REG - Abingdon Health PLC - Result of Placing

Abingdon HealthAnnouncement

25/07/2024 12:00

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RNS Number : 8718X  Abingdon Health PLC  25 July 2024

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
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25 July 2024

 

Abingdon Health Plc

("Abingdon" or the "Company")

 

Result of Placing

 

Abingdon (AIM:ABDX), a leading international lateral flow contract development
and manufacturing organisation, announces that, further to its announcement at
16:51 p.m. on 24 July 2024 (the "Launch Announcement"), it has successfully
conditionally completed and closed the Placing.

 

The Placing has conditionally raised, in aggregate, gross proceeds of
c.£5.225 million through the placing of 53,589,741 new Ordinary Shares
("Placing Shares") to certain institutional and other investors at a price of
9.75 pence per share.

 

Notice of General Meeting and Shareholder Circular

As referred to in the Launch Announcement, the Company is seeking the approval
of shareholders for the allotment of the Placing Shares, the Consideration
Shares (as defined in the Launch Annoucement) , the Further Consideration
Shares (as defined in the Launch Annoucement) and the Retail Offer Shares (as
defined in the Launch Announcement).

 

In addition to this specific authority, the Company is also seeking the
approval of shareholders to give the directors the additional general
authority to allot up to 66% of the Company's current share capital (in line
with the authorities and limitations normally sought at each annual general
meeting of the Company).

 

The Company announces that it will therefore shortly despatch a circular to
shareholders  of the Company (the "Shareholder Circular") to convene a
general meeting of the Company to be held at 10 am on 12 August 2024 at York
Biotech Campus, Sand Hutton, York YO41 1LZ. The Shareholder Circular and
 associated notice of general meeting will be available on the Company's
website https://www.abingdonhealth.com/investors/
(https://www.abingdonhealth.com/investors/) from today.

 

Commenting, Chris Yates, CEO said:

"We are delighted by the interest and support shown in supporting Abingdon's
Placing and I would like to thank shareholders for participating. We are also
excited to offer our retail shareholders the opportunity to be part of the
fundraise through the retail offer, which will be announced in due course.

 

"Following the Placing, Abingdon can move forward with our plans to invest in
both our CDMO service offering through the investment in our analytical
laboratory service and accelerate our product development plans."

 

Admission and Total Voting Rights

Subject to all resolutions being passed at the General Meeting, application
will be made to the London Stock Exchange for admission of the Placing Shares
to trading on AIM. It is expected that Admission will become effective and
dealings in the Placing Shares will commence on AIM at 8.00 a.m. on or around
14 August (or such later date as may be agreed between the Company and the
Bookrunner, but no later than 23 September 2024).

 

The Placing Shares will be issued fully paid and will rank pari passu in all
respects with the Company's existing Ordinary Shares.

 

Following Admission of the Placing Shares and the Consideration Shares, the
total number of Ordinary Shares in the capital of the Company in issue will be
189,523,153 with voting rights. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if orthey are
required to notify their interest in, or a change to their interest in, the
Company's share capital pursuant to (i) the Company's Articles, (ii) the
Financial Conduct Authority's Disclosure Guidance and Transparency Rules
and/or (iii) the AIM Rules for Companies issued by the London Stock Exchange
plc as amended from time to time.

 

Retail Offer

As outlined in the Launch Announcement in order to provide private and other
investors who were not eligible to have taken part in the Placing with an
opportunity to participate in the fundraising and to mitigate an element of
dilution, the Company is proposing to raise up to an additional £500,000
(before expenses) by way of a retail offer via Bookbuild (the "Retail Offer")
of up to 5,128,205 new Ordinary Shares at the Placing Price following
admission of the Consideration Shares (as defined in the Launch Annoucement).

 

The Retail Offer announcement will be made after admission of the
Consideration Shares and will contain further information on how interested
parties can participate in the Retail Offer.

 

For the avoidance of doubt, the Retail Offer is not part of the Placing and is
the sole responsibility of the Company. The Bookrunner does not have any
responsibilities, obligations, duties or liabilities (whether arising pursuant
to any contract, law, regulation, or tort) in relation to the same.

 

The Company has relied on an available exemption against the need to publish a
prospectus approved by the FCA (acting in its capacity as the UK Listing
Authority) in respect of the Retail Offer.

 

Enquiries

 

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

 Zeus Capital Limited (Sole Broker and Nominated Adviser)                       Tel: +44 (0) 20 7220 1666
 Chris Fielding / Isaac Hooper (Corporate Finance)
 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
 Phillip Marriage                              +44 (0)7867 984 082

 

The person responsible for arranging the release of this announcement on
behalf of the Company is Chris Yates, Chief Executive Officer of the Company.

 

About Abingdon Health plc

 

Abingdon Health is a leading lateral flow contract development and
manufacturing organisation ("CDMO") offering its services to an international
customer base across industry sectors that include clinical, animal health,
plant health, and environmental testing. Abingdon has the internal
capabilities to take projects from initial concept through to routine and
large-scale manufacturing; from "idea to commercial success".

 

The Company's CDMO division offers 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 aims to support the increase in need for rapid results
across many industries and locations; and produces lateral flow tests in areas
such as infectious disease and clinical testing, including companion
diagnostics, animal health and environmental testing. Faster access to results
allows for rapid decision making and targeted intervention; and can support
better outcomes.

 

Abingdon 's Abingdon Simply Test® range of self-tests is an e-commerce
platform that offers a range of self-tests to empowers consumers to manage
their own health and wellbeing. The Abingdon Simply Test
(http://www.abingdonsimplytest.com/) ® e-commerce site offers consumers a
range of information to support them in making informed decisions on the tests
available. In addition, the site provides Abingdon's contract services
customers with a potential route to market for self-tests. The Abingdon Simply
Test® range is also sold through international distributors and through other
channels in the UK and Ireland, such as pharmacy chains.

 

Founded in 2008, Abingdon is headquartered in York, England.

 

For more information visit: www.abingdonhealth.com
(http://www.abingdonhealth.com/)

IMPORTANT NOTICES

 

Zeus, which is authorised and regulated by the Financial Conduct
Authority ("FCA") in the United Kingdom, is acting as nominated adviser,
sole broker and sole bookrunner exclusively for the Company and no one else in
connection with the Placing and will not regard any other person (whether or
not a recipient of this announcement) as a client in relation to the Placing
and will not be responsible to anyone other than the Company in connection
with  the Placing or for providing the protections afforded to their clients
or for giving advice in relation to the Placing or any other matter referred
to in this announcement. The responsibilities of Zeus, as nominated adviser,
are owed solely to London Stock Exchange plc and are not owed to the
Company or to any director or any other person and accordingly no duty of care
is accepted in relation to them. No representation or warranty, express or
implied, is made by Zeus as to, and no liability whatsoever is accepted by
Zeus in respect of, any of the contents of this announcement (without limiting
the statutory rights of any person to whom this announcement is issued).

 

This announcement has been prepared for the purposes of complying with
applicable law and regulation in the United Kingdom and the information
disclosed may not be the same as that which would have been disclosed if this
announcement had been prepared in accordance with the laws and regulations of
any jurisdiction outside the United Kingdom.

 

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