Capital and reserves
|12 Months Ended|
Dec. 31, 2021
|Capital and reserves||
Summary of changes in stock options
The Ordinary shares have no specific rights, preferences or restrictions attached to them.
A Ordinary shares
The A Ordinary shares rank equally with all other shares in issue in that on a vote every member has one vote for each share held. During the year to December 31, 2021 the Company issued A ordinary shares at £ each. The A ordinary shares contain preferential economic rights such that, in the event of a share or asset sale (as defined in the Articles of association), they provide a return to the holders of the A Ordinary Shares of an amount greater than or equal to 1.5x the price paid by the investors for A Ordinary Shares. The A Ordinary shares have an anti-dilution provision where shares are subsequently issued at a price below £ per share, whereby the existing A Ordinary shareholders receive additional compensation shares in line with the formula set out in the Articles of Association. The A Ordinary shares rank equally with all other shares in issue with respect to dividends.
Following a corporate reorganization on December 17, 2021, TC BioPharm (Holdings) plc became the ultimate parent company for the Group. The corporate reorganization has been accounted for as a business combination under common control and therefore, TC BioPharm (Holdings) Limited is a continuation of TC BioPharm Limited and its subsidiaries. The corporate reorganization has been given retrospective effect in these financial statements and such financial statements represent the financial statements of TC BioPharm (Holdings) Limited.
On December 17, 2021 and subsequent to the group reorganization, the Company undertook a share split such that one issued share was exchanged for ten new shares. As a result of the share split, all references in these consolidated financial statements and accompanying notes to units of ordinary shares or per share amounts are reflective of the forward share split for all periods presented.
Nature and purpose of Other reserves
The other reserve arose as a result of the group reorganization described above.
TC BIOPHARM (HOLDINGS) PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
The disclosure of classes of share capital. [Refer: Share capital [member]]
Reference 1: http://www.xbrl.org/2003/role/disclosureRef