Company: BDRX
Filing Date: 2025-05-01
Form Type: DRS
Source: 0001214659-25-006756
Chunk: 87

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-01
Form: DRS
Chunk 87
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 of making a distribution are its accumulated, realized profits,
so far as not previously utilized by distribution or capitalization, less its accumulated, realized losses, so far as not previously written
off in a reduction or reorganization of capital duly made. The requirement to have sufficient distributable reserves before a distribution
or dividend can be paid applies to us and to each of our subsidiaries that has been incorporated under English law.

| 48 |

It is not sufficient that we, as a public
company, have made a distributable profit for the purpose of making a distribution. An additional capital maintenance requirement is imposed
on us to ensure that the net worth of the company is at least equal to the amount of its capital. 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.                                                     |

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 United Kingdom
City Code on Takeovers and Mergers, or 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