Amoeba — Scaling up for commercialisation

Amoeba (PAR: ALMIB)

Last close As at 20/06/2024

EUR0.44

−0.02 (−5.17%)

Market capitalisation

EUR22m

More on this equity

Research: Industrials

Amoeba — Scaling up for commercialisation

Following on from the press release in March that provided preliminary data on the FY22 results, Amoéba has published its FY22 universal registration document, which contains detailed financial information for the year. We leave our FY23 estimates unchanged.

Natalya Davies

Written by

Natalya Davies

Analyst

Industrials

Amoéba

Scaling up for commercialisation

FY22 results

Industrial engineering

22 May 2023

Price

€0.59

Market cap

€29m

Net cash (€m) at end December 2022 (including finance leases)

3.2

Shares in issue

49.7m

Free float

96.2%

Code

ALMIB

Primary exchange

Euronext Growth

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(6.0)

(17.5)

3.1

Rel (local)

(5.3)

(18.7)

(11.8)

52-week high/low

€1.25

€0.49

Business description

Amoéba is developing biological fungicides for treating diseases such as mildews and rusts, which have a major economic impact on the production globally of a wide range of crops. These novel fungicides are based on the characteristics of the Willaertia magna C2c Maky amoeba.

Next event

AGM

25 May 2023

Analyst

Anne Margaret Crow

+44 (0)20 3077 5700

Natalya Davies

+44 (0)20 3077 5700

Andrew Keen

+44 (0)20 3077 5700

Amoéba is a research client of Edison Investment Research Limited

Following on from the press release in March that provided preliminary data on the FY22 results, Amoéba has published its FY22 universal registration document, which contains detailed financial information for the year. We leave our FY23 estimates unchanged.

Year end

Revenue
(€m)

EBITDA
(€m)

PBT*
(€m)

EPS*
(€)

DPS
(€)

P/E
(x)

12/20

0.0

(4.4)

(8.0)

(0.49)

0.00

N/A

12/21

0.0

(4.0)

(7.4)

(0.42)

0.00

N/A

12/22

0.0

(4.7)

(7.7)

(0.23)

0.00

N/A

12/23e

0.0

(7.7)

(9.1)

(0.18)

0.00

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Modest increase in operating costs

As noted in the March press release, the company is not yet revenue generating. Grant income was €0.1m lower year-on-year in FY22, while total operating costs were €0.2m higher year-on-year, resulting in a widening of EBIT losses by €0.3m to €5.8m. The company moved from €5.2m net debt at the end of FY21 to €3.2m net cash at the end of FY22. The primary reason for this was the €10.6m cash inflow generated from the issue of several tranches of convertible bonds associated with a finance programme with Nice & Green. This programme also resulted in a jump in net assets from €0.2m at end FY21 to €8.2m at end FY22.

Scaling up for commercial production in 2025

During FY22 Amoéba secured regulatory approval for the active substance used in its innovative biological fungicides in the US and a recommendation for approval in the EU. Now these essential regulatory hurdles have been cleared, the company intends to construct a production plant capable initially of manufacturing sufficient active substance annually to treat 100,000 hectares of crops, 200,000 hectares when extended. Management plans to have this operational by early 2025 to support product roll-out, subject to Amoéba receiving regulatory approval for individual fungicides containing the active substance in 2024. Amoéba is seeking to raise €45m finance to fund this expansion and to cover the cost of operations over the next three years.

Valuation: Addressing a high-growth market

We are not attempting to calculate a valuation at present. The proposed production plant and extension will be capable of manufacturing sufficient active substance annually to treat 200,000 hectares of crops. In our March note, we estimated that this level of output could represent annual revenues of €26m and gross profit of €19.5m at full utilisation. This is a very small share of the global biocontrol agents market, which a report published by P&S Intelligence noted was worth c $4.9bn in 2021 and predicts will increase to c $13.6bn by 2030 (ie a CAGR of 12.2%), so further production facilities could follow.

FY22 balance sheet and cash flow

We provided detailed commentary on the FY22 profit and loss in our previous update. However, the recently published universal registration document provide details of the balance sheet and cash flow, which were not available previously.

The company moved from €5.2m net debt at the end of FY21 to €3.2m net cash at the end of FY22. The primary reason for this was a €10.6m cash inflow generated from the issue of the fourth, fifth, sixth and seventh tranches of convertible bonds associated with the finance programme with Nice & Green, which increased the number of shares in issue by 16.3m. As well as covering operating costs during the year, the cash from the bonds enabled Amoéba to conclude its debt restructuring process by fully repaying the €6.8m balance of the loan (which included interest) from the European Investment Bank and purchasing the warrants associated with the loan for €0.2m.

Working capital decreased by €0.3m, reflecting an increase in trade payables. Inventory levels, which relate to the consumables required to make both the active substance used in the biocontrol product and the biocide, were static and there are minimal trade receivables because the company is not yet revenue generating. Because the R&D costs related to obtaining regulatory approvals rather than technology developments, they were expensed rather than capitalised. The company spent only €0.3m on tangibles (€0.1m FY21), of which €0.2m related to the new site in Cavaillon, €0.1m to laboratory equipment.

Net assets increased from €0.2m at end FY21 to €8.2m at end FY22. This positive movement was attributable to the €16.0m shares issued under the finance programme with Nice & Green, which was partly offset by €8.0m reported loss after tax.

FY23 objectives

Progressing product authorisations

Exhibit 1: Timetable for securing regulatory approval

Source: Amoéba

During FY22 Amoéba secured regulatory approval from the Environmental Protection Agency (EPA) in the US and a recommendation for approval in the EU for the active substance used in its innovative biological fungicides. The EPA confirmed that the active substance, which is a lysate derived from Willaertia magna (W. magna C2c Maky) amoebae, was exempt from maximum residue limits and any restrictions on how close to harvest the active substance could be applied to crops, provided it was applied in accordance with instructions for use and good agricultural practices.

Next steps: US

Amoéba needs to obtain marketing authorisation from the EPA for individual formulations or products containing the active substance. It intends to apply to the EPA for market authorisation for products containing W. magna lysate in 2023 and expects that the approval will be awarded in 2024.

Next steps: EU

The next steps are: (1) peer review (to be completed in Q323) in which representatives from several other member states review the information in the dossier assembled by Austria; (2) publication of the review by the European Commission and implementation of regulation approving the active substance (H124); and (3) decisions on the authorisation of products containing the active substance in the three individual geographical zones that the EU is split into (2024).

New territory: Brazil

As in the EU and the US, an application for approval must be submitted to the Brazilian authorities before any marketing. In February 2021, the company obtained a temporary registration that allowed the product containing the active substance to be imported into Brazil for use in the efficacy tests which need to be conducted within Brazil to obtain final registration. Field trials on soybean were carried out over the winter of 2022/23. Amoéba plans to submit an application for active substance approval and marketing authorisation for products containing this active substance during 2023, potentially leading to marketing authorisation in 2024.

Scaling up production to support commercial revenues

Exhibit 2: Schematic of planned facility in Cavaillon

Source: Amoéba

As discussed in our initiation note, management intends to build a new production plant dedicated to biocontrol products that is capable of manufacturing sufficient finished product to treat 100,000 hectares of crops annually. The company plans to start construction work at a site in Cavaillon in the south of France later this year, subject to receiving planning approval, and to begin production at this new site by early 2025. The recently published FY22 universal registration document contains a schematic diagram showing the proposed process flow at the Cavaillon site, which is reproduced in Exhibit 2. The plant will be designed to operate a single eight-hour shift, seven days a week, ensuring continuous production.

In parallel, the company is installing a pilot line with a capacity equivalent to 1,000 kg of active substance annually at its existing site in Chassieu. This phase will enable the company to assess the larger-scale equipment and processes, which will be deployed at the Cavaillon site. It intends to complete this activity by the end of 2023.

Continuing field trials programme

The company was involved in over 120 field trials during winter 2021 and summer 2022. Amoéba intends to undertake over 100 trials this calendar year. These will focus on (1) completing and generating data for future marketing authorisation dossiers in the EU and California; (2) confirming the results from studies on new targets such as soybean rust, black sigatoka on bananas, scab on apple trees and powdery mildew on tomatoes and cucumbers in greenhouses, which were carried out in 2022; (3) carrying out further field trials in the EU with potential early adopters of its products and approved contract research organisations to determine the optimal product formulation and application regime for treating vines and vegetables. Potential early adopters with which the company has been in contact include renowned wine châteaux, large wine producers and cooperatives, companies and cooperatives growing vegetables and ornamental plants, herb growers and companies producing bananas. Many of these will test the product in 2023, in the EU the US and Latin America. Amoéba hopes that these early adopters will use their power as prescribers or influencers to recruit additional customers in the same sector.

Securing funding to cover operating costs and expand capacity

In January 2023, Amoéba announced it was terminating its convertible bond issue contract with Nice & Green and would not be issuing the optional eighth and final tranche of convertible bonds under the contract as initially planned. Instead, the company signed a contract with independent advisory firm Redbridge Debt & Treasury Advisory to assist it in its search for securing €45m finance to fund operations and site expansion over the next three years. Of this, €23m financing is allocated to capital expenditure, the remainder for funding field trials, supporting the regulatory approvals process, registering products, establishing sales channels and adding production staff. Management is considering constructing an extension to the facility, which would double output and cost another €10m.

Because it will take time for Redbridge to secure this funding, Amoéba has agreed a new bond financing agreement with Nice & Green that will generate up to €8.4m cash net through the issue of three equal tranches of bonds between 30 June 2023 and 1 March 2024. The arrangement has enabled Amoéba to start its manufacturing scale-up programme (see above).

The French public investment bank BPI France is going to provide Amoéba with a €3.6m subsidy and a €2.4m recoverable advance to support the expansion programme. The timing of payments under this programme has not yet been announced.

Management has carried out a specific review of the company’s liquidity risk and states that Amoéba has sufficient net working capital to meet its obligations until end December 2023 and into FY24.

Exhibit 3: Financial summary

31-December

€m

2020

2021

2022

2023e

INCOME STATEMENT

Revenue

 

 

0.0

0.0

0.0

0.0

EBITDA

 

 

(4.4)

(4.0)

(4.7)

(7.7)

Operating profit (before amort. and excepts.)

 

 

(5.9)

(4.9)

(5.8)

(8.8)

Amortisation of acquired intangibles

0.0

0.0

0.0

0.0

Exceptionals

0.0

0.0

0.0

0.0

Share-based payments

(0.3)

(0.7)

(0.0)

(0.0)

Reported operating profit

(6.2)

(5.6)

(5.8)

(8.8)

Net Interest

(2.1)

(2.5)

(1.9)

(0.3)

Exceptionals

0.1

0.2

(0.3)

0.0

Profit Before Tax (norm)

 

 

(8.0)

(7.4)

(7.7)

(9.1)

Profit Before Tax (reported)

 

 

(8.2)

(7.8)

(8.0)

(9.1)

Reported tax

0.0

0.0

0.0

0.0

Profit After Tax (norm)

(8.0)

(7.4)

(7.7)

(9.1)

Profit After Tax (reported)

(8.2)

(7.8)

(8.0)

(9.1)

Average Number of Shares Outstanding (m)

16.2

17.8

33.6

49.1

EPS - normalised (EUR)

 

 

(0.49)

(0.42)

(0.23)

(0.18)

EPS - normalised fully diluted (EUR)

 

 

(0.49)

(0.42)

(0.23)

(0.18)

EPS - basic reported (EUR)

 

 

(0.50)

(0.44)

(0.24)

(0.19)

Dividend (EUR)

0.00

0.00

0.00

0.00

Revenue growth (%)

N/A

N/A

N/A

N/A

EBITDA Margin (%)

N/A

N/A

N/A

N/A

Normalised Operating Margin

N/A

N/A

N/A

N/A

BALANCE SHEET

Fixed Assets

 

 

6.9

6.1

5.3

9.7

Intangible Assets

2.5

2.5

2.5

2.5

Tangible Assets

4.3

3.5

2.7

7.1

Investments & other

0.1

0.1

0.1

0.1

Current Assets

 

 

6.2

8.4

7.1

2.3

Stocks

0.1

0.3

0.3

0.3

Debtors

0.0

0.0

0.0

0.0

Cash & cash equivalents

5.0

7.3

5.5

1.1

Other

1.1

0.9

1.3

0.9

Current Liabilities

 

 

(2.1)

(13.8)

(4.2)

(13.2)

Creditors

(1.1)

(1.0)

(1.3)

(1.9)

Short term borrowings including lease liabilities

(0.4)

(12.2)

(2.3)

(10.7)

Other

(0.6)

(0.5)

(0.6)

(0.6)

Long Term Liabilities

 

 

(9.0)

(0.5)

(0.1)

(0.1)

Long term borrowings

(8.2)

(0.3)

(0.1)

(0.1)

Other long term liabilities

(0.7)

(0.3)

(0.0)

(0.0)

Net Assets

 

 

2.0

0.2

8.2

(1.3)

Minority interests

0.0

0.0

0.0

0.0

Shareholders' equity

 

 

2.0

0.2

8.2

(1.3)

CASH FLOW

EBITDA

(4.4)

(4.0)

(4.7)

(7.7)

Working capital

0.9

(0.4)

0.3

0.6

Exceptional & other

0.2

0.2

(0.0)

0.0

Tax

0.0

0.0

0.0

0.0

Operating Cash Flow

 

 

(3.3)

(4.3)

(4.4)

(7.0)

Capex (including capitalised R&D)

(0.1)

(0.1)

(0.2)

(5.5)

Acquisitions/disposals

0.0

0.0

0.0

0.0

Net interest

(0.2)

(1.6)

(1.0)

(0.3)

Equity financing

0.0

0.0

(0.2)

0.0

Dividends

0.0

0.0

0.0

0.0

Other

4.5

10.1

10.6

0.0

Net Cash Flow

1.0

4.1

4.8

(12.8)

Opening net debt/(cash)

 

 

2.7

3.6

5.2

(3.2)

FX

0.0

0.0

0.0

0.0

Other non-cash movements

(1.9)

(5.7)

3.6

0.0

Closing net debt/(cash)

 

 

3.6

5.2

(3.2)

9.7

Lease liabilities

0.7

0.5

0.3

0.3

Closing net debt/(cash) excluding property lease liabilities

 

2.9

4.7

(3.5)

9.4

Source: Company data, Edison Investment Research


General disclaimer and copyright

This report has been commissioned by Amoéba and prepared and issued by Edison, in consideration of a fee payable by Amoéba. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2023 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

General disclaimer and copyright

This report has been commissioned by Amoéba and prepared and issued by Edison, in consideration of a fee payable by Amoéba. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2023 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

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