13th May 2020 06:46
(Alliance News) - Midatech Pharma PLC on Tuesday said it has amended its relationship with China Medical System Holdings Ltd, removing CMS's right to appoint a director and observer to the Midatech board.
The original agreement was signed in January 2019. Its also has been amended to state that should a vote at a general meeting or election be required, CMS and shareholders connected to it will "vote their ordinary shares in the same manner and proportion as all other ordinary shares are voted by shareholders other than the CMS concert party".
Midatech is still in an offer period, as defined by the takeover code, in relation to its formal sale process. This process has already been announced and forms part of Midatech's strategic review.
On April 20, the company reported that while initial enquiries had been received regarding the sale of the company or its technologies, there had been no approaches so far.
By Anna Farley; [email protected]
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