Hybridan Monthly, 1 October 2025
Market Comment:
View from the Broker’s Desk
Why you can’t compare a Defender to a Lamborghini
I would always choose a Defender (90 version of course, not the Chelsea tractor new style) over a Lamborghini. Whilst many will always be taken in by the allure of brighter colours, louder engines, and slender appearance, there are some that will stay loyal to the homegrown juggernaut.
It’s becoming an unfortunate common occurrence when you pick up the paper and read “My $1bn fintech wants to float — but London’s out of the question”. The most recent example was from Cleo, a London-based artificial intelligence-powered fintech business discussing their future IPO plans. Hyperbole often follows with “The London Stock Exchange is not fit for purpose”. In a welcome rebuttal, we saw news that Revolut is now considering a $75bn dual listing in London and New York.
There will always be some drawn to the Lamborghini-esque US markets, with their Times Square bright lights and promise of 500X revenue multiples. Here on the home soil junior “Defender” markets, we are gearing up to welcome the global leader in the rapidly growing at-home beauty technology market, The Beauty Tech Group, for its planned Main Market IPO with a market cap of approximately £300m. In FY 2024, the Group reported revenue of £101.1m and adjusted EBITDA of £22.9m.
The lazy rhetoric comparing US and UK as a listing destination completely misses the point that markets are cyclical. It’s an unfortunate consequence in prolonged bear markets that staunch finger pointing ensues. Look back to 2014, when we enjoyed a plethora of IPOs such as AO World, Pets at Home, Poundland, Just Eat, Saga and the AA to name but a few. On the tech scene where most of the arguing happens, there were 118 tech IPOs globally which raised about $51.2bn in 2014. The US had 37 tech IPOs raising ~$7.9bn, while the UK had 7 raising ~$3.3bn. Where was the widespread criticism then when the UK was behind the US?! Answer: there was none because we were in a bull run.
The differences between the UK and US have always been clear as day, but they are not as newsworthy when markets are doing well because there is little to complain about. It happened again during the COVID bull run – no one was complaining about the pre-clinical biotech company putting “covid cure” in their RNS and the shares going up 1000%.
The Defender is proudly built for adventure, much like our junior markets hosting an array of high growth companies from an array of sectors, but most importantly, like our beloved Defender, its rugged construction means that AIM is built to last. Launched in 1995, AIM has outlived many of its EU rivals such as Easdaq, the Neuer Markt, le Nouveau Marché, Nuevo Mercado and fiercely competes with the likes of First North Stockholm and AQSE to host exciting growth companies.
It’s certainly not a failure of our capital markets when companies choose to list elsewhere. If the next hotshot fintech wants a 1% free float, preference shares a plenty and a 200x revenue multiple, why should London automatically hand over blank cheques? When companies and investors fail to find a middle ground on valuation in the private markets, I don’t see anyone screaming on the front page of the tabloids that the London VC market is broken, why is it different for the public markets?
London has shown many times before that it can be the destination of choice for global billion-pound companies looking to IPO. Where its global strength is providing a nurturing home for growth companies on our junior exchanges, something that we don’t see anywhere else in the world, where across the pond “small cap equities” start at $1bn market cap. Hence, we see a raft of exciting US small cap companies choose London to IPO rather than their home market – and do well on our UK exchanges – another inconvenient truth for the naysayers!
Small cap markets remain challenging, however recent IPO sentiment is encouraging, and it feels like many companies exploring IPOs may come to fruition in Q2 2026. Always better to back the reliable and steadfast Defender in these markets, rather than chasing the unpredictable (and unsustainable) attraction of the Lamborghini!
By Niall Pearson
Company Newsflow:
HERC People Power
STX Improving Lives
Hercules 35.50p £28.30m (HERC.L)
|
Price |
Results |
Top 3 Shareholders |
Value |
|
35- 36p |
Year End September |
Brusk Korkmaz (CEO) 45.02% held as Hercules Real Estate |
Orders flow |
|
Spread: 2.8% |
Finals reported 13 January |
Martin Tedham (NED) 12.69% held as Wasdell Packaging Limited |
Strategic Acquisition |
|
52 week High/Low: 55p /35.5p |
Interims to March, reported 17 June |
Premier Miton Group plc 10.09% |
Accelerated growth |
Source: Alpha Terminal
Hercules is a technology-enabled labour supply, recruitment, and training service provider specialising in the UK infrastructure, construction, and now the energy sector. A potentially game changing acquisition was made on 27 of August.
Advantage NRG Ltd (ANRG) is a strategic acquisition, taking the group into the UK power and energy sector. ANRG is a specialist labour supply company and cost an initial £10.2m paid from internal cash resources after last year’s fundraise at 49.5p. There is also a deferred payment of approximately £1.5m, plus a one year earn out. ANRG provides highly skilled linesmen for the construction and maintenance of overhead electrical transmission lines, supporting major UK utility contractors and employs approximately 155 skilled operatives. The energy sector is maybe at a pivotal moment as the UK is embarking on a major upgrade of its electrical infrastructure to meet rising energy demand, improve energy security, and deliver on its net-zero targets. National Grid proposals include £58bn of investment to support a projected 64% increase in electricity demand by 2035.
Hercules already supplies to the wider infrastructure industry, and this complementary acquisition is expected to be cash generative, earnings enhancing and offers more cross-selling opportunities across the infrastructure training suite. It will also boost training at the Academy in the West Midlands, which was opened in January 2024 and has already started generating revenues.
A series of new water sector contracts have recently been closed with clients including Galliford Try, Costain, Tilbury Douglas and Thames Water, worth a combined £6.5m. This is a drop in the ocean following the regulatory reviews by Ofwat compelling water utility companies to invest an expected £104bn plus between 2025 and 2030. This record level of capital expenditure is focusing on environmental improvements, reducing pollution incidents, upgrading ageing infrastructure, and increasing resilience to climate change. Hercules recently became a member of British Water, a trade association and already works with Anglian Water, Thames Water, Southern Water, Severn Trent Water, Wessex Water, United Utilities, Welsh Water, and Yorkshire Water. Hercules expects additional contracts over a wide range of projects as investment ramps up.
The current year to September 2025 market forecast (taken from Alpha Terminal) is for a PBT of £3.34m, an EPS up 4.2% to 3.65p and an unchanged 1.72p dividend. We calculate that this would represent a prospective P/E of 10.7x, with a 4.4% dividend yield. It is Hybridan’s view that next year’s earnings will be enhanced by the acquisition.
Hybridan Comment: Hercules business operations have advanced substantially this year, but not the valuation, which ought to improve as further contracts are won.
Shield Therapeutics 7.35p £78.0m (STX.L)
|
Price |
Results |
Top 3 Shareholders |
Value |
|
7.2p-7.5p |
Year End December |
AOP Health 54.53% |
Product proven |
|
Spread: 4.082% |
Last reported 24 April |
Hargreaves Lansdown 8.92% |
Global roll-out |
|
52 week High/Low: 9/2.25p |
Interims to June, reported 3 September |
Interactive Investor 6.38% |
Cash flow break-even |
Source: Alpha Terminal
STX is a commercial-stage pharmaceutical Company specialising in treating iron deficiency. Shield listed in 2016 on the AIM market at 150p with a £162m market capitalisation and since then, the market for its products has expanded with FDA Approvals. The European Journal of Heart Failure published a study on 21 July 2025 showing improvement in the quality of life in patients with heart failure after using FeRACCRU (ferric maltol) in a 16-week trial. FeRACCRU showed positive safety and efficacy in improving haemoglobin and other iron markers. This is consistent with results reported from an earlier study in patients with pulmonary hypertension (PH) and anaemia published in the European Respiratory Society.
The Interims to June 2025 on 21 August reported a 1.8x increase in revenue to $21.4m, with a 38.7% reduced loss to $9.5m. Net cash was $10.8m after a funding of £7.8m ($10.5m) at 3p on 6th December 2024. Geographical progress is also being made following the launch of ACCRUFeR in Canada, a new licensing agreement in Japan, and the successful completion of a key Phase 3 study in China. A revenue milestone was passed at the Interims with the doubling of royalties to $2.2m from global partners in Europe, Canada, and Japan.
A further £1.5m was raised on 15 September at 7.5p adding to the funds to continue the growth momentum of ACCRUFeR® in the US which has now become the #1 branded prescription oral iron. This placing, although the Company is set to turn cash flow positive by the end of 2025, further strengthens the Company’s working capital position allowing the Board and management to focus on accelerating sales of ACCRUFeR®.
The EBITDA forecast according to market consensus expectations (Alpha Terminal) for FY December 2025 is for a loss of $8.6m, implying a cash flow positive H2, which is a significant milestone for a drug discovery Company and one which management has said it hopes to reach by the end of 2025.
Hybridan Comment: The global roll-out seems set to gather pace.
House Report: News from a house stock
Physiomics 0.48p £1.46m (PYC.L)*
The progress made by the operational expansion is evidenced by the recent finals to June 2025, which reported a 46% increase in Revenue to £0.83m. The loss before tax decreased 32% to £0.457m and year end cash is £0.46m. Assuming momentum its maintained albeit at a slightly lower rate, it suggests a 10-12 month cash runway at the lower projected burn rate.
Following the appointment of a Head of Quantitative Pharmacology and a Head of Biometrics, the Company has further invested in business development and marketing, whilst expanding its service offering into new therapeutic areas and phases of drug development. The effectiveness of this strategy resulted in the substantial growth in projects delivered outside of oncology, which is up 50% from the 5% per annum average over the last three years. New clients accounted for 31% of all contracts, an increase from a historical average of 17%. In April 2025, the complementary Biometrics division was launched with two initial contracts worth a combined £111k.
The current year to 30 June 2026 started robustly with around £594k of contracted revenue carried forward from the previous financial year projected to be recognised within the year, a 19% increase over the revenue carried forward into the year to 30 June 2025. This gives near 60% cover of our projected total income for the full year, with additional revenue projected to be recognised in future years. In cautious recognition however of the biopharmaceutical financial headwinds affecting prospective clients’ investment in R&D programmes, forecasts are unchanged. The monthly cash burn rate falls from £35k per month to £30k and organic growth does not require significant investment, while earnings will increasingly benefit from operational leverage. The 2026 forecast is for a cautious 27% increase in revenue compared to 46% in 2025, with lower losses.
Hybridan’s Comment: The finals showed sustainable revenue traction which is not being reflected in the valuation.
Last Comment in Hybridan Monthly April 2025, PYC share price was 0.435p
Updates/Events:
Markets seem to be under reacting to positive news, leaving potential opportunities in these companies
Nexteq 86.5p £52.1m (NXQ.L)
The technology solutions provider to customers in selected industrial markets reported its Interims to June 2025 on 10 September. Sales were 16% lower at $40.7m, with an EBITDA of $1.9m down 67% from $5.8m, and a PBT of $0.8m compared to $4.7m. The Company continues to face the challenges associated with reduced demand for historic services however the Company is refocused on increased order intake, and continued revenue diversification across products and customers.
The good news was that the order intake is significantly ahead of the comparative period as multi-year purchase orders have been secured from key customers and new Gaming Hardware Platforms have been delivered in record time. Its Quixant brand, which serves the land-based gaming market, has secured an initial contract in the Brazilian market. This contract is the first mass production purchase order from a Brazilian state video lottery operator which follows the launch of a specifically engineered solution developed in anticipation of this emerging market opportunity. The Brazilian gaming market is strategically significant, as the order is the first step in developing a series of opportunities. This mass production purchase order is expected to deliver revenues in 2026.
Net cash is $28.1m compared to $29.1m, and with good operating cash generation, the Company is well positioned to investment in driving organic and acquisitive growth.
Hybridan Comment: The 20% rise in a month is supported by some strong trading news and the benefits are likely to become clear.
Last Comment in Hybridan Monthly September 2025, NXQ share price then 73.5p
Tekmar Group 5.75p £8.3m (TGP.L)
Tekmar’s Offshore Energy and Marine Civils Divisions supply a range of engineering services and technologies that support and protect offshore wind energy production. The Company announced a significant new contract on 10 September worth more than $10m. It is with an international Engineering Procurement & Construction (EPC) contractor for the design and manufacture of Tekmar’s polyurethane cable protection system, TekDuct. The ultimate client is a major offshore energy project in the United Arab Emirates. Work on the contract will commence immediately, with final delivery scheduled for Q1 2026. The CEO reports there is a pipeline of good quality orders suggesting sustained growth for 2026 and beyond.
At the Trading update for FY 30 September 2025, announced on 2 September, the Board continued to expect improved revenue to £29.7m (taken from Alpha Terminal) and EBITDA albeit at a lower level than previously anticipated but still representing a material improvement. Net debt at the end of June 2025 was £2.6m, and the Group’s existing loan facilities should provide adequate working capital as well as the repayment of the CBILs loan which is due on 31 October 2025. In addition, the Group holds the former Subsea Innovation Limited freehold premises as an asset held for sale with a book value of £2.8m. We calculate that the TekDuct order is around 26% of revenue forecast (taken from Alpha Terminal) of £38.6m for 2026, giving a substantial lift in EBITDA to £2.9m (taken from Alpha Terminal) from £0.1m in 2025.
Hybridan Comment: The $10m contract was a reminder of the large market opportunity, although the price rally attracted selling pressure, but the increasing EBITDA could attract new investors.
Last Comment in Hybridan Monthly July 2025, TGP share price then 5.625p
ZOO Digital Group 12.25p £12.0m (ZOO.L)
The tech-enabled localisation and digital media services partner to the global entertainment industry made an AGM trading statement on 25 September for the Y/E March. It stated that ZOO is well placed to capitalise on the growing demand from streaming platforms for localisation services within reduced timeframes, and the increased use of AI. ZOO recently successfully completed a dubbing project in 24 hours, compared with 2-3 weeks which is more typical in the industry, and integrated AI for a key customer demonstrating that this proven technology can be leveraged.
Revenues for H1 FY26 are expected to be on target at approximately $22m, with the revenue from higher margin media services and subtitling expected to grow by 20%. Substantial cost savings were made last year of $8.4m and actions are being realised to deliver at least a further $2.5m. Helped by the favourable revenue mix, the focus is on being profitable and cash generative. The Group is continuing to normalise its working capital position and at the Y/E net cash was $2.7m. Further consolidation in the industry means customers are working with a smaller number of genuine end to end providers, such as ZOO.
The March Y/E 2026 forecast (taken from Alpha Terminal) is for a sharp reduction in the loss before tax and a significant increased EBITDA from $1.1m to $4.1m and we calculate the EBITDA/EV of around 4x. The Interims to September are expected to be reported in November.
Hybridan Comment: AI will change the media landscape as well as improve productivity and workflow. ZOO has put down a marker and if successful the EBITDA/EV of 4x would be cheap.
In the news in October
Seraphim Space Investment Trust 70.5p £167.9m (SSIT.L)
Finals to June 2025 for the listed fund focused on SpaceTech are to be reported on 20th October. The Company invests in at the growth stage, privately financed, SpaceTech businesses. Each should have the potential to dominate globally and are sector leaders with first mover advantages in areas such as climate, communications, mobility, and cyber security.
Q3 NAV was virtually unchanged at 100.78p per share (£239.0m) with around half the portfolio representing 74%of the fair value with a robust cash runway, with 62% fully funded and 11% funded for 12 months or more from 31 March 2025. At the end of March, the Company had £16.5m of cash reserves compared to £23.5m at 31 December 2024, with a further £11.2m of potential liquidity via holdings in listed companies.
The space sector is on a structural uplift, fuelled by a surge in defence-related demand and a commensurate rise in defence spending from governments across the globe. SSIT’s portfolio is aligned with the rapidly evolving demands for sovereign space capabilities from governments around the world. There have been deals with the US government and growing partnerships with NATO, and European governments. We note that Airbus Defence and Space Limited announced a holding of 4.4% on the 24 September.
Hybridan Comment: The 30% discount to NAV seems reasonable value for an “out of this world” growth opportunity.
* A corporate client of Hybridan LLP
** Share prices, market capitalisations, and top 3 Shareholders all reported as at the close on 30 September 2025
By Jon Levinson
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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.