1st Dec 2021 14:26
Abingdon Health PLC - York-based lateral flow test maker - Raises a total of GBP5.5 million from an offer of new shares at 25 pence each. Singer Capital Markets Securities Ltd places 18.8 million shares with investors and Abingdon directors for GBP4.7 million. Of this, GBP500,000 comes from Chair Chris Hand and Chief Executive Officer Chris Yates, who take 1.0 million shares each to raise their holdings to 12.2 million, or 10%, and 7.5 million, or 6.2%, respectively. Another GBP300,000 comes from a subscription by existing shareholder Max Duckworth, who takes 1.2 million shares to raise his stake to 14.6 million shares, a 12% holding. Finally, GBP500,000 is raised in a retail offer via the PrimaryBid platform. The raise requires approval at a general meeting called for December 20.
Abingdon says the cash will be used for working capital ahead of anticipated order inflow for its Covid-19 tests.
Current stock price: 27.40p, down 28% on Wednesday
Year-to-date change: down 71%
By Tom Waite; [email protected]
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