Midatech Pharma PLC Result of General Meeting (7407E)
March 02 2020 - 10:48AM
UK Regulatory
TIDMMTPH
RNS Number : 7407E
Midatech Pharma PLC
02 March 2020
2 March 2020
Midatech Pharma PLC
("Midatech" or the "Company")
Result of General Meeting
ADR Ratio Change
Total Voting Rights
Midatech Pharma PLC (AIM: MTPH.L; Nasdaq: MTP), an R&D
biotechnology company focused on delivering innovative oncology and
rare disease products to patients, announces that all resolutions
were passed at a general meeting of shareholders of the Company
held earlier today.
Consequently, with effect from tomorrow, 3 March 2020,
Midatech's existing ordinary shares of 0.005p each in the capital
of the Company ("Existing Ordinary Shares") will be consolidated on
a one for 20 basis into new ordinary shares of 0.1p each in the
capital of the Company ("New Ordinary Shares"). Admission to
trading of the New Ordinary Shares, with CUSIP GB00BKT14T00,
pursuant to Rule 6 of the AIM Rules for Companies is expected to
begin at 8.00am on 3 March 2020 ("Admission").
Immediately prior to the consolidation of the Existing Ordinary
Shares, the Company shall issue seven additional ordinary shares in
order that the aggregate nominal value of the ordinary share
capital of the Company is exactly divisible by 20. Consequently,
following Admission, the Company's issued ordinary share capital
will consist of 23,494,981 ordinary shares of 0.1p each. The
Company does not hold any shares in treasury. Therefore, the total
number of ordinary shares with voting rights in Midatech following
Admission will be 23,494,981.
The above figure of 23,494,981 may be used by shareholders as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in the Company under the FCA's Disclosure Guidance
and Transparency Rules.
Also effective on 3 March 2020, the ratio of the Company's
American Depositary Receipts ("ADRs") will change from one ADR
representing 20 Existing Ordinary Shares to one ADR representing
five New Ordinary Shares, with new CUSIP 59564R302. No fractional
ADRs will be allocated. The aggregate fractions, if any, will be
sold and the net proceeds will be distributed to the entitled ADR
holder. The Company depositary, Deutsche Bank Trust Company
Americas, will contact ADR holders and arrange for the exchange of
their existing ADRs for new ADRs.
For more information, please contact:
Midatech Pharma PLC
Dr Craig Cook, CEO
Stephen Stamp, CFO
Tel: +44 (0)1235 888300
www.midatechpharma.com
Panmure Gordon (UK) Limited (Nominated Adviser and Broker)
Freddy Crossley, Emma Earl (Corporate Finance)
James Stearns (Corporate Broking)
Tel: +44 (0)20 7886 2500
IFC Advisory Limited (Financial PR and UK Investor Relations)
Tim Metcalfe / Graham Herring
Tel: +44 (0)20 3934 6630
Email: midatech@investor-focus.co.uk
Edison Group (US Investor Relations)
Joseph Green/ Laine Yonker
Tel: (646) 653-7030/ 7035
jgreen@edisongroup.com/ lyonker@edisongroup.com
About Midatech Pharma PLC
Midatech Pharma PLC (dual listed on LSE AIM: MTPH; and NASDAQ:
MTP) is an R&D company focused on 'Making Medicines Better' by
improving delivery of drugs in the body. The Company combines
existing medications with its proprietary and innovative drug
delivery technologies to provide compelling oncology and rare
disease products that have the potential to powerfully impact the
lives of patients undergoing treatment for life threatening
diseases.
The Company has developed three in-house technology platforms,
each with its own unique mechanism to improve delivery of
medications to sites of disease. All of the Company's technologies
have successfully entered human use in the clinic, providing
important validation of the potential for each platform:
-- Q-Sphera(TM) platform: a disruptive micro-technology used for
sustained release to prolong and control the release of
therapeutics over an extended period of time (from weeks to
months).
-- MidaSolve(TM) platform: an innovative nano-technology used to
dissolve insoluble drugs so that they can be administered in liquid
form directly and locally into tumours.
-- MidaCore(TM) platform: a leading edge nano-technology used
for targeting medications to sites of disease.
By improving biodelivery and biodistribution of approved
existing molecules, Midatech's unique R&D has the potential to
make medicines better, lower technical risks, accelerate regulatory
approval and route to market, and provide newly patentable
products. The platform nature of the technologies allows the
potential to develop multiple drug assets rather than being reliant
on a limited number of programmes.
Midatech's headquarters and R&D facility is in Cardiff, UK,
and manufacturing operation in Bilbao, Spain. For more information
please visit www.midatechpharma.com
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of legislation in
the United Kingdom and/or United States. Any forward-looking
statements are based on currently available competitive, financial
and economic data together with management's views and assumptions
regarding future events and business performance as of the time the
statements are made and are subject to risks and uncertainties. We
wish to caution you that there are some known and unknown factors
that could cause actual results to differ materially from any
future results, performance or achievements expressed or implied by
such forward-looking statements.
Reference should be made to those documents that we shall file
from time to time or announcements that may be made by the Company
in accordance with the London Stock Exchange AIM Rules for
Companies ("AIM Rules"), the Disclosure and Transparency Rules
("DTRs") and the rules and regulations promulgated by the US
Securities and Exchange Commission, which contains and identifies
other important factors that could cause actual results to differ
materially from those contained in any projections or
forward-looking statements. These forward-looking statements speak
only as of the date of this announcement. All subsequent written
and oral forward-looking statements by or concerning the Company
are expressly qualified in their entirety by the cautionary
statements above. Except as may be required under the AIM Rules or
the DTRs or by relevant law in the United Kingdom or the United
States, we do not undertake any obligation to publicly update or
revise any forward-looking statements because of new information,
future events or otherwise arising.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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