Results of General Meeting and Open Offer

RNS Number : 2063W

Abingdon Health PLC

20 December 2021

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, NEW ZEALAND, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). DOMAIN.

20 December 2021

Abingdon Health plc

("Abingdon" or "the Company")

Results of General Meeting and Open Offer

Issue of Equity and

Total voting rights

York, U.K. 20 December 2021: Abingdon Health plc (AIM: ABDX), a leading international developer and manufacturer of high quality and effective rapid tests, announces that all resolutions put to shareholders at the General Meeting held earlier today in connection with the Fundraising, were duly passed.

Furthermore, the Company is pleased to announce that it has raised £1 million under a substantially oversubscribed Open Offer (before expenses) following the receipt of valid applications for 7,316,657 Open Offer Shares from Qualifying Shareholders, including applications under the Excess Application Facility. This represents approximately 183 per cent. of the available Open Offer Shares.

Accordingly, Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Open Offer Entitlement.  Applications for Open Offer Shares under the Excess Application Facility will be scaled back pro rata to the number of Excess Shares applied for by Qualifying Shareholders.

The result of the oversubscribed Open Offer along with the Placing, Subscription and PrimaryBid Offer means that the Company has raised a total of approximately £6.5 million (before expenses) through the Fundraising.

Dr. Chris Hand, Chairman of Abingdon Health plc, said:

"We set out to raise up to £6.5 million through a placing and subscription of new shares with institutional and other investors as well as the PrimaryBid offer and Open Offer. Now that our substantially oversubscribed Open Offer has closed, we are delighted to confirm that we have raised the full amount. The proceeds of the fundraising will not only provide the additional working capital funding required ahead of order inflow but also enable us to invest in the growth opportunities outlined when we launched the fundraising. Once again, I would like to welcome new investors to the company and thank existing shareholders for their support."

Admission, settlement and dealings

Application has been made to the London Stock Exchange for 21,215,045 New Ordinary Shares to be admitted to trading on AIM. This includes all Second Admission Shares made up of 14,015,045 Second Placing Shares, 1,200,000 Subscription Shares, 2,000,000 PrimaryBid Shares and 4,000,000 Open Offer Shares. Admission of the Second Admission Shares is expected to occur at 8.00 a.m. on 21 December 2021. The New Ordinary Shares will rank pari passu with the Existing Ordinary Shares.

Total Voting Rights

Following Admission, the Company will have 121,699,114 Ordinary Shares in issue. No shares are held in treasury, therefore, the total number of voting rights in the Company following Admission will be 121,699,114.

Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the issued share capital of the Company, under the FCA's Disclosure Guidance and Transparency Rules.

Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as defined in the Circular sent to Shareholders and available to view on the Company's website, as published by the Company on 2 December 2021.

Enquiries:

Abingdon Health plc			www.abingdonhealth.com/investors/
Chris Yates,  Chief Executive Officer			Via Walbrook PR
Melanie Ross , Chief Financial Officer
Christopher Hand,  Non-Executive Chairman
Singer Capital Markets (Sole Broker and Nominated Adviser)			Tel: [phone]
Shaun Dobson, Peter Steel, Alex Bond (Corporate Finance)
Tom Salvesen (Corporate Broking)
Walbrook PR Limited		Tel: [phone] or  [e-mail]
Paul McManus / Phillip Marriage	Mob: [phone]
Alice Woodings	Mob: [phone]

About Abingdon Health

Abingdon Health is a world leading developer and manufacturer of high-quality rapid tests across all industry sectors, including healthcare and COVID-19. Abingdon is the partner of choice for a growing global customer base and takes projects from initial concept through to routine and large-scale manufacturing and has also developed and marketed its own labelled tests.

The Company 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 Health 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, clinical testing including companion diagnostics, animal health and environmental testing. Faster access to results allows for rapid decision making, targeted intervention and can support better outcomes. This ability has a significant role to play in improving life across the world. To support this aim Abingdon Health has also developed AppDx^®, a customisable image capturing technology that transforms a smartphone into a self-sufficient, standalone lateral-flow reader.

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

  For more information visit:  www.abingdonhealth.com

 

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