On July 27, 2020 Midatech Pharma PLC (AIM: MTPH.L; Nasdaq: MTP), a drug delivery technology company focused on improving the bio-delivery and biodistribution of medicines, reported that it has raised £0.75 million (before expenses) pursuant to a Broker Option following the completion of the UK Placing (Press release, Midatech Pharma, JUL 27, 2020, View Source [SID1234562695]). The result of the UK Placing of 18,518,518 Placing Shares at an Issue Price of £0.27 per share was announced earlier today. The UK Placing was significantly oversubscribed and brings new UK institutions into the Company’s shareholder base.
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The Company granted an option to Turner Pope under the Placing Agreement to enable them to deal with additional demand under the UK Placing in the event that requests to participate in the UK Placing from qualifying investors were received during the period from the time of the announcement of the UK Placing to 8.00 a.m. on 27 July 2020 up to a maximum of £0.75 million. Turner Pope has exercised the Broker Option to the maximum extent in respect of 2,777,777 Broker Option Shares at the same price as the UK Placing.
Accordingly, the total number of New Ordinary Shares to be issued by the Company pursuant to the UK Placing and the Broker Option is 21,296,295. The aggregate gross proceeds of the UK Placing and the Broker Option is £5.75 million. Aggregate proceeds, net of expenses, are expected to be £5.28 million.
Application for Admission to trading on AIM
Subject to all conditions being met, application will be been made for 21,296,295 New Ordinary Shares to be admitted to trading on AIM. It is expected that settlement of the Placing Shares and the Broker Option Shares and Admission will take place at 8.00 a.m. on or about 3 August 2020 and that dealings in the Placing Shares and, if applicable, the Broker Option Shares will commence at that time.
When issued the New Ordinary Shares will be fully paid and will rank pari passu in all respects with the existing Ordinary Shares.
Total Voting Rights
The Company’s issued share capital following the issue of equity noted above, will comprise 60,548,852 ordinary shares of 0.1p each with voting rights. The Company does not hold any shares in treasury. This figure of 60,548,852 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
Capitalised terms used in this announcement have the meanings given to them in the announcement of the UK Placing earlier today.
Commenting, Stephen Stamp, Midatech CEO and CFO, said: "I am delighted with the result of the UK Placing and welcome on board our new shareholders. The oversubscription of the UK Placing followed by full take-up of the Broker Option is a massive vote of confidence in our new strategy and the progress we have made since we started our strategic review in April."