Business
Agreed changes to Concert Party
Agreed changes to Concert Party.
About this update from Abingdon Health Plc
[{"type":"text","content":"\n\n \nAbingdon Health plc\n(\"Abingdon Health\" or \"the Company\")\n \nAgreed changes to Concert Party\n \nYork, U.K. 30 August 2023: Abingdon Health plc (AIM: ABDX), a leading international lateral flow contract development and manufacturing organisation (CDMO) provides an update on changes to the shareholder concert party established at IPO.\n \nUnder the City Code on Takeovers and Mergers (the \"Code\") published by the Panel on Takeovers and Mergers (the \"Panel\"), a concert party arises where persons who, pursuant to an agreement or understanding (whether formal or informal), co-operate to obtain or consolidate control (as defined in the Code) of a company or to frustrate the successful outcome of an offer for a company.\n \nCertain persons will be presumed, as set out in the Definitions in the Code, to be persons acting in concert with other persons in the same category unless the contrary is established, including shareholders in a private company who, following the re-registration of that company as a public company in connection with an initial public offering or otherwise, become shareholders in a company to which the Code applies.\n \nAt the time of its IPO on 15 December 2020, the Company stated in its admission document, that it had agreed with the Panel that a concert party (the \"IPO Concert Party\") existed in the context of the Company, including founders and certain shareholders in the Company before IPO. As at 10 August 2023, being the date of the Company's most recent share register analysis, the IPO Concert Party held 35.2% of the shares in Abingdon, meaning none of the IPO Concert Party may purchase shares in Abingdon without triggering an obligation under Rule 9 of the Code to make an offer for the whole of its issued share capital in cash at the highest price paid by a member of the IPO Concert Party during the 12 months prior to the announcement of that offer.\n \nThe Company has now agreed with the Panel that the IPO Concert Party is no longer itself a single concert party, but now comprises three separate concert parties which are distinct and independent for the purposes of the Code. In addition, it has been agreed with the Panel that three shareholders are no longer included in any of the three new concert parties. The shareholders who...