27th Jun 2016 11:29
LONDON (Alliance News) - Midatech Pharma PLC Monday said it has issued the second and final tranche of shares to settle the deferred consideration owed as part of the company's acquisition of Q Chip Ltd back in 2014.
Midatech shares were trading down 6.3% to 111.95 pence per share on Monday morning.
Nanomedicine firm Midatech completed the acquisition of Q Chip on the same day that its shares were admitted to trading on AIM in December 2014, when it launched its initial public offering to raise GBP32.0 million through 12.0 million shares priced at 267.0 pence each.
Midatech acquired Q Chip for a total of 5.4 million shares, and on Monday said it had issued the final 74,905 new shares as part of the Q Chip acquisition agreement.
Q Chip was snapped up by the company for its technology, which allows for the sustained release of substances over extended periods.
In addition, Senior Independent Non-Executive Director Simon Turton has transferred 5,915 shares, which he was holding as a nominee, for nil consideration to certain former shareholders of Q Chip. Following that, Turton's stake in the company remains unchanged at 209,413 shares, equal to 0.63%.
Midatech said it made an error when it published its last annual report as it had said that Turton was directly interested in those 5,915 shares - the reason why his shareholding has not changed after the transaction.
By Joshua Warner; [email protected]; @JoshAlliance
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