TIDMMTPH
RNS Number : 5729N
Midatech Pharma PLC
23 January 2023
23 January 2023
Midatech Pharma PLC
("Midatech" or the "Company")
Result of General Meeting
Appointment of Specialist Business Advisory Firm - Quantuma
Midatech Pharma PLC (AIM: MTPH.L; Nasdaq: MTP), a drug delivery
technology company focused on improving the bio-delivery and
biodistribution of medicines, announces that at its General Meeting
held at 10.00 a.m. today all ordinary resolutions were carried, but
all other resolutions were not passed by shareholders, as set out
in the table below. As certain resolutions were inter-conditional,
only Resolution 4 (general authority to allot securities) was
therefore passed. Accordingly, the proposed acquisition of Bioasis
Technologies, Inc. and the proposed transactions related thereto,
including the Change of Name, will not proceed.
While the Company has sufficient cash resources to fund its
operations until mid-March 2023 and the Board will seek to preserve
its cash resources as far as practicable, it urgently requires a
commitment for alternative sources of funding in advance of
mid-March 2023 to be able to continue as a going concern and the
Board are exploring options. There can be no guarantee that the
Company will be able to find alternative sources of funding on a
timely basis. If alternative funding is not available, the
Directors believe that it is likely that the Company could be
forced to enter into administration.
The Board wishes to ensure that it is acting in the best
interests of creditors and other stakeholders. Therefore, in light
of today's vote at the General Meeting and its financial position,
the Company has appointed Quantuma Advisory Limited, a specialist
business advisory firm, to undertake contingency planning and
provide advice to the Board of Directors on appropriate
actions.
Further announcement(s) will be made as and when
appropriate.
Capitalised terms shall have the same meanings as those set out
in the Company's circular dated 5 January 2023.
The votes received in respect of the Resolutions were as
follows:
Resolution For Against
================================== ============ ====== ============ ======
That the directors
be authorised to allot
1 the Transaction Shares 24,144,874 62.53% 14,470,936 37.47%
----------------------------- ------------ ------ ------------ ------
That the directors
be authorised to allot
shares in connection
with the issue of the
New Options, the New
Warrants and the Bioasis
2 Warrants 24,089,977 62.37% 14,532,883 37.63%
----------------------------- ------------ ------ ------------ ------
That the directors
be authorised to allot
3 the Cresence Shares 24,088,252 62.37% 14,534,708 37.63%
----------------------------- ------------ ------ ------------ ------
That the directors
be generally authorised
4 to allot shares 24,130,299 62.48% 14,490,436 37.52%
----------------------------- ------------ ------ ------------ ------
That the directors
be authorised to disapply
the statutory pre-emption
provisions in connection
with the authorisation
5 to allot shares 24,132,442 62.64% 14,393,018 37.36%
----------------------------- ------------ ------ ------------ ------
That the directors
be authorised to disapply
the statutory pre-emption
provisions in connection
with the authorisation
6 to allot shares 24,076,820 62.49% 14,451,140 37.51%
----------------------------- ------------ ------ ------------ ------
That the directors
be authorised to disapply
the statutory pre-emption
provisions in connection
with the authorisation
7 to allot shares 24,079,017 62.50% 14,446,718 37.50%
----------------------------- ------------ ------ ------------ ------
That the directors
be authorised to disapply
the statutory pre-emption
provisions in connection
with the authorisation
8 to allot shares 24,075,567 62.50% 14,447,393 37.50%
----------------------------- ------------ ------ ------------ ------
That Midatech Pharma
Plc changes its name
to Biodexa Pharmaceuticals
9 PLC 24,711,795 64.03% 13,883,040 35.97%
----------------------------- ------------ ------ ------------ ------
The total number of votes cast represented approximately 35.6%
of the Company's total issued share capital.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014, as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
For more information, please contact:
Midatech Pharma PLC
Stephen Stamp, CEO, CFO
Tel: +44 (0)29 20480 180
www.midatechpharma.com
Strand Hanson Limited (Nominated Adviser)
James Dance / Matthew Chandler / Rob Patrick
Tel: +44 (0)20 7409 3494
Turner Pope Investments (TPI) Ltd (Joint Broker)
Andrew Thacker / James Pope
Tel: +44 (0)20 3657 0050
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)
Alyssa Factor
Tel: +1 (860) 573 9637
Email: afactor@edisongroup.com
About Midatech Pharma PLC
Midatech Pharma PLC (dual listed on LSE AIM: MTPH; and NASDAQ:
MTP) is a drug delivery technology company focused on improving
the bio-delivery and bio-distribution of medicines. The Company
combines approved and development medications with its proprietary
and innovative drug delivery technologies, to provide compelling
products that have the potential to powerfully impact the
lives of patients.
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 nanotechnology
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 nanotechnology
used for targeting medications to sites of disease.
The platform nature of the technologies offers the potential
to develop multiple drug assets rather than being reliant
on a limited number of programmes. Midatech's technologies
are supported by 36 patent families including 120 granted
patents and an additional 70 patent applications. Midatech's
headquarters and R&D facility is in Cardiff, UK. For more
information please visit www.midatechpharma.com
Forward-Looking Statements
Certain statements in this announcement may constitute
"forward-looking statements" within the meaning of legislation in
the United Kingdom and/or the United States Private Securities
Litigation Reform Act. All statements contained in this
announcement that do not relate to matters of historical fact
should be considered forward-looking statements.
In certain cases, forward-looking statements can be identified
by the use of words such as "plans", "expects" or "does not
anticipate", or "believes", or variations of such words and phrases
or statements that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking statements and information are subject
to various known and unknown risks and uncertainties, many of which
are beyond the ability of Midatech to control or predict, that may
cause their actual results, performance or achievements to be
materially different from those expressed or implied thereby, and
are developed based on assumptions about such risks, uncertainties
and other factors set out herein.
Reference should be made to those documents that Midatech shall
file from time to time or announcements that may be made by
Midatech in accordance with the London Stock Exchange's 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 Midatech 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,
Midatech does not undertake any obligation to publicly update or
revise any forward-looking statements because of new information,
future events or otherwise arising.
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END
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(END) Dow Jones Newswires
January 23, 2023 07:00 ET (12:00 GMT)
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