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  <date>2026-10-26T14:41:53+00:00</date>
  <publications>
    <publication>
      <date>2026-10-26T11:56:13+00:00</date>
      <uid>4152</uid>
      <company><![CDATA[Templeton Emerging Markets Investment Trust]]></company>
      <headline><![CDATA[Uncovering Trusts – Templeton Emerging Markets Investment Trust: Exceptional returns and a narrowing discount]]></headline>
      <description><![CDATA[In this episode, our director of content for investment companies, Milosz Papst, talks about Templeton Emerging Markets Investment Trust (TEMIT), the first and by far the largest UK emerging markets investment trust, which is managed by Chetan Sehgal and Andrew Ness using a bottom-up, high-conviction approach. Milosz covers TEMIT’s results for the financial year to 31 March 2026, including a 41.3% NAV total return and a 48.6% share price total return, compared with 26.8% for the MSCI Emerging Markets Index. He also notes that this strong performance continued after the year end, with a 51.5% NAV total return in the 12 months to September 2026, compared with 31.0% for the index. The largest contributors in FY26 were SK Hynix, TSMC and Hyundai Motor. He discusses how the AI-driven rally in North Asian semiconductor stocks lifted technology to around half of the portfolio, and how the managers have responded by taking profits, adding BYD and gradually reducing the trust’s India underweight. Milosz also touches on the narrowing of the discount to 7.3%, £166.7m of buybacks in FY26, the conditional tender offer, the lower management fee effective from 1 July 2026 and the risks that come with the portfolio’s concentration.
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About Uncovering Trusts: Uncovering Trusts is a podcast run by Edison analysts, which is released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.
]]></description>
      <link>https://www.edisongroup.com/podcast/templeton-emerging-markets-investment-trust-uncovering-trusts-templeton-emerging-markets-investment-trust-exceptional-returns-and-a-narrowing-discount/BM-4152/widget-xml/</link>
      <isin>GB00BKPG0S09</isin>
      <epic>TEM</epic>
    </publication>
    <publication>
      <date>2026-10-26T10:25:27+00:00</date>
      <uid>4140</uid>
      <company><![CDATA[BB Biotech]]></company>
      <type>Flash</type>
      <otc_epic>BBAGF</otc_epic>
      <headline><![CDATA[BB Biotech — Positive Q3 returns; portfolio recycling accelerates]]></headline>
      <description><![CDATA[ BB Biotech (BION) delivered positive Q326 results, with NAV increasing 5.6% in Swiss franc terms and the share price returning 6.5%, compared with a 12.0% gain for the Nasdaq Biotechnology Index (NBI). The relative underperformance largely reflected concentrated gains in selected benchmark constituents not represented in BION’s portfolio. Portfolio activity remained substantial, with 12 new investments and eight exits, supported by the redeployment of c CHF280m following the completed acquisitions of Crinetics and Nuvalent. Three portfolio companies secured US regulatory approvals, reinforcing the underlying clinical progress. Encouragingly, the discount to NAV narrowed modestly to 12.2% (from 12.9% at end-June). With an expanded portfolio of 43 companies and multiple Q426 catalysts, BION remains well positioned to capture opportunities across the biotechnology sector. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/c9c63c1e3e3f207e61a8069a5132b855.pdf</url>
      <link>https://www.edisongroup.com/research/positive-q3-returns-portfolio-recycling-accelerates/BM-4140/widget-xml/</link>
      <filename></filename>
      <isin>CH0038389992</isin>
      <epic>BION</epic>
    </publication>
    <publication>
      <date>2026-10-26T10:11:47+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Brazilian Rare Earths (ASX: BRE) – Monte Alto resource upgrade strengthens mine-life and staged development case]]></headline>
      <description><![CDATA[BRE increased Monte Alto’s Indicated ultra-high-grade resource by 41% to 3.5Mt at 10.7% TREO, with 87% of contained TREO now in the Indicated category, improving confidence in future mine planning. Further drilling is underway, while the resource upgrade should support the Stage 1 feasibility study due by end-2026, targeting lower-capex early production and cash flow.]]></description>
      <link>https://www.edisongroup.com/spark/brazilian-rare-earths-asx-bre-monte-alto-resource-upgrade-strengthens-mine-life-and-staged-development-case/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-10-26T09:44:29+00:00</date>
      <uid>4149</uid>
      <company><![CDATA[Molten Ventures]]></company>
      <type>Update</type>
      <otc_epic>GRWXF</otc_epic>
      <headline><![CDATA[Molten Ventures — Expected NAV growth of 14% in H127]]></headline>
      <description><![CDATA[ Molten Ventures expects to deliver a strong 14% increase in NAV per share in H127 (to end-September 2026) to c 869p, supported by a 15.9% (£244m) constant currency fair value uplift in its gross portfolio, primarily driven by ICEYE, Revolut and its fund-of-funds programme. Molten also maintained a healthy pace of realisations, generating £109m in proceeds (7% of opening gross portfolio value, already close to its through-the-cycle annual target of 10%), compared to £62m in H126, while investing £44m. Another important development is the £175m first close of its Growth Fund, including £75m committed by the British Business Bank and £100m by Molten itself. This marks tangible progress in expanding its third-party capital platform. Based on the last closing price, Molten’s shares trade at a c 23% discount to its expected end-September NAV. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/d7a87a0128f84d10a48c7a774775d765.pdf</url>
      <link>https://www.edisongroup.com/research/expected-nav-growth-of-14-in-h127/BM-4149/widget-xml/</link>
      <filename></filename>
      <isin>GB00BY7QYJ50</isin>
      <epic>GROW</epic>
    </publication>
    <publication>
      <date>2026-10-26T08:32:22+00:00</date>
      <company><![CDATA[Percheron Therapeutics]]></company>
      <headline><![CDATA[Percheron Therapeutics (ASX: PER) &#8211; HMBD-002 clinical trial batch completed]]></headline>
      <description><![CDATA[Percheron has completed GMP release of HMBD-002, supporting Vanderbilt’s planned AML/MDS trial, with recruitment expected in H1 CY27 pending FDA clearance]]></description>
      <link>https://www.edisongroup.com/spark/percheron-therapeutics-asxper-hmbd-002-clinical-trial-batch-completed/AU0000317281/widget-xml/</link>
      <isin>AU0000317281</isin>
      <epic>PER</epic>
    </publication>
    <publication>
      <date>2026-10-26T06:54:39+00:00</date>
      <uid>4096</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Minding the gap – re-analysing the discount from PEA to BFS]]></headline>
      <description><![CDATA[Edison has once again analysed pre-production junior miners to determine what their valuations tell the industry about investors&#8217; appetites for exploration assets.]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/uploads/2026/10/Gold-XI-report_261026_Mind-the-Gap_Final_ed.pdf</url>
      <link>https://www.edisongroup.com/thematic/minding-the-gap/BM-4096/widget-xml/</link>
      <filename>Gold-XI-report_261026_Mind-the-Gap_Final_ed.pdf</filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-10-23T17:10:54+00:00</date>
      <uid>4146</uid>
      <company><![CDATA[IntelliAM AI]]></company>
      <headline><![CDATA[IntelliAM AI – executive interview]]></headline>
      <description><![CDATA[In this interview, IntelliAM AI CEO Tom Clayton and CFO Daud Khan discuss how the company’s industrial AI platform helps manufacturers improve reliability, productivity and operational efficiency. Clayton explains how machine learning, large language models and closed-loop applications turn factory data into actionable insights, drawing on examples involving Müller and SKF. He also discusses the platform’s differentiation, its ability to work across different equipment and data sources and recent commercial momentum involving Mars, an agricultural customer and US integration partner SkyIO. Khan outlines IntelliAM’s land-and-expand model, in which engineering relationships develop into recurring software subscriptions that can extend across manufacturing lines, sites and geographies. He discusses the target of at least 70% gross margins on software subscriptions and the potential for revenue to grow faster than costs. The interview also covers how the c £6.3m conditional fundraising and proposed move to AIM support US expansion, with annual recurring revenue (ARR) growth, customer penetration and operating leverage identified as key measures of progress. A £0.5m retail offer via the BookBuild platform closes at 4:35pm GMT on 27 October 2026.
What does IntelliAM do and what problems does it solve for manufacturers?
Tom Clayton: Ultimately, the IntelliAM AI platform is about getting more for less, which is what industrial AI should be about. It’s the true productivity conundrum. We connect to the machines and assets of factories and provide intelligence, but it goes right through to the organisation’s supply chain.
We’re taking huge amounts of data. Over 16bn data points a week are now being ingested. From that, we’re creating insights that provide reliability intelligence, safeguarding processes and machinery and helping mitigate risks.
We’re also providing productivity and operational insights, getting greater throughput efficiencies and reducing waste. The decision logic, right through to the planning and organisation of these businesses, means they can lower their cost base at the same time as increasing their throughput. That’s essentially what we provide.
Which manufacturers use IntelliAM, and how quickly can customers benefit from the technology?
Tom Clayton: We’ve got a strong presence in the food and beverage industry. We’re serving roughly 20% of the world’s top 100 food and beverage organisations and beginning to expand across their estates. That’s probably where we’re most predominant. However, we’ve also moved into building materials. Pharma and chemical processing are quite prevalent too, so the verticals we can reach are quite wide. We’re arguably solving the more complicated problem in the intricacies of packing and wrapping environments, which is easier to apply to process environments. Many of the fast-moving consumer goods people buy on supermarket shelves are products whose applications and processes we support. A typical example is Müller, which has been cited as quite a big customer of ours. They provide a significant share of milk to the UK market across numerous factories and production lines. The typical journey would be through various layers of our organisation.
The first layer is about providing reliability intelligence. The platform is extremely agnostic, so it doesn’t really matter about the age, the OEM profile, the machine profile or the sensor profile. We’re able to connect to those in an intelligent, unified way that allows us to add context at speed. That enables us, first and foremost, to provide a more advanced predictive maintenance solution from an engineering perspective. That can be done quite quickly. Within two or three weeks from the point of order, we can have machine learning algorithms and guard-railed large language models established in their factories to provide data. The reason I say that is we don’t have an AI platform that hallucinates and tries to please people. It’s dead accurate. It has to be. This is health and safety. This is where millions of pounds and decisions are being made, and we need to get that right.
The second layer is where we’re taking vastly more data from things like line controls and enriching it with criticality assessments, plant maintenance instructions, operational instructions, shift patterns and SKU patterns. This allows them to have copilots to create transformational change. They can see right through to buying: where to get ingredients from and the effects on the plant, differences between shifts and how to understand the optimum run speeds or tolerance settings to maximise throughput. That’s generally a two to three-month onboarding process. At that point, we can connect more into what we call agentic AI, in the sense that we have closed-loop systems.
I think we announced roughly 12 months ago a partnership with SKF, the world’s largest bearing and lubrication system supplier. Essentially, you’ve got IntelliAM inside the hardware they provide. Our intelligence sits inside it and enables the hardware to interact with the machine and the environment to maximise dosing efficiencies in a closed-loop manner. There are essentially three areas of AI: machine learning, which is the primary point, large language models and agentic functions.
How is IntelliAM’s machine learning technology differentiated, and what do agentic AI capabilities add?
Tom Clayton: The difference ultimately is that we’re not a current incumbent. We’ve come to this market with a huge amount of domain expertise. We’ve come from the manufacturing sector with automation capability, asset management capability, reliability and applied science within our organisation.
One of the major steps forward we have over other software companies is that we understand the marketplace implicitly. We understand exactly what data needs to be ingested, what the correlation is, what the requirements and insights need to be and how people need to receive it and interact with it within their own workflows. We have all that information within the organisation and that gives us a massive leg up over other software businesses.
The other area is that, as I mentioned previously, we’re totally agnostic. We most often now speak to C-suite individuals about buying some of the transformational intelligence we can provide. What they don’t want is 50 intelligent islands with different commercial agendas across their platform.
Our platform is holistic. It sits over the line controls and whoever’s sensor data is out there, providing a single source of truth that people can interact with.
We did a big launch at the stock market about three months ago and talked about cracking the code of industrial performance. It’s the way we unify and land that data through our IntelliAM Namespace organisation that allows us to provide intelligent solutions. I think we generally have a first-mover advantage, and the listing and raise right now give us a great deal of wind beneath our sails. It’s a super exciting time to start to scale out because we can do that at speed now, and that’s the real key.
How do recent wins with Mars and a large agricultural customer, and the SkyIO partnership, support growth?
Tom Clayton: In the first two years of being on the market, leading up to the move taking place now, there’s been an awful lot of productisation around the platform. Some of those logos you mentioned, and many others, have been on that journey. Some were early adopters. What we’ve just mentioned, and the way we unify and move now, means we can scale at pace across these estates. That’s been a major breakthrough. If you take an organisation like Marshalls, we were connected to five to six sites quite quickly, within weeks. You’re connecting and releasing value to organisations, and that’s important.
That moves us to SkyIO, because we’ve set up an office in the US. If you look at our portfolio of customers, a large percentage are American-owned businesses. You mentioned the agricultural business, Mars and Post Holdings, which is Weetabix in the UK. If we’re providing insights and value, there’s a natural evolution that could take place into that market, with case study examples within those organisations. It’s a huge addressable market.
We decided quite early that we don’t want to set up another software business in the US. We want a commercial entity there, so we want the right integration partners. SkyIO is a wonderful company, with up to 200 automation engineers deployed across the US. We’ve productised our platform, which largely takes out a lot of the upfront engineering work to make sure we can scale. There are always going to be occasions where it’s about pulling data from different silos and making sure businesses are AI-ready. The piping between the factory and the cloud is essential. That’s the sort of work SkyIO can provide for us and what we’re looking for from an integration partner in that space. It allows us to scale at the rate we need to.
How do customer relationships develop into recurring software revenue, and what does this mean for operating leverage?
Daud Khan: Fundamentally, our model is a land-and-expand model. We often begin our customer relationship through established engineering and asset management services. That gives us a deep understanding of their operations and, importantly, builds trust. The next step is to connect the manufacturing data into the IntelliAM platform. That creates the digital foundation from which we can deliver our software and AI capabilities.
From that, the opportunity is to expand. We may initially connect a number of manufacturing lines at one site. As a customer sees the value, we can add further lines, additional sites and potentially new geographies. A lot of our customers are international. Each expansion increases subscription ARR and makes IntelliAM increasingly embedded in the customer’s operations, strengthening retention and the long-term value of the relationship.
Financially, that changes the mix of the business over time towards higher levels of recurring software revenue. We are targeting a minimum 70% gross margin on software subscriptions.
As Tom mentioned, the platform has been architected for scale using our IntelliAM Namespace and unified namespace approach. That means revenue can grow significantly faster than the underlying cost base. We expect to use AI extensively within our organisation, improving productivity, so we should not need to increase headcount proportionally with revenue. That operating leverage is an important part of our pathway to profitability over the next few years.
How will the fundraising and proposed AIM move support growth, and which milestones should investors monitor?
Daud Khan: The proposed AIM move and fundraising are about giving us the capital and platform to accelerate the model, which we believe is scalable. AIM gives IntelliAM access to a broad institutional and growth investment audience, while the fundraising allows us to invest selectively behind some very large addressable markets. The US is the obvious example.
We don’t believe we need to replicate a large infrastructure base in the US as we have done in the UK. The product is designed to scale internationally and across estates. What we need initially is a relatively small number of the right people on the ground, supported by targeted marketing and business development investment to build the pipeline and convert opportunities.
For investors, there are a few clear milestones over the next few years. The most important is growth in ARR. Alongside that, investors should look for evidence of the land-and-expand model working: increasing across sites within our existing customers and adding new logos initially from a single site before expanding across regional and international locations. Ultimately, the strongest validation of the model will be a combination of ARR growth and increasing penetration within existing customers, alongside new customer wins and improving operating leverage in the financials. If we continue to grow recurring revenue while costs increase at a materially slower rate, that will progressively move us towards profitability.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/intelliam-ai-intelliam-executive-interview/BM-4146/widget-xml/</link>
      <isin>GB00BR56LJ77</isin>
      <epic>INT</epic>
    </publication>
    <publication>
      <date>2026-10-23T14:44:42+00:00</date>
      <uid>4145</uid>
      <company><![CDATA[Worldwide Healthcare Trust]]></company>
      <headline><![CDATA[Webinar: Worldwide Healthcare Trust – portfolio update and outlook]]></headline>
      <description><![CDATA[In this webinar, Dr. Trevor Polischuk discusses the portfolio of Worldwide Healthcare Trust. In particular, he highlights its allocation to various sub-sectors compared to its benchmark (the MSCI World Health Care Index). Trevor also discusses prospects for the trust, amongst them, the removal of political headwinds, innovation and M&amp;A.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/worldwide-healthcare-trust-webinar-worldwide-healthcare-trust-portfolio-update-and-outlook/BM-4145/widget-xml/</link>
      <isin>GB00BN455J50</isin>
      <epic>WWH</epic>
    </publication>
    <publication>
      <date>2026-10-23T11:52:08+00:00</date>
      <uid>4143</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Q326 reflections: The price of money has changed – the value case holds]]></headline>
      <description><![CDATA[Bond markets set the agenda in Q3. The Fed and ECB both hiked, the 10-year gilt went through 5% and Brent returned above $100. Multiples compressed everywhere; US earnings absorbed it, UK and European prices did not. But at 12x earnings against a 5.2% gilt, the valuation case has not gone away. It has a higher hurdle to clear, and cross-traded flow on OTC Markets shows US investors are still looking.]]></description>
      <url>https://edison.bluematrix.com/sellside/AttachmentViewer.action?encrypt=f1066f12-f5a9-4fa9-a47d-2f4d5d6101c0fileId=4143_5ee07322-4d69-42f3-bd6b-8574ea67f828&amp;isPdf=false</url>
      <link>https://www.edisongroup.com/insight/q326-reflections-the-price-of-money-has-changed-the-value-case-holds/BM-4143/widget-xml/</link>
      <filename></filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-10-23T11:08:16+00:00</date>
      <uid>4118</uid>
      <company><![CDATA[VinFast Auto]]></company>
      <type>Update</type>
      <otc_epic>VFS</otc_epic>
      <headline><![CDATA[VinFast Auto — Volume growth amid financial restructuring]]></headline>
      <description><![CDATA[ VinFast’s Q226 results demonstrated continued delivery and revenue growth, despite profitability remaining under pressure. EV deliveries increased 96% y-o-y to 70,085 units and revenue rose 85.5% to $1.2bn. Gross margin declined to negative 62.8% on a restated basis, reflecting the extended free-charging programme and revenue deferrals, while higher R&amp;D expenditure also weighed on earnings. The disposal of the Vietnam manufacturing operations has changed the group’s financial profile, but cash consumption remains significant. The c $1.2bn acquisition of Ngoc Hoi in September 2026 introduces property-development exposure and a potential additional earnings stream. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/26881e5bb1a7d50f57dd73a044f4c3d1.pdf</url>
      <link>https://www.edisongroup.com/research/volume-growth-amid-financial-restructuring/BM-4118/widget-xml/</link>
      <filename></filename>
      <isin>SGXZ55111462</isin>
      <epic>VFS</epic>
    </publication>
    <publication>
      <date>2026-10-23T10:49:27+00:00</date>
      <company><![CDATA[Aclara Resources]]></company>
      <headline><![CDATA[Aclara Resources]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/aclara-resources/BMC-426/widget-xml/</link>
      <isin>CA00461M1032</isin>
      <epic>ARA</epic>
    </publication>
    <publication>
      <date>2026-10-23T10:13:46+00:00</date>
      <uid>4141</uid>
      <company><![CDATA[P2 Gold]]></company>
      <headline><![CDATA[P2 Gold&#8217;s Joe Ovsenek on the Gabbs gold-copper project in Nevada and the path to production]]></headline>
      <description><![CDATA[In this interview, P2 Gold&#8217;s president, chairman and CEO, Joe Ovsenek, discusses the prospects, geology, timelines and much more at its 100%-owned Gabbs project in Nevada&#8217;s Walker-Lane trend, including the decision to increase the throughput rate by 33% in its forthcoming (full) feasibility study, anticipated early next year. P2 Gold is a precious metals and copper explorer managed by a team with a proven track record from Pretium. It is focused on advancing its 100%-owned, PEA-stage gold-copper Gabbs Project on the Walker-Lane Trend in Nevada.
What has driven the rise in P2 Gold&#8217;s share price?
Joe Ovsenek: I think sentiment is finally flowing, and people are realising that you need gold and copper – and where&#8217;s it going to come from? You need mining companies, and you need people finding it. As people have looked at that, they have seen that we&#8217;re sitting on a lot of gold and a lot of copper, and people are buying our stock, which is allowing us to move our project forward to production.
Where is P2 Gold&#8217;s Gabbs project, and what are the plans and timelines for production?
Joe Ovsenek: We&#8217;re in a feasibility study right now on a gold-copper open-pit mine in Nevada, so it&#8217;s a great jurisdiction. It&#8217;s a simple mine: open-pit mining of gold and copper. The feasibility study is targeting production of 150,000oz of gold and 50Mlbs of copper, in that neighbourhood, for a minimum of 12 years. Our target is to be in commercial production in 2029, starting construction in 2028 with a one-year build.
What historic exploration and mining activity has taken place in and around the Gabbs project?
Joe Ovsenek: Right on our southern border is an older mine called Paradise Peak. It was in production in the &#8217;80s and into the &#8217;90s, and that&#8217;s on our south-southeast border. On our southwest border, there&#8217;s a small open-pit operation that&#8217;s still mining today. They mine the ore and truck it to a different plant for processing about 25–30 miles away. So, we&#8217;re in the heart of a mining area, and there are lots of historical mining works on our property from the late 1800s and around 1900. There&#8217;s a lot of minerals here.
Why does it matter that the Gabbs project is on Nevada&#8217;s Walker Lane Trend?
Joe Ovsenek: There have been a lot of mines historically within the Walker Lane Trend, and the nice thing about Walker Lane gold is that it&#8217;s free gold. It&#8217;s not tied up with any other minerals.
There&#8217;s a big mine that&#8217;s been operating for a long time. One of our directors was CFO of a company that owned that mine in the 1990s, and it&#8217;s still operating. It&#8217;s Round Mountain, which Kinross owns. As the crow flies, it&#8217;s not that far, maybe 20 miles. It&#8217;s a little tougher to get there by car, but you can see it in the distance from our property.
So we&#8217;re in a great mining jurisdiction. Further south on the Walker Lane Trend, AngloGold Ashanti and Centerra are building mines. It&#8217;s a great place to be. We&#8217;re really pleased to be in Nevada, and the permitting is going well.
What is it like operating in Nevada, which the Fraser Institute ranks as the world&#8217;s top mining jurisdiction?
Joe Ovsenek: What we&#8217;ve noticed is that the regulators are very professional, and the process is very well laid out. You know what&#8217;s required of you, and you know how to deal with it. We deal with the BLM, the Bureau of Land Management, whose land we&#8217;re on. We&#8217;re using local consultants to help with our permitting, and they&#8217;re all very knowledgeable. I would say there&#8217;s deep bench strength in this part of the world for taking a project from exploration into production. There&#8217;s lots of support, good relations with the government and good support from local professionals.
What types of mineralisation are in the Gabbs resource, and how big is the exploration upside?
Joe Ovsenek: The majority of our mineralisation is gold-copper, and the deposits are porphyry deposits. Some of the biggest gold mines in the world are really gold-copper or copper mines: porphyry mines with gold.
So we&#8217;re sitting on one of these. Right now we&#8217;re exploring the parts of it that have come to the surface and drilling them off, so we&#8217;re expanding them. As I mentioned, we expect to produce a good number of ounces of gold and pounds of copper over a long mine life. We think that at a minimum, when we come out with our feasibility study, it&#8217;ll be roughly a 12-year mine life, maybe longer. We&#8217;re still drilling, and, as an aside, the target for the feasibility study is Q1 next year. But we feel there&#8217;s potential for it to be twice as long on near-surface mineralisation alone.
The big potential, though, is the question of where this porphyry mineralisation came from. There&#8217;s usually a source porphyry that the mineralisation came from, and when you get into one of those, you&#8217;re into a long-life, large mine. There&#8217;s potential for that on our property. We haven&#8217;t yet had the opportunity to really explore for it. Our focus is on taking our project from exploration into production, getting that flat cash flow going and getting a return for our shareholders. But as we move forward and get that cash flowing, we will start looking for the source of that mineralisation. If we get into it, that&#8217;s another big game changer for our company and our project. So there&#8217;s a lot of potential for growth here at Gabbs in Nevada.
How will the upcoming resource update and feasibility study build on the 2024 preliminary economic assessment, or PEA?
Joe Ovsenek: We came out with an updated mineral resource estimate on the project in April 2024. At the time, we used even lower metal prices for our resource to be conservative: about $1,800/oz gold, $25/oz silver and $3.75/lb copper, so well below current metal prices. We&#8217;re updating that now.
If I lump indicated and inferred resources together, just to give you a feel for the scope of the project, that resource estimate had 2Moz of gold and 864Mlbs of copper. We&#8217;ve been drilling to expand the resource since we came out with our PEA, and we expect the new resource later this quarter, so I&#8217;d expect it before Christmas this year, 2026. Our target is roughly 3Moz of gold, which is a nice bump up in the gold ounces, and 1bn–1.5bn lbs of copper, again a nice bump up.
In tons, we&#8217;re probably looking at 170–200Mt of mineralisation defined in this resource estimate, with potential for much more – another 100–200Mt down the road as we keep drilling.
Why has P2 Gold increased the planned throughput rate from 9Mt to 12Mt per year?
Joe Ovsenek: Because we&#8217;ve seen growth. We haven&#8217;t released the resource estimate yet, but we need to be proactive, and we&#8217;re seeing that we have a lot more mineralisation. So we&#8217;ve decided to increase the size of our mill, and we&#8217;re now going to run it at 12Mt per year. That deals with the sulphide mineralisation.
As we mine the sulphide, there&#8217;s also a layer of oxide mineralisation on top of it. That oxide mineralisation will go on a heap leach, mined in parallel with the mill operation. So we could be operating at a minimum of 12Mt a year and up to, say, 16Mt a year at times. More realistically it&#8217;s probably 12–14Mt a year, over a life of mine that we think is a minimum of 12 years and potentially a lot longer.
Does the Gabbs project have reliable access to water and electricity in the Nevada desert?
Joe Ovsenek: Yes. As you mentioned, there&#8217;s a historical mine from the &#8217;90s on our southern border. They have a 120kV transmission line coming into their property that&#8217;s still active, and we plan to tie into it and wheel the power up to our property. We&#8217;ll have to build maybe a 6–7 mile spur line off that transmission line up to our mill, so not much capital there.
On the water front, it&#8217;s amazing. You drive through this part of Nevada and it&#8217;s brown, there&#8217;s no getting away from it. There&#8217;s a bit of green depending on the season, but it&#8217;s brown and it&#8217;s desert. However, when we drill, depending on where we are, we get down 100 metres in some areas and we&#8217;re into water. Up where we&#8217;re going to be mining in our pits, we get down to about 400 feet and we&#8217;re into water. So there&#8217;s lots of water in the aquifer.
We had to secure water rights for it, though. Just because you have water on your property doesn&#8217;t mean you&#8217;re entitled to it under Nevada law. So we&#8217;ve bought water rights from a dairy farm to the north of us, and we&#8217;re in the process of having them transferred from agricultural use to mining, milling and dewatering use. That&#8217;s going through now, and I&#8217;d expect it to be approved later this quarter or, more likely, in Q1 next year. Once that&#8217;s in place, we&#8217;ll have access to all the water we need for the mill and the heap leach operation.
When does P2 Gold expect to reach a final investment decision and secure project financing?
Joe Ovsenek: In about a year, give or take. Once we get the feasibility study out in Q1, as I said, we&#8217;re actually starting detailed engineering later this quarter. If the stars align and things work out well for us, we feel we could be permitted by the end of 2027 and be in a position to break ground at the beginning of 2028. If the stars are only somewhat aligned, we think mid-2028. Either way, our plan is to start construction in 2028.
We want to have our detailed engineering completed by the end of 2027 and our construction financing in place before then, so that&#8217;s when the permits are issued and we can start construction straight away. That&#8217;s pretty much our timing.
When could P2 Gold pour first gold?
Joe Ovsenek: There&#8217;s an opportunity for us to bring gold forward in our production profile. As you mentioned, there are different types of mineralisation on the property, which I never really addressed. We have a smaller deposit to the south of our main deposits that&#8217;s a simple epithermal gold deposit of about 100,000oz, and it leaches incredibly well. In our metallurgical test work column tests, we got 90% of the gold out in under two weeks.
So what we&#8217;re thinking is that if we sequence our construction schedule well, we can get our heap-leach facility in place first: at least one to two years&#8217; worth of liner down, plus our ponds and our carbon columns. Then we could bring in a contract miner to start mining that higher-grade material. It&#8217;s about 1g/t gold and higher, up to 2g/t in areas. We&#8217;d get that on the heap leach right away and start irrigating it with our solution, and we could potentially be cash flowing within seven, eight, nine months of starting construction, which would be great for us. From then on, it just keeps ramping up.
Where could P2 Gold be in five years&#8217; time?
Joe Ovsenek: Well, I focus on the near term. Right now, I look at peer companies and where they&#8217;re trading, and I think our share price should conservatively be 2x, and potentially 3–4x, higher than it is today.
Once we&#8217;re in production, I look at companies that produce that amount of gold. Look at companies producing 150,000oz of gold and 50Mlbs of copper. Not many produce that specific mix, but on an equivalent basis, depending on your metal prices, you&#8217;re looking at about 225,000oz of gold a year. Those companies are trading at US$4bn, or higher. That&#8217;s just a number from some companies I follow.
We currently have 365m shares outstanding. If we do this right, we feel we can get into production with under 400m shares outstanding. With 400m shares outstanding and a US$4bn market cap, you can see there&#8217;s a lot of potential for our shares to run and re-rate as we become a producer.
If we can&#8217;t make 400m, I feel 400–450m is roughly the top end of our share issuance to get into production, if things go the way they&#8217;re going. That still leaves a big multiple from where our share price is today.
What experience does the P2 Gold team have of building mines?
Joe Ovsenek: We&#8217;ve built mines before, and we know what we&#8217;re doing. We built the Brucejack Mine in northwest British Columbia, where you&#8217;re constructing and operating with 22–25 metres of snow a year. That&#8217;s a lot of shovelling.
Nevada is so nice. You might get a trace of snow, and you don&#8217;t get much rain. The ground is nice and flat, whereas at the last mine we had to drive over a glacier to get to it. Here we drive on a paved highway to get to our project. You couldn&#8217;t ask for a better place to build a mine, so we&#8217;re really pleased with the infrastructure and the location of our Gabbs project in Nevada.
This transcript has been lightly edited for clarity and readability. Verbal fillers, false starts and minor repetitions have been removed from the interviewee&#8217;s responses only. Punctuation, spelling and formatting have also been standardised in line with Edison house style. No substantive changes have been made to the meaning of the discussion.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/p2-gold-p2-golds-joe-ovsenek-on-the-gabbs-gold-copper-project-in-nevada-and-the-path-to-production/BM-4141/widget-xml/</link>
      <isin>CA7446571076</isin>
      <epic>PGLD</epic>
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    <publication>
      <date>2026-10-23T09:54:53+00:00</date>
      <company><![CDATA[Sotkamo Silver]]></company>
      <headline><![CDATA[Sotkamo Silver (NGM: SOSI) – Q3 cash generation supports accelerated mine development]]></headline>
      <description><![CDATA[Sotkamo delivered continued operational progress in Q326, with silver production rising 6% q-o-q to 231koz and EBITDA reaching SEK91m despite lower silver prices and grades remaining below expectations. Strong cash generation is supporting accelerated underground development and exploration, while unchanged FY26 production guidance and encouraging results from the West mineralisation drilling programme provide potential catalysts for future growth.]]></description>
      <link>https://www.edisongroup.com/spark/sotkamo-silver-ngm-sosi-q3-cash-generation-supports-accelerated-mine-development/SE0001057910/widget-xml/</link>
      <isin>SE0001057910</isin>
      <epic>SOSI</epic>
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    <publication>
      <date>2026-10-23T09:11:02+00:00</date>
      <company><![CDATA[BB Biotech]]></company>
      <headline><![CDATA[BB Biotech (SIX: BION): Positive Q326 returns and active portfolio repositioning]]></headline>
      <description><![CDATA[BB Biotech reported a 5.6% increase in NAV in Q326, underperforming the Nasdaq Biotechnology Index by 6.4pp, while its share price returned 6.5% and the discount to NAV narrowed to 12.2%. Clinical progress and continued sector M&amp;A supported portfolio activity, with the company redeploying c CHF280m of acquisition proceeds into new investments and identifying further clinical and regulatory catalysts in Q426.]]></description>
      <link>https://www.edisongroup.com/spark/bb-biotech-six-bion-positive-q326-returns-and-active-portfolio-repositioning/CH0038389992/widget-xml/</link>
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      <epic>BION</epic>
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    <publication>
      <date>2026-10-23T07:42:59+00:00</date>
      <uid>4135</uid>
      <company><![CDATA[Starpharma]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Starpharma — Robust cash position supports clinical entry]]></headline>
      <description><![CDATA[ Starpharma’s Q127 update highlights a recently strengthened funding position as its lead DEP HER2-Lu radiotherapeutic approaches first-in-human testing. End-September cash of A$34.4m (end-June: A$11.0m) reflects the A$32m August entitlement offer, with a further A$3.5m R&amp;D tax incentive received on 22 October, taking pro forma cash to A$37.9m. Net operating cash outflow was A$5.9m, including investment in clinical preparation and the targeted oncology pipeline. The company submitted its European clinical trial application for DEP HER2-Lu following quarter-end, with first patient dosing dependent on regulatory clearance and site readiness; initial Phase I data remain targeted for H1 CY27. Starpharma also increased its interest in Petalion to 66% and progressed its Genentech and Radiopharm collaborations. Management maintained its guidance of a cash runway into FY28, consistent with our expectations. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/16a9d68f5f254e0ecef2fe845410ebb4.pdf</url>
      <link>https://www.edisongroup.com/research/robust-cash-position-supports-clinical-entry/BM-4135/widget-xml/</link>
      <filename></filename>
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      <epic>SPL</epic>
    </publication>
    <publication>
      <date>2026-10-22T14:23:30+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Aquis Showcase]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/aquis-showcase/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-10-22T14:04:10+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Sharesify Wealth and Retirement Show]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/sharesify-wealth-and-retirement-show/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-10-22T13:52:06+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Racura Oncology (ASX: RAC) advances RC220 trials with A$30.7m cash]]></headline>
      <description><![CDATA[Both Racura Oncology clinical trials advance to higher doses following initial safety clearance, with cash supporting development into mid-2028.]]></description>
      <link>https://www.edisongroup.com/spark/racura-oncology-asx-rac-advances-rc220-trials-with-a30-7m-cash/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-10-22T12:02:27+00:00</date>
      <uid>4128</uid>
      <company><![CDATA[Percheron Therapeutics]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Percheron Therapeutics — Stronger cash position, broader opportunities]]></headline>
      <description><![CDATA[ Percheron Therapeutics’ September quarter update and new preclinical collaboration with Invion reinforce its capital-efficient, combination-led development strategy for HMBD-002, its anti-VISTA antibody. The partners will evaluate HMBD-002 alongside INV043, Invion’s lead Photosoft photodynamic therapy candidate, in solid tumour models. Encouraging preclinical data combining INV043 with anti-PD-1 support the scientific rationale, although efficacy with HMBD-002 remains to be established. We view the collaboration positively, broadening development opportunities beyond the Vanderbilt-led investigator-sponsored study in high-risk AML/MDS where recruitment is now expected in H1 CY27, versus H2 CY26 previously. September-end cash increased to A$4.9m (June: A$4.05m), backed by the A$2.3m placement and a A$0.7m R&amp;D rebate. Adjusting for this one-off rebate, we estimate around four quarters of cash runway, versus the company’s reported 8.6 quarters. We will present our revised estimates in due course. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/4530e44ecf50ce0f6613c16c26bdd639.pdf</url>
      <link>https://www.edisongroup.com/research/stronger-cash-position-broader-opportunities/BM-4128/widget-xml/</link>
      <filename></filename>
      <isin>AU0000317281</isin>
      <epic>PER</epic>
    </publication>
    <publication>
      <date>2026-10-22T10:09:25+00:00</date>
      <uid>4105</uid>
      <company><![CDATA[Newron Pharmaceuticals]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Newron Pharmaceuticals — Pivotal enrolment complete; FDA review continues]]></headline>
      <description><![CDATA[ Newron Pharmaceuticals has completed ENIGMA-TRS 1 enrolment in treatment-resistant schizophrenia (TRS), with 618 patients randomised and pivotal 12-week data expected in Q127. This removes recruitment uncertainty, although the FDA’s US clinical hold on ENIGMA-TRS 2 remains unresolved. The hold concerns potential arrhythmic risk linked to evenamide’s sodium channel blockade, following four deaths among treated patients across ENIGMA-TRS 1 and Phase II 014/015, versus one on placebo. However, only one was considered possibly treatment-related, and Newron reports lower exposure-adjusted mortality than placebo, alongside no consistent cardiac safety signal. Management has now proposed enhanced cardiac screening and monitoring, including genetic testing for Brugada syndrome. We view these measures as constructive, although regulatory acceptance remains critical. With Newron targeting an end-October response to the FDA and ENIGMA-TRS 2 continuing ex-US, we retain our 2029 US launch assumption and CHF20.9/share valuation. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/28460c8e4f716b4090e751cd7b91bd62.pdf</url>
      <link>https://www.edisongroup.com/research/pivotal-enrolment-complete-fda-review-continues/BM-4105/widget-xml/</link>
      <filename></filename>
      <isin>IT0004147952</isin>
      <epic>NWRN</epic>
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    <publication>
      <date>2026-10-22T10:05:21+00:00</date>
      <uid>4112</uid>
      <company><![CDATA[Keller Group]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Keller Group — CMD establishes medium-term ambitions]]></headline>
      <description><![CDATA[ Keller’s CMD set out targets of 5–7% organic revenue CAGR, a c 7% operating margin, c 30% ROCE and c £800m cumulative free cash flow over 2026–30, alongside dividend cover of 2.5–3.5x. The event outlined the growth opportunities, operating discipline and capital allocation framework supporting these ambitions. Management also confirmed that FY26 trading remained in line with expectations, maintaining the upgraded FY26 outlook reiterated at the August interims, when company-compiled consensus stood at £3,337m revenue and £242m underlying operating profit. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/b8cf7442c5d8d853ffdccbf74c6aa993.pdf</url>
      <link>https://www.edisongroup.com/research/cmd-establishes-medium-term-ambitions/BM-4112/widget-xml/</link>
      <filename></filename>
      <isin>GB0004866223</isin>
      <epic>KLR</epic>
    </publication>
    <publication>
      <date>2026-10-22T08:13:56+00:00</date>
      <company><![CDATA[Newron Pharmaceuticals]]></company>
      <headline><![CDATA[Newron Pharmaceuticals (SIX: NWRN): Evenamide Phase III enrolment complete]]></headline>
      <description><![CDATA[Phase III recruitment milestone achieved, with top-line efficacy data expected in Q127.]]></description>
      <link>https://www.edisongroup.com/spark/newron-pharmaceuticals-six-nwrn-evenamide-phase-iii-enrolment-complete/IT0004147952/widget-xml/</link>
      <isin>IT0004147952</isin>
      <epic>NWRN</epic>
    </publication>
    <publication>
      <date>2026-10-22T08:03:38+00:00</date>
      <uid>4123</uid>
      <company><![CDATA[OSE Immunotherapeutics]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[OSE Immunotherapeutics — CombiTED bolsters Tedopi&#8217;s clinical potential]]></headline>
      <description><![CDATA[ OSE Immunotherapeutics (OSE) has reported positive top-line results from the FoRT sponsored Phase II CombiTED study of its cancer vaccine Tedopi in metastatic non-small cell lung cancer (NSCLC). In 106 patients progressing after first line chemo-immunotherapy, the primary endpoint measure of one-year overall survival (OS) was 47% with Tedopi plus docetaxel and 46% with Tedopi plus nivolumab, versus 29% with docetaxel alone. Both Tedopi combinations achieved statistical significance in the study\'s primary endpoint analysis (p=0.001 and p=0.002, respectively), while the docetaxel arm did not (p=0.287). Bayesian analyses indicated a greater than 90% probability of improved one-year OS versus docetaxel for either combination. We see this as encouraging support for Tedopi\'s potential in combination regimens, complementing the pivotal Phase III ARTEMIA monotherapy programme in NSCLC. Full results are due at the European Society for Medical Oncology (ESMO) conference on 25 October 2026, followed by a key opinion leader (KOL) webcast on 4 November 2026. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/ff2d31eaf72e5fcbe7aa8f1aaa509970.pdf</url>
      <link>https://www.edisongroup.com/research/combited-bolsters-tedopis-clinical-potential/BM-4123/widget-xml/</link>
      <filename></filename>
      <isin>FR0012127173</isin>
      <epic>OSE</epic>
    </publication>
    <publication>
      <date>2026-10-22T07:03:55+00:00</date>
      <company><![CDATA[Aamal Company]]></company>
      <headline><![CDATA[Aamal Company (QAR: AHCS) – Aamal Energy secures five-year procurement contract worth over QAR100m]]></headline>
      <description><![CDATA[Aamal Company (QAR: AHCS) announced that its subsidiary, Aamal Energy, has signed a five-year contract with a local company to provide procurement services, with an initial contract value exceeding QAR100m.]]></description>
      <link>https://www.edisongroup.com/spark/aamal-company-qar-ahcs-aamal-energy-secures-five-year-procurement-contract-worth-over-qar100m/QA000A0NCQB1/widget-xml/</link>
      <isin>QA000A0NCQB1</isin>
      <epic>AHCS</epic>
    </publication>
    <publication>
      <date>2026-10-21T15:42:15+00:00</date>
      <uid>4134</uid>
      <company><![CDATA[SCHMID]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[SCHMID — Positive order momentum continues]]></headline>
      <description><![CDATA[ SCHMID’s Q3 business updates highlight strong demand for its equipment, as PCB and advanced packaging manufacturers expand capacity to support growing demand for AI-related technology. The company has raised its expectations for FY26 order intake while maintaining FY26 revenue and EBITDA margin guidance. As orders received in H226 are expected to ship in FY27, we have raised our FY27 and FY28 revenue and profit forecasts. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/ba28ac6e911ea4c781a3e4e80d39cc7e.pdf</url>
      <link>https://www.edisongroup.com/research/positive-order-momentum-continues/BM-4134/widget-xml/</link>
      <filename></filename>
      <isin>NL00150021T1</isin>
      <epic>SHMD</epic>
    </publication>
    <publication>
      <date>2026-10-21T13:51:25+00:00</date>
      <uid>4130</uid>
      <company><![CDATA[Recce Pharmaceuticals]]></company>
      <type>Flash</type>
      <otc_epic>RECEF</otc_epic>
      <headline><![CDATA[Recce Pharmaceuticals — Blinded data bodes well for upcoming R327G Phase III data release]]></headline>
      <description><![CDATA[ A review of blinded study data from Recce\'s ongoing Phase III registrational study of the RECCE 327 topical gel formulation (R327G) for the treatment of diabetic foot infections (DFIs) indicates strong efficacy and an excellent safety and tolerability profile across the study. An independent data monitoring committee (DMC) will review unblinded study data in the coming weeks, and assuming this analysis shows a statistically significant efficacy signal towards R327G, we anticipate that Recce will proceed with regulatory approval applications in Indonesia and other ASEAN nations. This would mark Recce’s transition to a commercial-stage company. One of the key competitive advantages for R327G in the treatment of DFIs is that, to our knowledge, no topical antibiotic has specific globally recognised approval for usage in this indication. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/158c3d5de3a60f7c3426286e773aa148.pdf</url>
      <link>https://www.edisongroup.com/research/blinded-data-bodes-well-for-upcoming-r327g-phase-iii-data-release/BM-4130/widget-xml/</link>
      <filename></filename>
      <isin>AU000000RCE5</isin>
      <epic>RCE</epic>
    </publication>
    <publication>
      <date>2026-10-21T08:54:23+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Duke Capital (AIM: DUKE) – Steady Q227 cash revenue, softer UK outlook]]></headline>
      <description><![CDATA[Duke’s Q227 total cash revenue held at £7.0m with H127 dividends covered; lower UK portfolio recurring revenue is expected in H227.]]></description>
      <link>https://www.edisongroup.com/spark/duke-capital-aim-duke-steady-q227-cash-revenue-softer-uk-outlook/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-10-20T12:12:59+00:00</date>
      <uid>4124</uid>
      <company><![CDATA[Starpharma]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Starpharma — Taking control of Petalion’s next phase]]></headline>
      <description><![CDATA[ Starpharma has increased its interest in Petalion Therapeutics to 66%, from 22.5%, taking control of its fibroblast activation protein (FAP) targeted oncology programme. It will contribute up to A$5m for the next research phase, including A$3m in cash and up to A$2m in R&amp;D services. Medicxi retains 30%, a board seat and a strategic role, in order to preserve continuity and its respective capabilities in drug development. We view the move favourably, with Starpharma gaining a larger share of any future value and the opportunity to direct development and partnering within its internal oncology strategy. Although, we note that this comes with greater funding and execution responsibility while Petalion remains at an earlier development stage. Candidate selection and a clinical development plan will represent the next key tests of the investment case. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/665ac6e210139cefa139e493fae4ee98.pdf</url>
      <link>https://www.edisongroup.com/research/taking-control-of-petalions-next-phase/BM-4124/widget-xml/</link>
      <filename></filename>
      <isin>AU000000SPL0</isin>
      <epic>SPL</epic>
    </publication>
    <publication>
      <date>2026-10-20T10:48:46+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Out of sight, out of pocket: The cost of ignoring debt investors]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/out-of-sight-out-of-pocket-the-cost-of-ignoring-debt-investors/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-10-20T10:34:27+00:00</date>
      <uid>4126</uid>
      <company><![CDATA[Baillie Gifford US Growth Trust]]></company>
      <headline><![CDATA[Bull, Bear &#038; Beyond – Baillie Gifford US Growth Trust in 60 Seconds]]></headline>
      <description><![CDATA[This is an urgent call for the shareholders of Baillie Gifford US Growth Trust (ticker: USA) to cast their votes ahead of the company’s AGM on 23 October 2026. USA provides exposure to exceptional US growth businesses across both public and private markets including SpaceX, Anthropic and Stripe. The trust has outperformed the S&amp;P 500 Index over the long term and in the 12 months to 30 September 2026 delivered an NAV total return of 32.4% versus 17.3% for the index. Saba Capital, which holds around 30% of USA’s voting rights, has proposed three directors for election at the upcoming AGM, offering shareholders a cash exit at or near NAV. USA’s board strongly opposes their appointment, questioning the nominees’ independence and the implications for the trust’s longer-term strategy.
Listen on your preferred podcast player below:

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About Bull, Bear &amp; Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.
]]></description>
      <link>https://www.edisongroup.com/podcast/baillie-gifford-us-growth-trust-bull-bear-beyond-baillie-gifford-us-growth-trust-in-60-seconds-2/BM-4126/widget-xml/</link>
      <isin>GB00BDFGHW41</isin>
      <epic>USA</epic>
    </publication>
    <publication>
      <date>2026-10-20T10:27:50+00:00</date>
      <uid>4127</uid>
      <company><![CDATA[Baillie Gifford US Growth Trust]]></company>
      <headline><![CDATA[Baillie Gifford US Growth Trust in 60 Seconds]]></headline>
      <description><![CDATA[This is an urgent call for the shareholders of Baillie Gifford US Growth Trust (ticker: USA) to cast their votes ahead of the company’s AGM on 23 October 2026. USA provides exposure to exceptional US growth businesses across both public and private markets including SpaceX, Anthropic and Stripe. The trust has outperformed the S&amp;P 500 Index over the long term and in the 12 months to 30 September 2026 delivered an NAV total return of 32.4% versus 17.3% for the index. Saba Capital, which holds around 30% of USA’s voting rights, has proposed three directors for election at the upcoming AGM, offering shareholders a cash exit at or near NAV. USA’s board strongly opposes their appointment, questioning the nominees’ independence and the implications for the trust’s longer-term strategy.
]]></description>
      <link>https://www.edisongroup.com/audiovisual/baillie-gifford-us-growth-trust-baillie-gifford-us-growth-trust-in-60-seconds/BM-4127/widget-xml/</link>
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    <publication>
      <date>2026-10-20T10:15:24+00:00</date>
      <uid>4125</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Bull, Bear &#038; Beyond – Planet2050: executive interview]]></headline>
      <description><![CDATA[In this interview, Lucas Zaehringer, CEO of Planet2050, speaks with Klaus Schinkel, Managing Director at Edison Group at the Sustainable Investment Conference at the Frankfurt School of Finance &amp; Management. They discuss the shift from CO2 offsetting to investable carbon assets, how Planet2050 mobilises capital for carbon reduction and removal projects, and the European Commission’s plans to integrate permanent carbon removals into the EU Emissions Trading System. Finally, Lucas explains why Planet2050 is pursuing a direct listing to broaden investor access to the emerging carbon economy.
Listen on your preferred podcast player below:

Apple Podcast
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About Bull, Bear &amp; Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.
]]></description>
      <link>https://www.edisongroup.com/podcast/bull-bear-beyond-planet2050-executive-interview/BM-4125/widget-xml/</link>
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      <date>2026-10-20T09:58:28+00:00</date>
      <company><![CDATA[VEON]]></company>
      <headline><![CDATA[Veon &#8211; reinforcing Uzbekistan position with Perfectum acquisition]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/spark/veon-reinforcing-uzbekistan-position-with-perfectum-acquisition/US91822M5022/widget-xml/</link>
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      <epic>VEON</epic>
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    <publication>
      <date>2026-10-20T08:15:43+00:00</date>
      <company><![CDATA[BioVersys]]></company>
      <headline><![CDATA[BioVersys (SIX: BIOV): Peer-reviewed data support BV100 profile]]></headline>
      <description><![CDATA[Peer-reviewed Phase I data support BV100’s lung penetration and manageable drug-interaction profile, reinforcing its clinical rationale ahead of pivotal Phase III results in 2028.]]></description>
      <link>https://www.edisongroup.com/spark/bioversys-six-biov-peer-reviewed-data-support-bv100-profile/CH0210362643/widget-xml/</link>
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    <publication>
      <date>2026-10-20T07:54:30+00:00</date>
      <uid>3671</uid>
      <company><![CDATA[JPMorgan European Discovery Trust]]></company>
      <type>Update</type>
      <otc_epic>JESCF</otc_epic>
      <headline><![CDATA[JPMorgan European Discovery Trust — Managers building on their positive record]]></headline>
      <description><![CDATA[ JPMorgan European Discovery Trust (JEDT) had a change of managers at the beginning of March 2024, which has been beneficial for the trust’s performance. As JEDT’s name suggests, managers Jon Ingram, Jack Featherby and Jules Bloch screen the large European small-cap universe of around 1,500 names, looking for ‘hidden gems’, which they believe are the relatively small number of exceptional companies that generate a disproportionate share of long-term market gains. With their superior growth rate, European small-cap stocks have outpaced the performance of all the major equity markets over the long term. However, despite this achievement, they trade on relatively attractive valuations. The managers believe that market volatility following the start of the US-Iran conflict is creating opportunities for long-term investors to identify companies whose share prices appear oversold and are not reflecting strong underlying business fundamentals. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/db0e21ae6aea076ee4ce9a9900b792cf.pdf</url>
      <link>https://www.edisongroup.com/research/managers-building-on-their-positive-record/BM-3671/widget-xml/</link>
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    <publication>
      <date>2026-10-20T07:50:24+00:00</date>
      <company><![CDATA[Percheron Therapeutics]]></company>
      <headline><![CDATA[Percheron Therapeutics (ASX: PER) expands HMBD-002’s development optionality]]></headline>
      <description><![CDATA[Percheron expands HMBD-002’s potential through Invion’s preclinical collaboration, progresses Vanderbilt study preparations and reports A$4.9m in September-end cash.]]></description>
      <link>https://www.edisongroup.com/spark/percheron-therapeutics-asx-per-expands-hmbd-002s-development-optionality/AU0000317281/widget-xml/</link>
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      <epic>PER</epic>
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      <date>2026-10-20T07:05:42+00:00</date>
      <uid>4122</uid>
      <company><![CDATA[Planet2050]]></company>
      <headline><![CDATA[Planet2050 CEO Lucas Zaehringer on carbon as an investable asset class]]></headline>
      <description><![CDATA[In this interview, Lucas Zaehringer, CEO of Planet2050, speaks with Klaus Schinkel, Managing Director at Edison Group at the Sustainable Investment Conference at the Frankfurt School of Finance &amp; Management. They discuss the shift from CO2 offsetting to investable carbon assets, how Planet2050 mobilises capital for carbon reduction and removal projects, and the European Commission’s plans to integrate permanent carbon removals into the EU Emissions Trading System. Finally, Lucas explains why Planet2050 is pursuing a direct listing to broaden investor access to the emerging carbon economy.
What does Planet2050 do, and how does its carbon finance platform work?
Lucas Zaehringer: Planet2050 aims to enable and finance a new generation of carbon projects that have the possibility to reduce emissions or capture carbon dioxide and remove it permanently. There&#8217;s a lot of growing demand for this type of asset from companies and governments, because there are new regulations and new policies, and companies also need better tools to reach their climate and net-zero targets. However, there&#8217;s a lack of financial providers that deeply understand the market that can provide new sources of capital to help these projects get started and scale, and that can give all types of investors access to the investment opportunity. That&#8217;s exactly what we do at Planet2050.
Concretely speaking, we source and originate projects, alone or with our partners. We bring them to our carbon finance platform, where we analyse them with due diligence and risk assessment. We select the best projects, with proper monitoring and understanding of the risks, and plan the investment proposal with them. Either we acquire the carbon credits with prepayment and resell them in the market, or we take an equity participation in the project developer or the companies themselves. That way, we provide capital and certainty of revenue, with carbon credits and carbon removals as a currency of exchange. So, in a way, we are working as a green asset manager – or a carbon bank, if you want – with a technology touch.
What is driving the evolution from CO2 offsets to investable carbon assets?
Lucas Zaehringer: I think the carbon markets overall are entering a new stage of maturity. Now we have price discovery, and we have new standards and methodologies which are science-based. We have new verification protocols to ensure that the impact is there – that tonnes have been avoided or removed. That&#8217;s simply something that didn&#8217;t really exist in a market that was mainly voluntary in nature back then.
For example, the European Commission proposed just two months ago to integrate permanent removals, which are one of the types of carbon assets we&#8217;re working with, into the ETS – the Emissions Trading [System] – which is the biggest carbon market in the world. This means that €50bn may be added to this market, which has already delivered a cumulative average growth of 320% over the past four years. So, we believe that with institutional participation, new standards and quality, and better guidance for companies to act, it&#8217;s a perfect time to participate.
How does Planet2050 respond to concerns about inconsistent quality, lack of transparency and companies using carbon credits instead of reducing their own emissions?
Lucas Zaehringer: I believe that quality and transparency should be the cornerstone of a well-functioning carbon market. It&#8217;s true that there have been a lot of issues with quality, with the difficulty of sometimes verifying the impact of projects that are far away around the globe. Frankly, there have also been standards that weren&#8217;t holding up to what an investment asset class should be. That&#8217;s still the case today: not every project has the same quality. That&#8217;s why you need expertise, you need data points and you need to do proper risk assessment and due diligence on any type of asset that you&#8217;re looking at, and that&#8217;s what we do at Planet2050.
We do have tools that we didn&#8217;t have in the past. Now we have technologies with real-time or near real-time satellite imagery monitoring. We have [Internet of Things] sensors that can tell us the temperature in a biochar kiln on the ground. We have AI algorithms and models that can verify the data that has been inputted. So, this is something quite new that helps to provide more transparency. We also have external companies, like risk and carbon rating agencies, that can give external endorsement of what is quality. And finally, the methodologies themselves and the carbon standards have evolved. They were maybe sometimes a little bit loose in the past; now, methodologies are very strict in what they require to be measured and verified.
So, that&#8217;s on the supply side – the quality of the projects themselves and the underlying credits. Moving to the demand side, it&#8217;s true that a lot of companies have wrongly used carbon credits in the past, partly, I would say, because of a lack of guidance. But the priority needs to remain clear. Carbon credits and removals are not a distraction; they&#8217;re an additional instrument in the toolkit to get to net zero. If you look at a lot of heavy industry, automotive companies, even the aviation or marine sectors, there are a lot of emissions that are very hard to abate, or that can only be abated at a very high cost. In this case, investing in removals makes sense. Actually, all net-zero companies will have to use removals to fully neutralise all the residual emissions they have or those that are simply too hard to abate.
Why might carbon assets be relevant for European investors?
Lucas Zaehringer: I do believe that carbon assets are the best and most exciting new asset class of our generation, compared to what emerged maybe 15 or 20 years ago, or in recent years. Why? First of all, because we&#8217;re doing something good for the planet, which I think everybody now realises is urgently needed. But it&#8217;s not a philanthropic or grant activity. It&#8217;s based on market dynamics, a business model that has [been] proven to work and demand that is now becoming predictable and is growing. Especially in Europe, we have the most ambitious policy and regulations, which support the ecosystem. For investors that want to look at profitable returns and impact, I do believe this emerging carbon asset class is a great addition to a portfolio.
What value does Planet2050 aim to add for investors, and why has it chosen a direct listing?
Lucas Zaehringer: First of all, I think the carbon market is complex. Not every investor understands it properly or knows what the right investment decisions are. Second, it&#8217;s not accessible. It&#8217;s mainly for a private class of institutional investors that are well equipped to enter this market, and that&#8217;s something we want to change: accessibility, making it simple and making it transparent.
The way we chose to do it is by going public with a direct listing. It&#8217;s a way to open the capital of our company from day one, so that everyday investors, but also institutional investors, can participate in the adventure and be shareholders of the company. What we&#8217;re building is a diversified portfolio of assets in order to benefit from the growth segments of different carbon assets but also to diversify the risk in the portfolio. And investors get access to this with one share, which is Planet2050.
Also, if we look at the climate challenge and the need for carbon finance to scale, we need a market that is liquid and has the possibility to scale. It also needs to hold up to the standards we need in the carbon market, meaning the strong regulation and oversight that the capital markets offer. So, transparency and openness are also at the core of what we do, and we hope it will greatly benefit the investors that join us and, eventually, the planet.
This transcript has been lightly edited for clarity and readability. Verbal fillers, false starts and minor repetitions have been removed from the interviewee&#8217;s responses only. Punctuation, spelling and formatting have also been standardised in line with Edison house style. No substantive changes have been made to the meaning of the discussion
]]></description>
      <link>https://www.edisongroup.com/edison-tv/planet2050-executive-interview/BM-4122/widget-xml/</link>
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    <publication>
      <date>2026-10-20T06:52:32+00:00</date>
      <uid>4114</uid>
      <company><![CDATA[Datatec]]></company>
      <type>Flash</type>
      <otc_epic>DTTLF</otc_epic>
      <headline><![CDATA[Datatec — H127 underlying EPS up at least 52% y-o-y]]></headline>
      <description><![CDATA[ Datatec’s H127 trading update confirmed that Westcon and Logicalis International delivered very strong financial performances in H127, while Logicalis Latin America saw weaker trading. H127 underlying EPS is expected to be in the range of 52.9% to 60.6% higher than H126. The special dividend relating to the refinancing of Westcon was paid on 19 October, with shareholders holding around two-thirds of shares taking the scrip distribution alternative. We maintain our forecasts pending full H127 results on 29 October. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/3390517f34ca0c8c093c4afec0379bf9.pdf</url>
      <link>https://www.edisongroup.com/research/h127-underlying-eps-up-at-least-52-y-o-y/BM-4114/widget-xml/</link>
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      <isin>ZAE000017745</isin>
      <epic>DTCJ</epic>
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    <publication>
      <date>2026-10-19T11:01:15+00:00</date>
      <uid>3903</uid>
      <company><![CDATA[OncoZenge]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[OncoZenge — Phase III execution brings pivotal readout into focus]]></headline>
      <description><![CDATA[ OncoZenge is entering a value-defining period with BupiZenge, its Phase III-stage sustained-release lozenge for oral mucositis (OM) pain in head and neck cancer. A capital-light, partnership-led model across Europe (Molteni Farmaceutici) and the GCC (Avernus Pharma) limits commercial build-out while preserving royalty economics. The investment case rests on whether BupiZenge can translate Phase II efficacy into a clinically meaningful duration advantage over topical lidocaine in the 150-patient Phase III BEAM-Pain study. Funding visibility has improved post-period following the 92%-subscribed rights issue, which raised SEK30.7m, alongside c SEK5m received from strategic shareholder Yangtian in July (c SEK10.1m still outstanding) and another SEK3.3m from a directed issue in October. Positive pivotal data, expected in late 2026/early 2027, could materially de-risk the programme and provide the clearest re-rating catalyst. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/f22315db688a7768bfc4e8721c7f3b51.pdf</url>
      <link>https://www.edisongroup.com/research/phase-iii-execution-brings-pivotal-readout-into-focus/BM-3903/widget-xml/</link>
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    <publication>
      <date>2026-10-19T09:09:53+00:00</date>
      <uid>4111</uid>
      <company><![CDATA[Primary Health Properties]]></company>
      <type>Flash</type>
      <otc_epic>PHPRF</otc_epic>
      <headline><![CDATA[Primary Health Properties — JV agreed: Focus on growth]]></headline>
      <description><![CDATA[ Primary Health Properties (PHP) has reached a conditional agreement with a leading global institutional investor, the Singaporean GIC, for the establishment of a 50:50 strategic joint venture (JV), to invest in private hospital infrastructure. The JV will be seeded with private hospitals from PHP’s existing portfolio, with a value of c £0.7bn, providing a strong foundation to benefit from the long-term structural growth in the sector. Completion is expected in November and is an important step in the company’s post-Assura acquisition deleveraging plans. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/49cbed14e44a816d69a807da70e3bd66.pdf</url>
      <link>https://www.edisongroup.com/research/jv-agreed-focus-on-growth/BM-4111/widget-xml/</link>
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      <isin>GB00BYRJ5J14</isin>
      <epic>PHP</epic>
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    <publication>
      <date>2026-10-19T08:06:28+00:00</date>
      <uid>3996</uid>
      <company><![CDATA[Amoeba]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Amoeba — Commercial ambitions set and financing progresses]]></headline>
      <description><![CDATA[ Amoéba’s H126 results outlined a strategic update to its medium-term growth ambitions following first biocontrol sales in the period. Management is targeting revenue of €1–2m in FY27, increasing to c €40m in FY30, with a recurring operating margin above 10%. Deliveries to Koppert have started, and the distribution agreement has been extended to June 2031. The Syngenta agreement adds another source of growth, with first authorisations expected in Q328 and initial sales by end-2028. These milestones strengthen the commercial platform, while the 2 October rights issue launch advances funding for the next phase. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/6cafa44131bd3b6e52da3a6d2d952a0c.pdf</url>
      <link>https://www.edisongroup.com/research/commercial-ambitions-set-and-financing-progresses/BM-3996/widget-xml/</link>
      <filename></filename>
      <isin>FR0011051598</isin>
      <epic>ALMIB</epic>
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    <publication>
      <date>2026-10-16T10:14:06+00:00</date>
      <company><![CDATA[Keller Group]]></company>
      <headline><![CDATA[Keller Group]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/keller-group/BMC-425/widget-xml/</link>
      <isin>GB0004866223</isin>
      <epic>KLR</epic>
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    <publication>
      <date>2026-10-16T07:34:32+00:00</date>
      <uid>4100</uid>
      <company><![CDATA[Smiths News]]></company>
      <type>Flash</type>
      <otc_epic>SMWPY</otc_epic>
      <headline><![CDATA[Smiths News — Telegraphing another contract win]]></headline>
      <description><![CDATA[ Smiths News has announced that it has secured a new long-term exclusive contract with Telegraph Media Group Holdings Limited (TMG), publishers of the Daily Telegraph and Sunday Telegraph. Like the previous recent contract wins, this agreement is for national distribution and is on enhanced commercial terms. Effective from October 2027 until September 2036, it represents an incremental revenue uplift of c £40m per year from October 2027 and, together with recent contract wins, gives Smiths News 61% of the market. Our estimates and 96p/share discounted cash flow (DCF) valuation are unchanged. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/ccfc25ca20a7a2f47e4c2317ed60aa9c.pdf</url>
      <link>https://www.edisongroup.com/research/telegraphing-another-contract-win/BM-4100/widget-xml/</link>
      <filename></filename>
      <isin>GB00B17WCR61</isin>
      <epic>SNWS</epic>
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    <publication>
      <date>2026-10-16T07:26:06+00:00</date>
      <uid>4092</uid>
      <company><![CDATA[discoverIE Group]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[discoverIE Group — Upgrading on strong H127 trading]]></headline>
      <description><![CDATA[ discoverIE confirmed that the positive order momentum it has seen since Q426 continued through H127. The group saw 30% y-o-y growth in orders in H127 (22% organic) and sees FY27 adjusted earnings running ahead of board expectations. We have upgraded our forecasts to reflect the strong revenue and order growth in H127, lifting adjusted EPS by 3% in FY27 and FY28. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/535cd722a8e7735649a0bf93953edb52.pdf</url>
      <link>https://www.edisongroup.com/research/upgrading-on-strong-h127-trading/BM-4092/widget-xml/</link>
      <filename></filename>
      <isin>GB0000055888</isin>
      <epic>DSCV</epic>
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    <publication>
      <date>2026-10-16T07:00:00+00:00</date>
      <uid>3949</uid>
      <company><![CDATA[MindMaze Therapeutics]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[MindMaze Therapeutics — Progress on the neurotherapeutics roll-out]]></headline>
      <description><![CDATA[ MindMaze Therapeutics is continuing the commercial roll-out of its digital neurotherapeutic platform, with a heightened focus on its home-based offerings, which is also supported by existing US reimbursement codes. The company is launching MindMotion Lite, a tablet-based format of its flagship MindMotion GO system, which is expected to be available by year-end 2026 and carries significantly reduced hardware requirements. MindMaze also expects to announce a pharma collaboration in Q426, which we expect will expand the sales reach for its products and leverage potential synergistic benefits with existing drug therapies. Following the H126 results, we have reduced our near-term revenue expectations while keeping our peak sales estimates largely unchanged. We obtain a valuation of CHF2.60 per share (vs CHF2.73 previously). ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/88f2a321b3e97b4ef67ce5582398abf5.pdf</url>
      <link>https://www.edisongroup.com/research/progress-on-the-neurotherapeutics-roll-out/BM-3949/widget-xml/</link>
      <filename></filename>
      <isin>CH1251125998</isin>
      <epic>MMTX</epic>
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    <publication>
      <date>2026-10-15T15:12:40+00:00</date>
      <uid>4103</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Edison explains: Moroccan copper &#8211; Competing for scarce development capital]]></headline>
      <description><![CDATA[]]></description>
      <url>https://edison.bluematrix.com/sellside/AttachmentViewer.action?encrypt=fddd78dc-6892-4311-a7dd-4738f74f0ef3fileId=4103_f984bb64-5053-4859-a5a7-49fcb3c7052d&amp;isPdf=false</url>
      <link>https://www.edisongroup.com/thematic/edison-explains-moroccan-copper-competing-for-scarce-development-capital/BM-4103/widget-xml/</link>
      <filename></filename>
      <isin></isin>
      <epic></epic>
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    <publication>
      <date>2026-10-15T15:03:49+00:00</date>
      <uid>3968</uid>
      <company><![CDATA[Baillie Gifford US Growth Trust]]></company>
      <type>Review</type>
      <otc_epic>BLGFF</otc_epic>
      <headline><![CDATA[Baillie Gifford US Growth Trust — Vote to save winning public/private US strategy]]></headline>
      <description><![CDATA[ Baillie Gifford US Growth Trust (USA) gives investors exposure to exceptional US growth businesses across both public and private markets. Recent performance has been strong: in the 12 months to 30 September 2026, the trust delivered an NAV total return of 32.4% and a share price return of 41.6%, ahead of the S&amp;P 500 Index’s 17.3% total return. Private investments played an important role in the recovery, with SpaceX, Anthropic, Stripe, Zipline and Databricks among the major contributors. However, the trust’s five-year record remains weak following a sharp reversal in growth-stock valuations as interest rates rose in 2022; managers Gary Robinson and Kirsty Gibson have responded by tightening portfolio construction without changing their fundamental search for outlier companies. Saba Capital, which holds c 30% of USA’s voting rights, has proposed three directors for election at USA’s 23 October 2026 AGM and says they should offer shareholders a cash exit at or near NAV. The board opposes their appointment, which is discussed in more detail in this report. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/7fa638948e30e7aae4e3a16ba598b0a6.pdf</url>
      <link>https://www.edisongroup.com/research/vote-to-save-winning-public-private-us-strategy/BM-3968/widget-xml/</link>
      <filename></filename>
      <isin>GB00BDFGHW41</isin>
      <epic>USA</epic>
    </publication>
    <publication>
      <date>2026-10-15T14:57:09+00:00</date>
      <uid>4102</uid>
      <company><![CDATA[Supermarket Income REIT]]></company>
      <headline><![CDATA[Supermarket Income REIT Plc (LON: SUPR) — CEO Robert Abraham: FY Results]]></headline>
      <description><![CDATA[FY Results for the year ended 30 June 2026
]]></description>
      <link>https://www.edisongroup.com/edison-tv/supermarket-income-reit-supermarket-income-reit-plc-lon-supr-ceo-robert-abraham-fy-results/BM-4102/widget-xml/</link>
      <isin>GB00BF345X11</isin>
      <epic>SUPR</epic>
    </publication>
    <publication>
      <date>2026-10-15T14:09:14+00:00</date>
      <uid>4101</uid>
      <company><![CDATA[Supermarket Income REIT]]></company>
      <headline><![CDATA[Supermarket Income REIT — FY Results for the year ended 30 June 2026]]></headline>
      <description><![CDATA[FY Results for the year ended 30 June 2026
]]></description>
      <link>https://www.edisongroup.com/edison-tv/supermarket-income-reit-supermarket-income-reit-fy-results-for-the-year-ended-30-june-2026/BM-4101/widget-xml/</link>
      <isin>GB00BF345X11</isin>
      <epic>SUPR</epic>
    </publication>
    <publication>
      <date>2026-10-15T12:53:14+00:00</date>
      <uid>4048</uid>
      <company><![CDATA[One and one Green Technologies]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[One and one Green Technologies — Copper strength offsets aluminium disruption]]></headline>
      <description><![CDATA[ One and one Green Technologies’ (YDDL’s) H126 results showed continued strength in copper alloy despite the temporary disruption to aluminium processing, with higher realised pricing and product mix supporting revenue growth. We lower our volume forecasts following the H1 shutdown, but stronger commodity-price assumptions and recovering margins largely offset the impact on earnings. The new recovery line provides potential upside not explicitly included in our forecasts. We raise our DCF valuation modestly to US$7.0/share, while the shares now trade at a visible discount to larger peers on earnings-based multiples. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/uploads/2026/10/One-and-one-green-technologies-new-pdf.pdf</url>
      <link>https://www.edisongroup.com/research/copper-strength-offsets-aluminium-disruption/BM-4048/widget-xml/</link>
      <filename>One-and-one-green-technologies-new-pdf.pdf</filename>
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    <publication>
      <date>2026-10-15T09:48:49+00:00</date>
      <uid>4097</uid>
      <company><![CDATA[Invesco Asia Dragon Trust]]></company>
      <headline><![CDATA[Uncovering Trusts – Invesco Asia Dragon Trust (IAD): Looking beyond the obvious AI winners]]></headline>
      <description><![CDATA[In this episode, our director of content for investment companies, Milosz Papst, talks about Invesco Asia Dragon Trust (IAD), an investment trust applying a &#8216;valuation, not value&#8217; approach to Asian and Australasian equities through a concentrated portfolio of high-quality companies trading below their intrinsic value. Milosz covers IAD&#8217;s 39.6% NAV total return in the year to April 2026, which was strong in absolute terms but trailed the benchmark&#8217;s 45.7% as market leadership narrowed to a handful of AI-related semiconductor stocks. He also notes the trust&#8217;s outperformance over five and 10 years. He discusses why the managers are taking profits in early AI winners and looking for second-order beneficiaries, including Chinese internet companies, Korean financials, Indian finance and logistics, and Australian engineering firm Worley. He also covers the managed team transition, with Marc Ye joining as co-manager. Milosz then touches on the benefits of the 2025 merger with Asia Dragon Trust, including greater scale, a sector-low ongoing charge of around 0.7%, an annual distribution of roughly 4% of NAV, the discount narrowing to 5.4% and the 2028 tender offer.
Listen on your preferred podcast player below:

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About Uncovering Trusts: Uncovering Trusts is a podcast run by Edison analysts, which is released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.
]]></description>
      <link>https://www.edisongroup.com/podcast/invesco-asia-dragon-trust-uncovering-trusts-invesco-asia-dragon-trust-iad-looking-beyond-the-obvious-ai-winners/BM-4097/widget-xml/</link>
      <isin>GB0004535307</isin>
      <epic>IAD</epic>
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    <publication>
      <date>2026-10-15T07:51:53+00:00</date>
      <company><![CDATA[Oryzon Genomics]]></company>
      <headline><![CDATA[Oryzon Genomics (BME: ORY) secures four vafidemstat patent allowances]]></headline>
      <description><![CDATA[New patent allowances broaden geographic and therapeutic protection for vafidemstat, supporting its long-term commercial potential.]]></description>
      <link>https://www.edisongroup.com/spark/oryzon-genomics-bme-ory-secures-four-vafidemstat-patent-allowances/ES0167733015/widget-xml/</link>
      <isin>ES0167733015</isin>
      <epic>ORY</epic>
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    <publication>
      <date>2026-10-14T15:04:08+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Budget breakdown with Gervais Williams]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/budget-breakdown-with-gervais-williams/widget-xml/</link>
      <isin></isin>
      <epic></epic>
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    <publication>
      <date>2026-10-14T11:02:38+00:00</date>
      <uid>4093</uid>
      <company><![CDATA[Finsbury Growth &#038; Income Trust]]></company>
      <headline><![CDATA[Vantage: Finsbury Growth &#038; Income Trust – investing in AI and the next decade of growth]]></headline>
      <description><![CDATA[In this episode of Edison&#8217;s Vantage, Nick Train, portfolio manager of Finsbury Growth &amp; Income Trust, speaks to Neil Shah, executive director and market strategist at Edison Group. They discuss Nick&#8217;s large personal stake in the trust and what he has learned since January&#8217;s continuation vote. Nick explains why he believes proprietary data businesses such as RELX, London Stock Exchange Group, Rightmove and Sage Group stand to benefit from AI, and covers recent investments in Clarkson, TP ICAP, Spirax Group and Games Workshop Group. The conversation also covers Diageo and Burberry Group, the trust’s gearing and the discount to NAV, and what the UK could do to support companies investing for growth.
Welcome Nick Train. Please tell us about your investment background, why you hold a large personal stake in Finsbury Growth &amp; Income Trust, and how you see the next decade?
Nick Train: The next decade – that’s the important one. Neil, thanks. I don’t want to make this session all about me, but since you’ve asked, I think the relevant thing to say about me is that a long time ago I studied a history degree, and I was fascinated then about what the past could tell us about the future. I&#8217;m still fascinated. I&#8217;ve been a professional investor for 40 years plus and, just on this point about history, my best ideas over my career have definitely been when I’ve got big historic trends right. Is that enough as an introduction to where I&#8217;m coming from?
You&#8217;re right, Finsbury Growth &amp; Income Trust is also a historic entity – 100 years old. Sincerely, the biggest privilege of my career is having run it for a quarter of a century. That doesn’t happen very often. I never, ever take it for granted, but I’m still here doing it.
You&#8217;re right, I have quite a large personal stake in the company. I&#8217;ve built up that stake over the last quarter of a century and I&#8217;ve never sold a share. I think there are two perspectives on my shareholding in Finsbury. The first is that, as I expect we&#8217;re going to explore, we take risk with Finsbury. We&#8217;re trying to generate an exceptional return, and the iron laws of investment say you can&#8217;t do that without taking risk. We do take risk, and I wouldn&#8217;t feel comfortable if I wasn&#8217;t taking that risk myself as well. Actually, I have more personal risk to Finsbury than anybody else, and to me that feels right.
The second thing I&#8217;d say – and of course I would say this – is that, since you asked about the next decade, I&#8217;m thrilled to have this exposure to Finsbury right now. I think, and let&#8217;s hope this comes out in our conversation, that there is a viable chance the next 10 years could be the best 10 years for Finsbury for a very long time. That&#8217;s because we&#8217;ve got more exposure to secular growth businesses in this portfolio, in my opinion, than ever before.
What have you learned since Finsbury’s January continuation vote, and are you doing anything differently after a difficult few years?
Nick Train: I would just reiterate what I said in my previous answer: it&#8217;s a privilege to be in the position that I&#8217;m in, and I&#8217;ve never taken it for granted. It&#8217;s a performance industry. I – and let’s say my team as well – frankly, we&#8217;ve not performed for too long. At any point, the shareholders and the board have got to make a judgement about whether or not what we&#8217;re doing could work. That&#8217;s my attitude. We carry on doing what we&#8217;ve always done and we&#8217;ll see what comes. If it doesn&#8217;t perform, then there will be ramifications, and that&#8217;s fine. That&#8217;s the way I&#8217;ve always looked at this industry and my role in it. It&#8217;s a performance game.
Have I learned anything? An observation – I&#8217;m not sure what use you can put this to – but I think what I take from the last couple of years, amongst other things maybe, is that the companies that you&#8217;re invested in don&#8217;t necessarily know any better than you or anybody else what&#8217;s coming down the line. You can listen closely to the executives of businesses, observe their actions and sometimes feed off their confidence about the future, but they can be wrong. So what does that mean? It means you&#8217;ve got to be perpetually testing your thesis.
Actually, we&#8217;ve not sold any substantive investments over the last couple of years. We&#8217;ve had a couple go through takeovers, but fundamentally we&#8217;ve not had to change our view about any of the businesses that we&#8217;re invested in. We&#8217;ve been a bit disappointed by their short-term business performance, but the underlying rationale for owning them is, I think, still intact. So let&#8217;s hope our patience will be rewarded.
Are proprietary data businesses such as RELX, Rightmove, Experian and Sage beneficiaries or victims of AI, and is Finsbury’s portfolio too concentrated on one outcome?
Nick Train: We’re believers in AI as a transformative technology. In a sense, it&#8217;s the same as saying we&#8217;re believers in the internet – AI is just the internet on steroids, isn&#8217;t it? We think it&#8217;s creating enormous opportunities for industries and companies, and we think it&#8217;s going to generate a lot of wealth. At some point, it&#8217;s going to be very right to be optimistic about consumer spending again, because consumers will have more wealth as a result of this transformative technology.
From the perspective of a UK equity strategy, which is what Finsbury is, we&#8217;ve been so keen over the last two or three years to try to find UK-listed companies that offer participation in this – to reuse the word I was using earlier – historic industry shift. And how do you do it within the context of the UK stock market, where we don&#8217;t have Nvidia and we&#8217;re not going to have OpenAI?
You&#8217;ve alluded to the way we&#8217;ve chosen to address this, and the market is testing this proposition right now. But let me just say it. There are three components to the AI phenomenon. There are the chips and the computing power. There are the LLMs competing against each other for efficacy and attention. And then there&#8217;s the data. Now, the data is a big, overarching concept, but everybody agrees that LLMs are only as good as the data they can train on.
Our perspective is that, as I said, we can&#8217;t own Nvidia in the UK, but on the London stock market there are a number of world-class data businesses that aggregate enormous amounts of proprietary data that LLMs can&#8217;t get their hands on. And that data is, as you say, constantly replenishing. In theory, that ought to be the source of extraordinary future value. So I guess the thesis we&#8217;re testing is: can the data-type businesses we&#8217;ve chosen to invest in utilise AI themselves to accelerate the growth rate of their businesses? And the truth is, for all of the ones that we own – the ones that you&#8217;ve mentioned – their growth rates have accelerated over the last two years. They are demonstrating that AI is a tailwind, a benefit to their business.
People say that RELX&#8217;s legal division, LexisNexis, is vulnerable to AI disruption. We&#8217;ll see. But we have to note that over the last two years, the growth rate of that division has more than doubled, from 4% to 10%. And when you look at why the growth rate has doubled, it&#8217;s because RELX is successfully selling AI-enhanced services to its captive customers.
London Stock Exchange Group is, on some measures, the biggest supplier of financial data to the world&#8217;s financial institutions. Once machines start accessing LSEG&#8217;s data, as they&#8217;ve begun to – and machines use 10x more data than humans do – you can see the acceleration in the growth rate as AI tools get to work on LSEG&#8217;s vast trove of financial data.
Just one more, because it is so important: Rightmove, which you mentioned. The shares have been hit, I get it. But it&#8217;s also worth considering that Rightmove has developed its own AI conversational search tool, partly powered by Google Gemini, which is in beta testing at the moment. When visitors to Rightmove use that conversational tool, they are twice as likely to generate an actionable lead for an estate agent as people who aren&#8217;t using the tool. It does look as though that company – and indeed this range of outstanding businesses that we&#8217;re invested in – is successfully exploiting the new tech.
Now, I&#8217;m not dumb enough or hidebound enough not to notice that the share prices aren&#8217;t moving with the companies&#8217; performance. And maybe it&#8217;s right that AI is just so big, so disruptive, so powerful that in two or three years&#8217; time all of this is going to be irrelevant. But I don&#8217;t know what else we can do except observe how the businesses are performing. We&#8217;re very sensitive to it. If we see signs that they are losing their franchises, then maybe we&#8217;ll change our minds. But right now that&#8217;s absolutely not happening.
I feel it&#8217;s a fair question on portfolio concentration, particularly on this theme. Maybe we&#8217;ve got roughly half the portfolio exposed in one way, shape or form to this big idea. I&#8217;m not sure I feel so justified saying this right now, but I think I should say it: we&#8217;ve done something very different here. I&#8217;m not aware of any other strategy that is trying to capture this potential decade-long growth opportunity to the extent that we have. I feel that if we&#8217;re right, we&#8217;ve created an opportunity for investors to participate in something that could be very rewarding and very different from the average.
In a sense, looking back over the quarter of a century that I&#8217;ve been responsible for Finsbury, that&#8217;s what we&#8217;ve done throughout. So I&#8217;m apologetic to shareholders that it hasn&#8217;t worked yet. But I would say to shareholders that what we&#8217;re doing is consistent with what we&#8217;ve done in the past, and we&#8217;ve created the optionality for exceptional performance if it turns out that we&#8217;re right. So let&#8217;s pray that we are.
Following the takeovers of Intertek and Schroders, what links Finsbury&#8217;s investments in Spirax, TP ICAP and Games Workshop?
Nick Train: I&#8217;ve never been in the camp that says that because there are a lot of takeovers, it proves an entire stock market is undervalued. I don&#8217;t know about that. But what I do know, and feel passionately about, is that the UK stock market is home to many world-class businesses. And the long period of neglect, particularly by domestic institutions, to be honest with you, may have resulted in some mispricing of some truly world-class franchises. So that&#8217;s important. In answer to your interesting question about the three companies that we&#8217;ve recently initiated or added to, I think they&#8217;re all examples of truly world-class London-listed companies that are arguably undervalued. So maybe that&#8217;s the common theme.
But this is what I really want to say. We took the view two or three years ago – to quote David Schwimmer, the chief executive of London Stock Exchange Group – that in an AI world, data is more important than ever. That&#8217;s his proposition. We already had big holdings in the major data businesses listed on the London stock market. Having maxed out on those holdings, it was interesting for us to think: what other businesses can we find listed on the London market that also have important, growing datasets that might be increasingly valuable as we go deeper into an AI era?
We&#8217;ve had a tough time with performance, but one of the relatively few new ideas that has really worked for us over the last 18 months is a company called Clarkson. I don&#8217;t know if you know Clarkson – shipping, the world&#8217;s number one shipbroker. It&#8217;s an important strategic position: it dominates an important global asset class, the maritime fleet. No question, one reason why Clarkson has been successful as a business is that it has a better data asset than any of its competitors. It uses its data, which is constantly replenishing, refreshing and growing, to derive more insights for its clients than competitors can. Clarkson shares don&#8217;t trade like an AI data business – absolutely not. But when you look at the business, the data is becoming more important and there are new sources of value from that data. So we&#8217;ve been interested in our research efforts to find other businesses with a similar opportunity.
Now, TP ICAP – maybe that&#8217;s easier to understand compared to Clarkson. TP ICAP, like Clarkson, is a big broker. It sits in the middle of another huge financial pool of assets: the over-the-counter instruments, which are 20x the size of the global equity market. This company is the world&#8217;s number one, with a 45% market share, sitting at the heart of that market. In the process of these transactions, it is creating data, and TP ICAP, like Clarkson, actually has its own specific data division, which is a strongly growing part of the company. Again, it&#8217;s not perceived as a data company, but it is a company where data is valuable to the franchise and becoming more and more valuable.
Spirax has millions of industrial components installed around the world today. The company is endeavouring to ensure that every time one of those components wears out, it is replaced with a smart device. Those smart devices generate data, and that data is of enormous value to Spirax and the underlying customer, helping create more efficiencies in their industrial processes. Again, I&#8217;m not saying that Spirax is an AI winner, but I am saying it&#8217;s a business with a data angle – a great, growing data angle – which is interesting in a world where, if Schwimmer is right, data is more important than ever.
I can&#8217;t argue that Games Workshop fits into that perspective. I&#8217;d just say, again, it&#8217;s a truly world-class entertainment asset that is only just getting going outside its home market of the UK, with potentially decades of growth to go.
How do you distinguish between a great franchise going through a difficult period, such as Diageo or Burberry, and an investment thesis that is breaking down?
Nick Train: Burberry&#8217;s doubled, actually, over the last 18 months. You&#8217;re right, it did test everybody&#8217;s patience three years ago.
At an early and impressionable stage of my career, I got exposed to Berkshire Hathaway and Warren Buffett, and that&#8217;s been a blessing for me and my clients over the full sweep of my career – maybe less so over the last five years, but there we are. There are certain Buffett-type qualities that we&#8217;ve learned to look for, and that&#8217;s what we do. Our performance will judge us.
But to my mind, an absolutely core and crucial Buffett perspective is that, by and large, investors underestimate and undervalue eternal or semi-eternal businesses. Things that can endure for 20 years, 40 years, are actually extremely rare and extraordinarily valuable. Buffett also says somewhere else that no business grows in a straight line. He says even a great business will have its share price halved at some stage. Stuff happens, and maybe you&#8217;ve just got to put up with that and live through it.
The questions that we&#8217;ve asked ourselves through the Burberry episode and the Diageo episode – and it is so unfortunate that they both happened at roughly the same time, that&#8217;s our bad – are these. Has Burberry&#8217;s core franchise been irreparably compromised or damaged? We don&#8217;t think it has. And what is the likelihood that Guinness, Johnnie Walker, Tanqueray, Don Julio, Hennessy Cognac will still be drunk in 10, 20 years&#8217; time? To us, the answer is pretty damn good – it&#8217;s pretty likely that they will be.
Some people say Rightmove&#8217;s franchise might disappear in five years&#8217; time. Some people say that Meta&#8217;s Muse LLM is going to disintermediate ChatGPT. Who&#8217;s going to win? You don&#8217;t know. But it&#8217;s about trying to find an asset – that Burberry trench coat – that is still going to be a thing in 20 years&#8217; time. I don&#8217;t know whether ChatGPT is going to be a thing. Guinness will still be a thing in 20 years&#8217; time. I just think, for us, at the very least, you need part of your portfolio in stuff that&#8217;s going to be a thing in a couple of decades&#8217; time.
We&#8217;ll see what Sir Dave [Lewis, CEO of Diageo] can do. With Joshua Schulman at Burberry, as we said, the share price has doubled since he became CEO. I think his vision for the business is the right vision, and it&#8217;s great to see the share price responding. It&#8217;s too early to say for Lewis, I think, but my goodness, when you look at how Tesco has recovered as a result of his insights and strong interventions in that business, I think there are grounds to say this is going to be fine.
How is Finsbury using its higher gearing – now up to about 10% – and what is being done to narrow the discount to NAV?
Nick Train: On the last point – what are we doing about the discount? – I&#8217;m going to be really clear constitutionally here. The discount is nothing to do with me. That is the board&#8217;s remit, the board has taken the discount seriously and has taken a number of measures in an attempt to deal with it. I hope that they work, but that&#8217;s absolutely their ambit of responsibility.
Frankly, it’s going to be about performance. If that core thesis about the value of data in an AI world is correct, then the structure of Finsbury&#8217;s portfolio is going to deliver very strong returns over the next three to five years, and performance will close the discount. I don&#8217;t have performance today; that&#8217;s why the discount pertains. Everything hangs on performance.
Just on the gearing: we discussed this with the board earlier this year. With the NAV and the valuation of the portfolio at such a low ebb, I felt, with the agreement of the board, that if we were ever going to use the leverage, it made sense to take advantage of the big sell-offs earlier in the year to access more equity in these outstanding businesses that are growing. Maybe it&#8217;s wrong, but it just seemed like the rational thing to do.
What would you put on a wish list to the chancellor to help the UK stock market?
Nick Train: I don&#8217;t have a silver bullet. I just feel strongly – and all I can do is try to exemplify this – that there are British companies with a substantive and credible opportunity to accelerate their growth in an increasingly digital era. And it worries me when companies investing for growth see their share prices get hit. I can&#8217;t tell other investors how they should invest; it&#8217;s their prerogative. But I just feel this polity, this economy, has been bad over the last 20 years at encouraging businesses to invest aggressively for growth. Too often the &#8216;reward&#8217; for investment has been a share price de-rating.
I&#8217;d put it this way. Going back to these companies where we&#8217;ve made these big judgements, our constant mantra to them is: there is a huge opportunity, but you&#8217;ve got to invest to capture that opportunity. If that means reducing profit margins in the short term, it doesn&#8217;t matter. Look at the evidence of the United States: purportedly we&#8217;ve got $2tn companies about to be listed that have never made a profit, that are making huge losses, but they are investing successfully for growth. That&#8217;s the lesson to be learned.
With Finsbury&#8217;s NAV up 11.6% in the three months to August against 5.1% for the index, what do you need to see over the next 12 to 24 months, and what is the key takeaway for patient shareholders?
Nick Train: It&#8217;s kind of you to point that out. I&#8217;m most reluctant and cautious to say anything like that myself, because it&#8217;s not enough, there&#8217;s been a long period of underperformance and the market isn&#8217;t telling me – I don&#8217;t feel today that there&#8217;s yet been a fundamental change in the fortunes of the share price. But that rally does at the very least show that if sentiment turned towards these companies, there is scope for a big rally.
Sage, for example, is a big holding for us, and Sage was up nearly 50% over that two-month period. There is a critical debate: is Sage a winner or a loser from AI? If it&#8217;s a winner – and currently the business looks as though it&#8217;s doing well from its AI initiatives – that 50% is just the start. It&#8217;s a massive opportunity for Sage. So again, I&#8217;m not saying, &#8216;Oh look, the corner&#8217;s turned&#8217;, but I think it is important to say that if sentiment turns, there could be significant upside.
All I can say is that no one except me ought to have all of their UK exposure in Finsbury&#8217;s portfolio. I do, but I need to – it&#8217;s my responsibility. But if you were looking at the UK stock market and wanted diversified exposure to the themes and opportunities within it, I would say think about owning a bit of Finsbury in the context of a set of other strategies. Because you&#8217;re not getting the index – you are getting something which is growing in a secular sense, and that ought to be extraordinarily valuable.
This transcript has been lightly edited for clarity and readability. Verbal fillers, false starts and minor repetitions have been removed from the interviewee&#8217;s responses only. Punctuation, spelling and formatting have also been standardised in line with Edison house style. No substantive changes have been made to the meaning of the discussion.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/finsbury-growth-income-trust-vantage-finsbury-growth-income-trust-investing-in-ai-and-the-next-decade-of-growth/BM-4093/widget-xml/</link>
      <isin>GB0007816068</isin>
      <epic>FGT</epic>
    </publication>
    <publication>
      <date>2026-10-14T09:30:31+00:00</date>
      <uid>4091</uid>
      <company><![CDATA[Corero Network Security]]></company>
      <type>Flash</type>
      <otc_epic>DDOSF</otc_epic>
      <headline><![CDATA[Corero Network Security — Momentum in orders continues into Q326]]></headline>
      <description><![CDATA[ Corero’s Q326 update provides further evidence that the investments in its product portfolio and sales channels are delivering. Orders increased 50% y-o-y to $11.1m, a sharp acceleration from 14% growth in H126, achieved against a robust comparative quarter. The update strengthens our confidence in the growth outlook following September’s substantial forecast upgrades, and help underpin for our FY26 and FY27 forecasts (unchanged). The update provides good support for our valuation analysis which suggests share price upside of 50–105% or 12.5–17.0p/share. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/2bf39066202fb45e4939aedfce4c8e6a.pdf</url>
      <link>https://www.edisongroup.com/research/momentum-in-orders-continues-into-q326/BM-4091/widget-xml/</link>
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      <isin>GB00B54X0432</isin>
      <epic>CNS</epic>
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    <publication>
      <date>2026-10-14T09:22:22+00:00</date>
      <company><![CDATA[Green Transitional Metals]]></company>
      <headline><![CDATA[Green Transitional Metals]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/green-transitional-metals/BMC-424/widget-xml/</link>
      <isin>NOISINGTX</isin>
      <epic>NOTICKERGTX</epic>
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    <publication>
      <date>2026-10-14T08:49:14+00:00</date>
      <company><![CDATA[Brooks Macdonald]]></company>
      <headline><![CDATA[Brooks Macdonald (LSE: BRK) &#8211; Fourth consecutive quarter of positive net inflows]]></headline>
      <description><![CDATA[Brooks Macdonald reported net inflows of £54m in Q127, its fourth consecutive quarter of positive net flows and a marked improvement year-on-year.]]></description>
      <link>https://www.edisongroup.com/spark/brooks-macdonald-lse-brk-fourth-consecutive-quarter-of-positive-net-inflows/GB00B067N833/widget-xml/</link>
      <isin>GB00B067N833</isin>
      <epic>BRK</epic>
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    <publication>
      <date>2026-10-14T08:02:54+00:00</date>
      <company><![CDATA[discoverIE Group]]></company>
      <headline><![CDATA[discoverIE (LSE: DSCV) sees strong growth in H127]]></headline>
      <description><![CDATA[Organic revenues +8% y-o-y, organic orders +22%]]></description>
      <link>https://www.edisongroup.com/spark/discoverie-lse-dscv-sees-strong-growth-in-h127/GB0000055888/widget-xml/</link>
      <isin>GB0000055888</isin>
      <epic>DSCV</epic>
    </publication>
    <publication>
      <date>2026-10-14T06:45:29+00:00</date>
      <uid>4089</uid>
      <company><![CDATA[bp]]></company>
      <headline><![CDATA[In the chair with bp’s Emeka Emembolu: AI a massive opportunity for bp]]></headline>
      <description><![CDATA[Emeka Emembolu, executive vice president, technology, at bp, speaks to Neil Shah, executive director and market strategist at Edison Group, in the third interview in Edison’s series on bp. They discuss where technology sits within bp and how it supports the company’s strategic priorities, including capital discipline, operational efficiency, downstream and trading. Emeka sets out bp’s framework for adopting AI and its key technology partnerships. He also outlines use cases across upstream, refining, retail and trading, from high-performance computing and the Palantir Foundry to the earnify loyalty platform and AI advisers for traders. Finally, he describes bp’s robotics programme at the Sangachal Terminal in Azerbaijan.
Where does technology sit within bp’s organisational structure and what role does it play in the company?
Emeka Emembolu: I report directly to our CEO and I represent the technology organisation. In my team, we cover a range of different activities: safety and security, including some intelligence; research and development for the company; digital; and procurement for the group. So it’s a range of activities.
But what these things have in common, and what our role is for bp, is really to help give bp a competitive edge – to make sure that in the things we choose to do in our different businesses, we can do them using the best technology to get the best outcomes for our company. That’s the focus, in line with the overall strategy of the company. This is what we’re here to do.
How is bp progressing strategically this year and how does technology support bp’s stated priorities?
Emeka Emembolu: For bp, a big focus for everyone is a simpler bp, a stronger bp, a more valuable bp. This is what we’re trying to do as a company. Our new CEO, in our Q2 results, laid out five key priorities, and I’d say technology has a really good role to play across the board in terms of the progress we’re making against these different areas.
On the capital side, as we said at Q2, we’re expecting our capital for the full year to come in within the $13.5–14bn range. So we’re continuing to tighten and make sure we’re driving discipline into all of the investments that we’re making. At the same time as coming in within that range, we’re strengthening and simplifying our capital allocation processes. These are conversations that we have with the leadership team around how we must continue to make sure we’re making the right decisions – and even using technology to help support those decisions, testing some of our investments using AI to see how they compare to things we have done in the past.
Operational excellence is another area we mentioned. Our operating efficiency in our upstream facilities is in the range of about 95%, and we’re continuing to look at how we improve it. Every single percentage point in operating efficiency, especially given today’s macro environment, is extremely valuable to us as a company, and technology is a big part of how we push on that. Availability in our refineries is also key for us. So on both our operating efficiency and our refining availability, we’re looking at the 94–95% range and continuing to improve through great people, great processes and the best application of technology.
Then there are our downstream businesses and our retail businesses, where we serve our customers, either on the retail side or the aviation side – again, a really important part of our business.
Finally, trading is a massive part of bp’s activity set and operations, and another big place where people, processes, technology and the right assets have a big impact.
How big an opportunity is AI for bp and how is the company approaching it?
Emeka Emembolu: It’s a massive opportunity for us at bp. You hear about AI externally all the time – it’s a constant topic of conversation. But we take AI very seriously as an opportunity to continue to build the competitive advantage that I talked about. It’s probably worth me talking about how we approach it, and then we can talk about what we actually do with it as part of that approach.
We have a pretty clear framework that we use to approach AI. The first part of that framework is business focus. Everything that we do in technology, especially with AI, needs to have a business purpose. We don’t want to bring in technology or partners, or try to do things, that are not addressing a business need or a business problem. We can talk about what some of those business problems look like and flesh that out a bit more.
The second is the foundations, and I’d put those in three broad buckets. One is data. Data is a massive foundation that we need to have in place for AI – people sometimes say data is the fuel for AI. Another is the partnerships, and we have some really key partnerships. AWS and Microsoft are key to us as cloud providers, and they help us with other capabilities. Databricks helps with our Unified Data Platform that we’re building out across the group, with Palantir helping with the data insights for that platform. I mentioned Nvidia, who we work with on the chip front to build out our HPC, which we use for both seismic and other forms of machine learning, AI and compute. We have Infosys and Accenture, whom we work really closely with as partners. SAP is another important one for us. And finally, Anthropic, on the AI side, as one of the foundational model providers. That’s our core ecosystem that sits inside this foundational pillar.
The third pillar is trust. This is around how we make sure we can trust what we&#8217;re getting out of AI, and how we monitor the cost, because we want to make sure everybody knows how much they’re spending. You hear all the horror stories about people overspending on AI. We want to make sure that people can use what we have within bp with confidence. So trust is really important – safety, regulatory requirements and even cyber safety, and how we use AI in that space to make sure that we are running the company in the right way.
And finally, the last area is fluency. How do we make sure we’re training everybody in the company, from the executive team all the way through the organisation, in terms of building fluency with AI? These are some of the key pillars of how we approach AI at bp.
What are bp’s main AI and technology use cases across its upstream, downstream and trading businesses?
Emeka Emembolu: I’ll start in the upstream. When you go to the upstream, you always have to start with the rock – subsurface is where it all begins. A key starting point is geophysics and high-performance computing. What we’ve done there is significantly increase the capacity of our high-performance computing system based in Houston. That has unlocked the ability to process seismic faster than we ever have before, but also to solve problems we were never able to solve when we had the reduced capacity. The outcome is that our explorationists and subsurface teams have these tools that they can use to drive the exploration success that we’ve seen. This has supported some of what we have done in Brazil, in Namibia and in the Gulf of America. These are some of the things that we’ve been able to do with technology supporting our geoscientists.
Moving on from there, reservoir simulation is another area where we’re investing. We have selected a new simulation system as a company, and AI is front and centre in that new system, as is the compute in our high-performance computing centre.
Moving into production, production optimisation has been bread and butter for us for a number of years. The Palantir Foundry system has been critical to some of the percentage improvements that we’ve made in operating efficiency over a number of years. It’s helped us generate significant additional value for our company in terms of free cash, and obviously for shareholders directly.
If I move to the downstream, there are probably two areas worth touching on. First, refining. Over the years we have not invested as much in our refining digital systems as we should have done, but last year we made a course correction and we’re investing more. We’re moving from much older ways of operating to a more digitally enabled way of running that business. Brenda Stout, our senior vice president for refining, is a massive advocate for what we can do with digital systems and has been a huge driving force in making sure we&#8217;re getting the right outcomes. We&#8217;ve just implemented a new system in our Castellón refinery, and we’re going to be expanding it to the rest of the refineries. It helps the operators on the front line manage their activities day to day and be safer, and it connects and integrates a whole number of previously non-integrated systems in a way we haven’t had before.
That’s refining. In our retail business, something our retail team are particularly proud of is our earnifyTM platform, which we operate in the United States. This is our loyalty system. Listeners in the United States would actually see that our bp earnifyTM platform is one of the top 10 apps in navigation. It’s a platform we use to make sure people are informed about our loyalty offer, but behind the scenes there’s a lot of technology – we used AI to build it, and AI is very evidently powering it to help make sure our customers get the best deal. That’s another area we’re really stepping into, and we’re looking to unify and harmonise our technology offer for our retail business. So this has been a big deal.
If I move to trading, that’s another really important part of our company. Trading is one of the points at which we integrate both the upstream and the downstream to maximise value and give additional returns for our company. We&#8217;re making a significant investment in our trading technology stack in order to get it to a different place.
As an example of what we’re doing in trading, just prior to coming into this meeting, I met with one of our traders, who shared with us how he&#8217;s been integrating a number of different data sources. We’re building AI advisers for a number of our traders. We’ve rolled them out in parts of trading, and they’re going to be expanding to the rest of trading over the next two years. They provide the type of access traders have never had before to all of our data that sits in trading, and link data from beyond the company into that trading system – using AI to help traders make better trades and faster trades, and to be more competitive in the market.
So we’re really excited about a lot of what we’re doing in the technology space, all underpinned by a data platform that we’re building with Databricks, which we call our Unified Data Platform.
How is bp combining robotics and AI across its operations?
Emeka Emembolu: Thanks for asking, because this is an area that I feel really excited and really confident about. Robotics is one of the key strategic themes in our upstream technology roadmap. Across the company, we have used robots in one form or another – either drones or crawlers – and we use them regularly in a number of our assets. But we haven’t really put together an integrated platform that looks end to end at how these robots interact with the physical world and how that data flows into our systems in a fully effective way.
To build this ecosystem out, we are concentrating on one of our terminals, Sangachal in Azerbaijan, and building out our full robotic system there. We&#8217;re using it as a flagship location to build out our fully integrated system. The intent is then to expand from there and roll out this new platform across the rest of the group over the next few years.
The team out at Sangachal have been amazing in terms of pulling on the technology, adopting it, testing it, and seeing what the limits are and what’s possible. A great example is something we showcased in Azerbaijan back in July: one of the drones that we demoed could actually be used to repair spot defects in some of our pipelines or tanks. What this unlocks is the ability for people, or even machines, to go around the site and identify a defect, and then the local team can easily use these drones to do repairs. So it’s moving from just observation to actually undertaking tasks. In time, we hope to get to the point where those tasks can be done autonomously, so that we can dispatch drones to do fixes and repairs on our sites.
So I think the future for robotics in the oil and gas industry is extremely bright and really exciting.
This transcript has been lightly edited for clarity and readability. Verbal fillers, false starts and minor repetitions have been removed from the interviewee&#8217;s responses only. Punctuation, spelling and formatting have also been standardised in line with Edison house style. No substantive changes have been made to the meaning of the discussion.
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      <headline><![CDATA[VinFast (NASDAQ: VFS) – Green SM launches US operations in Los Angeles]]></headline>
      <description><![CDATA[VinFast announced today that its partner, Green SM, has launched its all-electric taxi service in Los Angeles, marking its first entry into North America and its ninth global market.]]></description>
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      <headline><![CDATA[The annual report has lost its way &#8211; can digital reforms be the fix it needs?]]></headline>
      <description><![CDATA[What the government&#8217;s corporate reporting consultation means for retail investors]]></description>
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      <headline><![CDATA[bp (LSE: BP) – Stronger refining and gas trading support Q3, with net debt set to fall materially]]></headline>
      <description><![CDATA[Q326 trading statement points to stronger refining margins and gas trading, partly offset by weaker customer performance and lower oil realisations, while net debt is expected to fall materially to $13.5–14.5bn from $22.3bn in Q226 ahead of the Q326 results on 30 October.]]></description>
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      <headline><![CDATA[Utilico Emerging Markets Trust — Opportune time to consider unique EM exposure]]></headline>
      <description><![CDATA[ Utilico Emerging Markets Trust (UEM) offers investors a differentiated, lower beta (c 0.6) exposure to above-average growth in emerging markets via a diversified portfolio of high-quality utility and infrastructure assets. Managers Charles Jillings and Jacqueline Broers at specialist investor ICM note that the trust’s investee companies continue to deliver strong operating results, which is not currently reflected in UEM’s relative performance, as global market leadership is narrow, with AI seemingly ‘the only game in town’. The trust has delivered a 9.5% annualised NAV total return and long-term outperformance versus the MSCI Emerging Markets Index in both NAV and share price terms since its launch in July 2005. Along with robust capital growth prospects, UEM has an attractive above-market dividend yield and with an 11-year record of higher annual payments, which are fully covered by income, is the only AIC Global Emerging Markets fund to feature in the AIC’s list of next-generation dividend heroes. ]]></description>
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      <date>2026-10-12T13:19:32+00:00</date>
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      <company><![CDATA[IP Group]]></company>
      <headline><![CDATA[IP Group – executive interview]]></headline>
      <description><![CDATA[In this interview, Greg Smith, CEO of IP Group, speaks to Dan Ridsdale, managing director, technology, at Edison Group, about the company’s H1 results, including a 3.2% rise in NAV per share to 114p and nearly £67m of realisations. They discuss progress towards IP Group’s £250m realisations target by 2027 and the de-risking of its exposure to Pfizer’s anti-obesity programme. They also cover developments across the portfolio, including Oxford Nanopore, Enterprise Therapeutics, Hysata and Oxa as well as IP Group’s investments in quantum computing and future compute, the expansion of its third-party capital platform and its approach to capital allocation.
What were the key highlights of IP Group’s H1 results, including NAV per share growth and realisations?
Greg Smith: The NAV per share increase to 114p was the single metric which is easiest to get your head around and demonstrates progress over the long term. For us as a business, I think it was the breadth of the progress that was encouraging.
We made very good progress on realisations. That’s been one of our medium-term targets that we have put out to the market, and we’re making good progress against it. We saw some de-risking of our Pfizer asset, which I’m sure we’ll have a bit of time to talk about. Oxford Nanopore made good progress in the period. And encouragingly, some of the things that we talked about in the half year were around the progress in some of those companies that are outside of the top five or 10 holdings that make up a big proportion of the value now, but that hopefully will be the drivers of value in the future.
I think it was the breadth of the progress as well as the NAV per share increase that was encouraging, and I think it gives investors confidence that the business is moving in the right direction.
Does IP Group’s progress towards its £250m realisations target show that the portfolio is reaching a more mature, sustainable phase?
Greg Smith: I think that’s the right conclusion to reach. As you say, we’re making good progress against that £250m. I remember the process of setting what we considered to be quite a stretching objective back at the beginning of 2025, and at that point it was getting on for more than half of our market cap at the time. So we set ourselves an ambitious target to try and monetise some of that NAV value into cash, and shareholders can really then see that proving out in cash terms.
The portfolio’s definitely matured. If you roll back five, 10 years, I would say there were more companies that were more heavily weighted towards technology risk than commercialisation risk, and I think that balance has shifted a bit more in favour of commercialisation risk. As companies get further through their commercialisation journey, it gives us, as an investment team and as a management team, more opportunity and more options when it comes to realising that value into cash for shareholders.
And again, it was the diversity of sources of realisations that was encouraging in the first half and beyond. We had a couple of public market companies. One was selling down in Hinge Health, which listed at the back end of 2025 on the New York Stock Exchange. There was a full acquisition of another public business by Lilly. And we also had an outright private sale to a strategic acquirer. So, three different sources, and that breadth of potential realisation opportunities is what gives us confidence around delivering that £250m cumulative by the end of 2027.
How has the de-risking of Pfizer’s anti-obesity programme driven IP Group’s NAV uplift, and what are the next key milestones?
Greg Smith: That, again, was a story of more clinical progress. As viewers and shareholders will be aware, we’ve got exposure across a number of different programmes that Pfizer is taking forward. Incredibly, they’re running 10 Phase III programmes across the lead compound, berobenatide. Just after the period ended, as far as our results are concerned, Albert Bourla, the chief executive of Pfizer, came out and said that of the three Phase III programmes that are actually running, all three are now almost fully recruited.
As we look forward to the next milestones, which, of course, are successfully completing those trials on time, getting the readouts and then seeing what the next commercial point of progress is for the businesses. That’s a pretty key statement from them, because often the thing that drives the timing of those clinical trial outputs is being able to recruit the patients onto the trial. So that was very encouraging.
The thing during the period, which had the biggest impact on our valuation, was actually progress in the second programme, which is a combination of berobenatide with amylin, another compound that’s used in the same treatment area. That moved into Phase IIb, and so the risk that we apply to those future cash flows just reduces a bit. That’s what led to the uplift.
As we look forward for the rest of this year and into next year, progress in those two areas is obviously important. There are also a number of other compounds that we’ve licensed to Pfizer that they’re developing. A couple of those are in Phase I. There’s a prodrug, which could potentially be quarterly dosing, so very long distances between dosing. We’ve got little to no value on those very early programmes at all in our current valuation. So as they hopefully progress successfully through Phase I and beyond, that could be another value driver.
So, it’s encouraging to see, but it’s important for our shareholders to recognise it’s not like we’ve got a single programme and we’re waiting on the results of a single programme. It’s a breadth of different compounds moving through the clinic in different indications, and that’s why we like the risk/reward profile of that asset.
What were the other key developments across IP Group’s portfolio, including Oxford Nanopore and the exit from Metsera?
Greg Smith: Oxford Nanopore, which you picked up there, is an obvious example. That is a business that is reaching a good stage of maturity now. We’ve been holders for a long time. Our thesis over the last 12 to 18 months has been around that business successfully moving to break-even. I think we were maybe a bit more confident than the rest of the City that they would achieve that on the timetable that they set out. The half-year results, and particularly the very significant improvement in their EBITDA loss, have led to increased confidence across the analyst community. I think our investment thesis there will play out over the next 12 to 18 months. And again, that gives us some more options for thinking about liquidity and realisation.
We had some good progress on the clinical side. For example, Enterprise Therapeutics, which is another one of our clinical-stage therapeutics businesses, had a very interesting readout in cystic fibrosis. It’s a very difficult-to-treat area, and it can hopefully be very valuable commercially because it’s a very difficult-to-treat disease.
On the clean tech side, it was very encouraging to see Hysata, our next-generation hydrogen electrolyser business, achieve its first commercial 1MW plant order. That’s obviously a milestone in itself, and now they need to go on and deliver that in the field during the first half of next year.
Then, straddling deep tech and clean tech, there’s Oxa, our self-driving autonomous vehicle software business, which is now very much focused on off-road applications – things like ports and airports, where you’re having to tow stuff around. Not only did that company complete a $100m funding round that we announced in January, it also entered into a very interesting strategic joint venture with Dubai Future Foundation. That is to put a number of vehicles into Dubai’s logistics system, and it could, hopefully, be the gateway into scaled deployment. So, a very important commercial milestone for the business.
Coming back to the theme that we started with, it was encouraging to see that breadth of progress across the portfolio.
How has IP Group’s long-standing investment in quantum computing developed, and how does the company see the sector evolving?
Greg Smith: We were delighted for the teams at both Oxford Quantum Circuits and Quantum Motion. We’ve been with them since the very first funding round, and I think the long-term opportunity in quantum is really interesting and exciting. For IP Group shareholders, there’s roughly 2p a share in exposure to that.
But one of the possibly more interesting trends, and what it says about IP Group’s investment philosophy, is that we have quite a deep thematic focus on what we call future compute, of which quantum is a component. This is all around, something which is very familiar to everyone who’s listening, I’m sure, the increasing digitisation and, certainly, the huge increase in processing power and memory that is needed to support things like large language models [LLMs] and the huge increase in machine learning.
That theme of hardware for next-generation compute is something that we’ve been investing in for the last five, 10 years. There were three other companies in that same space that made good progress during the period, and we think they could be catalysts for the next six, 12, 18 months.
They include an analogue optical computing company called Lumai, which is looking at doing the inference steps, in the computation needed for inference, much more energy efficiently, using light in 3D space. That’s an important component of trying to increase the speed and bring down the energy cost of compute for LLMs.
We have a next-generation memory technology, which is all about shrinking the form factor and being able to get it closer to the processing, because a lot of the energy and time is wasted transferring data between the processor and the memory chip – so you can co-locate them. Again, it’s a fascinating business called Intrinsic [Semiconductor Technologies].
And then there’s probabilistic compute [Quantum Dice]. You and I have spoken occasionally about the importance of randomness. If you can use the quantum effect to create truly random numbers for things like optimisation problems and other computation areas, that’s also important.
I think all three of those businesses are nicely set, and we own somewhere between 15% and 28% of each of them. So, if they deliver as we think – there is the opportunity for them to do so – our shareholders have got good exposure to those. So we’re really pleased with the quantum companies – a couple of percent of exposure – but we’ve also got this big theme of future compute that seems to be bearing out.
How is IP Group expanding its third-party capital platform through Aberdeen, Parkwalk and Climate Catalyst, and what does this mean for the business as a whole?
Greg Smith: This is a theme that I’ve been talking about for quite a long time, so I think it’s very encouraging to see two new mandates signing during the year. I said at the time of the full-year results, when we announced the Aberdeen partnership, that I hoped we’d be able to deliver another one. The Climate Catalyst one was signed and announced, I think, within a couple of weeks of the full-year results. The next phase of development for both of those now is to make our first investments and get the first portfolio companies funded under those two mandates.
On the broader opportunity, IP Group has traditionally – five, 10, 15 years ago – been a balance-sheet investor first and foremost. I think the balance sheet remains a really important strategic asset, and it’s where the vast majority of shareholder value lies. But on a slightly longer-term basis, the addition of private capital brings a number of benefits alongside the balance sheet.
Although it’s a relatively nascent area, having more recurring fee income helps to mitigate the cost base and enables us to leverage the platform that we’ve built. It also provides opportunities – in the case of Parkwalk – where the cost of capital is probably a bit lower than the balance sheet because of the tax incentives. So we can cast a wider net for new portfolio opportunities, and a subset of those that progress could then be funded on the balance sheet.
Similarly, on the scale-up capital side, as we’ve seen with the quantum companies, there are hopefully an increasing number of businesses with the pedigree to raise a few hundred million, and that’s beyond the capacity that we have on the balance sheet. So, it should be complementary capital to help accelerate those businesses and really prove you can create businesses at scale here in the UK. That will obviously be good for investors, but I think it will also be good for society and the economy as we look to build the next shape of the UK economy.
How is IP Group balancing capital allocation between new investments, existing portfolio companies and returns to shareholders?
Greg Smith: Capital allocation remains probably the most important job that the board and the management team have to do, day to day, week to week, month to month. As a board, we remain very strongly of the view that returns to shareholders are an important component of the overall value story. Ultimately, the large proportion of our capital is invested into the existing maturing businesses that we are looking to progress to the point where we can monetise them and start the cycle again. But we do think that things like buybacks are very additive for short-term and long-term shareholders, and we continue to advocate for that position.
As you mentioned, it’s also about a balance of investing in new things. I think we’ve shown good progress this year in terms of refilling the hopper with new opportunities. I spoke at the back end of 2024 and early 2025 about trying to use Parkwalk more proactively as our sourcing engine, and we’ve made three new investments onto the balance sheet this year so far.
One of them is AI for materials discovery. It comes from a world-leading lab and brings together a proper world-leading professor in the space with a multi-hundred-million-pound development lab. We’ve also brought those two ingredients together with an experienced entrepreneurial leader whom we’ve backed previously. We haven’t announced that yet, but, hopefully it will be announced in the next few weeks. It’s about bringing together those components of the ecosystem that we’ve operated in for the last 20, 25 years.
There was that one, and we had another, a hyperspectral imaging company in the healthcare space, which was a slightly later-stage Series A investment. It’s all about helping both human and robotic surgeons to assess the health of tissue live during surgery, increasing the success rates and decreasing the repeat rates for surgical procedures.
So, we’re now seeing quite a healthy flow of new things onto the balance sheet. As we’re being successful in delivering realisations, we’re hopefully able to return a portion of that to shareholders. We’re also ensuring that we’re investing in the future opportunities that will deliver growth for shareholders in future years.
This transcript has been lightly edited for clarity and readability. Verbal fillers, false starts and minor repetitions have been removed from the interviewee’s responses only. Punctuation, spelling and formatting have also been standardised in line with Edison house style. No substantive changes have been made to the meaning of the discussion.
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      <headline><![CDATA[Kooth – executive interview]]></headline>
      <description><![CDATA[In this interview, Kooth CEO Kate Newhouse and CFO Sanjay Jawa discuss the company’s H1 financial performance, US growth opportunities and UK expansion. Kate discusses how the Meta settlement funding could help Kooth convert its US pipeline, and notes that negotiations on the California contract renewal, due next July, are on track. She also highlights the early traction from the UK Soluna launch, where registrations are almost double last year’s level two weeks after launch, and UK policy tailwinds, including the focus on young people not in education, employment or training. Sanjay covers the H1 financials, highlighting improved gross margin, a doubling of EBITDA, a return to profit after tax and a strong cash position. He also outlines the company’s capital allocation priorities, including US business development, international expansion, M&amp;A and a possible return of capital.
How does the Meta settlement change Kooth’s US opportunity and sentiment towards youth mental health services?
Kate Newhouse: Significantly. Youth mental health has been a serious issue across the US, and a top priority for governors and state legislators, for a number of years now. When we came into work in the US and won our statewide California contract nearly four years ago, we looked across the states and it was a top-three priority for the majority of US governors. So the need for support for young people – in the moment, accessible, non-judgmental, at scale – has been recognised. I think the Meta settlement gives a significant and seismic shift in being able to fund services to match that need.
As you said, it’s $18bn over the next 10 years. That is $12bn guaranteed, with an additional $6bn from Meta if TikTok and YouTube also deliver an additional $6bn. That takes the potential funding settlement to $30bn. It covers 47 states across the US, with the remaining states all pursuing their own legal settlements, including Texas, Florida and New Mexico.
From our perspective, we’re now in year four of a transformational contract across the state of California, accessible to all six million 13- to 25-year-olds through our statewide universal platform for early intervention youth mental health support. So we have the proof points and the efficacy from that work. Alongside that, we’ve been building a pipeline across the rest of the US states. During that phase, we’ve secured a contract in New Jersey and, earlier this year, in Michigan. What we see is that the Meta settlement funding enables us to convert the pipeline we already have, but also to build that pipeline further as we go into 2027 and 2028, showing the need but also the support we can deliver at scale.
A couple of things on the funding itself. It will come directly into the states and will differ from state to state. In the main, it will come through the attorney general settlement funding pot, or it could go directly to county healthcare organisations and into the education system. Our work in states, both at state level and as part of our alliance model more widely, to expand and diversify the payers we have, to support Soluna getting out across the states, puts us in pole position to meet that need.
What early feedback and traction has the Soluna platform seen since its UK launch, and how far can it go in the UK?
Kate Newhouse: Bringing Soluna back to the UK took up a lot of our H1 energies, and I’m really pleased to say that we successfully launched a few weeks ago. We deliberately launched in line with the school year. With our 25 years of experience in the UK, we know that things are a little quieter over the summer, and it’s really important to be alongside young people as they transition from one school year to another. So we successfully and safely migrated all our existing users from Kooth into Soluna in those quiet August weeks, and then launched as everyone came back to school.
It’s still only been a few weeks, but if we compare the same two weeks post-launch last year with this year, we’ve almost seen double the level of registrations – and that’s without the wider marketing launch that is due in October. I think that is testament to the design of Soluna. We designed Soluna together with the state of California, in line with the California contract a few years back. We brought our 20 years of experience in the UK, seeing how young people wanted and needed services to be designed and brought to them, together with some of the work ‘been doing over there. We brought those two things together, thoughtfully considering personalisation, the level of engagement, the navigability of the service and what young people need in that moment of need. So we’re really pleased with the early signs.
In terms of what that can do for us in the UK, we have over 100 contracts, and when we come up to renewal we successfully uplift, so expand, those contracts in over half of all cases. With Soluna being a more engaging, innovative and effective platform, we want to see those contracts expand in more cases – perhaps moving from around 50% up to 75% – and to increase the level at which we can expand.
We know the need is there. We know it is between one in six and one in eight. Professor Peter Fonagy said last week, before he trailed a very significant national policy report, that the need among 16- to 24-year-olds is now as high as one in four. When we look at our contracts, we serve around one in 20 to one in 40 of the population. What we need is the funding alongside that to meet the need.
Alongside Soluna being a more engaging and effective product, we also see some really favourable policy tailwinds, recognising the need to support people earlier in their healthcare journey. People shouldn’t have to jump through hoops before they get support, or before they deteriorate or it escalates into crisis. We see that increasingly recognised, and we hope to see those policy tailwinds convert into more funding settlements in the UK, as has just happened in the US.
What are the main catalysts for Kooth over the next 12 months?
Kate Newhouse: I think we’ve mentioned one of them. I do believe the Meta settlement funding is a transformative catalyst for our business. The need has always been proven to be there. We have gathered huge support for our model of care because it’s accessible outside school hours and accessible at scale. Our Northwestern evaluation of Soluna, which we reported at our annual results, showed a significant reduction in psychological distress over three months and an improvement in psychological wellbeing, regardless of how old the young person was, their background or how they used the platform. So we also have the evidence points that show the effectiveness of this model of care – earlier, preventative and available at scale with no barriers to entry. I think the Meta settlement is a catalytic part of our business over the next year.
Equally, as we’ve touched on with Soluna in the UK, there are the policy tailwinds we see and seeing those convert into funding. That is particularly the case around a potential new funding pot for us, supporting NEET – not in education, employment or training. That has hit the headlines quite a bit over the last six months. [Alan] Milburn’s report is due to come out in the next few weeks on how we can transformationally meet the needs of the nearly one million young people aged 16 to 24 who are out of education, employment or training, recognising that mental health support is a key support mechanism these young people require.
Lastly, but certainly not least, as we come into year four of our California contract, we are due to renew in July next year, and we are on track with renewal negotiations with the Department of Healthcare Services in California. Showing that this can be translated into a permanent fixture of the behavioural health landscape infrastructure across the state is also a transformative piece of our organisational growth and sustainability.
What were the main takeaways from Kooth’s half-year results?
Sanjay Jawa: As CFO, I love to focus on the financials. The key takeaway compared with the first half of last year was Kooth’s move to sustainable profitability, with improved margins and strong cash generation, while we continued to invest in the business and the platform.
Gross margin increased to just under 75%, which is where we like the business to be. That was about a 13% increase on last year. Last year, some may remember, we invested quite heavily in user acquisition in California – marketing and media – and we accelerated that investment. That has come back to a more normalised level now. In addition to the improvement in gross margin, that drove a doubling of EBITDA to just over £5m. What was encouraging was that, despite gross margin and gross profit increasing, we were able to keep underlying opex unchanged, which helped drive the increase in EBITDA. At the very bottom line, profit after tax was £2m compared with a loss of £1m in the first half of last year. That gave us a very healthy cash position, with cash increasing over the 12-month period from around £15m to just over £23m.
Revenue did drop back a little. Part of that was FX, as sterling appreciated against the dollar in the first half of this year versus the first half of last year. About 75% of our revenues are now dollar denominated, and we have a bit of a natural hedge, with about 50% of our costs also dollar denominated. That did impact revenue by around 700k in the first half. It was accompanied by an expected reduction in California’s contribution to product development revenues, of a similar amount. Those two were offset by revenues we started to generate on the Michigan contract, which we announced in January but which went live around March or April.
How is Kooth thinking about using its strong cash position?
Sanjay Jawa: Our cash is about £23m. That&#8217;s probably about £10m to £12m more than the working capital requirement of the business. You’re absolutely right, we do have a strong cash position. There are really three buckets we’ve been thinking about for investment.
We’d like to get the California contract negotiations concluded over the next couple of months and out of the way first. But Kate and I are most focused on accelerating our business development efforts in the US. The Meta settlement, which I’m sure Kate has talked about, has significantly increased our addressable market in the US, and we think we&#8217;re incredibly well placed to benefit from that. Investing in business development – for example, lobbyists across states we might otherwise not have been present in – may well be the first port of call for cash investment. That could have a short-term impact on cost, but the revenue opportunities are very significant.
We continue to think about international expansion, which might take a little of the cash balance. We&#8217;re also starting to see quite a bit of M&amp;A come across our desks. These are particularly businesses that may have been well funded by private equity or VCs back in the COVID days and have built really strong, good products. They might have spent $5m to $10m on those, aren’t quite getting the revenue traction they hoped for, and may now be looking for a new home. Those are interesting. Valuations are still a bit higher than we would probably want to pay, at 4x or 5x revenue multiples. Kismet, which we acquired in November last year, was a good example of that. So that’s probably another area we’re thinking about.
Finally, we do get asked by investors quite a bit about capital allocation to shareholders. I don&#8217;t think we&#8217;re going to be paying a dividend – we’re a growth company – but we may well look at a return of capital, either through a tender offer or a buyback.
This transcript has been lightly edited for clarity and readability. Verbal fillers, false starts and minor repetitions have been removed from the interviewee&#8217;s responses only. Punctuation, spelling and formatting have also been standardised in line with Edison house style. No substantive changes have been made to the meaning of the discussion.
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      <date>2026-10-12T10:47:14+00:00</date>
      <uid>4082</uid>
      <company><![CDATA[Shepherd Neame]]></company>
      <headline><![CDATA[Shepherd Neame – executive interview]]></headline>
      <description><![CDATA[In this interview, Shepherd Neame’s CEO, Jonathan Neame, and CFO, Mark Rider, discuss the company’s FY26 results, the outlook for trading and the key priorities for investors. Topics include its ongoing pub refurbishment programme, the strategic review of the Brewing and Brands division in response to declining beer volumes and rising logistics costs, and the impact of consumer confidence and wider economic conditions on trading. They also explore the outlook for cost inflation, the company’s pricing power, the potential benefits of government policy changes and the implications of the forthcoming leadership transition, with Jonathan becoming executive chair and Mark taking on the role of managing director.
What is the background to the Jamaica Wine House, and what has the refurbishment involved?
Jonathan Neame: We&#8217;re just off Cornhill, in the alleys and passageways between here and Lombard Street. The Jamaica Wine House is one of the most iconic pubs in the City. It&#8217;s the home of the London insurance market and the first ever coffee house in London, and it has been an establishment since 1658 – full of character and personality. We&#8217;re downstairs. We&#8217;ve created the Jamaica Clubhouse, and we try to bring a very opulent, rich, velvety design here for functions, for events and for overspill. Already it&#8217;s proving very, very popular.
Why has Shepherd Neame launched a review of its Brewing and Brands division?
Jonathan Neame: For the last two or three years, we&#8217;ve been signalling that the market is quite challenging for drinks, and we&#8217;re not the only ones. Everybody else in the sector is in the same position. If anything, beer is doing rather better than spirits and certainly better than wine. We highlight three particular issues that we&#8217;re dealing with.
One is the high cost of logistics. We did have a very favourable logistics agreement for 10 years. That expired. The new agreement is more expensive, and we&#8217;ve had a lot of inflation – over £1m in the last year.
The second is declining volumes, and that&#8217;s particularly acute in what we call national markets – the off-trade and the on-trade – and in the category where we&#8217;re most exposed, which is ale. So, the combination of declining volumes and increased logistics costs has meant a margin squeeze in our profitability. We&#8217;ve seen profits decline, which in part masks a very good performance in our pubs.
The third issue is that a lot of our plant in the brewery is reaching the end of its life and needs investment. So, these are the perfect circumstances in which a review needs to take place. The review is ongoing. I&#8217;m not going to be drawn on the outcome of that review, but we do make the point, because it&#8217;s important, that brewing is integral to our identity and ultimately to our prosperity as a company. That review is ongoing, and we will announce the results when it&#8217;s concluded.
What is driving Shepherd Neame&#8217;s stronger recent trading, and how much is temporary versus a genuine underlying improvement?
Jonathan Neame: It&#8217;s a really good question, and, of course, none of us will know accurately, but we have had good trading. Our retail like-for-likes were up 6.7% for the last 13 weeks, from the end of June to the end of September, which is great. I think the most interesting thing that I notice in there is that trends, which have been quite adverse to us for a while, have started to improve. Specifically, there was a big gap in last year&#8217;s performance between inner London, which has been strong throughout, and outer London, outside the M25. In the last 13 weeks, that gap has closed. There&#8217;s still a slight gap, but it&#8217;s negligible.
The second thing is that our food and particularly our accommodation trends have improved and are in positive territory, and I think we feel quite optimistic about both those sources of income. Prior to that, in the last year, it was a drinks-led retail performance inside the M25, and now it feels much more broad-based. That can only be related, I think, to a wider consumer. There are plenty of people in London who&#8217;ve got disposable income, higher job rates, higher average earnings et cetera. But if that sense of confidence spreads outside, where the savings rate is very high, and people are willing to spend again, that&#8217;s very good for our business. So, one swallow and all that, but I think we should celebrate a shift that I don&#8217;t think we&#8217;ve seen for the last five or six years.
Following the business rates reductions, what else would Shepherd Neame like the new government to do to support pubs and hospitality?
Jonathan Neame: The first thing to say is that the business rates announcement was almost the first thing that the new prime minister said. I think that is testimony to the power of the industry&#8217;s lobby, and the campaign we ran and, indeed, testimony to the prime minister for recognising that this sector is chronically overtaxed. But it&#8217;s important too, as a sector, for jobs and so on. So, he announced a 20% reduction on top of an existing 15% reduction from the business rates revaluation that came out just before Christmas last year. He&#8217;s also announced a further fundamental review in 2029. We need more clarity on that. He said lots of good things about supporting high streets and pubs. We need certainty so businesses can plan – point one.
Point two, we all dream of a lower rate of VAT. Fascinatingly, Scotland has come out in favour of a 10% rate of VAT in the last few days. England is the only country in Europe that has not supported a lower rate of VAT for hospitality. The specific reason is that less VAT equals more jobs. Our trade is incredibly elastic at creating young people&#8217;s jobs: 50% of the people we employ are under 25. Lower VAT will resolve the NEET [Not in Education, Employment or Training] crisis. It&#8217;s as simple as that.
In the same vein, the third thing we want is amendments to the national insurance changes, which came in two years ago. I think the evidence now is overwhelming that they&#8217;ve created the NEET crisis. Simple amendments, such as raising the threshold or, indeed, having a targeted carve-back for under-21s or under-25s, would create more jobs.
Fourthly, we would like to see the differential between draught beer duty and packaged beer duty increase, because if you drink in pubs, it&#8217;s much better for the economy, the country and society.
What are the key takeaways for investors from Shepherd Neame&#8217;s FY26 results?
Mark Rider: I&#8217;ll probably focus on three things in this set of results. The first is the strength of our pub results across the board. We&#8217;ve seen like-for-like sales of 3.8% in our retail estate, like-for-like income in our tenanted estate up 2.7% and profit growth of over 4% across both those pub estates.
The second point I&#8217;d come to is our Brewing and Brands division. We&#8217;ve seen volume decline in that area and profits down. That area has a review of strategy underway, which we&#8217;ll report back on when it&#8217;s complete.
The third piece I&#8217;d focus on is our strong free cash flow generation in the year. Free cash flow was up to £20.2m, and what we&#8217;ve done there is invest in growing dividends by 3%, invest £14.1m in the existing estate on projects like the Jamaica here and bring debt down from £83.7m to £82m.
What is Shepherd Neame&#8217;s outlook for cost inflation, including energy, labour and interest rates?
Mark Rider: Inflation for us and most people in the sector has been quite a challenge over recent years. In the results we&#8217;ve just announced, we&#8217;ve signalled the level of labour inflation that we&#8217;ve had and the level of logistics inflation we&#8217;ve had as we&#8217;ve transitioned to a new agreement. Those two elements added up to £2.8m in the results we&#8217;ve announced.
Looking forward, we don&#8217;t see the logistics inflation we&#8217;ve seen over the last two years continuing, as we now fully transition to this new agreement. But going forward, I think our three key areas of focus are energy costs, labour costs and the follow-on effect on interest rates that comes from that.
On energy costs, we&#8217;re very well hedged going into the new financial year. We&#8217;re largely fully hedged – 100% – across the brewery, so we&#8217;re well positioned to withstand some of those direct energy inflation pressures. We&#8217;ll obviously be keeping an eye on some of the indirect ones, as that energy then feeds through into things such as food coming forward.
In terms of labour, we&#8217;re well versed now in labour inflation. It&#8217;s been coming through year to year. We don&#8217;t have forward guidance as yet, but we would expect the government to continue at similar levels to what we&#8217;ve seen. Broadly, that equates to between about £1m and £1.5m of extra labour costs each year, depending on where the National Living Wage gets set. We&#8217;ve got a number of ways of dealing with and mitigating that, as we&#8217;ve tried to do over recent years.
Going through to interest rates, clearly the Bank [of England] is signalling some uplift in interest rates in response to this inflation. Again, we&#8217;re pretty well set. We&#8217;ve got net debt of £82m at the year-end. £55m of that is on fixed interest rates that are long-term dated, so we&#8217;ve got a little bit of exposure on the balance of that going into the next year if rates do go up.
How will record diesel prices affect Shepherd Neame&#8217;s business?
Mark Rider: It&#8217;ll affect us directly in one way and indirectly in other ways. Directly, we have distribution to our customers and to our pubs, so there&#8217;s an element of lorry cost that goes with that, where we will see an element of diesel. It&#8217;s part of the cost base; it&#8217;s not all of it. Clearly, we&#8217;ll have to look to try and offset that with other cost savings across the supply chain.
The other way it will start to feed in over time is as one of these indirect impacts of energy, where we&#8217;ll start to see the cost of delivered products increasing, and anything that&#8217;s linked to diesel coming up as it goes through the year. But I&#8217;d see that phasing in through the year rather than from the start of the year that we&#8217;re now in.
What will change as Jonathan becomes executive chairman and Mark becomes managing director?
Mark Rider: Clearly, it&#8217;s an area of continuity going forwards. I think, as these results are showing, our strategy around our pub estate is very strong. It&#8217;s given us continued growth across the piece, and the idea is to continue to make that strategy happen – so continuing to upgrade our pubs, invest in our pubs, recruit the best teams across those pubs and deliver growth. Clearly, the Brewing and Brands business and strategy are under review, and we will come back to that once we&#8217;ve completed the review later this year.
This transcript has been lightly edited for clarity and readability. Verbal fillers, false starts and minor repetitions have been removed from the interviewee&#8217;s responses only. Punctuation, spelling and formatting have also been standardised in line with Edison house style. No substantive changes have been made to the meaning of the discussion.
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      <date>2026-10-12T10:25:56+00:00</date>
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      <company><![CDATA[Pan American Silver]]></company>
      <type>Outlook</type>
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      <headline><![CDATA[Pan American Silver — From M&#038;A-led scale to organic silver growth]]></headline>
      <description><![CDATA[ Pan American Silver (PAAS) has grown into the largest independent primary silver producer alongside a sizeable gold business following a series of well-timed acquisitions and subsequent portfolio rationalisation. The group is now shifting from acquisition-led growth towards internally funded organic development, principally in silver, while stronger earnings and a net-cash balance sheet support higher shareholder returns. Juanicipio has already increased low-cost silver production, La Colorada provides the next major growth step and Escobal retains substantial restart potential. Our DCF-based NAV is US$64/share, implying c 38% upside. ]]></description>
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      <date>2026-10-12T07:42:45+00:00</date>
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      <company><![CDATA[CI Games]]></company>
      <type>Update</type>
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      <headline><![CDATA[CI Games — Q2 results strong]]></headline>
      <description><![CDATA[ CI Games’ H126 results were announced on 1 October. Our three key takeaways were that the published Lords of The Fallen (LotF) games continue to generate a steady (if slowly maturing) revenue stream; the non-LotF games, particularly the Sniper Ghost Warrior franchise, also continue to perform; and management remains confident that the postponement of the LotF2 launch will significantly enhance the final player experience, with pre-launch events generating significant player interest over the summer. While the results did not contain any information that might affect our current valuation approach, we concur with the consensus target price, which implies significant upside potential. ]]></description>
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      <date>2026-10-12T07:40:57+00:00</date>
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      <company><![CDATA[Sareum Holdings]]></company>
      <type>Spotlight — flash</type>
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      <headline><![CDATA[Sareum Holdings — Funding the next value inflection]]></headline>
      <description><![CDATA[ Sareum has announced plans for an equity fundraise to advance SDC-1801, its lead oral TYK2/JAK1 inhibitor, towards its next clinical inflection point. The company is using AIM\'s newly introduced Capital Access Window, voluntarily suspending trading from 8 October to facilitate broader investor participation and provide pricing stability during the raise. We view the announcement as timely, strengthening Sareum’s financial position ahead of the completion of the toxicology study and Phase II-enabling regulatory package, expected by end-CY26. Additional funding requirements were already anticipated in our previous update, with Sareum last reporting cash of £2.5m at end-December 2025. While we await details on the funding size and issue terms, we note that a successful raise could enhance operational flexibility and strengthen Sareum’s negotiating position in potential partnering discussions. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/f82dd834260267c6703550428707df29.pdf</url>
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      <date>2026-10-09T13:27:17+00:00</date>
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      <company><![CDATA[Avon Technologies]]></company>
      <type>Non client QV</type>
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      <headline><![CDATA[Avon Technologies — FY26 upgrade, new strategy and five-year targets]]></headline>
      <description><![CDATA[ Avon Technologies has upgraded its FY26 outlook, with results now expected to be ahead of market expectations. Revenue growth is forecast at c 12.5% (FY25: 13.8%), while adjusted operating margin is expected to comfortably exceed management’s previous 14–16% guidance (FY25: 12.8%), including beneficial one-offs. Higher operating profit is also expected to drive return on invested capital (ROIC) significantly above previous guidance of &gt;17% (FY25: 18.6%). Year-end net debt, excluding leases, is expected to be c $34m, with cash conversion above 85% and leverage below 0.5x. Alongside the trading update on 7 October, management’s strategy teach-in outlined new five-year targets and provided deep dives into Avon Protection and Team Wendy. Avon’s shares closed trading on the day of the announcement c 15% higher. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/833207488fb27e431552671fe5458cb3.pdf</url>
      <link>https://www.edisongroup.com/research/fy26-upgrade-new-strategy-and-five-year-targets/BM-4066/widget-xml/</link>
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      <date>2026-10-09T10:07:22+00:00</date>
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      <company><![CDATA[Cereno Scientific]]></company>
      <type>Flash</type>
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      <headline><![CDATA[Cereno Scientific — EPIMODE holds course despite early hiccups]]></headline>
      <description><![CDATA[ Cereno Scientific has reaffirmed its Q428 top-line guidance for the Phase IIb EPIMODE trial of CS1 in pulmonary arterial hypertension (PAH), despite a slower-than-anticipated start to patient randomisation. The company expects up to 15 clinical sites to be activated by end-2026, with more than 50% of the planned global network of c 68 sites operational by end-Q127, supporting its target to complete recruitment during 2027. EPIMODE remains Cereno\'s principal clinical value driver, with the potential to validate CS1\'s disease-modifying profile in a placebo-controlled setting amid an evolving PAH treatment landscape. With its average recruitment requirement of fewer than two patients per site (n=126), we consider the enrolment target manageable, provided site activation progresses as planned. We maintain our valuation at SEK21.5 per share. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/0919f9de906d5f441b4aef86d4704bcf.pdf</url>
      <link>https://www.edisongroup.com/research/epimode-holds-course-despite-early-hiccups/BM-4070/widget-xml/</link>
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      <date>2026-10-09T09:19:52+00:00</date>
      <company><![CDATA[Partners Group Private Equity]]></company>
      <headline><![CDATA[Partners Group Private Equity (PEY:LSE): Results of EGM and free cash flow update]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/spark/partners-group-private-equity-peylse-results-of-egm-and-free-cash-flow-update/GG00B28C2R28/widget-xml/</link>
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      <date>2026-10-09T08:37:25+00:00</date>
      <uid>4075</uid>
      <company><![CDATA[VEON]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[VEON — Invest in Bangladesh: Reconnecting to growth]]></headline>
      <description><![CDATA[ VEON’s ‘Invest in Bangladesh’ event focused on the investment opportunity in South Asia’s second-largest economy following the formation of the new government in February and its ambition to unlock more of the country’s economic potential. The government’s programme centres on an investment-led economy, deregulation, financial sector reform, employment creation, export diversification and development of higher-value industries, with a longer-term target of a US$1tn economy by 2034, from $510bn forecast for 2026. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/uploads/2026/10/VEON_Bangladesh-Thematic_091026_Ed2.pdf</url>
      <link>https://www.edisongroup.com/research/invest-in-bangladesh-reconnecting-to-growth/BM-4075/widget-xml/</link>
      <filename>VEON_Bangladesh-Thematic_091026_Ed2.pdf</filename>
      <isin>US91822M5022</isin>
      <epic>VEON</epic>
    </publication>
    <publication>
      <date>2026-10-09T08:05:21+00:00</date>
      <company><![CDATA[Sareum Holdings]]></company>
      <headline><![CDATA[Sareum (AIM: SAR): Fundraising to support SDC-1801 progression]]></headline>
      <description><![CDATA[Sareum’s proposed fundraise could strengthen financial flexibility, support SDC-1801’s clinical progression and enhance future partnering opportunities.]]></description>
      <link>https://www.edisongroup.com/spark/sareum-aim-sar-fundraising-to-support-pipeline-progression/GB00BMC3RJ87/widget-xml/</link>
      <isin>GB00BMC3RJ87</isin>
      <epic>SAR</epic>
    </publication>
    <publication>
      <date>2026-10-09T07:57:57+00:00</date>
      <uid>3900</uid>
      <company><![CDATA[Dicot Pharma]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Dicot Pharma — Funded Phase IIb shifts focus to clinical execution]]></headline>
      <description><![CDATA[ Dicot Pharma enters a pivotal period with its Phase IIb study of LIB-01 in erectile dysfunction (ED) being fully financed and the regulatory groundwork well advanced. A SEK231.3m equity issue, subscribed to 134%, lifted cash to SEK248.4m at 30 June. With FDA clearance secured for the Part I dose-qualification stage of Phase IIb, an EU application submitted and initiation targeted for H226, the focus is shifting from funding to execution. Phase IIa showed encouraging dose and duration signals, including statistically significant efficacy in a predefined moderate-ED pooled analysis. Looking ahead, we see Phase IIb as the defining validation event, with convincing efficacy and durability data potentially strengthening partnering leverage ahead of Phase III. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/a1ac63a1fff5c601b5ae5d81c8a5b054.pdf</url>
      <link>https://www.edisongroup.com/research/funded-phase-iib-shifts-focus-to-clinical-execution/BM-3900/widget-xml/</link>
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      <epic>DICOT</epic>
    </publication>
    <publication>
      <date>2026-10-09T06:31:06+00:00</date>
      <uid>3434</uid>
      <company><![CDATA[Molecule Group]]></company>
      <type>Initiation</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Molecule Group — Building scale in the regulated e-pharmacy market]]></headline>
      <description><![CDATA[ Molecule Group (formerly Vulcan Two) was founded in 2025 to consolidate the regulated e-pharmacy market in the UK, with a focus on the growing private healthcare market, and led by founders who successfully consolidated the online contact lens market. It has since acquired three businesses with B2B and B2C exposure to the private e-pharmacy market. The plan to create a single brand, website and operations/logistics facility for the business is well progressed, with all three acquired businesses expected to be fully integrated by year-end. Investment in the core platform during FY26 provides the foundations for profitable growth, both through ongoing organic initiatives and future acquisitions. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/0c4229a4761c397eb158bba4c68a2c83.pdf</url>
      <link>https://www.edisongroup.com/research/building-scale-in-the-regulated-e-pharmacy-market/BM-3434/widget-xml/</link>
      <filename></filename>
      <isin>GB00BTQLZH16</isin>
      <epic>MOL</epic>
    </publication>
    <publication>
      <date>2026-10-08T15:45:16+00:00</date>
      <uid>4072</uid>
      <company><![CDATA[Leading Edge Materials]]></company>
      <type>Update</type>
      <otc_epic>LEMIF</otc_epic>
      <headline><![CDATA[Leading Edge Materials — MoU advances Norra Kärr co-product strategy]]></headline>
      <description><![CDATA[ Leading Edge Materials (LEM) has signed a non-binding MoU with Trilliun Resources covering the processing and marketing of nepheline syenite and aegirine from Norra Kärr. The agreement provides a potential route to market for both co-products and could support project economics while reducing the project’s environmental footprint. In our PEA-based model, by-products contribute c 25% of project revenues and reduce cash operating costs from US$46/kg TREO to US$19/kg after credits. The C$6m placement is also now complete, funding the main PFS and permitting workstreams. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/8ce31d2a3a5172e77e53f25e761313dc.pdf</url>
      <link>https://www.edisongroup.com/research/mou-advances-norra-krr-co-product-strategy-2/BM-4072/widget-xml/</link>
      <filename></filename>
      <isin>CA52171T1003</isin>
      <epic>LEM</epic>
    </publication>
    <publication>
      <date>2026-10-08T13:45:48+00:00</date>
      <uid>4073</uid>
      <company><![CDATA[Molecule Group]]></company>
      <headline><![CDATA[Edison explains: Petflation]]></headline>
      <description><![CDATA[How much will consumers pay for longer, healthier pet lives?]]></description>
      <url>https://edison.bluematrix.com/sellside/AttachmentViewer.action?encrypt=6fb005ac-b9b1-4244-a5eb-dbbe41c6041dfileId=4073_c12e4764-57b4-4754-9bd1-24f73d70f09c&amp;isPdf=false</url>
      <link>https://www.edisongroup.com/thematic/edison-explains-petflation/BM-4073/widget-xml/</link>
      <filename></filename>
      <isin>GB00BTQLZH16</isin>
      <epic>MOL</epic>
    </publication>
    <publication>
      <date>2026-10-08T13:22:51+00:00</date>
      <uid>4061</uid>
      <company><![CDATA[Omantel]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Omantel — Oman moves onto FTSE Russell’s upgrade watch list]]></headline>
      <description><![CDATA[ FTSE Russell’s addition of Oman to its watch list for a potential upgrade from Frontier to Secondary Emerging status is a positive development for Omantel. A successful reclassification could bring the shares into a broader range of emerging market investment mandates and generate incremental benchmark-related demand. Oman Investment Bank (OIB) estimates potential inflows of c US$28m into Omantel in its base case, equivalent to 2.3 days of average trading volume. The decision was anticipated but formally establishes an upgrade pathway. Implementation could begin as early as September 2027, although approval, timing and constituent eligibility remain subject to further assessment. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/39b7cc8d67030888ea7cda8c5c845566.pdf</url>
      <link>https://www.edisongroup.com/research/oman-moves-onto-ftse-russells-upgrade-watch-list/BM-4061/widget-xml/</link>
      <filename></filename>
      <isin>OM0000003026</isin>
      <epic>OTEL</epic>
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    <publication>
      <date>2026-10-08T13:05:09+00:00</date>
      <uid>4071</uid>
      <company><![CDATA[AFT Pharmaceuticals]]></company>
      <headline><![CDATA[AFT Pharmaceuticals – executive interview]]></headline>
      <description><![CDATA[In this interview, we speak with founder and CEO Hartley Atkinson of AFT Pharmaceuticals about the company’s growth ambitions and the opportunities ahead. Hartley discusses the continued global roll-out of Maxigesic, now sold in c 87 countries, and the significant potential of its intravenous formulation and further line extensions. He also highlights AFT’s capital-light business model and its portfolio of eight patented R&amp;D projects, including a promising novel injectable iron formulation. Looking ahead, new product launches, R&amp;D milestones and an emerging US commercial presence are important catalysts for AFT’s next phase of growth. From its flagship Maxigesic franchise to an expanding pipeline of proprietary medicines, AFT Pharmaceuticals is building a global growth story underpinned by innovation and international expansion.
How does AFT Pharmaceuticals&#8217; business model support its global growth strategy?
Hartley Atkinson: We&#8217;re Australasian-based but globally focused. We&#8217;re capital-light and undertake our own R&amp;D. We also in-license a lot of products. We&#8217;re primarily focused on R&amp;D, getting good value for money from that spending, and on sales and marketing. That&#8217;s really our key focus.
Where do you see the biggest opportunities for growth within the Maxigesic franchise?
Hartley Atkinson: We&#8217;re selling in about 87 countries around the world, but we still have agreements in well over 100 countries. For example, last week we signed another deal in Japan for Maxigesic IV. There&#8217;s still lots of potential, especially for the intravenous (IV) formulation, to expand sales globally, and that&#8217;s really what we&#8217;re focusing on. There are additional line extensions as well, and all of that helps add to the existing franchise and sales.
Which programmes in AFT Pharmaceuticals&#8217; R&amp;D pipeline offer the greatest potential?
Hartley Atkinson: That&#8217;s something I think the market sometimes struggles to grasp. We have about eight patented R&amp;D projects under way, including some really interesting programmes. We have a novel injectable iron formulation, which is very well tolerated and can be given as a single dose without the patient having to come back for another dose. That&#8217;s a pretty exciting project, with a large market that&#8217;s expected to grow to up to $7.4bn in the next few years. But, as I say, we have eight projects, and that&#8217;s just one of them. We do have some really good upside, provided those projects work.
How does AFT decide which international markets to enter directly and where to work with distribution or licensing partners?
Hartley Atkinson: We originated in Australia and New Zealand, but we&#8217;ve targeted markets that essentially follow the old Anglo-Saxon British legal and regulatory system.
We have offices in Singapore, Malaysia and Hong Kong, which still operates mainly under the British system. We also have offices in South Africa, Canada and the UK. We have a small satellite office in the United States and another in Ireland that helps cover Europe as well. We&#8217;re very much focused on those countries and aren&#8217;t looking to expand our direct presence elsewhere. In other markets, we use distributors or licensees, which generally works pretty well.
What are the key R&amp;D and commercial milestones investors should watch over the next 12–18 months?
Hartley Atkinson: Advancing our R&amp;D pipeline with those eight patented products is a key priority. There&#8217;s a lot of upside in those programmes. We&#8217;re also focused on expanding some of our newer affiliates in South Africa, Canada and the UK, where we have a lot of product launches. Last but not least is the United States. We&#8217;ve completed our first launch in the US. It&#8217;s still early days, but it&#8217;s obviously the world&#8217;s biggest pharmaceutical market. If it goes well, it really does have game-changing potential for our overall business.
This transcript has been lightly edited for clarity and readability. Verbal fillers, false starts and minor repetitions have been removed from the interviewee’s responses only. Punctuation, spelling and formatting have also been standardised in line with Edison house style. No substantive changes have been made to the meaning of the discussion.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/aft-pharmaceuticals-aft-pharmaceuticals-executive-interview/BM-4071/widget-xml/</link>
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      <epic>AFT</epic>
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    <publication>
      <date>2026-10-08T11:09:36+00:00</date>
      <uid>4067</uid>
      <company><![CDATA[Leading Edge Materials]]></company>
      <type>Update</type>
      <otc_epic>LEMIF</otc_epic>
      <headline><![CDATA[Leading Edge Materials — MoU advances Norra Kärr co-product strategy]]></headline>
      <description><![CDATA[ Leading Edge Materials (LEM) has signed a non-binding MoU with Trilliun Resources covering the processing and marketing of nepheline syenite and aegirine from Norra Kärr. The agreement provides a potential route to market for both co-products and could support project economics while reducing the project’s environmental footprint. In our PEA-based model, by-products contribute c 25% of project revenues and reduce cash operating costs from US$46/kg TREO to US$19/kg after credits. The C$6m placement is also now complete, funding the main PFS and permitting workstreams. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/fd31d963acc4a2d6278373dd54f86466.pdf</url>
      <link>https://www.edisongroup.com/research/mou-advances-norra-krr-co-product-strategy/BM-4067/widget-xml/</link>
      <filename></filename>
      <isin>CA52171T1003</isin>
      <epic>LEM</epic>
    </publication>
    <publication>
      <date>2026-10-08T09:38:46+00:00</date>
      <uid>4055</uid>
      <company><![CDATA[Ajax Resources]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Ajax Resources — Reveille awakens]]></headline>
      <description><![CDATA[ On Tuesday, Ajax announced that it had acquired an additional 2.0m shares and an additional 2.0m warrants in Reveille (a group associate company) for a consideration of £102,500 (effective price: 5.125p per ‘unit’) from a former director. Following the acquisition, Ajax has an interest of 14.0m shares (17.52%) in Reveille, as well as 5.8725m warrants exercisable at 5p/share (ie in the money) and a further 6.0m warrants exercisable at 10p/share (including 2.0m from the acquisition). The purchase proved a shot in the arm for the share prices of both companies, with Ajax closing up 4.2% and Reveille closing up 34.5% on the day. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/07b5467c6ecc3ee435918891a66fc742.pdf</url>
      <link>https://www.edisongroup.com/research/reveille-awakens/BM-4055/widget-xml/</link>
      <filename></filename>
      <isin>GB00BLNBD412</isin>
      <epic>AJAX</epic>
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    <publication>
      <date>2026-10-08T07:17:54+00:00</date>
      <company><![CDATA[Newron Pharmaceuticals]]></company>
      <headline><![CDATA[Newron Pharma (SIX: NWRN): FDA update on US clinical hold]]></headline>
      <description><![CDATA[FDA outlines cardiac safety concerns underlying the US clinical hold, while ENIGMA-TRS 1 remains on track for Q127 data. Newron is reviewing the FDA’s feedback and evaluating additional cardiac monitoring measures to address the concerns.]]></description>
      <link>https://www.edisongroup.com/spark/newron-pharma-six-nwrn-fda-update-on-us-clinical-hold/IT0004147952/widget-xml/</link>
      <isin>IT0004147952</isin>
      <epic>NWRN</epic>
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    <publication>
      <date>2026-10-07T13:58:18+00:00</date>
      <company><![CDATA[Sotkamo Silver]]></company>
      <headline><![CDATA[Sotkamo Silver (NGM: SOSI) – West mineralisation drilling supports mine-life and production growth potential]]></headline>
      <description><![CDATA[West drilling indicates encouraging continuity and supports the potential for an additional underground production area and longer mine life.]]></description>
      <link>https://www.edisongroup.com/spark/sotkamo-silver-ngm-sosi-west-mineralisation-drilling-supports-mine-life-and-production-growth-potential/SE0001057910/widget-xml/</link>
      <isin>SE0001057910</isin>
      <epic>SOSI</epic>
    </publication>
    <publication>
      <date>2026-10-07T13:24:36+00:00</date>
      <company><![CDATA[Materialise]]></company>
      <headline><![CDATA[Materialise]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/materialise/BMC-423/widget-xml/</link>
      <isin>US57667T1007</isin>
      <epic>MTLS</epic>
    </publication>
    <publication>
      <date>2026-10-07T13:12:22+00:00</date>
      <company><![CDATA[NCAB Group]]></company>
      <headline><![CDATA[NCAB Group]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/ncab-group/BMC-422/widget-xml/</link>
      <isin>SE0017160773</isin>
      <epic>NCAB</epic>
    </publication>
    <publication>
      <date>2026-10-07T13:01:14+00:00</date>
      <company><![CDATA[Planet2050]]></company>
      <headline><![CDATA[Planet2050]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/planet2050/BMC-419/widget-xml/</link>
      <isin>NOISINPLANET2050</isin>
      <epic>NOTICKERPLANET2050</epic>
    </publication>
    <publication>
      <date>2026-10-07T12:55:02+00:00</date>
      <company><![CDATA[Econocom]]></company>
      <headline><![CDATA[Econocom]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/econocom/BMC-421/widget-xml/</link>
      <isin>BE0974313455</isin>
      <epic>ECONB</epic>
    </publication>
    <publication>
      <date>2026-10-07T09:11:30+00:00</date>
      <uid>4060</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[International Workplace Group – executive interview]]></headline>
      <description><![CDATA[In this interview, we talk with Charlie Steel, CFO of International Workplace Group (IWG), the world’s largest flexible workspace provider. Charlie provides a brief overview of the group, its strategy and the market that it operates in, before discussing the outlook for growth in earnings and cash flow. Business demand for IWG’s offering is driven by the need for flexible, well-located office space, while landlords are attracted by the opportunity to fill buildings and increase income on their assets. These complementary trends are driving rapid growth in IWG’s increasingly capital-light network, and we discuss the cash flow and shareholder returns that this is generating. The company recently reiterated its guidance for $585–625m of EBITDA in 2026, up from $531m in 2025, and returned $144m in share buybacks and dividends. Over the medium term, it targets EBITDA of around $1bn and 50% free cash flow conversion. We end the conversation by considering the potential for successful delivery on strategy and growth to deliver not just strong shareholder cash returns but a re-rating of the company’s shares.
What is IWG, for those unfamiliar with the company?
Charlie Steel: IWG is the world’s largest flexible office group, and we operate in 120 countries. We have around 5,000 locations. What we do is provide office space to people, from individual meeting rooms that can be booked by the hour up to two years’ worth. We also have that global network, which means that if you are a member of one, you can be a member of all. Fundamentally, we assist start-ups, enterprises and individuals by giving them office space and good places to work around the world.
Which IWG brands would people recognise in the UK?
Charlie Steel: We’ve got a number of brands. Our largest brand by quite a long way is Regus, and that’s the one that it got started as nearly 40 years ago. Then we’ve got a number of other brands that go with that. The primary brands in the UK alongside Regus are Spaces, Signature and HQ. We use those brands as different price points and different product offerings for our users.
What are the key drivers of IWG’s business and the flexible workspace market it operates in?
Charlie Steel: On the demand side, it’s really about that flexibility – having space for your business that you need at exactly the right size. You’re not overpaying for space, but equally you’ve got the flexibility to expand and contract as your business might expand and contract. We also provide all the ancillary services that you might want, such as coffee, printing, other stationery services, virtual office services and the like. That’s the reason why people use this on the demand side: it’s really a one-stop shop for all of your needs.
On the supply side – in terms of the actual space itself – we provide landlords with lots of different solutions. In some cases, we take leases, and that’s historically been what we’ve done as a business. We’ve taken individual leases on different buildings. We’re doing less of that now.
Now what we do is go and manage buildings or locations on behalf of landlords and take a fee for doing that. So we provide landlords with a lot more flexible cash flow – more cash flow than they would get through a lease. And we partner with them as well, so they take advantage of our scale economies and also our network in order to fill these centres quickly.
What impact will AI have on IWG and demand for office space?
Charlie Steel: First of all, it’s still pretty uncertain, but what we say is that AI overall in the market has a lot of very positive drivers for us. To start with, if you go and ask a CEO or CFO how much office space they need in five years’ time, very few will be able to tell you. Therefore, what you don’t want to be doing is taking out a 10-year lease at this point in time until you’ve got a bit more certainty around that. That&#8217;s where we can provide some really good solutions.
The second big tailwind that we have from AI is that we’ve got many more start-up businesses coming, because AI is lowering the barriers to entry for starting businesses. For example, you can already have accountancy services and other admin services done by AI agents, which lowers the barriers to entry for business start-ups. You don’t need as much funding. Again, that’s where we can be very useful for businesses because you can come to us and use us as a way to flex your space needs at the same time.
So overall, we see AI as a big tailwind for the business. We do hear a few people asking whether AI is going to put all workers out of jobs, so that no one&#8217;s going to need office space any longer. But the drivers that we’re seeing in the market definitely don’t support that thesis. If anything, people want more flexibility at this point in time, which is a tailwind for our business.
What growth is IWG seeing and what are its expectations?
Charlie Steel: At the moment we’re seeing phenomenal growth in the business, and that is coming from the capital-light side of the business in particular, where we go along to landlords and partner with them directly. To give you some context, we’re opening about 1,000 new centres every single year. Our largest competitor has around 500 locations at the moment. So we’re opening twice as many locations as our largest competitor has in its entire network. You can see that level of growth is absolutely phenomenal, and we’re dealing with it very well. We’re opening these high-quality centres, we’re filling them very quickly and our landlords are very happy with the progress that we’re making.
The reason why this is working so well is that we’re expanding both our scale and our network. Our landlord partners are benefiting from our scale economies. We believe we’re the second-largest furniture buyer in the world, after the US government. That means we buy furniture, as an example, significantly cheaper than anybody else can, and we pass those savings on to our landlord partners.
So there’s huge growth all around the world at the moment; it’s not concentrated in any one particular location. What I would say, though, is that the US economy, where we have about 40% of our revenues at the moment, is doing really well. The US economy is just one of those economies that continues to outperform every single year, and we’ve been very happy with the progress there.
Why didn’t the cash flow benefits of IWG’s capital-light growth show in its first-half figures?
Charlie Steel: First of all, we’ve given guidance on the full-year numbers, and the main guidance we’ve given is our EBITDA range of $585–625m. That guidance was reiterated at the first half. We believe we will come in within that guidance range for the full year, and we remain very confident around that.
In the first half, though, when we look at cash flow, we’ve been updating a lot of our systems and making a lot of investment in our systems and processes. Some of the investment that we’ve made in the accounts payable system has also had the effect of accelerating some of those payments out. We’re currently working through those at the moment. So that’s not a structural thing within the business.
When you look at the level of capital expenditure within the business, it’s nearly at an all-time low. To give you some context, we were spending close to $0.5bn a year in 2017, 2018 and 2019, and the guidance for this full year is $150m. So you can see capex has come down a lot, and we expect the cash flows to come through on that. We’ve got a medium-term target of $1bn of EBITDA, and the guidance that goes with that is 50% free cash flow conversion at current levels of leverage. We’re very confident that we can deliver that.
And look, the EBITDA guidance for this year is up nearly $100m on last year. That shows the growth coming through in the business, and that will also deliver cash flow generation.
Is IWG overly leveraged?
Charlie Steel: I think it depends how you look at leverage overall. Some people include the lease debt. We don’t think that’s a valid way to look at leverage for IWG. The reason for that is that we have non-recourse leases, all held in their own special purpose vehicles, and we use that as a way to manage our risk.
The second thing – and more importantly – is that the market doesn’t look at it like that either. None of the equity research analysts include the lease debt within their debt metrics. And Fitch, the credit rating agency that rates our bonds, doesn’t look at it that way either. So the only debt that we have is the two bonds that we have outstanding.
We’ve got one bond due in 2030 and another due in 2032, then a revolving credit facility that ticks up and down alongside that, which we use for working capital, and then obviously our cash. That’s how we look at debt, and that&#8217;s how everybody else looks at the debt as well. It excludes that lease debt. I think that’s quite an important point when you’re analysing IWG and thinking about our overall liability stack.
Are lease payments already reflected in IWG’s reported EBITDA, so that counting lease debt would double count them?
Charlie Steel: Yes. The way we see those leases is that it’s basically just rent. It’s a cost of doing business, in the same way that the people we have in those centres are also a cost of doing that business. As I say, the credit rating agency Fitch has rated us investment grade at triple B flat, and that does not include the effect of leases within those numbers.
How will IWG use the cash from its $1bn EBITDA target and 50% cash flow conversion?
Charlie Steel: Right now, our capital allocation policy is to buy back shares. We have a small dividend, and that is a progressive dividend, but fundamentally it’s increasing on a dividend per share basis. Through the share buyback programme that we’ve been executing, we’ve bought back nearly 10% of our market cap over the last two years.
We’ll continue to do that as the EBITDA grows. That growth also means we’ve got more debt capacity within the business, so we can use some of that to buy back even more shares. Fundamentally, we will continue to do that because we think it&#8217;s a very efficient use of cash flow. We’re very happy with the progress of the buyback scheme so far, and for the foreseeable future, we&#8217;ll continue it.
Is it fair to compare IWG with hotel operators, which were rewarded with much higher valuations after moving to capital-light business models?
Charlie Steel: I think in the long term it is. In fact, we believe we’ve fundamentally got a higher-quality business model than hotel operators, because all of our revenue is long-term contracted, whereas hotel operators are night by night. Hotel operators have also got a lot more competition. As I mentioned earlier, we’re opening more locations than our largest competitor has in existence. So we’re just so far ahead of the pack at the moment, and we see that as a big advantage over hotel operators.
What I would say, though, is that the hotel operator model is now very well understood. It’s been proven over more than a couple of decades. We’re still fairly early in that transition, and I think the market will start to see the benefit of that coming through fairly quickly.
Right now, though, I’m very happy buying shares extremely cheaply and reducing that share count. At the point at which the market flips, I think those people who have been patient and have invested in us for a long time will really see the benefits of that come through – as they actually are already.
From our perspective, if we deliver operationally, the cash flow will come and the market re-rating will happen in its own time. In some ways, the best way to get that market re-rating is just straight delivery. And as I mentioned earlier, we&#8217;re very happy buying back our shares cheaply, and we&#8217;ll continue to do so.
This transcript has been lightly edited for clarity and readability. Verbal fillers, false starts and minor repetitions have been removed from the interviewee&#8217;s responses only. Punctuation, spelling and formatting have also been standardised in line with Edison house style. No substantive changes have been made to the meaning of the discussion.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/international-workplace-group-executive-interview/BM-4060/widget-xml/</link>
      <isin></isin>
      <epic></epic>
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    <publication>
      <date>2026-10-06T15:53:12+00:00</date>
      <uid>3959</uid>
      <company><![CDATA[Abcourt Mines]]></company>
      <type>Update</type>
      <otc_epic>ABMBF</otc_epic>
      <headline><![CDATA[Abcourt Mines — Production ramp-up latest]]></headline>
      <description><![CDATA[ Abcourt Mines is ramping up its Sleeping Giant mine in the Abitibi region of Quebec. Until the summer, the ramp up had been focused on room-and-pillar stopes. However, Abcourt commissioned its first long-hole stope in April, after which the pace of ramp up has begun to accelerate towards its target throughput rate of 127.7ktpa (in line with the June 2023 PEA) and target production rate of c 30koz gold per year. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/2bd0307e2eaaa0ddf6713a0bc9ab6301.pdf</url>
      <link>https://www.edisongroup.com/research/production-ramp-up-latest/BM-3959/widget-xml/</link>
      <filename></filename>
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      <epic>ABI</epic>
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    <publication>
      <date>2026-10-06T11:30:53+00:00</date>
      <uid>3306</uid>
      <company><![CDATA[Global Fashion Group]]></company>
      <type>Outlook</type>
      <otc_epic>GLFGF</otc_epic>
      <headline><![CDATA[Global Fashion Group — The reset is delivering]]></headline>
      <description><![CDATA[ Global Fashion Group (GFG) operates online fashion and lifestyle platforms in Australia and New Zealand, Latin America and South-East Asia. Over the last three years, management has substantially reshaped the businesses following the post-pandemic downturn. Geographic exposure has been narrowed, product ranges have been curated, inventory has been reduced and marketing has moved away from chasing volume towards attracting and retaining customers that are likely to generate an acceptable return. Although the three regions are now at different stages of recovery, most importantly they are all now profitable based on adjusted EBITDA. Management is therefore increasingly moving from restructuring the businesses to demonstrating the profitability and cash generation the revised model can deliver. A rating more in line with peers indicates the current share price should be worth more than double its current level, and even higher if profitability improves. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/8f7d5353438423f9921a6c632786acc7.pdf</url>
      <link>https://www.edisongroup.com/research/the-reset-is-delivering/BM-3306/widget-xml/</link>
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    <publication>
      <date>2026-10-06T08:48:11+00:00</date>
      <company><![CDATA[Premia Properties]]></company>
      <headline><![CDATA[Premia Properties]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/premia-properties/BMC-420/widget-xml/</link>
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    <publication>
      <date>2026-10-05T15:43:09+00:00</date>
      <company><![CDATA[Abcourt Mines]]></company>
      <headline><![CDATA[Abcourt Mines – An all-inclusive opportunity: From a small producer to a polymetallic mining camp]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/abcourt-mines-an-all-inclusive-opportunity-from-a-small-producer-to-a-polymetallic-mining-camp/widget-xml/</link>
      <isin>CA00288E3005</isin>
      <epic>ABI</epic>
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    <publication>
      <date>2026-10-05T12:21:16+00:00</date>
      <company><![CDATA[SCP Standard Capital Partners]]></company>
      <headline><![CDATA[SCP Standard Capital Partners]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/scp-standard-capital-partners/BMC-417/widget-xml/</link>
      <isin>DE000A12UPJ7</isin>
      <epic>VAD</epic>
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    <publication>
      <date>2026-10-05T11:40:32+00:00</date>
      <company><![CDATA[RENK Group]]></company>
      <headline><![CDATA[RENK Group]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/renk-group/BMC-418/widget-xml/</link>
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      <epic>R3NK</epic>
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    <publication>
      <date>2026-10-05T09:58:18+00:00</date>
      <uid>4042</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Lynas/Meteoric: Another REE M&amp;A benchmark]]></headline>
      <description><![CDATA[Following our rare earth M&amp;A thematic published on 30 September, Lynas Rare Earths&#8217; proposed acquisition of Meteoric Resources provides another useful transaction benchmark and reinforces the main conclusions of our report. The offer represents a 68% premium to Meteoric&#8217;s previous close, providing another example of strategic transaction value sitting materially above listed-market valuations. Meteoric brings a large, advanced upstream rare earth project, while Lynas offers established mining, processing and separation capability and an existing route to market. The transaction further highlights the divergence between relatively subdued developer valuations and the selective value being attributed to rare earth assets by strategic buyers, supporting a constructive longer-term view as capital continues to target advanced ex-China supply.]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/0c9df8555dc1f4264a2dd3551d920b9e.pdf</url>
      <link>https://www.edisongroup.com/thematic/lynas-meteoric-another-ree-ma-benchmark/BM-4042/widget-xml/</link>
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      <date>2026-10-05T09:22:49+00:00</date>
      <uid>4049</uid>
      <company><![CDATA[Global Fashion Group]]></company>
      <headline><![CDATA[Dafiti – executive interview]]></headline>
      <description><![CDATA[In our latest interview with the senior management team of Global Fashion Group, Leandro Medeiros, the CEO of Dafiti, discusses the strategic priorities shaping the future of one of Latin America’s leading fashion e-commerce businesses. The conversation explores how Dafiti is strengthening its technology platform to support greater scale and operating efficiency, where the company sees its key sources of future growth and how it is seeking to sustain differentiation in a highly competitive market. Leandro also discusses Dafiti’s priorities for 2026, the areas where AI could move from experimentation to providing a measurable business impact and how changing consumer behaviour may reshape the Latin American fashion e-commerce market over the next two to three years.
How is Dafiti using technology to build the foundations for scalability and its profit outlook?
Leandro Medeiros: We see technology as a foundation for scale, not just a tool for today’s operations. The question we ask ourselves is: are we building systems that will grow with the business, or systems that will eventually constrain us? This is a key part of our strategy, and we are currently executing it with a significant modernisation of our core infrastructure, our back-end systems, our data architecture and, of course, our AI-enablement layer. This is structural, not incremental. This is the kind of investment that only makes sense if you’re building for the long term.
And they are very, very interconnected. When you talk about big systems, the data architecture and infrastructure that you need to get the most out of it – this is the base for any AI evolution that we need in the business. AI readiness is embedded in the foundation of the work that we’re doing from the start. We really think as an AI-first company, so for every change that we’re making now, we think about how we can make it through an AI lens: the data quality, the integrations, the architectural decisions we are making now. That’s what will allow AI to deliver real business value – not just an isolated experience, but real, scalable capabilities across the organisation.
On the cost side, this transformation is also about efficiency. We want to remain efficient with our technology spend, while simultaneously increasing our capacity to innovate and move faster commercially. And of course, we do believe that with this new system and with AI, we can even have a linear organisation for the future. The model we’re building gets more efficient as it scales, and that compounding dynamic is what a platform business like ours should deliver.
What makes Dafiti different in the highly competitive Latin American e-commerce market, and how will it maintain that position?
Leandro Medeiros: Russell, to win in fashion in general, and in this region and this environment specifically, we have to be genuinely better at fashion, not just cheaper or bigger. Latin America may be one of the most complex and competitive e-commerce markets. You have large local generalist platforms with enormous scale and capital in the region, and you have aggressive cross-border players coming in with low prices and fast-expanding logistics. That’s why we need to be very, very focused on what we do better, and not distract ourselves with the other activities that the generalist players are doing.
This is where Dafiti sits. We are a key player fashion platform with genuine depth in curation, brand relations and operational capabilities across the two markets that we are operating in now. There are competitors, and we respect all of them, but the combination of what we do is hard to replicate at our level of specialisation, our level of expertise and our focus on fashion and e-commerce. I’ll give you some examples.
First, assortment. We have built long-term strategic partnerships with the most relevant fashion brands in the region, whether they are global or local companies. And we actively manage that portfolio for quality, not just for breadth of assortment. That takes years and cannot be replicated quickly. It demands expert people. It demands season after season of relationships, commercial agreements and commercial results to build this confidence between a retailer and a brand or a seller.
Second, experience. We are focused on the full customer journey, from discovery to delivery, returns and customer service. In fashion specifically, we know that the post-purchase experience is where trust is built or lost, and we are very focused on that. Customers need to be comfortable and confident buying clothes or shoes this way, which in the region is not that penetrated, as I mentioned in the beginning. Customers are more used to going to a physical store to do that. So this experience throughout the journey is what we have built so far, and that’s where we will continue to focus in the future.
Third, flexible offerings for our brand partners – like Fulfilled by Dafiti, launched in 2024, and our expanding ads platform – create a compounding dynamic. Our relationship is not just transactional; it is strategic, and extends to other aspects of what a platform can offer. The more brands engage with our platform services, the better the data, the stronger the margins and the broader the offer to customers. Each side of that equation – brand, seller, customer or us – reinforces the others when we have this compound effect.
What are Dafiti’s main growth drivers and what key risks does it need to keep an eye on?
Leandro Medeiros: Brazil remains our core growth engine. The opportunity is in deepening customer value, increasing purchase frequency through our loyalty initiatives, continuing to improve our curated mix and scaling platform services, which are still in the early stages of their potential.
Colombia has been a structurally healthy business for years, with significant long-term upside. Like several markets in the region, it hasn’t been immune to macroeconomic pressures over recent months, but the underlying fundamentals remain solid. We see Colombia as a genuine second market for Dafiti, with dedicated strategy and execution behind it. But we need to be clear: Brazil is 80% of our business, and it is where our main focus is.
One of our biggest growth levers is what we call the customer flywheel – how we blend acquisition, retention and frequency, reinforcing each other in a cycle that improves unit economics as it scales. Our cashback initiative, for example – one leg of our loyalty programme – is a central mechanism within that flywheel. We are shifting from broad discount mechanics towards this retention model, which rewards consistent engagement and builds lasting loyalty with us.
The risks I watch most closely are honestly macroeconomic – currency volatility. And by the way, macroeconomic risks are what this region is used to. We grew, and we work, knowing and learning each day how to navigate this kind of volatility. So for us, having these macroeconomic issues is even business as usual. But as I mentioned: currency volatility, consumer confidence, and the competitive intensity of large local and regional generalist platforms with significant capital to deploy, both from the region and from other continents. Also, any political uncertainty. This is what Latin America is about, and we need to know how to navigate it.
Our answer has always been to stay focused on what our competitors cannot easily replicate: fashion expertise, curated assortment, brand relations and an experience built specifically for fashion. Especially with macroeconomic uncertainty, we need to focus on what we can control and what we can do better.
What are Dafiti’s key priorities for 2026, and when will AI move from experimentation to real business impact?
Leandro Medeiros: Russell, first, as I mentioned, this combination of the customer flywheel and a focus on profitable customers is key for us. So we need to accelerate acquisition, deepen retention through our cashback programme, and continue raising the bar on delivery and service across both markets. But we always focus more each day on more valuable customers with higher margins, which ensures that we are focused more on profitability than only on the top line.
Second, we need to keep doing what we’ve been doing – the turnaround that we’ve been carrying out at Dafiti over the last three years. We need to keep building an organisation that funds its own growth through cost discipline, infrastructure cost efficiency, order profitability and, as I mentioned, scaling marketplace and platform services, so they can continue contributing meaningfully to the P&amp;L, not just showing promising results. These activities are key for us to keep our focus on being a sustainable and self-sustaining organisation.
Third, as I mentioned, AI. We are moving from experimentation to real results. Of course, we&#8217;ve been trying AI on several different fronts, especially in the last 18 months to two years. But what we are doing, especially in 2026, is moving to activities that are really showing up in our numbers.
I’ll give you a strong example. Our AI virtual studio allows us to produce fashion content at scale – campaigns and the images that appear in our app, for example – without any physical photoshoots. Our product catalogue across both countries is 100% AI-generated, as are our campaigns. This is a huge saving in both cost and time: production costs in Brazil are down 50% in the last year, thanks to this initiative. That’s one of the most important examples that we have – it is a revolution more than an evolution. We even moved our office to smaller premises, because we don’t need all those studios that you normally see in e-commerce businesses like ours. We do everything with AI nowadays.
How will the Latin American e-commerce consumer evolve over the next two to three years, and how is Dafiti positioning itself to serve them?
Leandro Medeiros: The Latin American fashion consumer is becoming more digital, as I mentioned, and more demanding every year. Customers in the region are mobile first, and mobile is already the dominant channel, both for customers and for our business. The question now is how we can make that experience genuinely great throughout the whole journey, not just a functional, transactional relationship between us, our platform and our customers. So this remains key.
Personalisation is becoming a baseline expectation. Customers expect the platform to understand their style, their size, their moments. AI plays a big role here – it’s what makes that possible at scale. It has to feel relevant and trustworthy, not just gimmicky and automated.
And trust and loyalty will matter more over time. In this region, consistency and transparency are what convert a transaction into a relationship. That’s exactly what our cashback programme is designed to build – not discounts, but genuine loyalty that is rewarded over time and can change behaviour.
For Dafiti, that means continuing to invest in the full journey: discovery, delivery speed, free returns. We are building for a customer who wants fashion to be easy, trendy, but also accessible. In Latin America, that customer base is growing fast, and we believe there is still a huge opportunity for the company and the group in the region.
This transcript has been lightly edited for clarity and readability. Verbal fillers, false starts and minor repetitions have been removed from the interviewee&#8217;s responses only. Punctuation, spelling and formatting have also been standardised in line with Edison house style. No substantive changes have been made to the meaning of the discussion.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/global-fashion-group-dafiti-executive-interview/BM-4049/widget-xml/</link>
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    <publication>
      <date>2026-10-05T07:49:41+00:00</date>
      <company><![CDATA[Metlen Energy &#038; Metals]]></company>
      <headline><![CDATA[Metlen Energy &amp; Metals (LSE: MTLN) &#8211; Second gallium supply agreement supports demand visibility ahead of Q327 production]]></headline>
      <description><![CDATA[Metlen Energy &amp; Metals has signed a long-term commercial agreement with a major Japanese chemical company for the future supply of gallium, representing up to 16% of annual production from its new Greek facility.]]></description>
      <link>https://www.edisongroup.com/spark/metlen-energy-metals-lse-mtln-second-gallium-supply-agreement-supports-demand-visibility-ahead-of-q327-production/GB00BTQGS779/widget-xml/</link>
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      <date>2026-10-02T13:53:59+00:00</date>
      <uid>4046</uid>
      <company><![CDATA[Target Healthcare REIT]]></company>
      <headline><![CDATA[Target Healthcare REIT – executive interview]]></headline>
      <description><![CDATA[In this interview, Kenneth MacKenzie, CEO of Target Fund Managers, talks about the recently released annual report from Target Healthcare REIT and the outlook. The year to June 2026 (FY26) was very successful, and the c 12% accounting total return (the change in NAV per share plus dividends paid) was the strongest since Target was founded 13 years ago. But Target invests for the long term and perhaps more impressive is the consistency of performance, reflected in an average 7.8% annual return since launch. Kenneth believes there is much more growth ahead for the company, underpinned by its unwavering focus on asset quality in a sector with strong, long-term demographic tailwinds. Target’s portfolio of modern, high-quality, fully ESG-compliant homes is appealing to operators and residents alike, underpinning long leases, inflation-linked rental uplifts and income sustainability. With a strong pipeline of acquisition opportunities and capital recycling to keep the portfolio refreshed, Kenneth provides a confident outlook.
How sustainable is Target Healthcare REIT&#8217;s performance after another strong year, and how is it managed?
Kenneth MacKenzie: It really goes back to the foundation of the business, because we set out 13 years ago to create this long-term stable fund. In fact, I can remember very clearly some people who knew more about property than I did saying, ‘Kenneth, this really will be interesting in 10 years’ time to see if you actually deliver all that you’re promising.’ So for us, sure, this year is the best of the 13 years. But if you look over the 13 years, we have a total accounting return of 7.8% over that longer period – a bit higher this year – and that’s obviously very pleasing.
But it’s all predicated on really long leases with assets which are in demand, and which we expect to be in demand for a very long time to come. I don’t think we’re halfway into the life of what we’re doing. We’re maybe a third of the way into the life of what we&#8217;re doing, maybe only 25% into the life of what we do. We have really long legs here and real longevity, and it&#8217;s all based on these 35-year leases with assets that are in demand from the operators, with the demography behind it all.
How important is care home property quality to long-term demand from tenants and residents?
Kenneth MacKenzie: That’s fundamental. When we started in this, the real estate stock in care homes was generally substandard and not best in class. About 10% of the assets across the UK were fit for purpose. Today, that number has increased quite a bit, and we have been at the forefront of that. We&#8217;re quite a unique portfolio – exclusively modern, purpose-built and fit for purpose.
And when I say fit for purpose – because in the last two or three years we’ve been refreshing some of what we had – even the ones we sold were fit for purpose for the longer term. It&#8217;s just that they were a little smaller per resident, in square metres per resident. So that&#8217;s exclusively what we&#8217;ve been doing.
You can be sure we’ve had endless arguments internally. Do we buy and get some more yield in the poorer-quality stuff, or do we stay in this prime premium? And that’s who we are. Here we are with the results for the year to June 2026, and the evidence of that being wise is increasingly evident.
After selling a portfolio of nine assets and other disposals, how is Target Healthcare REIT progressing with redeployment?
Kenneth MacKenzie: We sell assets, if we can, at a price above NAV, because obviously that&#8217;s beneficial to our shareholders. When we&#8217;ve been trading at a discount, it also shows that in our case NAV is real. Remember what I said earlier: when we&#8217;ve been selling assets, we are not selling the best of our assets; we’re selling the poorer of our assets, if anything. So that has been part of the strategy. If you&#8217;re going to have a modern purpose-built portfolio, it can’t all be 30 years old, 20 years old or whatever.
Then, on the question of whether we are redeploying: at the time of these results, we had redeployed 85% of what we had sold. We&#8217;ll be announcing a further acquisition in a very few days, so that we will be well deployed against what we have sold.
With all of that, we still have significant space in our debt facilities. But we&#8217;ve been telling the market this week that our pipeline is in excess of our debt facilities, including the accordion element of our debt facilities. So we have a revolving credit facility [RCF] that we need to draw down and will draw down, and beyond that, we have an accordion that we will get into later in the year.
Why is it taking longer to deploy capital into new care home acquisitions?
Kenneth MacKenzie: We&#8217;ve done that for 13 years. We’ve taken just a little longer, and here we are 13 years later with a 7.8% return over 13 years. But there are some additional reasons. Currently, re-registering a care home with the regulator will take quite a bit longer than it used to.
And we are just naturally cautious. We have an incredibly stable investment team who do get into the weeds of every care home, and we would rather be slow but right than be hasty and get into some complexities with situations. So we’re kind of unapologetic about taking our time and doing this right. We realise that may be slightly countercultural in the age that we are in – but take your time and do it right.
It’s also true to say that 10 years ago, we could typically have bought a one-off asset in perhaps eight to 10 weeks, and that same transaction today will take four, five or six months.
Is competition from other investors also a factor in acquiring purpose-built care homes?
Kenneth MacKenzie: There’s also a bit of competition, yes. There&#8217;s nothing like doing something well, and then people think they can perhaps try and copy a little. So there are some unlisted funds that are also competing with us. And that’s okay. We’re fine with that. The market overall needs more purpose-built care homes. Only 36% of beds are in fit-for-purpose care homes, so there’s a long way to go, as well as the demographic bulge that’s coming.
With the share price close to NAV and equity raising returning to the sector, could Target Healthcare REIT deploy new equity capital?
Kenneth MacKenzie: Yes. As I said earlier, we have a pipeline beyond our debt book, so that opens up that potential. We don&#8217;t want to get ahead of ourselves, however, because the first thing is to fill the debt book up. We think filling the debt book up will keep us busy through the end of this year and into the first quarter of next year. Then let’s see the state of the markets in the first quarter of next year.
Beyond acquisitions, what organic growth opportunities does Target Healthcare REIT see over the next year?
Kenneth MacKenzie: We see significant opportunity to continue to build this business, following the strategy that we started 13 years ago. We set out, Martyn – as you know, because you have interviewed me many times – to create this long, stable, bor… and we use the word ‘boring’ because we just want it to be repetitive over the long term. One of my mentors from the past used to speak about downside protection. We’re trying to create that long, stable, downside-protected income fund – and inflation actually helps us a little bit.
Some of the stats in our reporting show that our underlying tenants&#8217; income is rising ahead of inflation. Their major costs are wages, and income is rising ahead of wage costs. So with that, we get stable rents. Rent covers are very good, and that feeds through to dividends. It also feeds through to a little bit of capital uplift, which is a key part of the total accounting return that we have this year. But long, stable income. Long, stable income. And don’t be exciting about this, and take your time.
This transcript has been lightly edited for clarity and readability. Verbal fillers, false starts and minor repetitions have been removed from the interviewee&#8217;s responses only. Punctuation, spelling and formatting have also been standardised in line with Edison house style. No substantive changes have been made to the meaning of the discussion.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/target-healthcare-reit-target-healthcare-reit-executive-interview-3/BM-4046/widget-xml/</link>
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    <publication>
      <date>2026-10-02T13:28:12+00:00</date>
      <uid>3947</uid>
      <company><![CDATA[Alkane Resources]]></company>
      <type>Update</type>
      <otc_epic>ALKEF</otc_epic>
      <headline><![CDATA[Alkane Resources — All round resourcefulness]]></headline>
      <description><![CDATA[ Alkane formally updated its group resource and reserve statements on 11 September 2026, with an effective date of 30 June 2026. Reserves and resources increased at all of Alkane’s assets. In aggregate, resources increased by 248koz (6.4%), while reserves increased by 42koz (3.2%). Resources in the measured and indicated categories (which are eligible for upgrade into reserves) also increased by proportionately more, such that they now comprise 74.9% of the total. In absolute terms, the greatest increase in resources was at Björkdal (+141koz). However, in percentage terms, by far the largest increases were at Costerfield, which recorded a 74.2% increase in resource tonnes and a 15.7% increase in resource ounces and a 78.4% increase in reserve tonnes and a 13.8% increase in reserve ounces. Measured by tonnage, these upgrades increase Costerfield’s (implied) reserve life from 3.4 years to 6.2 years and its resource life from 10.9 years to 19.0 years. Tomingley and Björkdal both replenished their reserves, while also increasing their resources. For the purposes of this note, we have adjusted our near-term forecasts to reflect the recent declines in the gold price. However, we note that if the current price of gold prevails until June 2028, our FY28 EPS forecast rises from the A$0.10 shown below to A$0.26. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/7800f1f8a178e1d99b3c75f5d956ef71.pdf</url>
      <link>https://www.edisongroup.com/research/all-round-resourcefulness/BM-3947/widget-xml/</link>
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