.76 per cent has further buttressed Neimeth's position of maximizing shareholders wealth.It's noteworthy that the Pharmaceutical sector is undergoing what industry watchers term 'quality evolution'. Many key players are raising the stake, building, expanding or refurbishing plants with a view to achieving the WHO GMP pre-qualification. Neimeth as part of this evolution, recently bagged two Internationally accepted certifications for maintaining enviable track record of quality products: NIS 14001 2004 and NIS 9001: 2008. By these, Neimeth became the first pharmaceutical company to achieve double certification at the same time. There are indications that multinational pharmaceutical companies have been making enquiries and are in discussions with the leading pharmaceutical companies in Nigeria as potential acquisition targets. This return of the multinationals to the Nigerian shores signifies the huge potentials inherent in the business and the industry as a whole.Neimeth has completed the last phase of its transformation from a company that depended on franchised and licensed products into one relying on its own indigenously developed products and brands. The long years of investment in Research and Development have yielded new products and formulation which are set to take prominent positions in the Nigeria and indeed West African Pharmaceuticals Market. By this feat, the royalties hitherto paid on franchised products will now be conserved forthwith.Neimeth recently launched Pyrantrin and transited TCP to NCP (Liquid Antiseptic) which have been found useful in 27 unique ways for all round family protection. The company is poised to strengthen antiseptic consumer market with the entry of Nimetol/Hibilon in the last quarter of the trading year. Neimeth is determined to remain in the fore front of local manufacturing and to lead in developing 'home breed' medicines with international appeal. The successes with such products as ciklavit, miniplus, artemoclor and the breakthrough in Cardiovascular medicine, Neimeth is on the threshold of being the only pharmaceutical company with a locally formulated Anti Retroviral Products. The injection of fresh capital into the business will portend greater harvest for all shareholders. On successful completion of the rights issue, the market capitalization of Neimeth is expected to double. Neimeth is therefore urging all existing shareholders to take advantage of the ongoing Rights Issue and take up all their rights on the basis of one (1) New Ordinary Share for every one (1) Ordinary Share held as at February, 28, 2011.
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