Company: BDRX
Filing Date: 2025-05-12
Form Type: 424B3
Source: 0001214659-25-007340
Chunk: 95

Company: Biodexa Pharmaceuticals Plc
Filing Date: 2025-05-12
Form: 424B3
Chunk 95
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 Ordinary Shares
on AIM, the AIM Exemption no longer applies.

Depositary Receipt Systems and Clearance Services

The
Court of Justice of the European Union in C-569/07 HSBC Holdings Plc, Vidacos Nominees Limited v The Commissioners of Her Majesty’s Revenue & Customs and the First-tier Tax Tribunal decision in HSBC Holdings Plc and the Bank of New York Mellon Corporation v The Commissioners of Her Majesty’s Revenue & Customs, have considered the provisions of the European
Union Council Directive 69/335/EEC, which was subsequently substituted by the European Union Council Directive 2008/7/EEC, or the E.U.
Directives. Following these decisions HMRC has publicly confirmed that issues or transfers of shares of United Kingdom incorporated companies,
such as us, to a clearance service (such as, in our understanding, DTC) or a depositary receipt system will not be charged to United Kingdom
SDRT at 1.5% where that issue or transfer is an integral part of a raising of new capital.

It
was announced as part of the United Kingdom Budget 2017 by the United Kingdom government that the 1.5% stamp duty and SDRT charge will
not be enforced on the issue of shares by United Kingdom incorporated companies (and transfers of such shares where the transfer is integral
to new capital raising) into clearance services and depositary receipt systems following Brexit. However, the United Kingdom government
could potentially introduce new United Kingdom legislation with the effect that a future issue or transfer of our Ordinary Shares into
a clearance service or depositary receipt system (even where such an issue or transfer is an integral part of the raising of new capital
by the company) may potentially become chargeable to 1.5% stamp duty or SDRT.

| 54 |

Where
an ordinary share is transferred (i) to, or to a nominee for, a person whose business is or includes the provision of clearance services
or (ii) to, or to a nominee for a person whose business is or includes issuing depositary receipts and that transfer is not integral
to the raising of new capital by the company, stamp duty or SDRT would generally be chargeable at the rate of 1.5% of the amount or value
of the consideration given or, in certain circumstances, the value of the shares.

There
is an exception from the 1.5% charge on the transfer to, or to a nominee, a clearance service where the clearance service has