Company: BDRX
Filing Date: 2025-05-12
Form Type: 424B3
Source: 0001214659-25-007341
Chunk: 52

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-12
Form: 424B3
Chunk 52
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. A public company
can only make a distribution:

| · | if, at the time that the distribution is made, the amount of its net assets (that is, the total excess of assets over liabilities) is not less than the total of its called up share capital and undistributable reserves; and |

| · | if, and to the extent that, the distribution itself, at the time that it is made, does not reduce the 
 amount of the net assets to less than that total.                                                     |

| 35 |

City Code on Takeovers and Mergers

The Company is a public limited
company incorporated in, and with its registered office in, the United Kingdom but its securities are not admitted to trading on a regulated
market or multilateral trading facility in the United Kingdom (or a stock exchange in the Channel Islands or the Isle of Man). The City
Code shall only apply to the Company if it is considered by the United Kingdom Panel on Takeovers and Mergers, or the Panel, to have its
place of central management and control in the United Kingdom (or the Channel Islands or the Isle of Man). This is known as the “residency
test”. The way in which the test for central management and control is applied for the purposes of the City Code may be different
from the way in which it is applied by the United Kingdom tax authorities, HMRC. Under the City Code, the Panel typically considers where
the majority of the directors of the Company are resident, amongst other factors, for the purposes of determining where the Company has
its place of central management and control. Three of the four directors of the Company are currently resident in the United Kingdom and
the place of central management and control of the Company is intended, for the time being, to remain in the United Kingdom meaning that
the Company and its shareholders will have the benefit of the protections that the City Code affords, including, but not limited to, under
Rule 9 of the City Code as set out below.

The City Code is issued and
administered by the Panel. The City Code provides a framework within which takeovers of companies subject to it are conducted. In particular,
the City Code contains certain rules in respect of mandatory offers. Under Rule 9 of the City Code, if a person:

| · | acquires an interest in our shares which, when taken together with shares in which he or persons acting in concert with him are interested, carries 30% or more of the voting