§ Cadbury Nigeria is a member Company of Cadbury Schweppes PLC , a Major player in Global confectionery and Beverages markets with 40,000 employees and Business operations in 200 countries. Cadbury \'s initial objective in the 1950s to source Cocoa and prospect for a market in Nigeria led to the establishment of a Manufacturing facility in Ikeja , Lagos in 1965. § Cadbury Schweppes Overseas currently remains the largest single holder with 50.02% of the Equity while Nigerian shareholders (institutions& individuals) own 49.98% of the Total current shares outstanding of 1,100,842,666. § The Company has since grown organically to become one of the leading manufacturers in Nigeria , with a Rising profile in the Europe, Middle East and Africa (EMEA) Region, one of the five operational regional groupings of Cadbury Schweppes . It was Incorporated in January 1965 when the current 42-hectare Factory site was also opened, it went Public in 1976. § Prior to the outcome of the investigation by PricewaterhouseCoopers (Chartered Accountants ) following the recent Financial shenanigans, the Stock was enjoying an average Daily Trading volume of over 500,000 units before it was placed on Technical suspension. Consequently, Trading volume declined to a Low ebb average of 30,000 units while still expecting the outcome of the investigation panel. § From the Information made available by the Company , the current year loss is forecasted to be about N5.0 billion and as at September 30 2006, the Company ’s Net Asset Value (NAV) has come down to at least about N1.0 billion. § In correcting the financials, the Company ’s Net Asset Per share (NAPS) has dropped from N10.86 as at December 2005 to about N0.99 as at September 30, 2006 resulting in about 91% drop. § The parent Company may salvage momentum drop in Value given the number of floats outstanding (53.73%), we recommend a SELL before the support level…..(click below for full report) Attachment : MERISTEM Equity Research REPORT-CADBURY_NIG _ PLC -DEC 2006.pdf -------------------------------------------------------------------------------- MERISTEM Securities Ltd . 124 Norman Williams Street, South West, Ikoyi, Lagos . P.O Box 51585 Falomo, Ikoyi, Lagos . Phone:234-1-2717350-5; Fax: 234-1-2717356, 2690118. Website:www.meristemng.com E-mail:info@meristemng.com