REG - Abingdon Health PLC - Result of Placing and Notice of GM

Abingdon HealthAnnouncement

14/10/2025 08:00

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RNS Number : 2654D  Abingdon Health PLC  14 October 2025

 

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CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY
PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN
ABINGDON HEALTH PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS
ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION SHALL FORM THE BASIS OF, OR BE
RELIED ON IN CONNECTION WITH, ANY INVESTMENT DECISION IN RESPECT OF ABINGDON
HEALTH PLC OR ANY OTHER ENTITY.

 

THIS ANNOUNCEMENT SHOULD BE READ IN ITS ENTIRETY. IN PARTICULAR, YOU SHOULD
READ AND UNDERSTAND THE INFORMATION PROVIDED IN THE APPENDICES.

 

THE CONTENT OF THIS ANNOUNCEMENT HAS NOT BEEN APPROVED BY AN AUTHORISED PERSON
WITHIN THE MEANING OF THE FINANCIAL SERVICES AND MARKETS ACT 2000. RELIANCE ON
THIS ANNOUNCEMENT FOR THE PURPOSE OF ENGAGING IN ANY INVESTMENT ACTIVITY MAY
EXPOSE AN INDIVIDUAL TO A SIGNIFICANT RISK OF LOSING ALL OF THE PROPERTY OR
OTHER ASSETS INVESTED.

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014 AS IT FORMS PART OF THE DOMESTIC LAW OF THE UNITED
KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED)
("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA THE REGULATORY
INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.

 

 

14 October 2025

 

Abingdon Health plc

 

("Abingdon Health", the "Group" or the "Company")

 

Result of Placing and Notice of GM

 

Abingdon Health plc (AIM: ABDX) a leading international developer,
manufacturer and regulatory services provider for rapid diagnostic tests and
med-tech, announces that, further to its announcement at 5:04 p.m. on 13
October 2025 (the "Announcement"), it has successfully completed and closed
the Placing to raise gross proceeds of £3.3 million.

 

The Placing has conditionally raised gross proceeds of £3.3 million through
the placing of 54,500,000 Placing Shares to certain institutional and other
investors. As part of the Placing, Chris Hand, Executive Chairman of the
Company, has agreed to subscribe for 500,000 Placing Shares, which is expected
to raise £30,000.

 

In addition to the Placing, the Company is providing existing eligible
shareholders with the opportunity to subscribe for up to 3,333,333 Retail
Offer Shares at the Placing Price, to raise up to £200,000 (before expenses).
No part of the Placing is conditional on the Retail Offer proceeding or on any
minimum take-up on the Retail Offer. The launch of the Retail Offer is
expected to occur shortly following this announcement.

 

The Placing Price of 6 pence represents a discount of 0.8 per cent. to the
closing middle market price of 6.05 pence per Ordinary Shares on 10 October
2025, being the last business day prior to the Announcement of the Placing.

 

Zeus Capital Limited is acting as agent for and on behalf of the Company in
respect of the Placing. The Placing was undertaken through an accelerated
bookbuild process.

 

Related party transactions

 

As Octopus Investments Limited is a substantial shareholder in the Company,
the allotment and issue of the Placing Shares constitutes a related party
transaction for the purpose of the AIM Rules. The Directors (with the
exception of Chris Hand who is taking part in the placing) consider, having
consulted with Zeus Capital Limited, the Company's nominated adviser, that the
terms of the participation in the Placing by Octopus Investments Limited is
fair and reasonable insofar as its Shareholders are concerned.

 

General Meeting and Posting of Circular

 

The Fundraising is conditional upon, inter alia, the approval by the
Shareholders of the Resolutions to be proposed at the General Meeting to be
held at the offices of the Company at York Biotech Campus, Sand Hutton, York
YO41 1LZ at 9.00 a.m. on 30 October 2025. A circular, containing further
details of the Fundraising, notice of General Meeting and proxy form (together
the "Circular") will be despatched to Shareholders shortly and will be
available on the Company's website
at https://www.abingdonhealth.com/investors/
(https://www.abingdonhealth.com/investors/) .

 

Recommendation

 

The Directors consider the Resolutions being proposed at the General Meeting
to be in the best interests of the Company and the Shareholders as a whole.
Consequently, the Directors (including Chris Yates, co-founder of Abingdon
Health plc, and President and Director of Abingdon Health USA Inc.)
unanimously recommend that you vote in favour of the Resolutions to be
proposed at the General Meeting, as they intend to do in respect of the
20,267,311 Existing Ordinary Shares held, directly or indirectly, by them
representing approximately 10.5% per cent. of the total voting rights of the
Company in issue.

 

Admission

 

Application will be made to the London Stock Exchange for admission of the New
Ordinary Shares to trading on AIM ("Admission"). It is expected that, subject
to the necessary resolutions being passed at the General Meeting, Admission
will become effective and dealings in the new Ordinary Shares will commence at
8:00 a.m. on 31 October 2025. The new Ordinary Shares will be issued fully
paid and will rank pari passu in all respects with the Company's Existing
Ordinary Shares.

 

Admission is conditional, inter alia, upon Admission becoming effective, the
Placing Agreement not having been terminated and becoming unconditional, and
upon the approval of the Resolutions by the Shareholders at the Company's
forthcoming General Meeting to be held on 30 October 2025.

 

Capitalised terms used but not defined in this announcement have the meanings
given to them in the Company's announcement released at 5:04 p.m. on 13
October 2025 in respect of the Proposed Placing to raise up to £3.34 million
(before expenses) and Retail Offer to raise up to £200,000 (before expenses)
unless the context provides otherwise.

 

Dr Chris Hand, Executive Chairman of Abingdon Health plc, commented:

"I am delighted that we can announce the completion of this Fundraising. Our
full service CDMO offering and recently established Abingdon Health USA are
both resonating well with customers. This investment will allow us to execute
larger projects and expand USA manufacturing activities to promote our growth.
I would like to thank current shareholders for their tremendous support and
welcome new shareholders to the Company."

 

Enquiries:

 

 Abingdon Health plc                           www.abingdonhealth.com/investors/ (http://www.abingdonhealth.com/investors/)
 Chris Hand, Executive Chairman                                            Via Walbrook PR

 Tom Hayes, Chief Financial Officer

 Zeus (Sole Broker and Nominated Adviser)                                    Tel: +44 (0)20 3829 5000
 Antonio Bossi / Darshan Patel / Jacob Walker (Corporate Finance)
 Nick Searle / Fraser Marshall (Corporate Broking)

 Walbrook PR (Media & Investor Relations)      Tel: +44 (0)20 7933 8780 or abingdon@walbrookpr.com
                                               (mailto:abingdon@walbrookpr.com)
 Paul McManus / Alice Woodings                 Mob: +44 (0)7980 541 893 / +44 (0)7407 804 654

 

 

About Abingdon Health plc

Abingdon Health Group is a leading med-tech contract service provider
offering its services to an international customer base.

 

The Group's CDMO
(https://www.abingdonhealth.com/services/your-complete-lateral-flow-partner/)
expertise offers lateral flow product development, regulatory support,
technology transfer and manufacturing services for customers looking to
develop new assays or transfer existing laboratory-based assays to a lateral
flow format.  Abingdon Health has the internal capabilities to take lateral
flow projects, in areas such as infectious disease and clinical testing,
including companion diagnostics, animal health and environmental testing, from
initial concept through to routine manufacturing; from "idea to commercial
success".  Abingdon Analytical Ltd offers performance evaluation for lateral
flow and other in vitro diagnostic assays from its Doncaster laboratory.

 

Founded in 2008, Abingdon Health is headquartered in York, England with
laboratories in Doncaster, England and laboratories and commercial offices in
Madison, Wisconsin, USA.

 

Abingdon Health's brochure
(https://www.abingdonhealth.com/wp-content/uploads/2025/06/Abingdon-Health-Group-Leaflet-JUN2025.pdf)
 outlines the comprehensive support the Group can now provide to its
international customers.  For more information visit: www.abingdonhealth.com
(https://urldefense.proofpoint.com/v2/url?u=http-3A__www.abingdonhealth.com_&d=DwMFAg&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=b40MoFA_Q_fdsT77LXB5t3JFUZjlmpd2MVbmgvoBIOo&m=5rmPWmSeAYNtvo-wVGL_4V7p0wZ2qRPhbqDj6E6FHnhVakMVyzvk7wZG1jS6vI4P&s=Cd1Yy0EoU5vx33xedoTE3bCKbljgDOIRD8ol-bb59BM&e=)
.

 

Certain statements in this Announcement are forward-looking statements with
respect to the Company's expectations, intentions and projections regarding
its future performance, strategic initiatives, anticipated events or trends
and other matters that are not historical facts and which are, by their
nature, inherently predictive, speculative and involve risks and uncertainty
because they relate to events and depend on circumstances that may or may not
occur in the future. All statements that address expectations or projections
about the future, including statements about operating performance, strategic
initiatives, objectives, market position, industry trends, general economic
conditions, expected expenditures, expected cost savings and financial
results, are forward-looking statements. Any statements contained in this
Announcement that are not statements of historical fact are, or may be deemed
to be, forward‐looking statements. These forward-looking statements, which
may use words such as "aim", "anticipate", "believe", "could", "intend",
"estimate", "expect", "may", "plan", "project" or words or terms of similar
meaning or the negative thereof, are not guarantees of future performance and
are subject to known and unknown risks and uncertainties. There are a number
of factors including, but not limited to, commercial, operational, economic
and financial factors, that could cause actual results, financial condition,
performance or achievements to differ materially from those expressed or
implied by any of these forward‐looking statements. Many of these risks and
uncertainties relate to factors that are beyond the Company's ability to
control or estimate precisely, such as changes in taxation or fiscal policy,
future market conditions, currency fluctuations, the behaviour of other market
participants, the actions of governments or governmental regulators, or other
risk factors, such as changes in the political, social and regulatory
framework in which the Company operates or in economic or technological trends
or conditions, including inflation, recession and consumer confidence, on a
global, regional or national basis. Given those risks and uncertainties,
readers are cautioned not to place specific reliance on forward-looking
statements. Forward-looking statements speak only as of the date of this
Announcement. Each of the Company and Zeus expressly disclaims any obligation
or undertaking to update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise unless required to do
so by applicable law or regulation.

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