Member Info for Muck165

Scratch my last..

Bit surprised not to see a results announcement first thing, which is usually for an ABB raise (especially at a fixed price). Admin delay? Weak demand? Oversubscribed? Hopefully something pops up before market opens.

You know what Gubbie, I wouldn’t be surprised to see a near term catalyst given the way this raise is structured, coupled with the sizeable background buyer we’ve been aware of over the last few weeks.

Yep - they do seem very bullish on how the US is going and there must be be a decent reason why they think they can get this away without discount or warrant sweeteners.

And just for info, here we see confirmation that FOFH filed to trademark its name in the US on 12/6/25. Four things we can glean from the application

1. It suggests to me they are doing this in parallel with reg submissions. The timing is also just a week or so after Yates was confirmed as a Director, so it seems likely the transition from an LLC to an Inc occurred in June, allowing Yates to become a Director, allowing a clean trademark application and, more notably, giving a cleaner structure for investors (because they could buy shares rather than members interests). And in that respect, I think it reasonable to think Yates likely sold ABDX stock to put him in funds to join in with that investment.

2.The application lists a number of STD’s, beyond the four detailed in announcements. So it gives a good flavour about what the other 3 are likely to be.

3 It talks about tests having embedded operating software. Your guess is as good as mine, but I’m assuming that means the tests are linked in with AppDx.

4.Interestingly, the submission also references tests “ in the fields of cancer or other tissue-based diagnostic testing, cytology and cell-based testing.” That perhaps suggests FOFH has longer term objectives beyond just STD testing.

The application doesn’t yet appear to have been allocated to an examiner. I doubt the shutdown will help move things along!

https://trademarks.justia.com/992/31/find-out-from-99231876.html?utm_source=chatgpt.com

Lastly, I registered with Justia so I could see the FOFH address - it’s 251 Little Falls Drive, Wilmington, DE 19808

United States. That corresponds with the Delaware company register for Find Out From Home Inc, registered in Sept 2023.

Worth being aware of…

FDA approval work continues if submissions and fees are made/paid before a govt shutdown.

No new submissions are accepted during lockdown, creating a backlog when govt reopens. This can be months.

So, I hope FOFH already have their submission(s) in.

https://www.greenlight.guru/blog/how-a-government-shutdown-affects-fda-medical-device-regulation

Reports now emerging that bird flu, after a summer lull, is on the rise again.

Nothing for us to get too excited about yet (if indeed one can about what many fear might cause the next pandemic), given there’s been no human to human transmission and symptoms are currently mild for humans. But as I say, this is something that can change rapidly with mutation.

We know we are developing a test with Okos, for which we’d have global distribution rights. Folium are also developing one (confirmed to me by its CEO), and I’d be surprised if we’re not assisting there.

And to give an idea of scale, Wisconsin is now testing between 1000 and 1300 samples of cows milk each week in a lab. That’s 52-55k tests each year, just on cows, just in Wisconsin, in a non pandemic environment.

We are ahead of the curve on this one.

https://www.nbcnews.com/science/science-news/bird-flu-cases-spiking-rcna235519

Couple of things.

1. More weird book action today. Pretty much all sells yesterday and a bit today, yet the quoted ASK moved from 6.2 to 6.5. We are playing with the 50DMA at the moment. Price edged above it earlier in the week (for the first time in a while), fell back below it yesterday, and is currently back above it today.

2. I wrote to Walbrook last week about the LTIP conditions. They replied today with “ We would expect that the full performance conditions will be published in the Annual Report in due course and, as you'd expect, they are targeted at improving the Company's share price performance. The Company's FY25 are expected to be published later this month, and the Annual Report is usually published a few weeks after that.”

Personally I’d expect the full report at the same time as the results, but who am I to argue.

It’s great to see they’re in ambulance trials Gubbie, and for all the govt body support the trial is getting. Upfront has great potential - the issue for me is that they forever seem to be in trials with this latest not expected to finish until June next year!

Good to see they’re hiring in the US. Unless they’re replacing staff it can only mean they’re growing.

Just in case anyone missed it, here’s an Abingdon post from 3 weeks ago in which Yannick Namia talks about his 3 year journey with FOFH, ABDX.

https://www.linkedin.com/posts/abingdon-health_interview-with-yannick-namia-find-out-from-activity-7371895372106969089-fWsc?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

I’ve had a look at the Wayback machine Gubbie.

It looks like the site was actually registered in December 24, around the same time as we announced our last contract win with FOFH.. The first actual scrapes of the site were done in March 2025, suggesting that’s when it was actually launched publicly. That was when Yates stood down as an ABDX Director.

We were told last December that analytic work would be done in H1 2025 with FDA submission in H2. So, theoretically that could have been done anytime from 1July (or indeed may not even have been done yet).

Noting that in the last update Hand told us we’d be expanding US manufacturing. FOFH seems an obvious reason.

Only other things to note are that (unsurprisingly) the site has been built through Shopify (so will be direct to consumer sales), but that current US govt shutdown may well delay FDA approvals.

Couple of other observations here.

First, the site says the tests are lab grade. That can only mean they’re molecular I think. From what I can see, although the FDA has approved a number of LFT’s for STD’s, none of these are based on molecular tech.

Second, we were told Yates had been appointed a FOFH Director in June. He is also now very US centric, and is no longer a Director of Abingdon Health Plc. Might the reason he sold ABDX stock (without giving much reason), have been to put him in funds to invest personally in FOFH? Might it also be that whoever the HNW primary holder of FOFH is, is trying to build a stake in ABDX - our background buyer

This is all conjecture I know, but FOFH has always been pretty “secret squirrel”, its clearly well backed, ABDX clearly believe in it, and given it’s stealth launch it would seem closer to commercial launch than we might think.

FOFH has been a bit of an enigma because, whilst we’ve been working with them for a while, Yates is a Director, we own a decent slug of the company, and we have significant contracts with them, we have been told almost nothing about them. The only thing we’ve been told (in an IMC presentation) is that they’re owned by a HNW individual. They didn’t even have a website……..until now.

https://findout.health/

I admit, it doesn’t give us much. All they really say is “ Our leadership team has successfully scaled multiple healthcare ventures in the US and Europe. Now, we’re focused on making critical tests accessible, confidential, and reliable for everyone. We’re in stealth mode—more to share soon.”

Make of it what you will. But it could be that launching a site, even in stealth, suggests they’re closer to commercial launch than we think, and the reference to scaling multiple health ventures in the US and Europe might point to the HNW owner have real past experience in the sector.

TBH, it’s just nice to see something visible from perhaps our biggest customer and a company we have a significant stake in.

Just to note results signposted for October. Last year they came in 8/10. Not expecting to see much different from what we were told in the trading update, but perhaps an updated cash position.

And who knows, with the weird trading activity we’ve been seeing there could be something else.

For anyone interested, we had the same two bidders for stock in the final auction but the 8025 volume bidder increased their bid to 6.26 (from 6.22). No sellers came in to match.

The point really is that buyers seem to be chasing stock in auction, but aren’t getting it a prices they’re offering (which is above quoted ASK). And given what TF has said, it would seem that quoted ASK is being artificially held down by Singer, the same MM who appear to be filling a large buy order off the book.

No sellers came in and so no cross.

Sorry, the 4202 bid is at 6.32.

So we have two buyer is the auction, both offering 6.22

One for 4202 shares, and the other for 8025. No seller interest.

Understanding the mechanics and behaviours in AIM auctions is something I'm still learning, but I do know that much of it is about book optics and price discovery. Lets see what happens (if anything) as the auction unfolds

Upcoming auction might be interesting…

I see someone took 666 shares at just- that you?!

Did SING offer just one more share at 6.2 after that trade? If so, clearly looking to hold down price (Im assuming for the buyer?).

The only thing I’m certain about is that somethings going on!