Hybridan Monthly, 1 June 2026
Market Comment: View from the Broker’s Desk
The importance of creating a level playing field in the SME ecosystem
A CEO embarking on their SME journey weighing up which route is right for them and their business should feature numerous discussion points centred around the “cultural” differences of running a business either privately or as a listed entity in the public eye.
Indeed, one CEO’s reason not to IPO due to the “increased regulatory burden” could very much be a driver for another CEO to IPO desirous of the visibility and credibility with customers of being a London listed company.
What should certainly not be part of that decision making process is the current differential on the amount of capital made available to private and public companies. Creating a level playing field in the access to capital for private and public companies is vital to ensure a fair and equitable funding environment operates, especially when state money is involved.
This was a key argument behind The Quoted Companies Alliance latest Campaign to call on the British Business Bank to allocate 4% of their £25.6bn capacity into sub-£100m market cap companies. This new £1bn portfolio could mimic the bank’s vast exposure to private markets where money is allocated to VCs to deploy on its behalf. Similarly, this newly created portfolio could be deployed into the many well established small and micro-cap funds that have the demonstrable track record of investing in sub £100m market cap companies.
Furthermore, this new initiative should also mimic the same standard VC structure where funds have a 10-year lifetime. This would mean quoted fund managers are free from the fear of redemptions and current shackles imposed on them by Authorised Corporate Directors whereby larger more liquid companies are prioritised as a defence strategy to service any potential redemptions. Having a 10-year commitment would enable fund managers to re-focus on solely backing smaller companies that have the ability to deliver superior returns over the long term.
The rationale is pure and simple. The British Business Bank is ultimately backed by the taxpayer, therefore why is it not structured to support those that have contributed to their AuM? Grant Thornton’s “Economic Impact of AIM” report is arguably the closest initiative to have quantified the contribution of listed companies to UK government revenues. The headline figures from the 2024 report stated that AIM companies contributed to £35.7bn of direct Gross Value Added (GVA) to UK GDP in 2023. In addition, they created 410,000+ direct jobs, £68bn total GVA impact including supply chain and induced effects and an estimated £5.4bn of corporation tax contribution to the Exchequer in 2023. The economic contribution of small cap companies is irrefutable therefore why is the State not recycling a very small portion of that money into the public SME ecosystem?
After all the years of lobbying, we are long past diagnosing the problem, but for whatever reason the pace of implementing a viable solution has been sluggish. This has been shown most recently with the Mansion House Accord from which we are one year on from the voluntary agreement of the 17 UK’s largest workplace pension providers to unlock up to £50bn in investment for the UK economy. Signatories, managing about 90% of active Defined Contribution pensions, had pledged to allocate at least 10% of their default funds to private markets by 2030. Private markets or unlisted equities include AIM and AQSE companies, but we are yet to see any tangible evidence this has been acted upon.
This lack of focus towards funding public companies is creating a situation where public market proponents are expected to compete with private markets with two hands tied behind their back (lack of capital going into listed small caps). The narrative is particularly skewed with Pitchbook recently reporting that the US venture secondary market just reached an annualised value of $112.2bn and surpassed public listings. The rise in private secondaries and their relationship to IPO deal flow is yet to be seen ie will it improve or reduce IPO flows? It raises an interesting question, why would early investors sell secondary shares in a private company if they are anticipating a near term IPO where the valuation should be higher? In other words, none of these VCs or private equity houses are expecting any near-term IPO issuance at all or they would not be selling in Hybridan’s opinion.
Equally, the rise in attention towards secondaries shouldn’t just be confined to the private markets. On the public markets Applied Nutrition plc (APN.L), The Beauty Tech Group plc (TBTG.L) and Raspberry Pi Holdings plc (RPI.L) are all great examples of listed companies that have had successful performances on market since their IPO. So much so that to satisfy institutional demand, all three companies successfully executed oversubscribed secondary placings this year.
While the debate may not always be balanced—particularly in US versus UK valuation discussions—there is no good reason for access to capital to differ so sharply between private and listed companies. This matters even more when some of that capital comes from the State, which has benefited from substantial tax contributions from listed UK SMEs.
By Niall Pearson
Company Reports: Growth Opportunities
PEN Operationally Ready
RCFX Defence Advancing
Pennant International Group (UK) 23.50p £11.19m (PEN.L)
|
Price |
Results |
Top 3 Shareholders |
Value |
|
23p-24p |
Year End 31 December |
Brett Gordon 19.21% |
Critical Sector |
|
Spread 4.30% |
Finals reported 23 March 2026 |
Rockwood Strategic plc 15.01% |
Converting Pipeline |
|
52 week High/Low 31p/18.00p |
Interim results to 30 June, reported 16 September 2025 |
CC Powell Concert Party 13.18% |
Recovery Underway |
Source: Alpha Terminal
A new customer contract for an initial £1.0m was reported on 11 May to supply a virtual training simulator developed specifically for a UK manufacturer of air defence applications. The initial order for Training Systems covers the design, development and testing of the simulator. Pennant expects a series of production orders to follow to support the training requirements of soldiers in operational battlefield environments, providing additional follow-on revenue opportunities.
On 2 February, a further Training Systems order was won, worth £0.6m, to supply a client in the nuclear sector with a part task trainer to support technical training. Pennant’s software solutions support training for complex assets to maximise operational and maintenance efficiency. Key markets include Aerospace, Defence and Rail, and adjacent safety-critical markets such as Shipping, Nuclear and Space. Clients are defence departments and major OEMs worldwide such as Siemens and Eva Air.
The finals reported on 23 March for FY to 31 December 2025 reported on a challenging year in which the Group’s Training Systems business was restructured. Revenues fell to £9.7m from £13.8m for the FY to 31 December 2024. 60% of these revenues are now recurring in nature. The EBITDA loss of £0.4m compares to a £1.7m profit for the FY 2024, with an adjusted loss before tax of £1.9m against a £0.3m loss for the FY 2024. Net debt is £0.54m, down from £2.3m in the prior period after surplus land and buildings were sold for £3.2m. There is a £1m cash facility with HSBC.
After restructuring, Pennant is strategically focused on high margin software and services to generate sustainable recurring and repeatable revenues and profitability. The defence industry’s growing focus is on operational readiness, data standardisation and equipment availability alongside rising defence budgets and the burgeoning technological complexity of military, aviation and rail platforms. The current political climate should engender demand for these solutions. Pennant’s order book has £23.3m of contract value for delivery across the next 3 years, including circa £10m already scheduled for delivery in FY26 which should return the Group to a net cash position and profit before tax. The Board’s confidence in the recovery seems endorsed by the recent granting of 1m of options with a first exercise price of 40p.
Hybridan Comment: Recent contract wins suggest the anticipated recovery is underway.
RC Fornax 7.8p £7.5m (RCFX.L)
|
Price |
Results |
Top 3 Shareholders |
Value |
|
7.7p-7.9p |
Year End 31 August |
Paul Reeves (CEO) 24.3% |
Defence Procurement |
|
Spread 4.1% |
Reported 24 February |
Unicorn Asset Management 11.1% |
New Team |
|
52 week High/Low 56p/5.85p |
Interims to 28 February, reported 27 May |
Puma Investment Management Ltd 8.7% |
H2 Recovery |
Source: Alpha Terminal
A UK-based defence industry consultancy specialising in delivering outcome-based engineering solutions to drive critical military projects reported Interims to 28 February 2026 on 27 May. RC Fornax specialises in the definition and execution of engineering projects by providing traditional consultancies with supply-chain and recruitment solutions enabling projects to be completed. Defence is a large and complex, regulated and multidisciplinary market and the Government has reiterated that funding is available to strengthen military readiness.
After listing on 5 February 2025 with a £5.15m fundraise at 32.5p, a profit warning followed on 17 June. The Board changes between September 2025 and January 2026 have recruited directors with military and industry experience aimed at enhancing client relationships.
The Interims results to 28 February reported on 27 May reported revenue 40% ahead of last year at £2.2m, reflecting improving order conversion. The operating loss of £0.9m compares to an operating profit of £0.1m in the H1 to 28 February 2025, reflecting continued investment in capability, governance and headcount to support the growth being expected in H2 FY26 and beyond. The cash of £1.8m at 28 February 2026 compares to £0.9m in the H1 to 28 February 2025, following the £2.1m fundraise completed in November 2025 at 6p.
Richard Smith was appointed as a Non-Executive Director on 17 September. Richard has held senior roles including CFO of Raytheon UK & Canada, Finance Director for the UK Ministry of Defence Submarine Programme, and CFO of Leonardo Helicopter Division. On 30 January 2026, the appointment of Andrew McInerney was announced. Andrew is a Royal Marines veteran and a successful entrepreneur.
The consultancy business is complemented by the SME Procure platform to connect verified SMEs with buyers. The platform materially reduces procurement overheads and enables faster, more transparent engagement across the supply chain. The Board believes this scalable platform can be applied to other industries. The first contract award from a UK Public Sector Space Client is meaningful as it’s a diversification beyond core MoD work.
There is substantial progress made towards a major framework agreement with a top seven prime contractor to the MoD, now in the final stages of commercial approvals. There are eight new clients (including two top-six prime MoD contractors). On 22 January, the Company joined the Aurora Engineering Partnership (Aurora) as a Specialist Provider. Aurora has a £1.5bn engineering delivery partner framework. This gives visibility over more than £5.7m of H2 revenue and so far in FY 2026 contracts on a recurring basis are for more than in the entirety of FY 2025
The priority for RC Fornax is to convert major framework agreements into sales which is the task of the new sales director appointed in October 2025. The Board remains confident in meeting market expectations which are for FY 31 August 2026 turnover of £5.8m and a loss before tax of £2.0m (Alpha Terminal).
Hybridan Comment: Commercial momentum seems to be (re) building and there could be a surprisingly strong recovery.
House News Report
Northern Bear 110.50p £15.2om (NTBR.L)*
The Trading Update on 21 May reported that for the H2 to FY 31 March 2026, the Board expects the Group’s financial performance to be in line with market expectations. H1 had exceeded expectations, therefore the subsequent wet winter and macro-economic challenges since the publication of its interim results on 19 November 2025 further illustrate the resilient underlying trading performance.
The general construction sector’s outlook remains fragile as market pressures begin to affect clients. These pressures maybe more prevalent at Arcas Building Solutions Ltd, the generalist building contractor and at Jennings Roofing Ltd, which does general roof repairs primarily for the public sector. Public sector contracts are, however, carefully selected and managed. The Specialist Building Services division contains several ‘niche’ construction services. At Isoler, the fire protection solutions business, investment has been made in the department’s infrastructure and in hiring specialist compliance professionals to enable a wider range of protection services. J Lister Electrical is a specialist electrical contractor with over five decades of experience working exclusively on commercial and industrial projects across a wide geographical area. J Lister’s services include door access systems, solar solutions, inspecting and testing.
Hybridan’s FY 31 March 2026 forecast is for EPS growth to 21.2p which is 26% higher than FY 2025. If we include the N-RP (non-recurring profit) in earnings, the EPS is 28.7p representing 71% growth. The strong operating cash flow is expected to leave an ungeared balance sheet and net cash holdings of £4.8m compared to £3.97m for FY 2025.
There is capital available to support the investment program, which could be accelerated through complementary acquisitions at perhaps more attractive valuations. We expect the strategic operational investment in developing people and processes within specialist business sectors will continue to help mitigate general market weakening.
Hybridan Comment: NTBR’s robust and resilient earnings growth is despite challenging market conditions. The P/E ratio for the UK Construction and Building sector ranges between 13.5x and 16.5x. Our earnings forecast puts NTBR on a P/E for 2026 at just 5.2x, excluding the N-RP. Net cash easily supports a 2.5% dividend yield which adds to the investment attraction.
Last Comment in Hybridan Monthly November 2025, NTBR share price then 107.5p
* A corporate client of Hybridan LLP
News Update: reported growth opportunities
Getech Group 2.1op £3.20m (GTC.L)
The locator of subsurface essential energy and mineral resources reported finals to 31 December 2025 on 30 April. Revenue increased 7.3% to £5.0m with ARR of £2.8m compared to £2.9m for the FY to 31 December 2025. An EBITDA profit of £0.5m was made compared to a £0.6m loss for the FY to 31 December 2025 reflecting the improved operating performance and structural cost efficiencies. The cash at bank was £0.2m on 31 December 2025, but had improved to £0.8m by 31 March 2026, as debts were collected. The order book declined to £3.8m from £4.1m for the FY to 31 December 2025, although there is a further £2.5m expected in FY 2026. The sales team has been strengthened, and clients include energy, metal and mining companies as well as government contracts. The strengthened team expects to improve the size and quality of the business pipeline as new clients utilise the platform under multi-year contracts. There are opportunities in emerging energy sectors, including natural hydrogen and helium which are to be pursued on a proportionate and capitallight basis. The trading momentum continued into 2026, with unaudited Q1 revenues 5% ahead yearonyear and EBITDA expected to exceed FY2025.
Hybridan Comment: As the sales pipeline grows, the share price could make accelerated progress.
Last Comment in Hybridan Monthly February 2026, GTC share price then 2.2p
Hardide 70.00p £55.20m (HDD.L)
The provider of advanced surface coating technology received orders from a large North American energy sector customer, as announced on 27 May. The value of the contract is £2.4m and is greater than the Board expected. This will materially improve the revenue and overall financial performance for FY to 30 September 2026. The operational improvements delivered in recent months have enabled Hardide to deliver its existing order book at a faster rate than previously anticipated. The new orders include selling price surcharges mitigating some of the impact of recent input cost inflation. Hardide has broadened its supply chain to manage costs and to ensure continuity of supply. The CEO states there is clear order visibility for the rest of the financial year. Alpha Terminal shows market expectations for FY to 30 September 2026 to be for turnover of £12.4m, a PBT of £2.9m and an EPS of 3.4p which we calculate would put the Company on a prospective P/E of 17.6x.
Hybridan Comment: The price seems up with events, although there is clearly potential for an upgrade.
Last Comment in Hybridan Monthly May 2026, HDD share price then 37.5p
Touchstar 72.50p £5.74m (TST.L)
The suppliers of mobile data computing solutions and managed services to a variety of industrial sectors reported results for the FY to 31 December 2025 on 7 May. Revenue declined 1% to £6.8m while the ARR increased 5.2% to £3.2m. The exceptional noncash charges of £1.18m relate to the impairment of development assets, resulting in a statutory loss that does not impact liquidity or the operational strength. The adjusted PBT declined 25.8% to £313k and an EPS of 3.82p was reported. Net cash is £2.2m, down from £3.9m for the FY to 31 December 2024, although the dividend was increased 8.3% to 3.25p. We calculate that these reported results put the Company on a current P/E of 19x with a 4.5% dividend yield. The restructuring in 2025 has strengthened the organisational foundation, created two balanced divisions and embedded clearer accountability, positioning the Company for improved scalability and growth. The order intake entering 2026 is reported by the CEO to have been materially stronger, with Q1 2026 orders exceeding all corresponding periods since 2021. 2026 is expected to be a pivotal year, with a sharper commercial focus and a stronger pipeline supporting the transition to a sustainable, growthoriented model.
Hybridan Comment: This critical solutions provider is under new management and with cash available, seems an attractive investment proposition.
Last Comment in Hybridan Monthly May 2026, TST share price then 64.0p
Events in June
Vianet Group 66.5p £18.90m (VNET.L)
Vianet is a hospitality services business that provides clients with real time inventory control and sales data onto a dashboard, helping the client control costs and increase sales. The Unattended Retail Solutions platform delivers remote asset management, contactless payment and actional data on restocking. The installed base is expanding through a combination of new contract wins and extensions with existing customers. In the US, some key customer agreements have been established, and although in the early stages, there are significant opportunities for scalable growth. The finals for the FY to 31 March 2026 are to be reported on 9 June and the Trading Update of 29 April anticipates revenue to be £15.5m compared to £15.3m in the prior year, as growth was held back by timing delays rather than loss of contracts. Customer investment is beginning to normalise and as these delayed deployments convert, revenue momentum will increase. The EBITDA is set to be marginally ahead at £3.61m and around 88% of revenue, c.£13.6m, is recurring with a healthy gross margin of 69%. Net cash has improved to £0.44m from net debt of £0.38m in the prior year. The dividend is to be increased by 85% to 2.4p and we calculate this would give a 3.75% yield. The business focus remains on ‘enterprise’ style long term contracts and building recurring income which improves revenue visibility.
Hybridan Comment: VNET seems set to report a strong start to FY 2026, which we calculate that with an EV/EBITDA of 5.0x is not priced in.
By Jon Levinson
** Share prices, market capitalisations, and top 3 Shareholders all reported as at the close on Monday 1 June 2026
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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.