THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.

THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY, AND DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF ABINGDON HEALTH PLC.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT AMOUNTS TO A FINANCIAL PROMOTION FOR THE PURPOSES OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 ("FSMA") AND HAS BEEN APPROVED BY PRIMARYBID LIMITED WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY (FRN 779021)

1 December 2021

Abingdon Health plc

("Abingdon Health " or the "Company") (LON: ABDX)

PrimaryBid Offer

Abingdon Health plc (LON: ABDX) the AIM quoted international developer and manufacturer of high quality and effective rapid tests, is pleased to announce, a conditional offer for subscription via PrimaryBid (the "PrimaryBid Offer") of up to 2,000,000 new ordinary shares of 0.025p each in the Company (the "New Ordinary Shares") at an issue price of 25 pence per New Ordinary Share (the "Issue Price"), being a discount of 34.2 per cent to the closing mid-price on 30 November 2021, to raise gross proceeds of up to £0.5 million.  The Company is also conducting a placing (the "Placing") of New Ordinary Shares at the Issue Price by way of an accelerated bookbuild process (the "Placing") and intends to launch an open offer (the "Open Offer") as announced earlier today. In addition to the Placing, one of the Company's shareholders intends to subscribe for New Ordinary Shares as announced earlier today (the "Subscription").

The PrimaryBid Offer, the Placing, the Subscription and the Open Offer are conditional on the approval of the Company's ordinary shareholders at a general meeting to be held at 10:30 a.m. on 20 December 2021 at the offices of Abingdon Health plc, York Biotech Campus, Sand Hutton, York, YO41 1LZ (the "General Meeting"). The PrimaryBid Offer, the Placing, the Subscription and the Open Offer are further conditional on the New Ordinary Shares to be issued pursuant to the PrimaryBid Offer, the Placing, the Subscription and the Open Offer being admitted to trading on AIM ("Admission"). Admission in connection with the New Ordinary Shares to be issued in connection with the PrimaryBid Offer is expected to be take place at 8.00 a.m. on 21 December 2021. Neither the PrimaryBid Offer, the Subscription nor the Open Offer will be completed without the Placing also being completed.

The Company will use the net proceeds in the first instance to cover, as previously notified, a working capital shortfall expected to arise in the first quarter of 2022 and for investment in product research and development initiatives to capitalise on growth opportunities in its markets. The net proceeds will be also used in product research and development initiatives to capitalise on growth opportunities in the area of infectious disease. These areas include Flu testing, Hepatitis C and Lyme disease.

PrimaryBid Offer

The Company values its retail investor base and is therefore pleased to provide private and other investors the opportunity to participate in the PrimaryBid Offer by applying exclusively through the PrimaryBid mobile app available on the Apple App Store and Google Play. PrimaryBid does not charge investors any commission for this service.

The PrimaryBid Offer, via the PrimaryBid mobile app, is open to individual and institutional investors and will close at the same time as the Placing. The PrimaryBid Offer may close early if it is oversubscribed.

The Company reserves the right to scale back any order at its discretion. The Company and PrimaryBid reserve the right to reject any application for subscription under the PrimaryBid Offer without giving any reason for such rejection.

No commission is charged to investors on applications to participate in the PrimaryBid Offer made through PrimaryBid.  It is vital to note that once an application for New Ordinary Shares has been made and accepted via PrimaryBid, an application cannot be withdrawn.

For further information on PrimaryBid or the procedure for applications under the PrimaryBid Offer, visit www.PrimaryBid.com or email PrimaryBid at [email protected]. 

The New Ordinary Shares will be issued free of all liens, charges and encumbrances and will, when issued and fully paid, rank pari passu in all respects with the Company's existing Ordinary Shares.

Details of the PrimaryBid Offer

The Company highly values its retail investor base which has supported the Company alongside institutional investors over several years. Given the longstanding support of retail shareholders, the Company believes that it is appropriate to provide retail and other interested investors the opportunity to participate in the PrimaryBid Offer. The Company is therefore making the PrimaryBid Offer available exclusively through the PrimaryBid mobile app.

The PrimaryBid Offer is offered under the exemptions against the need for a prospectus allowed under the Prospectus Rules. As such, there is no need for publication of a prospectus pursuant to the Prospectus Rules, or for approval of the same by the Financial Conduct Authority in its capacity as the UK Listing Authority. The PrimaryBid Offer is not being made into any Restricted Jurisdiction or any other jurisdiction where it would be unlawful to do so.

There is a minimum subscription of £250 per investor under the terms of the PrimaryBid Offer which is open to existing shareholders and other investors subscribing via the PrimaryBid mobile app.

For further details please refer to the PrimaryBid website at www.PrimaryBid.com. The terms and conditions on which the PrimaryBid Offer is made, including the procedure for application and payment for New Ordinary Shares, is available to all persons who register with PrimaryBid.

Investors should make their own investigations into the merits of an investment in the Company. Nothing in this announcement amounts to a recommendation to invest in the Company or amounts to investment, taxation or legal advice.

It should be noted that a subscription for New Ordinary Shares and investment in the Company carries a number of risks. Investors should consider the risk factors set out on www.PrimaryBid.com before making a decision to subscribe for New Ordinary Shares. Investors should take independent advice from a person experienced in advising on investment in securities such as the New Ordinary Shares if they are in any doubt. 

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