RE: sub 1p soon13 Mar 2023 13:36
Proposed Consolidation
1 New share for every 20 Existing shares.
And
Cancellation of admission to trading of its Ordinary shares on the Alternative Investment Market (AIM) on 26th April 2023.
Following the Cancellation, all trading in Midatech's shares will take place by way of the Company's American Depositary Shares (ADSs), which will remain listed on the NASDAQ under the New Name Biodexa Pharmaceuticals, with Ticker Code 'BDRX'.
To allow you to continue trading in the Company's shares we will take action to convert your Existing Ordinary shares into ADSs. Such conversion will take place on the following basis:
1 New Midatech ADS for 5 post Consolidated Ordinary shares held.
We will begin the conversion into ADSs on 3rd April 2023, at which time your Ordinary shares will be removed from your account.
Please be aware that it will not be possible to sell, purchase, transfer or withdraw your Midatech Ordinary shares once the conversion process has commenced. It is expected that the conversion will take several days to complete. Once complete the ADSs will be credited to your account and you will be notified.
Holders who wish to have their shares converted into ADSs need take no action. There will be no charge for converting your shares into ADSs.
Holders who do not wish to have their shares converted into ADSs are required to either withdraw, transfer or sell their shares (normal charges apply) no later than 31st March 2023.
Holders who do not wish to have their shares converted are recommended to take immediate action.
On 7th March 2023, Midatech announced its intention to Consolidate its Ordinary shares, change its name and cancel the listing of its Ordinary shares on AIM.
All of which are subject to shareholder approval at the General Meeting to be held on the 24th March 2023. Following such approval, the Consolidation is expected to become effective on 27th March 2023.
The New shares are expected to be credited to your account on or after 27th March 2023.