Motif Bio PLC - AIM cash shell - Continues to progress a reverse takeover under the head of terms agreement signed with a UK-based antibody drug conjugate discovery and development firm. Subject to execution of a sale and purchase agreement, the deal would see Motif acquire the undisclosed target's entire share capital. Motif is to remain suspended from trading while the proposed transaction is being negotiated and advanced, with further updates "as appropriate".
The acquisition, classified as a reverse takeover, is subject to completion of the share purchase agreement, shareholder approval, and the raising of enough equity to accelerate the target's development programmes. A rule 9 waiver from the UK takeover panel over the proposed issue of new shares to the target and admission of the enlarged group to AIM trading is also needed. A share consolidation and name change are intended alongside fundraising.
Motif President & Chief Business Officer Jonathan Gold: "The Motif directors are encouraged by the way the proposed transaction is progressing and I look forward to providing our shareholders with further updates and additional information regarding the target in due course."
Current stock price: Suspended, last trading July 2020
By Anna Farley; annafarley@alliancenews.com
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