THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE RESTRICTED AND ARE NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY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

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR A SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY SECURITIES IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL, INCLUDING THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA. NEITHER THIS ANNOUNCEMENT NOR ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH, ANY SUCH OFFER, SOLICITATION OR COMMITMENT WHATSOEVER IN ANY OF THOSE JURISDICTIONS.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

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/ 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

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® 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

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.