Here is a spreadsheet to help keep track of all the prices for those of us following the DARA arbitrage. The first column is the price of the Midatech ordinary shares (OTC:MTPH), as traded in London on the AIM. The second column is the price of the Midatech ADRs (NYSE:MTP), as traded on NASDAQ. The third column is the price of DARA, given the exchange ratio in the merger agreement. The last column is the same as the third column, but to three decimal places. Below is the formulas for calculating the values in the second and third columns.

**Column 2:** MTP = MTPH x 2 (ADR to ordinary share exchange ratio) x 1.50 (pound to dollar exchange ratio)*

**Column 3:** DARA EQUIV = MTP x 0.136**

*The pound to dollar exchange ratio obviously fluctuates, and I decided to err somewhat on the conservative side by making it 1.50 here. I think the latest quote, as of Dec 10, was 1.52, in which case the MTP ADRs will be priced slightly higher.

**0.136 = 0.272 (the DARA to MTPH exchange ratio as per merger agreement) x 1/2 (ordinary to ADR share exchange ratio)

Good luck to all!

**Disclosure:** I am/we are long MTP.