Hybridan Monthly, December 2025
Market Comment:
“If you build here, Britain will back you”
Watching the Budget, the room certainly perked up and excitation levels were simmering with the killer quote “If you build here, Britain will back you”. What could it be? VCT lifetime limit scrapped? Using VCT monies to make acquisitions? Allowing VCTs to buy secondary shares to reward founders?
None of the above. Instead, let’s reduce VCT income tax relief to 20% and make it less attractive for investors to put their money in VCTs. We can only hope that this is counteracted by the positive and very welcome steps made to increase the annual and lifetime limit that VCTs are allowed to invest in qualifying companies. The positive changes that we will come onto in EIS, VCT are very welcome, and we do not wish to come across as ungrateful. Every little helps!
In our market, however, history can come back to bite you. In the tax year 2006/07, following the year when the VCT income tax relief was cut to 30%, VCT fundraising plunged to £270m — a drop of roughly two-thirds. It’s going to be a nervous time for VCTs in the run up to fundraising season. VCTs raised £895m in the 2024/25 tax year — the third highest annual total on record. The result? VCTs reload and have the firepower to provide growth capital to fund the next Quantex, Zoopla, Cazoo or Depop of tomorrow – British Unicorns that wouldn’t be where they are today without that early-stage growth funding led by UK VCTs. Those companies create vast amounts of jobs, make significant contributions to our GDP and foster innovation and R&D, ensuring we remain competitive on the global stage in the global race to develop AI and Quantum Computing. Their valuable contribution should not be an unknown to the Treasury.
One of the central messages of the Chancellor’s Mansion House speech in July 2025 was to ensure companies are supported to raise money in the UK, stay in the UK and attract long-term investors. This is in stark contrast to then materially reducing the incentive for investors to commit capital into illiquid/high risk investments. An unintended consequence of this would be for investors to abandon VCTs from their portfolios and direct their money into higher income tax relief vehicles such as pensions.
Whilst the negative relief impacts on VCTs, the income tax relief available on EIS remains at 30%. Thankfully, both EIS and VCT schemes remain available until at least 5 April 2035. It wasn’t all doom and gloom – the annual limit that can be invested into companies via VCT and EIS to was raised to £10m and £20m for so-called ‘knowledge intensive companies’ (KICs), as well as increasing the lifetime company investment limit to £24m, and £40m for KICs. The limit on company gross assets will also increase, to £30m before share issuance, and £35m after, from April 2026.
These changes will bode well for companies who had maxed out their EIS/VCT allowance, as before they would have been prohibited from taking more investment even if the demand were there. However, we hope the reduction in income tax relief for VCTs doesn’t dampen underlying investor appetite for them, as the investment limit increases and lifetime limit changes would be meaningless if there is not sufficient capital in the VCT pot to begin with.
EIS and VCT serve very different investment purposes – EIS provides great springboards for growth companies to validate business models and to demonstrate commercial sales. Once hitting circa £1m Annual Recurring Revenues for instance, which is when some VCTs may become interested to deploy the meaningful seven figure sums to enable companies to scale at pace.
This tried and tested “Incubator style” investment approach whereby companies progress from EIS to VCT funds works incredibly well and shows the symbiotic relationship between the two tax structures. Limiting the attractiveness of VCT could potentially cause a clogged bottleneck in our funding ecosystem where there is not sufficient capital for companies to progress from EIS to VCT investors.
The other welcome shift benefiting founders was the reform on EMI share option schemes. Under the old framework, EMI expired after ten years and was capped at 250 employees. Under the new rules, option lifespans extended to 15 years, the employee cap doubled to 500 and the asset limit increased from £30m to £120m. These are important steps as EMI frameworks are vital tools founders use to retain and incentivise key staff who are vital for growing successful businesses.
Extending the age limit on EMI is an interesting development as it recognises the time it takes for businesses to crystalise value for shareholders. It would be great if that same logic were applied to the EIS/VCT limits – ten years since first commercial sales for standard companies and 15 years for KICs would be a good start. Maybe next Budget, Chancellor?
Time will tell if the three-year exemption from stamp duty will help with sentiment towards main market IPOs, however it will do nothing to reverse the structural impact of fund redemptions plaguing the sub £50m market cap sector. The frustrating fund manager feedback of “That is a great, profitable growing business, but unfortunately it’s too small and illiquid for our fund” is worryingly on the rise and this Budget went little in the way of addressing that issue.
This important win on the lifetime limit was down to the relentless lobbying from key stakeholders in the VCT community such as the VCTA and QCA. It just goes to show, lobbying in our market works and it should never stop! These EMI, SDRT, and some EIS and VCT amends in the Budget should benefit the City; as with the amendments made by our regulators on the Main Market and LSEG for the AIM Review currently underway. The rest is up to us to be positive and can do in approach.
By Niall Pearson
Company Reports:
CLX Essential Connections
QUBE Quantum Leap
Calnex Solutions 48.5p £42.7m (CLX.L)
|
Price |
Results |
Top 3 Shareholders |
Value |
|
48p-49p |
Y/E March |
Thomas (Tommy) Cook (CEO) 19.9% |
Trading Recovery |
|
Spread 7.9% |
Reported 20 May |
BFG Investment Management Ltd 12.0% |
US upside |
|
52 week High/Low 71.5p/41p |
Interims to end of September, Reported 18 November |
Close Brothers Group 9.0% And Scottish Enterprise 9.0% |
£10.9m cash |
Source: Alpha Terminal
There are strong underlying growth drivers for companies providing test and measurement solutions to improve performance and resilience for telecoms in cloud networks, Ai Infrastructure and satellite sectors. Calnex is expert in digital network synchronisation and emulation, and its software and hardware provide measurement solutions to over 600 customer sites in 68 countries. Follow-on orders for Calnex’s Network and Applications Assurance (NAA) products are improving, driven by renewed demand from defence, government, and enterprise sectors.
The Interims to September, reported on 18 November 2025, showed strategic progress and a 9% increase in Revenue to £8.1m, Gross margins resilient at 76% against 74%, and a 29% reduced loss before tax of £0.94m from a loss of £1.2m. The Sales and Marketing team has been strengthened to capitalise on the growing opportunity in new markets. Senior sales and marketing hires have been targeted to support the expansion of the Group’s product portfolio, customer base, and partner network. This includes the appointment of an experienced VP of Sales and an experienced VP of Products and Markets.
The Partner Network has grown with additional key partners in North America, with a focus on both Federal and Enterprise sectors. As military systems and applications are increasingly complex, it is even more important to test and evaluate application performance and resilience. A key focus has been the installation of Calnex equipment into test facilities of US Federal customers and so be considered in large Federal tenders.
The Board is confident of increased demand for recently launched products such as the Paragon neo-S which supports optical modules for synchronisation testing rates of up to 800G for high-speed Ethernet interfaces. There are geographic expansion opportunities including the US which is expected to drive growth.
The EBITDA forecast for March 2026 YE is £6.45m on Alpha Terminal and a PBT of £1m and paying a 1p dividend. The PBT forecast on Alpha Terminal increases to £3m with an EBITDA of £7.2m for 2027. The balance sheet is robust, with estimated net cash forecast of £10.9m for March 2026 YE on Alpha Terminal. The 2026 EV/EBITDA forecast on Alpha Terminal is 6.0x dropping to 5.4x in FY 2027.
Hybridan Comment: As around 25% of the market capitalisation is in cash, in our view the potential growth in critical communication infrastructure networks seems understated.
Quantum Base Holdings 20.0p £12.82m (QUBE.L)
|
Price |
Results |
Top 3 Shareholders |
Value |
|
19p-21p |
YE April |
Robert Young (Co-founder and Chief Science Officer) 15.61% |
Build once, sell often |
|
Spread 10.6% |
Reported 31 October |
Philip Speed (NED) 13.17%, |
2nd Customer 15-year contract |
|
52 week High/Low 30p/15p |
Interims to 31 October, due before the end of January 2026 |
Lancaster University 6.76% |
Recent IPO on AIM |
Source: Alpha Terminal
Counterfeiting is estimated to cost businesses and tax authorities at least $2.8 trillion in lost revenue per year. Quantum Identities (Q-IDs) are commercialising quantum science with unbreakable, uncopiable authenticity tags that can be read with a standard smartphone. The Company’s Q-RAND technology is a nanoscale quantum random number generator.
A spin out from Lancaster University, the Company listed on Aim in April 2025, raising £4.8m at 23.1p, leaving a net £3.3m after costs. The ambition is to set a new global standard in authentication, through its patented solutions and Q-ID tags which are practically impossible to replicate and can be applied to a wide range of products.
A 15-year exclusive agreement to create a global art registry was announced on 17 November, worth £9.4m, with scope for extension. The Customer will implement Q-IDs on each piece of art that is managed through its registry; enabling seamless authentication through the integration of Quantum Base’s software into its app. This will provide 100% unbreakable quantum security protecting against forgery and creating a verified record of ownership. The framework agreement recognises an initial £135,000 in FY April 2026, with expected annual recurring revenue (ARR) growing incrementally from £175,000 in 2027 to £880,000 in 2032 onwards.
Q-IDs can be applied to almost any print line and in certain cases can be entirely non-intrusive to a product’s existing design, so can be utilised in a vast number of end markets. The Group’s immediate focus is on expanding within the global security-printing market with framework agreements with two leading international security-printing partners, enabling them to market and sell Quantum Base’s Q- technology. There are ongoing partnership discussions with additional international security-printing companies.
The first application is with a government customers tax-stamp department using Q-ID on all tax stamps. Tax stamps are official labels applied to products such as tobacco, alcohol or pharmaceuticals to indicate that the appropriate taxes have been paid. Quantum Base’s authentication solutions and the smartphone verification app can correctly identify all counterfeit tax stamps. The Company is in further discussions with five producers of tax stamps with further contract wins expected.
New market opportunities are being sought across pharmaceuticals, luxury goods, automotive, aerospace and precious-metals, where Q-ID’s combination of security, scalability and smartphone-based verification offers significant protection and differentiation.
The finals to April reported turnover of £18k and an adjusted EBITDA loss of £1.3m, which increased from a loss of £1m. As the Company expanded before the AIM Admission, R&D spending increased to £760k from £319k and net cash was £2.24m. The CEO, Tom Talyor, joined in September 2024 after various management roles at Made Tech Group plc, including Head of Sales and Central Government, working with clients like HMRC and the Ministry of Justice.
Hybridan Comment: The Art customer and 15-year contract is evidence of the transitioning from a technology led developer into a commercial organisation. Shareholders joining the journey will be hoping for a flow of further multi-year contracts.
House Report: House News
There are two house stocks this month deserving attention
Panther Metals 49.00p £3.46m (PALM.L)*
The Canadian focused development and exploration Company raised £656k in November at 60p in a placing and WRAP offer. The priority for the use of funds is the Tailings Project at the historic Winston Mine in Ontario, which was operational between 1988 and 1998. There is plenty of evidence for a significant quantity of valuable minerals in the Tailings, which is supported by sample assays showing high grades of gold, gallium, and silver as well as polymetallic zinc and copper.
The new funds should complete the Mineral Resource Estimate (MRE), with further onsite drilling and sampling to confirm the potential value of the deposit with a resource estimate. To expediate this, Platinum Diamond Drilling has been contracted to focus on the drilling program. This follows on from the appointment of SRK Exploration Ltd as independent consultants to conduct the MRE. This information will be used by the Board for operational planning, including the investment required to move the Winston mine towards production. The MRE will enable the Company to seek a Recovery Minerals Permit which is subject to completing the necessary environmental studies. As the Tailings are already on a managed site, the data expected to be needed will be readily available. Once granted, the cash flow from the Tailings will help fund the advancement of the Winston Mine. We anticipate news on the MRE by Q1 2026.
Hybridan Comment: The MRE is funded which makes the shares attractive.
RUA Life Sciences 12.00p £7.45m (RUA.L)*
The new accounting date to 30 September 2025 was changed from March, so the next full audited report is for 18 months and to be announced in January 2026. The trading-update on 4 November included a 12-month contribution from ABISS, which was acquired on 9 September 2024. RUA stated its growth strategy is to increase the scale of the medical device and component manufacturing, reduce customer concentration, develop royalties from Biomaterials, and break even.
RUA Life Sciences operates in the high-margin medical device industry, specialising in patented Biomaterials for implantable devices. The Trading update reported 250% organic and acquisitive revenue growth comparing 12 months to September 2025 with the 12 months to March 2024. There are two revenue producing divisions: 1) Contract Development and Manufacturing Organisation (CDMO). CDMO like for like sales grew organically from £1.7m in March 2024 to £3.5m for the 18 months to September 2025. The acquired ABISS business now part of the CDMO business added a further £2.2m of sales from its facilities in France and Poland for the 12 months to September. 2) The Trading update showed that the higher margin IP business saw royalty revenues grow 33% for the 12 months (1 October 2024 – 30 September 2025) and these revenues grew 80% to £0.9m for the 18 months (1 March 2024 to 30 September 2025).The Y/E net cash is estimated at £3.2m.
RUA owns the IP to Elast-Eon which is a clinically proven polymer technology and is enabling the next generation of cardiovascular medical devices which are projected to grow to $115bn by 2030 from £60bn in 2024. There is a growing pipeline of medical device customers going through regulatory approval which could lead to multi-year, multi-million-pound contracts.
Hybridan Comment: A funded, sustainable, high margin, CDMO business is scaling up profitably. We think that the potential growth in RUA Biomaterials royalties seems to be ignored in the valuation.
Last Comment in Hybridan Monthly, May 2025, RUA share price was then 11.625p
* A corporate client of Hybridan LLP
Updates/Events:
There is a rush of Company news, which may decrease in the run up to Christmas and the New Year
Abingdon Health 6.75p £16.9m (ABDX.L)
On 11 November, the developer, manufacturer, and regulatory services provider of rapid diagnostic tests reported finals for FY June 2025. The operating loss increased to £3.5m from £1.4m, having invested in growth initiatives and new product development. The revenue, however increased 40% to £8.6m, which included a grant and a six-month contribution from the CS Lifesciences acquisition. This £3.3m acquisition is a regulatory services provider already helping the Group win a £500k plus contract and as its integration completes further contract wins can be expected.
Operational highlights include a $2m US contract win for the development of sexually transmitted disease tests, a strategic partnership with Okos Diagnostics to develop and commercialise avian flu (H5N1) lateral flow kits and the continued growth of the contract development and manufacturing organisation activities. The year -end net cash at June YE was £1.9m, with a further £3.2m raised in October at 6p. The funds are to accelerate expansion of the operations in the US and working capital for the pipeline. Q1 FY to 30 June 2026 is reported to be significantly ahead, with momentum continuing.
Hybridan Comment: It is our opinion that the US market opportunity has the potential to add significant value which would be accelerated with distributor agreements and strategic partners.
Last Comment in Hybridan Monthly April 2025, ABDX share price then 6.5p
REACT Group 51.50p £12.17m (REAT.L)
The Trading update for the YE September 2025 reported on 28 October that business is ahead of expectations. Revenue is expected to grow to £25m which is a 21% increase and EBITDA to improve 42% to £3m. The organic growth momentum is improving and is being accelerated by the eleven-month contribution from 24hr Aquaflow. The more leaks and floods the better for this commercial drainage and plumbing services business which was acquired for up to £7.4m with cash paid of £4m and supported by a £1.1m placing at 81p.
The resilience of REACT’s financial model is underpinned by a balanced mix of high-margin, time-sensitive services and recurring maintenance contracts. Net debt increased to fund the acquisition to £5.3m from £4.8m in March, which includes a £2.9m drawn from a new £3.5m term loan. This will be paid down by strong operating cashflow from the repeat or recurring revenue which accounts for more than 85% of total revenue.
The Trading Statement upgraded forecast for FY September 2025 to an EBITDA of £3m compared to £2.1m last year. The PBT forecast taken from Alpha Terminal is £2m and an EPS of 6.7p, growing to an EPS of 9.3p for FY 2026. This gives a prospective P/E of 7.7x dropping to 5.6x. The EV/ EBITDA is 5.8x for 2025 and would drop to 4.2x by September 2026.
Hybridan Comment: In our opinion, the transformational acquisition and increased trading momentum should justify a higher rating.
Last Comment in Hybridan Monthly in September 2025, REAT share price then 50.50p
Ten Lifestyle Group 62p £59.6m (TENG.L)
The concierge technology platform driving customer loyalty for financial institutions and other premium brands reported finals to August 2025. Revenue improved 4.5% to £65.7m, with a record EBITDA up by 10.6% to £14.6m, PBT increased by a factor of 5x to £2.9m and an EPS of 2.9p was reported. Operational Expenses increased just 2% to £51.1m and net cash is £9.3m, after a repayment of a £4.5m loan. New products were launched and scaled up, for example the Ten Box Office and Digital Dining apps available through partners.
Ten’s AI-powered member assistant, Tali and Ten Guardian are being developed to strengthen the service quality. Active Members have continued to grow to 387k from 375k since the August report. The increasing users show service traction and greater engagement with a highly scalable platform. Trading since the year end has been in line with expectations for FY 2026, with the Group on track to deliver 4.9% revenue growth to £73m and an improved EBITDA of £15.5m. Forecasts from Alpha Terminal are for the PBT to increase 95% to £5.74m and an EPS of 5.33p, which we calculate gives a P/E of 11.5x and an EV/EBITDA of 3.1x.
Hybridan Comment: We believe that the current year to August 2026 could see a break though in valuation. The additional services are scalable and profits and cashflow seem set to accelerate regardless of the relatively moderate revenue growth.
Last Comment in Hybridan Monthly November 2025, TENG share price was then 51.25p
In the news in December
As the season moves to one of comfort and joy, IXI is to report finals
IXICO 11.00p £10.2m (IXI.L)
The finals to September 2025 are to be reported on Tuesday 9 December and the trading update reported in October anticipated that revenues would exceed market expectations. At £6.5m, revenues would be 13% ahead of last year reflecting new contract wins, existing contract extensions, and a broadening of the analytics platform into new verticals.
IXI develops neuroscience precision medicine and biomarker analytics, using its AI-driven platform to help advance drug development in neurological disorders. IXI reported a new contract win on 17 November. The commercial contract is with a global pharmaceutical company to provide imaging services for a worldwide Phase 3 clinical trial in Huntington’s Disease (HD). The total contract value is for more than £3.5m over four years. HD is a rare, hereditary neurodegenerative disorder that leads to the progressive breakdown of nerve cells in the brain, affecting motor skills, cognitive function, mood, and emotional well-being. The strategy is to deepen its presence in Alzheimer’s and cerebrovascular disease and to that end expert appointments have been made to the Scientific Advisory Board as announced on 1 December. The increase in BioPharma’s commitment to invest in rare neurological diseases is building the Company’s commercial momentum.
The EBITDA loss to September 2025 is expected to be around the same as last year at no more than £1.6m, having invested in growth. The net cash is expected to be £3.5m compared to £1.8m, boosted by the November 2024 £3.7m fund raise at 9.5p. The order book at £13.8m is lower than last year’s £15.3m due to the timing of £4.2m of new contract wins and contract extensions. The CEO expects a sustained period of growth and value creation in the thriving market of neurodegenerative disease R&D.
Hybridan Comment: In our opinion, the progress in the specialist services scalable platform is not being reflected in the valuation.
Last Comment in Hybridan Monthly June 2025, IXI share price was then 11p
** Share prices, market capitalisations, and top 3 Shareholders all reported as at the close on 28 November 2025
By Jon Levinson
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Hybridan LLP and/or its associated companies may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
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No recommendations: In line with our conflicts of interest policy Hybridan LLP does not produce “buy” or “sell” recommendations or publish target prices on companies who are corporate clients of Hybridan LLP.
MIFID II status of Hybridan LLP research: The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
Status of this Master Investor Purposed Newsletter, Disclaimer and Disclosures
- Disclaimer for companies mentioned with whom Hybridan does not have a corporate advisory relationship
This document has been provided as a general market commentary and is prepared by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such an action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as “relevant persons”). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed
are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.
References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results. Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
- Disclaimer for companies mentioned with whom Hybridan has a corporate advisory relationship
Where Hybridan refers to companies that it is a retained adviser to, Hybridan marks this clearly with an *
This document should not be relied upon as being an impartial or objective assessment of the subject matter and does not constitute independent investment research for the purposes of the Conduct of Business Sourcebook (“COBS”) issued by the Financial Conduct Authority (“FCA”) to reflect the requirements of the UK retained version of Regulation 600/2014/EU (the “MIFID II Regulation”) and the UK retained version of Directive 2014/65/EU (the “MIFID II Directive”) and all rules made in connection therewith (together, known as “MIFID II”). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector. As a consequence, the research (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research under MIFID II; and (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research (although Hybridan does
impose restrictions on personal account dealing in the run up to publishing research as set out in our Conflicts of Interest Policy).
This document has been issued by Hybridan LLP as a marketing communication for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity. Hybridan LLP and/or connected persons may, from time to time, effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments. The information contained herein is based on materials and sources that we believe to be reliable, however, Hybridan LLP makes no representation or warranty, either express or implied, in relation to the accuracy, completeness or reliability of the information contained herein. Opinions expressed are our current opinions as of the date appearing on this material only. Any opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. None of Hybridan LLP, its affiliates or employees shall have any liability whatsoever for any indirect or consequential loss or damage arising from any use of this document.
This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this report is directed at and is for distribution only to persons who (i) fall within article 19(1) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in COBS (issued by the FCA) (all such persons together being referred to as “relevant persons”). This report must not be acted on or relied upon by persons in the United Kingdom who are not relevant persons.
Neither this report, nor any copy or part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this report comes should inform him or herself about and observe any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of securities laws in the United Kingdom, the United States (or any part thereof) or any other jurisdiction in any other part of the world.
The methodology and underlying assumptions used to either evaluate a financial instrument or an issuer shall, where relevant, be included (with information as to where any more detailed information can be found) in the substance of this note.
Investments in general involve some degree of risk, including the risk of capital loss. The services, securities and investments discussed in this document may not be available to or suitable for all investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources and, if in any doubt, should seek advice from an investment advisor. Past performance is not necessarily a guide to future performance and an investor may not get back the amount originally invested. Where investment is made in currencies other than the investor’s base currency, movements in exchange rates will have an effect on the value, either favourable or unfavourable. Levels and bases for taxation may change. When Hybridan LLP comments on AIM or AQSE Exchange shares investors should be aware that because the rules for those markets are less demanding than the Official List of the London Stock Exchange the risks are higher. Furthermore, the marketability of these shares is often restricted.
Hybridan LLP is authorised and regulated by the FCA and is a member of the London Stock Exchange.
Issuers may be permitted to review investment analysts’ investment research prior to publication for review of factual accuracy only – all opinions expressed are our own. Investment research prepared by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is categorised as a retail client under COBS.
Investment analyst certification: All research is issued under the regulatory oversight of Hybridan LLP. Each investment analyst of Hybridan LLP whose name appears as the author of this research hereby certifies that the opinions expressed in such research accurately reflect the investment analyst’s personal and objective views about any and all of the companies or the Company discussed herein that are within such investment analyst’s coverage universe.
The investment analyst who is responsible for the preparation of any commentary on companies that Hybridan advises is Jonathan (Jon) Levinson, who is an employee of Hybridan.
Conflicts of Interest: Hybridan LLP is involved in providing other financial services to companies it includes in this note that it is a retained adviser to and, as a result, Hybridan LLP may have responsibilities to the Company which conflict with the interests of the persons who receive this document.
Hybridan LLP and/or its associated companies may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
Hybridan, its partners, officers or employees or any connected persons may at the time of publication have an interest in the equity of the Company through the holding of warrants, securities, futures, options, derivatives, and any other financial instrument of any of the companies referred to in this document. Hybridan at the time of publication currently has no interest of this nature in the Company discussed herein. If exercised such interest would not be required to be notified as it would comprise less than 3% of the Company’s issued share capital. Hybridan reserves the right to increase or dispose of this interest and/or the underlying shares resulting from exercise, without further notice. Any disposal or acquisition of warrants or shares will be undertaken under the FCA Disclosure Guidance and Transparency Rules Sourcebook.
No recommendations: In line with our conflicts of interest policy Hybridan LLP does not produce “buy” or “sell” recommendations or publish target prices on companies who are corporate clients of Hybridan LLP.
MIFID II status of Hybridan LLP research: The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded,
disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
This document should be directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as “relevant persons”). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook. A full disclaimer and set of disclosures are made at the end of this report.