Hybridan Monthly, 7 January 2026
Market Comment: Share Wars – Revenge of the Value Investor
It’s been a tough few years for the beloved “value investor.” Never one to be lured into the small cap bubbles and eye watering share price movements we saw during the Covid biotech boom or more recently in 2025 with certain AI and bitcoin treasury companies commanding 100x revenue multiple or hefty *premiums* to NAV. Amongst all the hysteria, value investors remained unwaveringly loyal to their investment criteria – underpinned by fundamentals of revenues, cash, traditional business models and conservative growth.
The phrase “patient capital” has long been out of fashion, giving rise to investor requirements of instant returns and liquidity. This has created a challenge for fund managers in communicating to their underlying investors the long-term vision required for small cap investing. These challenges have been further compounded by the rise in redemptions many of these small cap funds have endured. “Compliance led” fund management became the order of the day – where company fundamentals took a backseat and a company’s average daily volume dominated fund manager criteria as a defence to protect against further possible redemptions. It became a vicious cycle – buyers retreated and share volumes dried up, making it even harder for fund managers to back growth companies in size.
2025 was certainly a crowd pleaser – some who have done remarkably well backing the next AI or bitcoin treasury dream maker – but it’s also been a welcome return of the lesser spotted value investor. Nibbling away in the aftermarket, taking advantage of healthy order books, depressed valuations, and enjoying the subsequent share price rise. We take a look at two in particular that have done incredibly well off the back of this, that are both Hybridan clients.
Petards Group 10.25p £6.22m (PEG.L)*
Petards is a global specialist solutions provider for security, surveillance and ruggedised electronic applications in the defence, rail transport, communications and traffic technology sectors. It is a prime example of the “David & Goliath” effect – a UK small cap PLC underpinned by great innovation, servicing some of the largest blue-chip customers in the world. Since the slowdown in new build trains across the sector, where Petards was responsible for installing on-board digital systems, the company has done a great job in diversifying its revenue base in its other core sectors of defence and critical communications.
A recurring theme across a value investor’s portfolio are companies that are capitalising on wider macroeconomic shifts and Government spending initiatives. One such shift that Petards is benefitting from is the overall uplift in UK defence spending and procurement activity. The UK’s Strategic Defence Review and recent commitments by the government have boosted defence spending, with long-term programmes, and a higher procurement pipeline all part of the plan. Petards has a long history of working in the defence sector, over 70 years’ experience working with the UK Ministry of Defence (MoD) and its prime contractors. Most recently, Petards secured a £2.2m contract from Rheinmetall BAE Systems
Land Limited (RBSL) to support the Challenger 3 tank upgrade programme — this is Petards’ largest defence engineering order in years.
Since June 2025, defence contracts worth a combined £3.5m have been announced. On top of the RBSL tank upgrade for £2.2m, a £0.65m contract extension from the UK MoD was secured to support RAF communications infrastructure, with potential additional revenues that could exceed £1m. Petards also secured a further £0.65m order from BAE Systems for specialist electrical safety products in aerospace applications.
On consistent newsflow of contract wins across 2025, shares rose 24% across the year, following a 112% share price rise in 2024. Forecasts in the market taken from Alpha Terminal for December FY 2025 anticipate revenue of £15m and EBITDA of £810k against a current market cap of £6.22m.
Northern Bear 140.00p £19.25m (NTBR.L)*
This specialist building service provider had a phenomenal performance in 2025, with shares up 145% across the period. The investment thesis is one of an improving quality of earnings and no debt – March FY 2026 Hybridan forecast is for revenue of £89m and PBT of £3.96m, after deducting a non-recurring profit of £1.34m. The weighted average construction services sector P/E is 10.8x, while the ongoing P/E forecasted in the market for 2026 is 6x.
It is another classic example of a UK small cap capitalising on wider macro and regulatory shifts which give rise to more sustainable spending rather than a “boom bust” cycle of tap on/off spending reviews. For example, in their roof tiling division, Wensley, they have started to install Solar PV systems, which are increasingly becoming mandated on new builds. Isoler, their fire safety division is being driven by the Build Safety Act, post Grenfell, where the UK’s largest house builders have set aside hundreds of millions of pounds to address fire safety issues on their buildings. And finally, their Alcor division is making great inroads supporting customers looking to move to Electric forklifts as part of their own ESG/decarbonisation strategies.
Wensley Roofing’s clients span major house builders, local authorities, and housing associations. Wensley’s relationship with the major house builders in the area means they are well positioned to take advantage of the regional push to contribute to the Government’s bold national pledge of 1.5 million new-build houses over the next 4 years. In addition to this, under the Future Homes Standard, the Government is mandating that nearly all new-build homes in England be fitted with solar panels from 2025. Wensley has successfully adapted to this shift as they now install PV systems as part of their comprehensive roofing services for new homes. This way, instead of bringing in a separate contractor, Wensley can manage the entire installation process for the homeowner, resulting in a complete package solution for their customers.
Northern Bear’s forklift division, Alcor, has enjoyed the prestigious position of being Mitsubishi’s distributor in the Northeast for more than 30 years and has built an excellent reputation in the space covering sales, hire, maintenance and repairs for customers throughout the Northeast and Cumbria. Forklift services include support with electric fleet adoption, short-term equipment hire, driver training, ongoing service maintenance, and assistance with integrating smart telematics into a client’s fleet. The UK’s push for Net Zero
emissions and the upcoming 2030 ban on new petrol and diesel forklift sales are compelling business drivers to transition forklift stock to electric models.
The division attracting most regulatory attention is Isoler. The company carries out all aspects of internal fire protection for buildings, including structural steel protection, fire door maintenance and installation, fire stopping and compliance surveys. Post Grenfell, the sector has experienced a demonstrable shift from a “tick and flick” mentality to strict fire safety standards where residential buildings have been forced to close at the expense of the landlord if they are not compliant. The cost of getting this wrong is unquantifiable for landlords. Updates to the UK’s building regulations, including the Building Safety Act 2022 and the Fire Safety Regulations, include key improvements and stricter rules for high-rise buildings, such as requirements for fire doors and safety checks on lifts, updated guidance on sprinklers, and second staircases in tall buildings.
For the past few years, there has been a frustrating disconnect between the “UK small caps are cheap” rhetoric and the subsequent share price movements of well-priced companies. However, 2025 was a marked shift where share prices and fundamentals were working together more harmoniously. It’s been a welcome return of sentiment for the lesser spotted value investor and here’s hoping 2026 brings more of the same.
Wishing you all a happy, healthy, and prosperous year from all the team at Hybridan!
By Niall Pearson
* A corporate client of Hybridan LLP
Company Reports:
As part of our Hybridan Monthly, we cover two companies that are selected by our team as noteworthy opportunities from the previous month’s news. Of those 24 companies covered in 2025, on average, their share prices are up 26.8% from the date of the coverage to 2 February 2026. Standout performers include Hardide (HDD.L) covered in February 2025 at 6.75p, Aptamer Group (APTA.L) in March 2025 at 0.4p, and Tekmar Group (TGP.L) at 5.625p in July 2025, which saw an average increase as at 2 January 2026 of 165%. This serves as a reminder of the potential exciting returns from engaging in smaller companies, whilst not forgetting the risks; a relatively small volume of shares trading either way can have a significant impact on a company’s share price.
AURR A value conveyor FIPP Cashing in on Growth
Aurrigo International 82.5p £73.73m (AURR.L)
|
Price |
Results |
Top 3 Shareholders |
Value |
|
80-85p |
Year End December |
Next Gen Mobility 24.24% |
Worldwide Distribution |
|
Spread 6.06% |
Reported 30 May |
David Keene 13.99% (Director and CEO) |
High Margin Licensing Model |
|
52 week High/Low 102.5p/41.0p |
Interims to June, reported 29 September |
Graham Keene 13.99% (Director and Corporate Development Officer) |
JV hub newsflow |
Source: Alpha Terminal
The global market for airport special vehicles is ‘flying,’ piloted by increasing passenger traffic and is projected to reach $3.2bn by 2034, with an 8% CAGR. The Company’s smart airside purpose-built Autonomous Vehicles (AV) are fabricated in collaboration with customers to meet the specific needs of the airport’s baggage handling and passenger transport. The solutions combine the autonomous proprietary hardware with a unique, patented software to increase the speed and accuracy of loading and unloading, so ultimately driving a strong return on investment.
The recent launch of the ‘Hub strategy’ programme will accelerate global commercialisation and the high margin licensing income so that AV manufacture becomes part of a JV. The ‘Hub strategy’ will align local partnerships, funding, operations and manufacturing with Aurrigo’s proprietary technology platform. The Hub partners and JVs will be at a local/subsidiary level to established regional ground operations and manufacturing capacity, to reduce risk, capital requirements and time to market. When the strategy is executed, this will greatly increase the operational leverage, accelerate international scaling and without significant capital dilution.
There are five hubs expected to be established through commercial collaborations or strategic partnerships, covering the UK, which may be the first to progress, North USA, Europe and there could be particularly strong opportunities in Southeast Asia and the Middle East. Aurrigo is contributing its proprietary intellectual property,
technical expertise, and operational knowhow, and local partners provide the required working capital and customers to accelerate product deployment into regional airports. There should be a flurry of newsflow as the hub strategy is deployed.
The Interims to June reported a 10% reduction in revenue to £3.5m. Revenue at the automotive division (specialist components for electric vehicles) was adversely affected by production volatility, while the rising star of the AV division revenues increased 41% to £1.1m. The increase was driven by trial deployments in several airports and initial contracts progressing to larger orders. The gross margin improved to 42.3% from 35.0%, reflecting the increasing contribution from the higher margin licensing fees of the AV division.
The net cash at June 2025 was £1.8m, but in August £14.1m was raised at 45p to scale production and push forward with product development to support the ramp-up of the Autonomous projects. The FY December 2025 forecast on Alpha Terminal is for a loss before tax of £4m on revenue of £7.5m. The share price has risen 87.5% since the August fund raise.
Hybridan Comment: The innovate Hub structure is an inventive opportunity for a low-cost global roll-out assisted by localised manufacturing, with a scalable framework to capture the rapidly growing demand for automation solutions across the aviation industry. This could significantly accelerate earnings in the medium term.
Frontier IP Group 16.0p £12.1m (FIPP.L)
|
Price |
Results |
Top 3 Shareholders |
Value |
|
15p-17p |
Year End June |
Octopus Investments 18.52 |
Geared for Small Cap Growth |
|
Spread 12.5% |
Reported 8 December |
Canaccord Genuity 9.80% |
Mature Portfolio |
|
52 week High/Low 29p/15.25p |
Interims to December, reported 14 March |
Neil Crabb 6.05% (Director and CEO) |
Recent Funding |
Source: Alpha Terminal
FIPP is a specialist active manager in commercialising intellectual property with a portfolio of equity stakes and licences. The investments are predominantly earlier stage companies with supported, disciplined financing and collaboration with relevant industry partners. In December 2025, £870k was raised at 15.5p which is a 7% dilution and the funds will contribute to supporting portfolio companies, stimulate exits and realisations, and to launch the South Cambridge Science Centre.
The portfolio consists of around 18 companies in essential sectors such as climate, health, energy, water and food. The portfolio holdings range from 0.4% in Platometre, to 36.16% in Alusid. Five companies raised funds during 2025, having attracted investment and support from major corporations, government agencies, and other institutions. Dekiln, in which FIPP holds a 24.6% stake, recently reported a £3m funding round to improve its kiln free tile technology to industrial scale production. The award has been made as part of The Royal Academy’s first Green Future Fellowship programme.
During 2025, a strategic partnership was formed with an associate company of Abstract Securities Ltd, to create an innovation hub in the South Cambridge Science Centre which will be dedicated to science and technology. As an anchor tenant, FIPP was paid a fee of £1m and given 12 months’ rent free space. The plan is to sublet the space to portfolio companies, other start-ups, and early-stage science and technology businesses which should generate a steady income from rental, advisory and management services.
Finals to June reported a near unchanged equity portfolio value of £33.4m as a result of reducing the debt portfolio to £3.1m from £5.6m, and the FY cash was
£2.7m. The net assets value per share fell to 61.0p from 79.7p in part due to the additional 12.7m shares issued in December 2024 raising £3.6m at 28p. The Loss before tax of £6.3m was a significant increase versus a profit of £1.3m primarily due to non-cash unrealised losses across the equity and debt investment portfolio and operating expenses were little changed at £3.5m.
The focus is on exiting investments and cash realisations which are key value inflection points. Alusid Ltd recently announced it had raised £500k in a pre-IPO equity funding round. Frontier IP converted loans to Alusid of £250k into equity to take its holding to 36.16%. The fundraising values this materials recycling company at a pre-IPO valuation of
£10m and investors included existing backer, Octopus Investments, and the University of Lancashire. The Interims to December 2025 should show a marked improvement and 2026 could see some cash realisations.
Hybridan Comment: The 74% discount to NAV could be the nadir in the recovery cycle and, although the speed of the recovery is unpredictable, it leaves plenty of upside.
House Report: House News
MediaZest 0.10p £1.7m (MDZ.L)*
The Company’s core business is providing end-to-end technical and creative audio-visual (AV) solutions in a ‘one-stop shop’ approach. There are strong long-term demand factors for AV technology in MediaZest’s four core sectors of retail, automotive, corporate offices, and financial services. Long-standing clients include Pets at Home, First Rate Exchange Services, Lululemon Athletica, Arc’teryx and Kia. These clients have renewed and extended existing contracts generating approximately £1.8m in revenue in the last 4 months of the FY to 30 September 2025. MediaZest continues to increase the number of multi-year revenue contracts, with a recurring annual revenue run rate of more than £1.2m, compared to around
£0.9m in 2024.
The operational progress reported at the interims to March 2025 has continued as the Trading update for FY September 2025 (reported in an RNS on 9 December) sets expectations for a 30% revenue increase to £4m for FY 2025. The EBITDA will be substantially higher at, we estimate, £0.39m from last year’s £0.014m, with a PBT of £104k compared to a £214k loss. The cash position to September has improved to around £102k from £64k last year and a balance of a £7k debt at the interim period.
The balance sheet and earnings were significantly strengthened by a Financial Agreement on the debt, as announced on 9 December. The restructured debt improves operational flexibility and cash flow, allowing room for increased investment. We imagine the Board, with a strengthened balance sheet, will in time seek appropriate ‘buy and build’ acquisitions to accelerate organic growth.
Hybridan Comment: The team is executing its development strategy with a shift towards more predictable recurring revenue while returning to profits. According to Hybridan’s forecasts, the September 2025 EV/ EBITDA of just 6.9x would be even lower at 5.6x if the financial impact of the debt restructuring were included, showing the potential for a valuation uplift.
* A corporate client of Hybridan LLP
Updates/Events:
CyanConnode Holdings 7.10p £25.49m (CYAN.L)
The Company is focused on narrowband radio frequency (RF) mesh networks and reported Interims to September 2025 on 18 December 2025. Revenue grew 32% to £7.4m resulting from increased shipments of hardware. The gross profit fell to £1.9m from
£2.3m, reflecting a lower gross margin of 25% versus 41% in H1 2025, due to lower software and services revenue. The Operating loss rose to £3.0m from £2.1m, driven primarily by the
£0.9m of foreign exchange losses. The cash declined to £1.6m from £3.7m, with an additional
£6m held in a fixed deposit. Working capital is being supported by $15m raised through two convertible loans to enable the pursuit of further contract tenders.
During 2025, its largest contract was won in Goa under the Advanced Metering Infrastructure Service Provider scheme (AMISP). This milestone win has significantly increased the scale and strengthened the Company’s ability to win additional AMISP contracts, alongside ongoing subcontracting opportunities. The AMISP Indian market is expected to be worth around £186m, providing a substantial near-term pipeline to support continued revenue growth.
Hybridan Comment: The current valuation is based on multiple of sales of 1.5x which perhaps reflects some uncertainty surrounding the business model, not the order pipeline. This value could be highly sensitive to winning further contracts and increased revenue transparency.
Last Comment in Hybridan Monthly May 2025, CyanConnode’s share price then 7.5p
Hardide 16.75p £13.99m (HDD.L)
The provider of advanced surface tungsten carbide/tungsten metal matrix composite coating technology announced at the beginning of December that it has received orders from a major new North American customer in the energy sector with an aggregate value of £1.75m.
Hardide’s coatings significantly increase the life of critical metal parts operating in abrasive, erosive, corrosive and chemically aggressive environments. Discussions are continuing with this new North American customer to plan for ongoing demand later in 2026, with potential for higher demand, thereafter, expected to benefit Group revenues in the first half of Hardide’s current financial year ending 30 September 2026.
There are production facilities in the US and UK and the growth is being driven by the aerospace business, including initial revenues from the contract to coat cargo door components for freight aircraft. There is also some recovery in demand from the oil and gas sector. Hardide should be on track to deliver on full year 2025 market expectations, according to Alpha Terminal, for an EBITDA of £1.0m on £6m of turnover. For FY September 2026, turnover is forecast on Alpha Terminal to increase to £8m and the EBITDA to £2m.
Hybridan Comment: Assuming the FY 2026 forecast is met, our calculated EBITDA/EV from Alpha Terminal is 6.75x, which is still not expensive.
Last Comment in Hybridan Monthly in June 2025, Hardide share price then 7.75p
Tekmar Group 13.00p £18.14m (TGP.L)
The provider of asset protection technology and offshore energy services reported winning two EUR8m contracts in December 2025. One was with an existing Engineering, Procurement and Construction (EPC) customer. The scope of work comprises the supply of Tekmar’s 10th Generation Cable Protection System (CPS) and associated ancillaries for a major UK offshore wind farm. Similarly, the second EUR8m contract in December was with an existing client subject to Final Investment Decision (FID) in early 2026, delivery will be in 2027, with revenue phased across the Company’s FY26 and FY27 financial periods.
These contracts reinforce Tekmar’s position in subsea asset protection, with its technologies protecting two thirds of the world’s installed offshore wind capacity. There is higher volume and a balance of work across Tekmar’s end markets. A significant reduction in losses is being anticipated for the current FY to September 2026, with the EBITDA forecast on Alpha Terminal to increase to break-even for September 2025 and a positive £2.9m in 2026.
Hybridan Comment: The accelerating pipeline conversion has seen the share price recover strongly which maybe anticipating a return to PBT in 2026.
Last Comment in Hybridan Monthly October 2025, Tekmar share price was then 5.75p
In the news in January
Hercules 55.00p £43.92m (HERC.L)
Hercules is an acquisitive technology-enabled labour supply, recruitment, and training service provider specialising in the UK infrastructure, construction and energy sectors. Its finals to September 2025 are scheduled to be reported on 13 January. The UK is embarking on a major upgrade of water and electrical infrastructure. Following regulatory reviews by Ofwat, water utility companies are expected to have invested more than
£104bn in 2025, while the National Grid proposes investing £58bn to support a projected 64% increase in electricity demand by 2035.
FY profits to September 2025 are anticipated to be £3.3m on Alpha Terminal, which is up from £2.2m on turnover of £118.4m against £101.9m. This gives an EPS of 3.62p and a dividend of 1.7p which we calculate makes a prospective P/E of 15.1x and a 3.1% yield.
Hybridan Comment: The price increase since our last comment is starting to reflect the corporate progress and the current year could see further improvements.
Last Comment in Hybridan Monthly November 2025, Hercules share price was then 37.5p
** Share prices, market capitalisations, and top 3 Shareholders all reported as at the close on 5 January 2026
By Jon Levinson
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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.
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.