| 20 | Borrowings |
| 2017 | 2016 | 2015 | ||||||||||
| £’000 | £’000 | £'000 | ||||||||||
| Current | ||||||||||||
| Bank loans | 11 | 23 | 9 | |||||||||
| Finance lease | 39 | 31 | 70 | |||||||||
| Government and research loans | 311 | 484 | 363 | |||||||||
| Total | 361 | 538 | 442 | |||||||||
| Non-current | ||||||||||||
| Bank loans | 5,207 | - | 20 | |||||||||
| Finance lease | 29 | 52 | 68 | |||||||||
| Government and research loans | 949 | 1,568 | 1,420 | |||||||||
| Total | 6,185 | 1,620 | 1,508 | |||||||||
Book values approximate to fair value at 31 December 2017, 2016 and 2015.
Obligations under finance leases are secured by a fixed charge over the fixed assets to which they relate.
The Group had $8m of undrawn committed borrowing facilities at year end.
Midcap Loan Facility
In December 2017, Midatech entered into a secured loan agreement with Midcap Financial Trust (“MidCap”). The total facility is for $15m to be drawn down in three separate tranches. Interest is charged on the outstanding balance of the loan at an annual rate of LIBOR plus 7.5% subject to a LIBOR floor of 1.25%. MidCap was granted 247,881 warrants to purchase shares which was equal to 2% of the amount funded divided by the Exercise Price of £0.42. The exercise price was calculated as the average closing price for the 30-day period prior to the date of grant. The loan is secured against the assets of the group.
The first tranche of $7m was drawn down on 28 December 2017 and is disclosed under bank loans.