25 Mar 2021 08:05
25 March 2021
Medica Group plc
Completion of Acquisition of RadMD & Director/PDMR Dealings
Medica Group PLC (LSE: MGP, "Medica" or the "Company"), the UK and Ireland market leader in the provision of teleradiology services, is pleased to confirm that, further to its announcements of 22 March 2021 regarding the acquisition of RadMD LLC (the "Acquisition and Trading Update") and the placing and subscription of new ordinary shares (the "Fundraise Announcement"), and the subsequent successful Admission of the New Shares at 8:00am today, the Acquisition of RadMD LLC has now completed.
Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meaning as those used in the Acquisition and Trading Update and Fundraise Announcements.
Director/PDMR Dealings
As announced on 23 March 2021, all of the Directors, Junaid Bajwa and certain other persons discharging managerial responsibilities ("PDMRs") agreed to subscribe for Subscription Shares at the Placing Price. The following notifications are made under article 19 of the Market Abuse Regulation ("MAR") relating to certain transactions by persons discharging managerial responsibilities ("PDMR"):
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name | Roy Davis | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| Chairman | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Medica Group PLC | ||||
b)
| LEI
| 213800B8XE5FUSZF5Z16 | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares of 0.2p
GB00BYV24996 | ||||
b)
| Nature of the transaction
| Subscription of Ordinary Shares | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information - Aggregated volume - Price
|
N/A N/A | ||||
e)
| Date of the transaction
| 25 March 2021 | ||||
f)
| Place of the transaction
| Outside a trading venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name | Steve Whittern | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| Non-Executive Director | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Medica Group PLC | ||||
b)
| LEI
| 213800B8XE5FUSZF5Z16 | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares of 0.2p
GB00BYV24996 | ||||
b)
| Nature of the transaction
| Subscription of Ordinary Shares | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information - Aggregated volume - Price
|
N/A N/A | ||||
e)
| Date of the transaction
| 25 March 2021 | ||||
f)
| Place of the transaction
| Outside a trading venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name | Joanne Easton | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| Non-Executive Director | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Medica Group PLC | ||||
b)
| LEI
| 213800B8XE5FUSZF5Z16 | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares of 0.2p
GB00BYV24996 | ||||
b)
| Nature of the transaction
| Subscription of Ordinary Shares | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information - Aggregated volume - Price
|
N/A N/A | ||||
e)
| Date of the transaction
| 25 March 2021 | ||||
f)
| Place of the transaction
| Outside a trading venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name | Stuart Quin | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| Chief Executive Officer | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Medica Group PLC | ||||
b)
| LEI
| 213800B8XE5FUSZF5Z16 | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares of 0.2p
GB00BYV24996 | ||||
b)
| Nature of the transaction
| Subscription of Ordinary Shares | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information - Aggregated volume - Price
|
N/A N/A | ||||
e)
| Date of the transaction
| 25 March 2021 | ||||
f)
| Place of the transaction
| Outside a trading venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name | Stephen Davies | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| Medical Director | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Medica Group PLC | ||||
b)
| LEI
| 213800B8XE5FUSZF5Z16 | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares of 0.2p
GB00BYV24996 | ||||
b)
| Nature of the transaction
| Subscription of Ordinary Shares | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information - Aggregated volume - Price
|
N/A N/A | ||||
e)
| Date of the transaction
| 25 March 2021 | ||||
f)
| Place of the transaction
| Outside a trading venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name | Richard Jones | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| Chief Financial Officer | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Medica Group PLC | ||||
b)
| LEI
| 213800B8XE5FUSZF5Z16 | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares of 0.2p
GB00BYV24996 | ||||
b)
| Nature of the transaction
| Subscription of Ordinary Shares | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information - Aggregated volume - Price
|
N/A N/A | ||||
e)
| Date of the transaction
| 25 March 2021 | ||||
f)
| Place of the transaction
| Outside a trading venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name | Kevin Terrins | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| Director of Business Development/PDMR | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Medica Group PLC | ||||
b)
| LEI
| 213800B8XE5FUSZF5Z16 | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares of 0.2p
GB00BYV24996 | ||||
b)
| Nature of the transaction
| Subscription of Ordinary Shares | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information - Aggregated volume - Price
|
N/A N/A | ||||
e)
| Date of the transaction
| 25 March 2021 | ||||
f)
| Place of the transaction
| Outside a trading venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name | Rob Lavis | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| Clinical Director/PDMR | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Medica Group PLC | ||||
b)
| LEI
| 213800B8XE5FUSZF5Z16 | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
a)
| Description of the financial instrument, type of instrument | Ordinary shares of 0.2p
GB00BYV24996 | ||||
b)
| Nature of the transaction
| Subscription of Ordinary Shares | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information - Aggregated volume - Price
|
N/A N/A | ||||
e)
| Date of the transaction
| 25 March 2021 | ||||
f)
| Place of the transaction
| Outside a trading venue | ||||
ENDS
For further information, please contact:
Medica Group PLC Dr. Stuart Quin, Chief Executive Officer Richard Jones, Chief Financial Officer
| +44 (0)33 33 111 222 |
Investec Bank plc (Joint Broker) Sara Hale Daniel Adams Virginia Bull Ben Farrow
| +44 (0)20 7597 5970 |
Liberum (Joint Broker) Bidhi Bhoma Richard Lindley Euan Brown
| +44 (0)20 3100 2000 |
FTI Consulting Victoria Foster Mitchell Sam Purewal
| +44 (0)20 3727 1000 medicagroupplc@fticonsulting.com |
About Medica Group PLC
Medica intends to lead the way in telemedicine and is the market leader in the UK and Ireland for the provision of teleradiology services, providing outsourced interpretation and reporting of MRI (magnetic resonance imaging), CT (computerised tomography), ultrasound and plain film (x-ray) images. In addition, Medica is the market leader for the provision of retinal diagnostic screening in Ireland where it also provides selective managed services in diagnostics to the public and private sectors
In the UK, Medica currently offers two primary services to hospital radiology departments:
- NightHawk, urgent reporting service, and
- Elective which includes routine cross-sectional reporting on MRI and CT scans, and routine plain film reporting on x-ray images.
Medica contracts with the largest pool of consultant radiologists in the UK and Ireland, performing remote access teleradiology across its customer base of more than 100 NHS Trusts in the UK, the Irish HSE, private hospital groups and diagnostic imaging companies. This enables the Company to offer a fast, responsive service both during the day and importantly supporting urgent out-of-hours reporting.
Medica has developed a bespoke, secure IT platform that provides market-leading linkage between a hospital's Radiology Information System (RIS) and consultant radiologists who contract with the Company. Direct RIS access ensures that where the wider patient medical history is available, it can be reviewed by the consultant as part of every report. For more information please visit www.medica.co.uk
About teleradiology
Teleradiology is the remote electronic transmission of radiological patient images, including plain film (x-rays), CT scans and MRI scans, from one location to another for the purposes of diagnostic interpretation and reporting.
About imaging Contract Research Organisations ("iCROs")
iCROs are experts in providing specific knowledge about medical imaging and its application in clinical trials. This includes expertise in imaging protocols, state-of-the-art image acquisition and analysis, data management and quality control.
Access to this knowledge is critical as medical imaging is a vital component of many clinical trials. It can be used to stratify patients to the most appropriate treatments and can allow early measurement of treatment efficacy. Standardisation of image acquisition across sites and a focus on quality control (QC) of images ensures that the required data can be obtained from the images. A central read (a process by which the image interpretation is not done by the local study site) minimises bias and subjectivity that might otherwise arise from the sponsor or study monitor's familiarity with patients.
The reliability and reproducibility of image data interpretation is realised through consistent data review (using standardised grading protocols) and the use of two readers. High quality data means faster, more efficient trials that reach completion sooner.
Trials are typically managed by a CRO on behalf of a pharmaceutical or biotech sponsor and are often global. Radiologists, known as readers, have to be specially trained to be able to report imaging studies for clinical trials as this is conducted under Good Clinical Practice protocols.