Result of Placing and Notice of GM
Abingdon Health PLC announced the successful completion of a placing to raise gross proceeds of £3.3 million through the placing of 54,500,000 placing shares. As part of this, the Executive Chairman agreed to subscribe for 500,000 placing shares, expected to raise £30,000. Existing shareholders have the opportunity to subscribe for up to 3,333,333 retail offer shares, potentially raising up to £200,000 before expenses. The placing price was 6 pence, representing a 0.8 per cent discount to the closing middle market price of 6.05 pence on 10 October 2025. The fundraising is conditional on shareholder approval at a General Meeting on 30 October 2025, with admission to AIM expected on 31 October 2025.
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THIS ANNOUNCEMENT SHOULD BE READ IN ITS ENTIRETY. IN PARTICULAR, YOU SHOULD READ AND UNDERSTAND THE INFORMATION PROVIDED IN THE APPENDICES.
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/.
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."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.