MedPal AI finalises eMARx purchase price at about £446,633, below its July estimate

MedPal AI has settled the final price for eMARx, the care home medication software business it bought in July, at approximately £446,633, the AIM-quoted group said in a regulatory announcement on 4 September.

That is below the figure MedPal (AIM: MPAL; FRA: Z1N) gave when it announced the deal on 20 July, when it put the total consideration at approximately £474,000. The gap is roughly £27,000, and both numbers depend in part on the share price used to value the equity element, so the comparison is not a like-for-like cash figure.

The completion accounts adjustment has been satisfied as to £16,547 in cash and the balance through 904,442 new ordinary shares. Based on the closing mid-market price of 5.5 pence per share on 3 September, MedPal valued those shares at approximately £49,744, giving a final consideration worth about £66,291. In July the company had expected the adjustment to be about £94,000, settled 35% in cash and 65% in shares.

The rest of the paperwork

MedPal is issuing 1,075,872 new ordinary shares of £0.0002 each in total. Alongside the 904,442 consideration shares, it has issued 171,430 shares at 5.0 pence each to a member of the group’s management team in lieu of £8,571.50 of cash.

Admission to AIM is expected at 8.00 a.m. on 9 September. After that, MedPal’s issued share capital will comprise 779,118,302 ordinary shares, with none held in treasury. The additional consideration shares carry the same lock-up and orderly market arrangements as the initial batch, which the July announcement set at 12 months each.

The July terms had initial consideration of about £380,000, made up of £133,066 in cash from existing resources and 7,272,834 new ordinary shares valued at £247,000 on a closing price of 3.4 pence on 17 July.

What was bought

eMARx is the trading name of Solid State Technologies Ltd. It sells electronic medication administration record software to care homes and pharmacies, replacing paper drug charts with a barcode-verified digital record of every dose.

MedPal said in July that the business generated unaudited revenue of £739,231 in the year to 31 March 2026, against £621,785 the year before, with profit after tax of £106,273, down from £145,644, and net assets of £283,834 at the year end. It put gross margin at approximately 82% and headcount at six, all of whom joined the group. Those are the company’s figures and were described in the announcement as unaudited.

Companies House shows Solid State Technologies Ltd, company number 12540468, was incorporated on 31 March 2020 under the name Anrich Holdings Limited and took its current name on 5 May 2020. Its recorded nature of business is business and domestic software development, and its registered office is now Floor 8, 71 Queen Victoria Street, London EC4V 4AY, the same address as MedPal itself.

The register records MedPal AI plc as the sole person with significant control, notified on 18 July 2026, holding 75% or more of the shares and voting rights together with the right to appoint and remove directors. Seven directors have resigned, among them John Richard Richardson, named in the July announcement as the founder of eMARx, and a single active director remains: Jason Kingsley Drummond, MedPal’s chief executive, appointed on 18 July 2026. The last accounts on the register are made up to 31 March 2026, the same period as the unaudited figures cited by MedPal, though this article has not compared the filed accounts line by line.

MedPal AI plc itself is company number 13578804 and was incorporated on 23 August 2021 as Daxsto Limited. It became Tokenomics Limited in November 2021, MedPal AI Limited in January 2024 and MedPal AI plc in August 2025. As at 6 September the register showed its confirmation statement as overdue, with a due date of 5 September 2026.

Why it matters

Nothing here changes the shape of the deal, but it does show what a completion accounts adjustment actually does. The headline price agreed in July was provisional, and the final number moved once the target’s balance sheet at completion was pinned down. Our guide to what due diligence involves covers the checks that produce those adjustments, and our piece on earn-outs covers the other main mechanism for leaving part of a price open.

It is also a small deal that pays its sellers largely in paper. All seven eMARx shareholders became MedPal shareholders in July, which means the value they eventually realise depends on MedPal’s share price rather than on the price agreed at signing. Our explainer on how UK startup exits actually work sets out how that differs from a cash sale, and the Pri0r1ty purchase of Pirkx shows the same AIM appetite for small software assets at the other end of the outcome scale.