12/01/2021 | Press release | Distributed by Public on 12/01/2021 04:06
Abingdon Health plc (AIM: ABDX), a leading international developer and manufacturer of high quality and effective rapid tests, announces a proposed placing (the "Placing"), via an accelerated bookbuild (the "Bookbuild" or "Bookbuild Process"), of new ordinary shares of 0.025 pence ("Ordinary Shares") in the capital of the Company.
The Placing will be conducted at a price of 25.0 pence per share (the "Issue Price "). The Placing will comprise the issue of no less than 14,800,000 new Ordinary Shares (the "Placing Shares"), representing no less than 15.5 per cent of the existing issued ordinary share capital of the Company. The Placing includes the participation of certain of the Company's directors, who intend to subscribe for 1,999,599 Placing Shares, raising approximately £0.5 million of the £3.7 million minimum gross proceeds of the Placing (before expenses).
In addition to the Placing, certain of the Company's Shareholders intend to subscribe for 1,200,000 new Ordinary Shares (the "Subscription Shares") at the Issue Price, to raise further gross proceed for the Company of £300,000 (the "Subscription"). Together, the Placing and the Subscription will raise aggregate gross proceeds of no less than £4.0 million for the Company.
Qualifying Shareholders will be offered the opportunity to subscribe for an aggregate of up to 4,000,000 new Ordinary Shares through an open offer at the Issue Price (the "Open Offer Shares") to raise up to approximately £1.0 million (before expenses) (the "Open Offer").
There will also be an offer of new Ordinary Shares to be made by the Company via the PrimaryBid platform (the "PrimaryBid Shares" and, together with the Placing Shares, the Subscription Shares and the Open Offer Shares, the "New Ordinary Shares") at the Issue Price (the "PrimaryBid Offer", together with the Placing, the Subscription and the Open Offer, the "Fundraising"), to provide retail investors with an opportunity to participate in the Fundraising. A separate announcement will be made shortly regarding the PrimaryBid Offer and its terms. The Placing is not conditional upon either the Open Offer or the PrimaryBid Offer. The PrimaryBid Offer will close on completion of the Bookbuild Process.
Capitalised terms used in this announcement including the appendix (the "Appendix", together, the "Announcement")) have the meanings given to them in the section headed "Definitions" at the end of this Announcement, unless the context provides otherwise.
Highlights
Further details of the Placing will be set out in an announcement to be made on the closing of the Placing, expected to be later today.
This Announcement should be read in its entirety. In particular, your attention is drawn to the detailed terms and conditions of the Placing and further information relating to the Placing and any participation in the Placing that is described in the Appendix to this Announcement (which forms part of this Announcement).
By choosing to participate in the Placing and by making an oral and legally binding offer to acquire Placing Shares, investors will be deemed to have read and understood this Announcement in its entirety (including the Appendix), and to be making such offer on the terms and subject to the conditions of the Placing contained herein, and to be providing the representations, warranties, indemnities, acknowledgements, agreements and undertakings contained in the Appendix.
Expected Timetable of Principal Events
2021 |
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Record Date for entitlement under the Open Offer |
30 November |
Announcement of the Fundraising |
7.00 a.m. on 1 December |
Announcement of the results of the Placing, the Subscription and the PrimaryBid Offer |
1 December |
Publication and posting of the Circular, Form of Proxy and, to Qualifying Non-Crest Shareholders, the Application Form |
2 December |
Ex-Entitlement date of the Open Offer |
2 December |
Open Offer Entitlements and Excess Open Offer Entitlements credited to stock accounts in CREST of Qualifying CREST Shareholders |
3 December |
Admission of the First Placing Shares to trading on AIM and commencement of dealings |
8 a.m. on 3 December |
Where applicable, expected date for CREST accounts to be credited in respect of First Placing Shares in uncertificated form |
3 December |
Latest recommended time and date for requested withdrawal of Basic Open Offer Entitlements |
4.30 p.m. on13 December |
Latest time and date for depositing Open Offer Entitlements in CREST |
3.00 p.m. on14 December |
Latest time and date for splitting of Application Forms under the Open Offer |
3.00 p.m. on15 December |
Latest time and date for receipt of Forms of Proxy and CREST voting instructions |
10.30 a.m. on 16 December |
Latest time and date for receipt of Application Forms and payment in full under the Open Offer and settlement of relevant CREST instructions (as appropriate) |
11.00 a.m. on 17 December |
Where applicable, expected date for dispatch of definitive share certificates for First Placing Shares in certificated form |
17 December |
General Meeting |
10.30 a.m. 20 December |
Results of the General Meeting and the Open Offer announced |
20 December |
Admission of the Second Admission Shares to trading on AIM and commencement of dealings |
8 a.m. on 21 December |
Where applicable, expected date for CREST accounts to be credited in respect of Second Admission Shares in uncertificated form |
21 December |
Where applicable, expected date for dispatch of definitive share certificates for Second Admission Shares in certificated form |
6 January 2022 |
Enquiries:
Abingdon Health plc |
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Chris Yates,Chief Executive Officer |
Via Walbrook PR |
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Melanie Ross, Chief Financial Officer |
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Chris Hand,Non-Executive Chairman |
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Singer Capital Markets Securities Limited (Sole Bookrunner and Broker) |
Tel: +44 (0)20 7496 3000 |
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Shaun Dobson, Peter Steel, Alex Bond (Corporate Finance) |
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Tom Salvesen (Corporate Broking) |
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Walbrook PR Limited |
Tel: +44 (0)20 7933 8780 or[email protected] |
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Paul McManus / Phillip Marriage |
Mob: +44 (0)7980 541 893 / +44 (0)77867 984 082 |
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Alice Woodings |
Mob: +44 (0)7407 804 654 |
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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 Health 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