At the General Meeting, Shareholders approved, inter alia, the Share Consolidation, as detailed in the Circular. The Share Consolidation consists of a consolidation of the ordinary shares of GBP 0.001 each in the capital of the Company, such that every 20 Ordinary Shares will be consolidated into one new ordinary share of GBP 0.02 nominal value each. Following the Share Consolidation, the Company will have a single class of ordinary shares of GBP 0.02 each in issue, being the Consolidated Ordinary Shares. Also effective on or around 27 March 2023, the ratio of the Company’s American Depositary Shares will change from one ADS representing 25 Ordinary Shares to one ADS representing five Consolidated Ordinary Shares, with new CUSIP 59564R609. No fractional ADSs will be allocated. The aggregate fractional ADSs, if any, will be sold and the net proceeds will be distributed to the entitled ADS holder. The Company’s depositary, The Bank of New York Mellon, will contact ADS holders and arrange for the exchange of their existing ADSs for new ADSs. Application has been made to the London Stock Exchange plc for the admission to trading on AIM of the Consolidated Ordinary Shares, which is expected to become effective and dealings commence at 8.00 a.m. on or around 27 March 2023. Following approval by Shareholders of the relevant resolution, Midatech’s name will be changed to Biodexa Pharmaceuticals PLC on or around 27 March 2023. The new AIM Symbol/TIDM will be "BDRX" once the name change is effected, and the new trading symbol on NASDAQ is expected to also be "BDRX". Further to today’s approval by Shareholders, the admission of the Ordinary Shares to trading on AIM will be cancelled, although trading on NASDAQ in the ADSs will be maintained. The AIM Cancellation is expected to take place approximately one month following today’s General Meeting, on 26 April 2023, in order to give Shareholders sufficient time to convert their Consolidated Ordinary Shares into ADSs, should they wish to do so. Shareholders are recommended to refer to the Circular and the ‘Frequently Asked Questions’ document that accompanied the Circular, which is available on the Company’s website and addresses further questions in respect of the implications of the AIM Cancellation in relation to holdings of Consolidated Ordinary Shares. In order to facilitate the Company’s sole remaining listing on NASDAQ, the Company will adopt New Articles with effect from the AIM Cancellation, which were also approved at today’s General Meeting.
Published first on TheFly
