TPI provides its latest research note on Midatech Pharma plc (MTPH.L)

Midatech released its Preliminary results for its year ended 31 December 2019.

The financial and operational details contained in the release were very much as had been anticipated by shareholders, with focus having since moved to post-period news, in particular the wide-ranging strategic review announced on 31 March 2020 which included termination of lead development MTD201, closure of the Group’s Bilbao operations and a re-alignment of the Board.

Subsequent to this, Midatech announced that it had appointed an adviser and started of a ‘Formal Sale Process’ under the rules of the Takeover Code. Given its then limited financial resources, and with a view to extending its ‘negotiating window’ in the best interests of shareholders, on 18 May 2020 the Group announced it had raised £4.3m (gross) through a UK Placing and Registered Direct Offering in the US.

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We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular you should note that the research document is a non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to Midatech Pharma plc. Accordingly the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination.

The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient.

Copyright © 2020 Turner Pope Investments (TPI) Limited, all rights reserved.

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