Abingdon Health is a technology-enabled lateral flow diagnostics company providing leading-edge rapid testing solutions to a multi-industry, global client base. Abingdon Health provides lateral flow assay development and smartphone reader solutions alongside Europe’s largest rapid test manufacturing capacity.
The Perivan shareholder communications team were delighted to work with N+1 Singer who were appointed Nominated Adviser, Sole Broker and Sole Bookrunner to Abingdon on the successful publication of the 131-page admission document.
Admission to Trading on AIM
On 15th December 2020, admission and dealings commenced in the Ordinary Shares on AIM by way of a Placing of 22,916,666 Ordinary Shares of 0.025 pence each at 96.0 pence per share.
Reasons for Admission
The proceeds from the Placing of approximately £20 million (net of expenses) receivable by the Company will be used, inter alia, to support and accelerate Abingdon Health’s growth ambitions by furthering the automation of the Company’s manufacturing and rapidly increasing capacity. A portion of the proceeds have been earmarked to establish a manufacturing facility in the US and invest in product development and innovation.
The Directors believe that the heightened profile, coupled with the recognised disclosure and corporate governance regime that will apply to the Group following Admission, will enhance the Group’s credibility with government, other public sector organisations and key stakeholders, including existing and potential customers. Admission will also provide a readily available means for the Company to introduce employee share incentive schemes, broaden the Company’s shareholder base and, if required, provide the Company with future access to the capital markets in support of the Group’s strategic objectives.
Perivan specialise in the production and publication of financial documents relating to shareholder and investor communications for quoted companies, private companies and open and closed-ended funds.