The Board of Directors of Neimeth International Pharmaceuticals Plc has notified its shareholders that the NGX Regulation Limited (NGX Regco) has approved the Company’s request for extension of time to achieve the required free float threshold within two years (2024-2026).
This is to enable the Company to comply with NGX free float requirement of 20% issued and fully paid share capital or N20 billion free float market capitalisation for companies listed on its Main Board and to ensure that the Company returns to its post listing obligations.
This is in line with Rule 3.1.4 of The Exchange Rules Governing Free Float Requirements which states that “The Exchange may suspend trading in the company’s securities if the company does not achieve the required free float within the stipulated time frame”