<?xml version="1.0" encoding="utf-8"?>
<feed>
  <date>2026-10-06T10:45:31+00:00</date>
  <publications>
    <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/widget-xml/</link>
      <isin>GRS497003012</isin>
      <epic>PREMIA</epic>
    </publication>
    <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>
    </publication>
    <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>
    </publication>
    <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>
      <isin>DE000RENK730</isin>
      <epic>R3NK</epic>
    </publication>
    <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>
      <filename></filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <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>
      <isin>LU2010095458</isin>
      <epic>GFG</epic>
    </publication>
    <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>
      <isin>GB00BTQGS779</isin>
      <epic>MTLN; ATHEX: MYTIL</epic>
    </publication>
    <publication>
      <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>
      <isin>GB00BJGTLF51</isin>
      <epic>THRL</epic>
    </publication>
    <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>
      <filename></filename>
      <isin>AU000000ALK9</isin>
      <epic>ALK</epic>
    </publication>
    <publication>
      <date>2026-10-02T12:22:02+00:00</date>
      <uid>3519</uid>
      <company><![CDATA[Partners Group Private Equity]]></company>
      <type>Review</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Partners Group Private Equity — Aiming to turn the tide]]></headline>
      <description><![CDATA[ Partners Group Private Equity’s (PEY’s) development in recent years was a tale of two halves. On the one hand, it delivered substantial realisations, at 22% and 15% of opening NAV in 2025 and 2024, and saw the introduction of shareholder-friendly measures, such as a new buyback framework and favourable changes to the fee structure. On the other hand, it delivered sub-par returns, due to slower value creation within its 2021–23 vintages, macroeconomic headwinds (including negative fx effects) and adverse idiosyncratic factors at some companies. Partners Group (PG, PEY’s investment manager) has recently made several additions to its team of operators, with extensive sector expertise to facilitate earlier and deeper operational engagement in its portfolio companies and, in turn, improve returns. This, together with the recent board proposal (subject to the outcome of the prospective EGM), could support a narrowing of PEY’s discount to NAV from the current 40%. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/845f50dfbccb0ff2e29a89bdd447e1a6.pdf</url>
      <link>https://www.edisongroup.com/research/aiming-to-turn-the-tide/BM-3519/widget-xml/</link>
      <filename></filename>
      <isin>GG00B28C2R28</isin>
      <epic>PEY</epic>
    </publication>
    <publication>
      <date>2026-10-02T10:46:36+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Xspray Pharma (OMX: XSPRAY) &#8211; Q4 filings on track]]></headline>
      <description><![CDATA[FDA confirms both NDAs can be resubmitted before NerPharMa facility clearance, although manufacturing-site approval remains a prerequisite for final approval]]></description>
      <link>https://www.edisongroup.com/spark/xspray-pharma-omx-xspray-q4-filings-on-track/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-10-02T10:32:17+00:00</date>
      <uid>3988</uid>
      <company><![CDATA[Brooks Macdonald]]></company>
      <type>Client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Brooks Macdonald — From restructuring to execution]]></headline>
      <description><![CDATA[ Brooks Macdonald is a UK-focused wealth manager providing discretionary investment management alongside financial planning. The group has been substantially reshaped over the past two years. It sold its international business, moved to the London Stock Exchange Main Market, consolidated financial planning under Brooks Financial and invested heavily in technology and data infrastructure. Management’s ‘Reignite Growth’ strategy now focuses on client service, wider distribution and a more scalable operating model. FY26 provided the clearest evidence so far that these changes are having an effect: funds under management and advice (FUMA) reached a record £21.7bn, while net flows turned positive at £226m from £396m of net outflows in FY25. Net inflows built up through the year, with £224m in H226, so the focus is now on sustaining that momentum. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/uploads/2026/10/Brooks-new-pdf.pdf</url>
      <link>https://www.edisongroup.com/research/from-restructuring-to-execution/BM-3988/widget-xml/</link>
      <filename>Brooks-new-pdf.pdf</filename>
      <isin>GB00B067N833</isin>
      <epic>BRK</epic>
    </publication>
    <publication>
      <date>2026-10-02T09:33:19+00:00</date>
      <uid>4020</uid>
      <company><![CDATA[Fevara]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Fevara — Strong FY26 trading completes strategic refocusing]]></headline>
      <description><![CDATA[ Fevara’s FY26 trading update indicates continued progress against its strategy, with adjusted EBIT expected to increase c 60% y-o-y to c £6.0m, ahead of company-compiled consensus of £5.5m. Revenue from continuing operations is expected to reach c £86m, with 8% l-f-l growth. The UK, European and US businesses performed well, while Brazil traded in line with expectations. Year-end net debt of c £2.0m was better than anticipated, supported by strong trading cash conversion and disposals. With strategic refocusing complete, the emphasis moves to further margin improvement and Brazilian expansion. We have raised our FY26e and FY27e revenue and profit forecasts and increase our valuation marginally to 190p per share. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/fcac240bc0d080549b833b6d830d964a.pdf</url>
      <link>https://www.edisongroup.com/research/strong-fy26-trading-completes-strategic-refocusing/BM-4020/widget-xml/</link>
      <filename></filename>
      <isin>GB00BRK01058</isin>
      <epic>FVA</epic>
    </publication>
    <publication>
      <date>2026-10-02T08:49:05+00:00</date>
      <uid>4041</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Take on Trusts – September 2026]]></headline>
      <description><![CDATA[Saba: Gore Street holds firm as the battle for USA looms
Saba Capital suffered another setback in September. At Gore Street Energy Storage Fund’s (GSF’s) AGM on 16 September, shareholders rejected Saba’s resolutions to discontinue the company, with 55.97% of votes cast against and 44.03% in favour. Saba, GSF’s largest shareholder, held a c 20% disclosed interest around the time of the vote and has since increased its position to 21.2%. It had argued that a managed wind-down was the quickest route to value for a trust trading at a discount in the mid-30s. The board countered that this would weaken its hand with buyers and disrupt asset sales already under way. Although the resolutions failed, the narrow margin leaves the board with little room for complacency and delivery against its stated KPIs will be closely watched.
Attention now turns to Baillie Gifford US Growth Trust (USA), where Saba has built its disclosed interest to 29.9% and proposed three nominees for election at the AGM on 23 October. Saba says its nominees would push for a cash exit at or near NAV, yet USA’s board reports that Saba rejected proposals that, if pursued, would have provided Saba and any other shareholders with an opportunity to sell their holdings at c 99.75% of NAV. The board argues this shows that Saba is seeking control rather than liquidity. The performance backdrop is supportive: as at end-September, USA’s NAV total return in 2026 was 28.2%, versus 14.2% for the S&amp;P 500 in sterling terms, while its shares were up 32.0%. With private investors holding c 22% of the trust through three of the major platforms alone, retail engagement could again prove decisive. Edinburgh Worldwide&#8217;s outgoing board attributed Saba&#8217;s success in replacing it at April&#8217;s AGM primarily to a material reduction in ownership and voting support from private-wealth and retail investors. Turnout is all the more important given that another New York hedge fund, Sessa Capital, has disclosed a 7.7% stake in USA and has yet to state its voting intentions. The proxy deadline is 1pm on 21 October, although deadlines for voting through platforms will be earlier and may be as early as 14 October.
Zipline: Another private holding takes flight
Two private holdings provided fresh valuation support to USA in the second half of September. Zipline, the US drone delivery company, is reported to be in talks over a c $1bn financing at a c $20bn valuation. If completed on those terms, this would represent c 2.6x the $7.6bn valuation established in its January funding round. Following valuation adjustments, Zipline’s weighting rose to 4.0% from 2.0% in USA and to 3.8% from 1.8% in Scottish Mortgage (SMT).
A further lift followed when both trusts marked up their holdings in Anthropic, which confidentially filed for an IPO in June. Reuters has since reported that a listing is not expected until after November’s US midterm elections, with a valuation of around $2tn under discussion, although both timing and valuation remain uncertain. Anthropic now accounts for 3.9% of SMT’s portfolio, up from 2.9% at end-August, and 9.0% of USA’s total assets, up from 6.8%. USA’s discount has narrowed from c 6% at end-August to c 4%, reducing the incremental uplift implied by Saba’s proposed cash exit at or near NAV.
Vietnam: Emerging market status confirmed
On 21 September, Vietnam formally joined FTSE Russell’s emerging market indices, reclassified from frontier to secondary emerging status after eight years on the watchlist. The upgrade follows reforms including the removal of pre-funding requirements for foreign investors. Inclusion will be phased through 2027, while the index provider estimates that it could ultimately attract up to $6bn of additional capital into Vietnamese equities.
The macroeconomic backdrop remains strong, with GDP growth of 8.2% in H126, the fastest in 15 years. Near-term flows are more mixed, with foreign investors still net sellers year to date – a reminder that index inclusion is a starting point rather than an endpoint. For London-listed specialists such as VinaCapital Vietnam Opportunity Fund (VOF) and VietNam Holding (VNH), broader international participation in Vietnamese equities could support liquidity and valuations across their underlying portfolios. Further market-access reforms could also strengthen Vietnam’s longer-term case for an MSCI upgrade, although the country is not currently under formal MSCI reclassification review.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/take-on-trusts-september-2026/BM-4041/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-10-02T08:02:40+00:00</date>
      <uid>4040</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Edison explains: The moderation economy]]></headline>
      <description><![CDATA[As drinkers cut back, where is the spending going?]]></description>
      <url>https://edison.bluematrix.com/sellside/AttachmentViewer.action?encrypt=9769d3d0-c2f2-47dd-8677-154be9e93643fileId=4040_8cf02902-ecac-49f6-b872-97032ac16dee&amp;isPdf=false</url>
      <link>https://www.edisongroup.com/thematic/edison-explains-the-moderation-economy/BM-4040/widget-xml/</link>
      <filename></filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-10-02T08:01:04+00:00</date>
      <uid>4010</uid>
      <company><![CDATA[Smiths News]]></company>
      <type>Update</type>
      <otc_epic>SMWPY</otc_epic>
      <headline><![CDATA[Smiths News — Positive update, transformation has begun]]></headline>
      <description><![CDATA[ Smiths News has issued a positive FY26 trading update stating that it expects to deliver FY26 results ahead of market expectations, driven by stronger-than-expected demand for collectables in H2, and that FY27 trading has started positively. We nudge our FY26 adjusted operating profit estimate up by 3%. The company confirmed that its transformational programme to establish a national distribution footprint has begun, with further guidance on the financial effects due with the FY26 results on 4 November against a context of a return on capital above the company’s hurdle rate. Our 96p DCF valuation implies over 40% upside. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/ac739cf77ab7ece000ee4833d7af355e.pdf</url>
      <link>https://www.edisongroup.com/research/positive-update-transformation-has-begun/BM-4010/widget-xml/</link>
      <filename></filename>
      <isin>GB00B17WCR61</isin>
      <epic>SNWS</epic>
    </publication>
    <publication>
      <date>2026-10-02T07:50:22+00:00</date>
      <uid>3995</uid>
      <company><![CDATA[C&#038;C Group]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[C&#038;C Group — Building resilience and momentum]]></headline>
      <description><![CDATA[ C&amp;C Group’s (CCR’s) capital markets day set out its strategy as a branded multi-channel, multi-beverage specialist operating through two businesses: C&amp;C Brands targets volume growth and Matthew Clark Bibendum (MCB) targets margin growth. The medium-term target is to grow operating profit to €85m in FY30, c 21% higher than FY26’s €70.5m, and generate more than €100m free cash flow (FCF) after leases and exceptional costs in FY28–30 versus FY24–26’s €72m. Having largely simplified operations, controlled costs and restored customer service levels, the group is now focused on core brand innovation, consolidation and profitable partnerships. Evidence of delivery against these targets could support higher valuation multiples. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/3d30d393355d51831c6061e4a7073614.pdf</url>
      <link>https://www.edisongroup.com/research/building-resilience-and-momentum/BM-3995/widget-xml/</link>
      <filename></filename>
      <isin>IE00B010DT83</isin>
      <epic>CCR</epic>
    </publication>
    <publication>
      <date>2026-10-01T14:17:01+00:00</date>
      <uid>4039</uid>
      <company><![CDATA[OSE Immunotherapeutics]]></company>
      <headline><![CDATA[OSE Immunotherapeutics – executive interview]]></headline>
      <description><![CDATA[In this interview, we speak with OSE Immunotherapeutics CEO Marc Le Bozec and chairman Markus Cappel. We discuss the company’s progress since announcing its strategic plan for 2026–28. In particular, we focus on OSE’s lead immunology and inflammation asset, lusvertikimab, including its track record in the clinic for ulcerative colitis, development of the subcutaneous formulation and plans for a new Phase II trial in chronic pouchitis. An update is also provided for Tedopi, the lead immuno-oncology asset. The interview concludes with a summary of key catalysts and milestones investors should watch for in the next 12–18 months.
OSE Immunotherapeutics is based in Nantes and Paris in France and is listed on the Euronext Paris exchange. It is developing immunotherapies for the treatment of solid tumours and autoimmune diseases and has established several partnerships with large pharma companies.
How does OSE Immunotherapeutics’ strategic plan aim to create value?
Markus Cappel: Last December, we presented a strategic roadmap for 2026 to 2028. Its logic is simple: concentrate our resources on our two late-stage assets, lusvertikimab and Tedopi, where we see the greatest value for shareholders, and deliver a series of catalysts along the way. The plan rests on four opportunities for value creation.
First, complete the ARTEMIA Phase III trial of Tedopi in lung cancer at limited cost to the company. Second, take lusvertikimab into chronic pouchitis as its first rare disease indication and our entry point into orphan diseases in gastroenterology. Third, develop a subcutaneous formulation so that lusvertikimab can compete in ulcerative colitis, the larger indication. Fourth, maintain our scientific leadership.
Tedopi gives us an independent opportunity in oncology, with a Phase III readout expected in early 2028. What ties the plan together is the idea that lusvertikimab is a ‘pipeline in a drug’. One molecule with one manufacturing process, one safety database and one patent estate can create value in several immune-mediated diseases. Each new indication builds on the investment we have already made. For a company our size, this is a far more capital efficient way to build a portfolio than adding molecules one at a time.
From an execution standpoint, focus has meant clear choices. We have concentrated our teams on the programmes that deliver catalysts within the plan, and every euro we spend is tied to a milestone. At the same time, our research engine continues to generate the science for future rare and large indications at limited cost.
What did CoTikiS show in ulcerative colitis and how is the subcutaneous formulation of lusvertikimab progressing?
Marc Le Bozec: We released data in 2025 from CoTikiS, a Phase II trial in 134 patients. It was quite a significant proof of concept. What is extremely positive, and key opinion leaders such as Bruce Sands at Mount Sinai and Laurent Peyrin-Biroulet at Northwestern Medicine have said this too, is that lusvertikimab delivered efficacy on all parameters at both 450mg and 850mg compared with placebo. What is amazing is that, over the longer term, this product works better and better.
Lusvertikimab is a pure antagonist of the IL-7 receptor: it binds to the receptor and stays there. We have data on receptor occupancy showing that the compound stays there for a long time. It does not target anything else, including what we call the healthy immune system, which helps the body and its tissues recover. That is what we observed in this Phase II trial.
We are now preparing a subcutaneous formulation because all those data were gathered with an intravenous formulation. That was great, but patients with ulcerative colitis now have access to oral or subcutaneous formulations, which are much more comfortable for them. We have started this work, and the formulation will be clinically validated at the end of the second quarter of 2027.
Once we have that, we could reopen discussions with several large pharmaceutical companies we spoke to in 2025. They were very interested in backing further clinical trials in ulcerative colitis, but with the subcutaneous formulation.
Why is OSE pursuing chronic pouchitis, and what are its plans for a lusvertikimab Phase II trial?
Marc Le Bozec: Chronic pouchitis is a great opportunity because there is currently no drug approved by the FDA. One drug is approved in Europe. It was developed by a Japanese pharmaceutical company and has some toxicity issues and limited efficacy.
The scientific rationale for lusvertikimab in pouchitis is very strong. We know there is overexpression of the IL-7 receptor in this condition. The population we are targeting is about 45,000 patients across Europe, the US and Japan. It is a rare indication, so if we are successful in clinical development, we could probably obtain a price that would be appealing for us.
Our plan, which is about to be launched, is to conduct a first proof of concept trial that would deliver initial data by the end of 2027, so in about a year. That is appealing to us because it is consistent with the stock market’s timing. It is a 47 patient trial. We start with a cohort of 17 patients and, if we have at least one positive event, move to the next stage.
We built this plan with a group of about 12 key opinion leaders who support the product and the choice of pouchitis, which is clearly an unmet medical need today.
How does Tedopi differ from the Moderna and Merck cancer vaccine, and how is ARTEMIA progressing?
Markus Cappel: The two approaches are very different. The Moderna and Merck product is an individualised mRNA based therapy manufactured for each patient from their own tumour. It was tested after surgery in melanoma. Tedopi is a vaccine available off the shelf, comprising 10 optimised neoepitopes that target tumour antigens shared across several cancers. It is for patients who carry the HLA-A2 marker, so the direct read across is limited.
ARTEMIA, our pivotal Phase III trial, compares Tedopi with docetaxel in 363 HLA-A2 positive patients with metastatic non-small cell lung cancer and secondary resistance to immune checkpoint inhibitors. Enrolment is on track to complete by the end of this year. The futility analysis is driven by the number of events and, because deaths have occurred more slowly than expected, it is now planned for the first quarter of 2027. Top-line results are still expected in 2028.
The Moderna and Merck results do tell us something important. After many years of scepticism, a cancer vaccine has succeeded in a Phase III trial. That supports the principle behind Tedopi, and a vaccine available off the shelf has real practical advantages. There is no need to sequence each tumour or wait for individual manufacturing, which matters for patients with advanced disease. It also scales far more easily. I believe Tedopi remains underappreciated.
Beyond ARTEMIA, the TEDOVA Phase II trial in recurrent ovarian cancer met its primary endpoint with Tedopi in combination with pembrolizumab. The CombiTED Phase II results in lung cancer will be presented at ESMO in October. Patients also already have access to Tedopi through an early access programme, mainly in France.
Which OSE Immunotherapeutics catalysts should investors watch out for over the next 12 to 18 months?
Marc Le Bozec: This is one of the beauties of this company and one reason I joined as CEO last year. Looking back at what we have announced since I joined, we have identified new indications for our lead compound, lusvertikimab. We have had an independent data monitoring committee, or IDMC, for our pivotal Phase III ARTEMIA trial in cancer. We announced positive readouts in ovarian cancer at ASCO in May 2026. We secured bridge financing to prepare for an equity raise, which we announced in June, and had a positive announcement from a programme partnered with Veloxis. That is a rich news flow since the beginning of the year.
Over the next 12 to 18 months, we will have a lot to share. In a few days, we will have an additional Phase II readout from CombiTED, which will be presented orally at ESMO. This will be our second oral presentation at an international congress: the first was at ASCO for ovarian cancer, and the second will be in October for CombiTED in non-small cell lung cancer. We are very proud of that.
We then expect to complete enrolment in ARTEMIA by the end of the year. It is a registrational Phase III trial in 363 patients. In the first quarter of 2027, we plan to launch the chronic pouchitis trial and have the interim futility analysis for ARTEMIA, our cancer vaccine trial in non-small cell lung cancer. In June, we expect clinical validation of the subcutaneous formulation in healthy volunteers. We then expect interim readouts from the chronic pouchitis trial in the second half of the year, and, in 2028, the final ARTEMIA readout. It is a very rich news flow.
Assuming we have enough capital, we could generate a lot of additional data from these two compounds, which have the capacity to address multiple indications.
This transcript has been lightly edited for clarity and readability. Verbal fillers, false starts and minor repetitions have been removed from the interviewees’ 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.
&nbsp;
OSE Immunotherapeutics: Markus Cappel et Marc Le Bozec évoquent lusvertikimab et Tedopi
Markus Cappel, Président du Conseil d’administration, et Marc Le Bozec, administrateur et Directeur Général d’OSE Immunotherapeutics, s’entretiennent avec Arron Aatkar, Directeur chez Edison Group, du plan stratégique de la société, du développement de lusvertikimab dans la rectocolite hémorragique et la pouchite chronique, ainsi que des prochaines étapes pour Tedopi, son vaccin thérapeutique contre le cancer.
Comment le plan stratégique d’OSE Immunotherapeutics vise-t-il à créer de la valeur ?
Markus Cappel: En décembre dernier, nous avons présenté une feuille de route stratégique pour la période 2026 à 2028. Sa logique est simple : concentrer nos ressources sur nos deux actifs les plus avancés, lusvertikimab et Tedopi, là où nous voyons le plus grand potentiel de création de valeur pour les actionnaires, et franchir plusieurs étapes importantes en cours de route. Le plan repose sur quatre possibilités de création de valeur.
Premièrement, mener à terme l’essai de Phase III ARTEMIA évaluant Tedopi dans le cancer du poumon, à un coût limité pour la société. Deuxièmement, développer lusvertikimab dans la pouchite chronique comme première indication dans une maladie rare et comme point d’entrée dans les maladies orphelines en gastroentérologie. Troisièmement, développer une formulation sous-cutanée afin que lusvertikimab puisse être compétitif dans la rectocolite hémorragique, une indication plus vaste. Quatrièmement, maintenir notre position de leadern sur le plan scientifique.
Tedopi nous offre une possibilité de développement indépendante en oncologie, avec des résultats de Phase III attendus début 2028. L’idée qui relie ces différents éléments est que lusvertikimab constitue, à lui seul, un « portefeuille de projets thérapeutiques ». Une seule molécule, avec un seul procédé de fabrication, une seule base de données de tolérance et un seul portefeuille de brevets, peut créer de la valeur dans plusieurs maladies à médiation immunitaire. Chaque nouvelle indication s’appuie sur les investissements déjà réalisés. Pour une société de notre taille, c’est une façon bien plus économe en capital de constituer un portefeuille que d’ajouter les molécules une par une.
Sur le plan de l’exécution, cette concentration s’est traduite par des choix clairs. Nous avons mobilisé nos équipes sur les programmes qui permettront de franchir les étapes prévues, et chaque euro dépensé est lié à un jalon. Dans le même temps, nos activités de recherche continuent, à coût limité, de produire les connaissances scientifiques nécessaires à de futures indications, rares ou plus répandues.
Qu’ont montré les résultats de CoTikiS dans la rectocolite hémorragique et où en est la formulation sous-cutanée de lusvertikimab ?
Marc Le Bozec: Nous avons publié en 2025 les données de CoTikiS, un essai de Phase II mené auprès de 134 patients. Il s’agissait d’une preuve de concept clinique assez importante. Ce qui est extrêmement positif, et des spécialistes reconnus comme Bruce Sands à Mount Sinai et Laurent Peyrin-Biroulet à Northwestern Medicine l’ont également souligné, c’est que lusvertikimab a montré une efficacité sur tous les paramètres, aux doses de 450 mg et de 850 mg, par rapport au placebo. Ce qui est étonnant, c’est que ce produit fonctionne de mieux en mieux à plus long terme.
Lusvertikimab est un pur antagoniste du récepteur de l’IL-7 : il se fixe sur ce récepteur et y reste. Nous disposons de données sur l’occupation du récepteur qui montrent que la molécule y reste longtemps. Elle ne cible rien d’autre, notamment ce que nous appelons le système immunitaire sain, qui aide l’organisme et ses tissus à se rétablir. C’est ce que nous avons observé dans cet essai de Phase II.
Nous préparons maintenant une formulation sous-cutanée, car toutes ces données ont été obtenues avec une formulation intraveineuse. Celle-ci était adaptée à l’essai, mais les patients atteints de rectocolite hémorragique ont désormais accès à des traitements par voie orale ou sous-cutanée, plus confortables pour eux. Nous avons commencé ce travail, et la formulation sera validée sur le plan clinique d’ici la fin du deuxième trimestre 2027.
Une fois cette étape franchie, nous pourrions reprendre les discussions avec plusieurs grandes sociétés pharmaceutiques auxquelles nous avons parlé en 2025. Elles étaient très intéressées par les prochains essais cliniques dans la rectocolite hémorragique, mais avec une formulation sous-cutanée.
Pourquoi OSE a-t-elle choisi la pouchite chronique, et quel essai de Phase II prévoit-elle pour lusvertikimab ?
Marc Le Bozec: La pouchite chronique représente une réelle possibilité de développement, car aucun médicament n’est actuellement autorisé par la FDA, l’agence américaine du médicament. Un médicament est autorisé en Europe. Il a été développé par une société pharmaceutique japonaise, mais présente des problèmes de toxicité et une efficacité limitée.
Les arguments scientifiques en faveur de lusvertikimab dans la pouchite sont très solides. Nous savons que le récepteur de l’IL-7 est surexprimé dans cette maladie. La population que nous visons représente environ 45 000 patients en Europe, aux États-Unis et au Japon. Il s’agit d’une indication rare. Si le développement clinique réussit, nous pourrions probablement obtenir un prix qui serait intéressant pour nous.
Notre projet, qui est sur le point de démarrer, consiste à mener un premier essai de preuve de concept qui fournirait des données initiales d’ici fin 2027, soit dans environ un an. Cela nous intéresse, car ce calendrier correspond à celui du marché boursier. L’essai portera sur 47 patients. Nous commencerons par un groupe de 17 patients et, si nous observons au moins 1 événement positif, nous passerons à l’étape suivante.
Nous avons élaboré ce projet avec un groupe d’environ 12 spécialistes reconnus, qui soutiennent à la fois le produit et le choix de la pouchite, une maladie pour laquelle les besoins médicaux restent clairement insatisfaits.
En quoi Tedopi diffère-t-il du vaccin anti-cancer de Moderna et Merck, et où en est l’essai ARTEMIA ?
Markus Cappel: Les deux approches sont très différentes. Le produit de Moderna et Merck est un traitement individualisé à base d’ARN messager, fabriqué pour chaque patient à partir de sa propre tumeur. Il a été évalué après une intervention chirurgicale dans le mélanome. Tedopi est un vaccin prêt à l’emploi composé de 10 néo-épitopes optimisés, qui ciblent des antigènes tumoraux communs à plusieurs cancers. Il s’adresse aux patients porteurs du marqueur HLA-A2. Les résultats de l’une des approches ne sont donc pas directement transposables à l’autre.
ARTEMIA, notre essai pivot de Phase III, compare Tedopi au docétaxel chez 363 patients porteurs du marqueur HLA-A2, atteints d’un cancer du poumon non à petites cellules métastatique et ayant développé une résistance secondaire aux inhibiteurs de points de contrôle immunitaire. Le recrutement devrait s’achever, comme prévu, d’ici la fin de l’année. L’analyse intermédiaire de futilité dépend du nombre d’événements observés. Comme les décès surviennent moins rapidement que prévu, cette analyse est désormais prévue pour le premier trimestre 2027. Les résultats principaux restent attendus en 2028.
Les résultats de Moderna et Merck nous disent tout de même quelque chose d’important. Après de nombreuses années de scepticisme, un vaccin anti-cancer a réussi un essai de Phase III. Cela conforte le principe sur lequel repose Tedopi. Un vaccin prêt à l’emploi présente aussi des avantages pratiques : il n’est pas nécessaire de séquencer la tumeur de chaque patient ni d’attendre une fabrication individuelle, ce qui compte pour les personnes atteintes d’une maladie avancée. Sa production peut également être étendue beaucoup plus facilement. Je pense que Tedopi reste sous-estimé.
Au-delà d’ARTEMIA, l’essai de Phase II TEDOVA, mené dans le cancer de l’ovaire récidivant, a atteint son objectif principal avec l’association de Tedopi et de pembrolizumab. Les résultats de Phase II de Combi-TED dans le cancer du poumon seront présentés à l’ESMO en octobre. Des patients ont déjà accès à Tedopi dans le cadre d’un programme d’accès précoce, principalement en France.
Quels rendez-vous d’OSE Immunotherapeutics les investisseurs devraient-ils suivre au cours des 12 à 18 prochains mois ?
Marc Le Bozec: C’est l’un des atouts de cette société et l’une des raisons pour lesquelles je l’ai rejointe comme Directeur Général l’an dernier. Depuis mon arrivée, nous avons identifié de nouvelles indications pour notre molécule principale, lusvertikimab. Nous avons eu un comité indépendant de surveillance des données, ou IDMC, pour notre essai pivot de Phase III ARTEMIA en oncologie. Nous avons présenté des résultats positifs dans le cancer de l’ovaire au congrès de l’ASCO en mai 2026. En juin, nous avons annoncé l’obtention d’un financement relais pour préparer une levée de fonds par émission d’actions. Nous avons également fait état d’une évolution positive dans un programme mené en partenariat avec Veloxis. L’actualité a donc été riche depuis le début de l’année.
Nous aurons beaucoup d’informations à partager au cours des 12 à 18 prochains mois. Dans quelques jours, nous disposerons de nouveaux résultats de Phase II de Combi-TED, qui feront l’objet d’une présentation orale à l’ESMO. Ce sera notre deuxième présentation orale lors d’un congrès international : la première a eu lieu à l’ASCO pour le cancer de l’ovaire, et la deuxième se tiendra en octobre pour Combi-TED dans le cancer du poumon non à petites cellules. Nous en sommes très fiers.
Nous prévoyons ensuite d’achever le recrutement dans ARTEMIA d’ici la fin de l’année. Cet essai de Phase III, destiné à soutenir une demande d’autorisation de mise sur le marché, porte sur 363 patients. Au premier trimestre 2027, nous prévoyons de lancer l’essai dans la pouchite chronique et de réaliser l’analyse intermédiaire de futilité d’ARTEMIA, notre essai sur le vaccin thérapeutique Tedopi dans le cancer du poumon non à petites cellules. En juin, nous attendons la validation clinique de la formulation sous-cutanée chez des volontaires sains. Nous prévoyons ensuite des résultats intermédiaires de l’essai dans la pouchite chronique au second semestre, puis les résultats définitifs d’ARTEMIA en 2028. Le calendrier est très riche.
Si nous disposons de capitaux suffisants, nous pourrions produire beaucoup de données supplémentaires avec ces deux molécules, qui peuvent être développées dans plusieurs indications.
Cette transcription a fait l’objet de légères retouches pour en améliorer la clarté et la lisibilité. Seules les réponses des personnes interrogées ont été débarrassées des hésitations, des débuts de phrase interrompus et des petites répétitions. La ponctuation, l’orthographe et la présentation ont également été harmonisées conformément au style éditorial d’Edison. Aucune modification de fond n’a été apportée au sens des échanges.
&nbsp;
]]></description>
      <link>https://www.edisongroup.com/edison-tv/ose-immunotherapeutics-ose-immunotherapeutics-executive-interview-3/BM-4039/widget-xml/</link>
      <isin>FR0012127173</isin>
      <epic>OSE</epic>
    </publication>
    <publication>
      <date>2026-10-01T13:44:22+00:00</date>
      <uid>4038</uid>
      <company><![CDATA[Noctiluca]]></company>
      <headline><![CDATA[Noctiluca – executive interview]]></headline>
      <description><![CDATA[In this interview, we speak with Mateusz Nowak, chief commercial officer and board member of Noctiluca, who discusses the company&#8217;s progress towards commercialising NCEIL-4, its advanced material for organic light-emitting diode (OLED) displays. The lead programme has moved from proof-of-concept towards proof-of-performance, with Noctiluca increasing production 100-fold and raising material purity from 99.6% to 99.95%. Independent testing within the lead customer&#8217;s supply chain has demonstrated significant improvements in OLED lifetime, while validation has broadened to four applications across a pipeline of 15 partners. Management expects mass-production-line testing during Q426, formal qualification in late Q426/Q127 and, subject to successful customer audits, repeatable commercial deliveries during H227. Nowak also discusses investment in physical vapour deposition (PVD) equipment and manufacturing capacity in Poland, intended to accelerate future product development, together with grant and institutional funding designed to finance the company&#8217;s transition towards commercial-scale supply.
Noctiluca is a Polish material science company developing and supplying advanced chemical compounds for OLED displays. Its materials target applications including smartphones, monitors, televisions, wearables and VR and AR devices, with its portfolio spanning emitters and charge-transport and injection materials. The company has been listed on the Warsaw Stock Exchange Main Market since December 2024.
How significant is the progress you have made towards industrial qualification with your lead customer?
Mateusz Nowak: I believe the progress we have made in that relationship is very significant. At the end of Q1, we had almost completed the industrial checklist. Following the second quarter, I can confirm that we have now fully met the industrial requirements. That has meant increasing our production by 100 times in the first half of this year, while at the same time increasing the purity of our product from 99.6% to 99.95%. This is a last-mile challenge, where every incremental improvement becomes increasingly difficult. This is the point where we are moving from proof-of-concept to proof-of-performance.
How is the relationship with your lead customer expanding into its supplier ecosystem?
Mateusz Nowak: Our most important partner has been testing our material for quite some time. At the same time, its leading supplier, a leading OEM, independently started testing our material in Q2. That has developed into the largest testing programme we have ever undertaken with a single partner. The OEM has demonstrated that using NCEIL-4 as an electron injection layer material can improve lifetime by more than 100%, and in some cases by up to 200%. It has also seen a clear benefit from using our material as an ETL [electron transport layer] dopant, delivering lifetime improvements of between 30% and 60%.
We have significantly strengthened the relationship and have now met the entire decision-making structure, from the CTO through to the engineering teams. Those increased interactions have, in our view, saved us around nine months of R&amp;D and more than $1m of unnecessary development costs. Instead of developing in the dark, we now exchange know-how with the customer in both directions, which allows us to move faster. This is the domino effect in action. One qualified customer can open the door to its entire supply chain, and I believe we could see a similar pathway with our other partners.
What are the key milestones from here to repeatable commercial shipments?
Mateusz Nowak: The next steps are very clear. Q2 and Q3 are focused on repeatability testing, where we need to confirm and reproduce the results achieved during the R&amp;D stage. You need to reproduce those results two, three or four times to demonstrate that they are repeatable. In Q4, we expect to move into mass-production-line testing. This in-line validation could initially take 10–20 days, although the overall validation process could extend to around two months. In late Q426 or Q127, we expect formal qualification of the material for mass production. During H127, we would then expect customer audits covering areas including quality, health and safety, supply chains and financials. That would position us in H227 to serve the customer with repeatable commercial deliveries. What this means is that we appear to have shortened the standard business development cycle from three to five years to around two to two-and-a-half years.
How broadly is NCEIL-4 now being validated across the OLED market?
Mateusz Nowak: There is a link between this and the previous question. Moving from R&amp;D into production is never a straight line. In business, we like linear development and events that we can predict one after another. With deep technology, sometimes you take two steps forward and one step back. Fortunately, that has not happened so far with any of the 15 partners in our active pipeline.
At the beginning of the year, we had solid validation from one partner. We now have four separate validations across smartphone applications; IT displays, including monitors and laptops; passive-matrix OLED; and micro-OLED applications for VR [virtual-reality] and AR [augmented-reality]. We also now have two formal joint development projects running with a Chinese IT OLED player and a Chinese micro-OLED matrix manufacturer.
There are many other things happening within the pipeline, but to distil it into one sentence: we have 15 partners testing the material across four applications, demonstrating its broad applicability and four validations showing improved device lifetime. For us, that demonstrates that NCEIL-4 is not a single-shot bet. It has the potential to be a platform solution applicable across the industry.
What operational and manufacturing investment is needed to support scale-up?
Mateusz Nowak: To bring forward a high-performance product, you need the support system capable of delivering it. For us, that means building greater physics and engineering capability in-house in Poland. We want to bring small-scale OLED device construction and testing back to Poland. To do that, we need PVD, or physical vapour deposition, equipment. This essentially gives us the capability to build demonstrator OLED devices incorporating our materials, something we have previously been doing with our Asian partners.
Bringing that capability in-house could shorten the development cycle for a new material from two to three years to around one year. That would potentially allow us to deliver a major new material every year. NCEIL-4 has taken almost three years to develop and then build out the industry&#8217;s testing programme around it, so we want to shorten that cycle considerably. We are also expanding our chemical laboratory in Toruń, Poland, which will increase our manufacturing capabilities. Of those two investments, however, I believe bringing PVD equipment in-house is the one that puts us on a completely different trajectory in terms of product development and product delivery.
How does the latest funding support the next stage of Noctiluca&#8217;s development?
Mateusz Nowak: There are two parts to the answer. The first is non-dilutive financing through our grant portfolio. We currently have 12 awarded projects with a total project value of approximately PLN30m, translating into around PLN20m of grant funding for Noctiluca. That is more than double our grant base within a year. It is not our business model to live off grants. We are using this source of funding to help us reach commercial sales. It also enables us to increase investment and make those investments faster by having more capital available.
The second element is the term sheet we have signed with institutional investors NCBR Investment Fund and IGS Investment. I believe these two funding pillars can fully finance the planned engineering PVD system and the increased production capability we need, without creating immediate pressure for further dilution. They also give us greater flexibility if the R&amp;D process does not develop completely linearly or slows at certain points.
What we are doing is future-proofing the company. Our product is progressing towards commercialisation, and we are using that momentum to secure longer-term stability. We want to move faster with the PVD equipment and new product releases, but we also need to be ready for large-scale orders and able to service our customers. We have expanded our teams in both Asia and Poland, and with this funding we believe we will be ready to fully service accounts that materialise next year.
What does success in 2026 look like for Noctiluca?
Mateusz Nowak: I hope that 2026 will prove to be a transformational year for us, moving from being a deep-tech technology company towards becoming an industrial player. That is our ambition and our goal.
This transcript has been lightly edited for clarity and readability. Verbal fillers, false starts and minor repetitions have been removed from the interviewees’ 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/noctiluca-noctiluca-executive-interview-2/BM-4038/widget-xml/</link>
      <isin>PLNCTLC00018</isin>
      <epic>NCL; FSE: G0Z</epic>
    </publication>
    <publication>
      <date>2026-10-01T12:54:03+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Worldwide Healthcare Trust: portfolio update and outlook]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/worldwide-healthcare-trust-portfolio-update-and-outlook/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-10-01T12:42:51+00:00</date>
      <uid>4037</uid>
      <company><![CDATA[BB Biotech]]></company>
      <headline><![CDATA[BB Biotech: Next phase of biotechnology–why innovation, M&#038;A &#038; stock selection matter more than ever]]></headline>
      <description><![CDATA[Hosted by Dr Arron Aatkar, director, healthcare, this webinar features Dr Christian Koch, head of BB Biotech team. Dr Koch provides an update on the company, followed by a Q&amp;A session. BB Biotech (SIX: BION), a Swiss-based investment company, targets long-term capital growth from biotechnology companies developing and marketing innovative drugs. At least 90% of the portfolio is held in listed companies, primarily those that already have products on the market or promising drug candidates in advanced stages of development. BB Biotech is benchmarked against the Nasdaq Biotech Index (in CHF) but is managed on a bottom-up basis, with a focused c 20–50 stock portfolio. Dr. Christian Koch, head of the BB Biotech team since 2025 and executive board member of Bellevue Asset Management, joined Bellevue Asset Management in 2014 as a portfolio manager at BB Biotech. From 2013–14 he was a sell-side pharma and biotech equity analyst at Bank am Bellevue in Küsnacht and from 2010–13 a research associate at the Institute of Pharmaceutical Sciences at ETH Zurich.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/bb-biotech-bb-biotech-next-phase-of-biotechnology-why-innovation-ma-stock-selection-matter-more-than-ever/BM-4037/widget-xml/</link>
      <isin>CH0038389992</isin>
      <epic>BION</epic>
    </publication>
    <publication>
      <date>2026-10-01T11:58:33+00:00</date>
      <uid>4036</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Stock of the month &#8211; Metlen Energy &amp; Metals]]></headline>
      <description><![CDATA[Back on trajectory: H126 EBITDA up 23%, full-year guidance that management itself calls conservative, a &#8364;600m buyback underway and a slate of structural catalysts &#8211; the concessions demerger; a potential Metka IPO; growth in critical metals, defence and battery storage; and Greece&#8217;s return to developed-market status &#8211; with Edison&#8217;s valuation pointing to &#8364;72 a share.]]></description>
      <url>https://edison.bluematrix.com/sellside/AttachmentViewer.action?encrypt=3c449e90-33e0-4b57-956e-20bb97c9b87cfileId=4036_db927901-d6ab-4ba4-a9cd-b7284606472c&amp;isPdf=false</url>
      <link>https://www.edisongroup.com/thematic/stock-of-the-month-metlen-energy-metals/BM-4036/widget-xml/</link>
      <filename></filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-10-01T11:31:24+00:00</date>
      <company><![CDATA[Theon International]]></company>
      <headline><![CDATA[Theon International (AMS: THEON) – c €50m of new orders, strong Q426/Q127 order intake expected]]></headline>
      <description><![CDATA[Theon has announced awards for various contracts totalling c €50m from European and Middle Eastern countries, with deliveries expected to commence this year.]]></description>
      <link>https://www.edisongroup.com/spark/theon-international-ams-theon-ce50m-of-new-orders-strong-q426-q127-order-intake-expected/CY0200751713/widget-xml/</link>
      <isin>CY0200751713</isin>
      <epic>THEON</epic>
    </publication>
    <publication>
      <date>2026-10-01T09:25:07+00:00</date>
      <uid>4025</uid>
      <company><![CDATA[Shepherd Neame]]></company>
      <type>Client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Shepherd Neame — Strong pubs; strategic questions in brewing]]></headline>
      <description><![CDATA[ Shepherd Neame’s FY26 results show a business making satisfactory progress despite a difficult sector backdrop, with pub trading continuing to demonstrate resilience, supported by investment in the estate. London remains the standout area, while the broader estate also benefited from a stronger finish to the year. The main issue is clearly Brewing and Brands, where weaker external volumes and elevated logistics costs, which have almost eradicated profit, have prompted a strategic review of the division. Current trading into FY27 is encouraging, with the improved momentum seen late in FY26 continuing into the new year, including a recovery in beer volumes and accommodation, although management remains cautious on the outlook for inflation, interest rates and the potential impact of a tourism tax. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/c1d73858b99cfeaba0a22aa81909ff4d.pdf</url>
      <link>https://www.edisongroup.com/research/strong-pubs-strategic-questions-in-brewing/BM-4025/widget-xml/</link>
      <filename></filename>
      <isin>GB00BMQX2R72</isin>
      <epic>SHEP</epic>
    </publication>
    <publication>
      <date>2026-10-01T09:23:14+00:00</date>
      <uid>4031</uid>
      <company><![CDATA[Mendus]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Mendus — AML durability and CML progress]]></headline>
      <description><![CDATA[ Mendus has presented five-year follow-up data from the completed Phase IIa ADVANCE II trial in acute myeloid leukaemia (AML), alongside progress from the ongoing Phase Ib VITAL-CML study. All patients remaining in the ADVANCE II long-term follow-up have now reached five-year survival, with median follow-up extending to 60 months, while translational analyses continue to support vididencel’s immune-mediated mechanism and favourable safety profile. In chronic myeloid leukaemia (CML), enrolment has reached 13 of 24 planned patients following successful completion of the initial safety stage. We view the dual update as supportive, though largely confirmatory, rather than thesis-changing. Attention now turns to initial VITAL-CML molecular response data in Q426, alongside further AML updates from CADENCE and DIVA. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/96bc92310d7961d94968025025599371.pdf</url>
      <link>https://www.edisongroup.com/research/aml-durability-and-cml-progress/BM-4031/widget-xml/</link>
      <filename></filename>
      <isin>SE0022239950</isin>
      <epic>IMMU</epic>
    </publication>
    <publication>
      <date>2026-10-01T09:18:21+00:00</date>
      <uid>4033</uid>
      <company><![CDATA[Baillie Gifford US Growth Trust]]></company>
      <headline><![CDATA[Baillie Gifford US Growth Trust – Manager Insights]]></headline>
      <description><![CDATA[Investment manager Gary Robinson asks shareholders to vote against Saba’s board nominees and discusses how the Trust’s structure supports long-term growth.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/baillie-gifford-us-growth-trust-baillie-gifford-us-growth-trust-why-the-saba-vote-matters/BM-4033/widget-xml/</link>
      <isin>GB00BDFGHW41</isin>
      <epic>USA</epic>
    </publication>
    <publication>
      <date>2026-10-01T09:17:58+00:00</date>
      <uid>4034</uid>
      <company><![CDATA[Baillie Gifford US Growth Trust]]></company>
      <headline><![CDATA[Baillie Gifford US Growth Trust – why the Saba vote matters]]></headline>
      <description><![CDATA[The US Growth Trust board explains why it opposes Saba’s nominees, why independence matters and how shareholders can have their say at the AGM.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/baillie-gifford-us-growth-trust-baillie-gifford-us-growth-trust-manager-insights/BM-4034/widget-xml/</link>
      <isin>GB00BDFGHW41</isin>
      <epic>USA</epic>
    </publication>
    <publication>
      <date>2026-10-01T08:12:11+00:00</date>
      <uid>4032</uid>
      <company><![CDATA[YXT.com]]></company>
      <headline><![CDATA[YXT.com – equity proposition]]></headline>
      <description><![CDATA[YXT.com is the leading provider of corporate learning and development software in China, where it operates under the brand Radnova. Founded in 2011, its subscription software helps large employers create and deliver training, manage careers from hiring through to progression, and organise internal knowledge. It serves more than 2,300 subscribing enterprises with a user base of over 20 million, and its software is available in 19 languages to support multinational customers. Over recent years the group has redesigned its product suite around AI and is now evolving from corporate learning into a wider set of intelligent productivity tools.
We highlight the key points of YXT.com’s investment story.

A leading position in China’s digital corporate learning market.
Fifteen years of workforce data underpin an AI-enabled product suite.
Internal use of AI has reshaped the cost base.
A focus on large enterprises, with several routes to growth.
Structural demand drivers support the market.

For further details, please refer to our latest research on YXT.com.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/yxt-com-yxt-com-equity-proposition/BM-4032/widget-xml/</link>
      <isin>US9887402058</isin>
      <epic>YXT</epic>
    </publication>
    <publication>
      <date>2026-10-01T08:07:07+00:00</date>
      <uid>3832</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[AI picks and shovels 1: The power bottleneck]]></headline>
      <description><![CDATA[Watt could the opportunities be in the AI power value chain?While recent AI-related newsflow has been more balanced, opportunities remain among the large number of companies that comprise the picks and shovels of the AI value chain. In this thematic report, we look at the power bottleneck. The AI infrastructure build-out is increasingly constrained by the speed at which new compute can be powered. US data-centre power demand is forecast to rise from 31GW in 2025 to 41GW in 2026 and 66GW in 2027, while Goldman Sachs Research estimates that only c 60% of capacity scheduled over the next year and c 50% over the next two years will come online on time. The emerging bottleneck is not simply electricity generation, but securing, connecting and distributing sufficient power at required locations and timetables. Globally, the IEA expects data-centre electricity consumption to almost double from 485TWh in 2025 to 950TWh in 2030, with AI-focused facilities growing considerably faster than the wider data-centre market.]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/uploads/2026/10/AI-picks-and-shovels_Thematic-with-cover_011026_Ed.pdf</url>
      <link>https://www.edisongroup.com/thematic/ai-picks-and-shovels-1-the-power-bottleneck/BM-3832/widget-xml/</link>
      <filename>AI-picks-and-shovels_Thematic-with-cover_011026_Ed.pdf</filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-10-01T08:00:22+00:00</date>
      <uid>4030</uid>
      <company><![CDATA[Filtronic]]></company>
      <type>Flash</type>
      <otc_epic>FLTCF</otc_epic>
      <headline><![CDATA[Filtronic — SpaceX order underpins FY28 outlook]]></headline>
      <description><![CDATA[ Filtronic has received its largest order yet from SpaceX, worth $68.1m/£51.2m. This follows on from the previous $62.5m order received in August 2025. The company expects to materially deliver the order in FY28, providing significant support to our FY28 forecasts, which we maintain. These contracts combined with the recent wins with an unnamed US satellite customer highlight the company’s strong position at the leading edge of the satellite communications market. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/74ddcca60fe8b0a23d2e58c387bcf53a.pdf</url>
      <link>https://www.edisongroup.com/research/spacex-order-underpins-fy28-outlook/BM-4030/widget-xml/</link>
      <filename></filename>
      <isin>GB0003362992</isin>
      <epic>FTC</epic>
    </publication>
    <publication>
      <date>2026-10-01T07:35:02+00:00</date>
      <company><![CDATA[Immix Biopharma]]></company>
      <headline><![CDATA[Immix Biopharma (NASDAQ: IMMX) closes $125m raise, backing NXC-201&#8217;s next steps]]></headline>
      <description><![CDATA[Net proceeds strengthen funding for planned 2027 filing.]]></description>
      <link>https://www.edisongroup.com/spark/immix-biopharma-nasdaq-immx-closes-125m-raise-backing-nxc-201s-next-steps/US45258H1068/widget-xml/</link>
      <isin>US45258H1068</isin>
      <epic>IMMX</epic>
    </publication>
    <publication>
      <date>2026-10-01T07:16:38+00:00</date>
      <company><![CDATA[Mendus]]></company>
      <headline><![CDATA[Mendus (OMX: IMMU) updates five-year ADVANCE II data and CML progress]]></headline>
      <description><![CDATA[Long-term AML data remain supportive; VITAL-CML recruitment advances.]]></description>
      <link>https://www.edisongroup.com/spark/mendus-omx-immu-updates-five-year-advance-ii-data-and-cml-progress/SE0022239950/widget-xml/</link>
      <isin>SE0022239950</isin>
      <epic>IMMU</epic>
    </publication>
    <publication>
      <date>2026-10-01T07:02:58+00:00</date>
      <uid>4022</uid>
      <company><![CDATA[Greggs]]></company>
      <type>Update</type>
      <otc_epic>GGGSF</otc_epic>
      <headline><![CDATA[Greggs — Better trends, better outlook]]></headline>
      <description><![CDATA[ Greggs’ Q326 trading update provides further evidence of the improvement in trading seen through H126, helped by continued menu innovation and more settled weather. Encouragingly, management indicates the improvement was driven more by footfall than average transaction value, with volumes now close to flat, representing a meaningful improvement from the declines seen earlier in the year. Cost control remains strong and, together with the better recent trading, has led management to modestly increase its expectations for FY26. Alongside the trading update, Greggs has announced proposals to consolidate its manufacturing footprint as it prepares the supply chain for further growth that is expected to generate meaningful ongoing cost savings once completed. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/b75194cc5abdcaa34dcc97fa05f1c15c.pdf</url>
      <link>https://www.edisongroup.com/research/better-trends-better-outlook/BM-4022/widget-xml/</link>
      <filename></filename>
      <isin>GB00B63QSB39</isin>
      <epic>GRG</epic>
    </publication>
    <publication>
      <date>2026-10-01T06:58:43+00:00</date>
      <company><![CDATA[PZ Cussons]]></company>
      <headline><![CDATA[PZ Cussons (LSE: PZC) &#8211; Reassuring Q127 trading update]]></headline>
      <description><![CDATA[PZ Cussons has released a brief but reassuring trading statement. Group like-for-like revenue growth in Q1 was +4.5% and expectations for the full-year operating profit remain unchanged.]]></description>
      <link>https://www.edisongroup.com/spark/pz-cussons-lsepzc-reassuring-q127-trading-update/GB00B19Z1432/widget-xml/</link>
      <isin>GB00B19Z1432</isin>
      <epic>PZC</epic>
    </publication>
    <publication>
      <date>2026-10-01T06:45:00+00:00</date>
      <uid>4029</uid>
      <company><![CDATA[Topps Tiles]]></company>
      <type>Flash</type>
      <otc_epic>TPTJF</otc_epic>
      <headline><![CDATA[Topps Tiles — FY26 profit in line despite challenging market]]></headline>
      <description><![CDATA[ Topps Tiles’ trading update confirms that revenue and adjusted profit before tax in FY26 are in line with our forecasts. While the year has had external challenges, it is pleasing to see progress on the strategy with revenue boosted by good growth from new product categories, the strengthening of the digital proposition and profitability being supported by completion of the self-help programme initiatives to reduce costs and generate efficiencies. Focusing on Q426, overall demand was negatively affected by the extreme temperatures, as was Q326 trading. Consistent with recent comments from other retailers, a normalisation of temperatures towards the end of the period saw an improvement in trading. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/2658bce074a8fde0445773d64f1cf1d5.pdf</url>
      <link>https://www.edisongroup.com/research/fy26-profit-in-line-despite-challenging-market/BM-4029/widget-xml/</link>
      <filename></filename>
      <isin>GB00B18P5K83</isin>
      <epic>TPT</epic>
    </publication>
    <publication>
      <date>2026-09-30T14:11:47+00:00</date>
      <uid>4024</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Vantage: US investors are pouring billions into non-US stocks – is your company on their radar?]]></headline>
      <description><![CDATA[US investors traded $217bn of non-US equities in Q2 alone – up 37% year-on-year – as concerns over a concentrated, AI-heavy S&amp;P 500 push them towards value and quality overseas. In this episode of Vantage, we sit down with Jonathan Dickson, head of EMEA at OTC Markets, to find out why household names from Roche and Heineken to Tesco and the London Stock Exchange Group trade there, how companies are winning serious US investor attention without the cost and complexity of a Nasdaq listing, and what smaller issuers need to get right to be found by American money. Watch now to see how your company could tap into one of the fastest-growing pools of capital in the world.
Could you give us a picture of what OTC Markets is and the role you play there?
Jonathan Dickson: OTC Markets is the largest stock market in the United States for non-US equities. Across the market, we trade over about 12,000 securities – mainly international, but also domestic. My role is head of EMEA: I work with issuers and advisers, educating them around US access – how to compliantly and cost-efficiently access the US.
What does the US investor market actually look like in terms of size and the types of investors involved?
Jonathan Dickson: Outside of the depth of capital and the amount of liquidity available in the US, which everyone knows about, there are other parts that are more unknown. Everyone knows the likes of BlackRock, Fidelity and Wellington, but if you go outside of that into the third- and fourth-tier institutions, family offices and high net worth, retail is a very powerful mover in the US as well.
I think that’s the part people don’t often think about. When you’re doing a roadshow, you’re going to New York, Chicago, LA, San Francisco, Boston – but in the US, you’ll tend to find fund managers spread out all over the place. Here, you’re typically going to London or Edinburgh; over there, it’s Salt Lake City, places like Denver, which you probably wouldn’t expect, but you may stop through. So the availability of capital is there in abundance – getting access to it is another thing, but it’s definitely much more spread out than people would normally think.
Looking at the OTC trading data, what key highlights do you think people don’t fully understand about current investor behaviour – including the shift towards diversification amid the AI trade?
Jonathan Dickson: If you think about the S&amp;P, it’s highly concentrated, and then you look over here and think about the valuation gaps – there’s been a recognition from US investors of that. We’ve seen a decoupling in our market, out of US equities into international equities.
To give you some stats: in Q2 this year, we did about $217bn of US volume, the vast majority going overseas out of the US – that’s up 37% on Q2 last year. So it’s a significant recognition of what could be done outside the US. US investors are conscious of the concentration of the S&amp;P – we see it in London too, with the valuations and the amount of M&amp;A activity. That’s definitely a driver, so the statistics in their own right count for that.
I think the other part is that volume generally is up – it’s not just the percentage increase, but the volume in the markets is up. Last year we were just shy of $1tn in volume; I think this year we may go through $1tn. So the activity’s higher, but it’s definitely going overseas.
When you dig into that volume, is it concentrated in small-cap or big-cap names – and which companies trading on OTC tend to surprise people?
Jonathan Dickson: At the higher end of our market, we have the likes of Roche, Adidas and Heineken. We recently had Siemens Energy join this year, JD Sports join this year, and Tesco earlier this year. Last year, the London Stock Exchange Group itself joined our market, on OTCQX, our top tier. It’s a nice window into the US for those issuers, giving them a cost-efficient, compliant, light-touch way of getting access to the US.
But then right down at the other end, we have venture markets, with a lot of small-cap, micro-cap and nano-cap companies wanting to take that first step into the US. That’s the key point, I think: American investors generally have more money, as a liquid market, but they also have a higher risk appetite, so they’ll look at small-cap securities outside the US. Where it’s an AI play, for example, the valuation over here may be significantly less than over there, and they’re just trying to fill that gap.
What are the most common myths or misunderstandings about OTC that you’d like to set the record straight on?
Jonathan Dickson: I think the first myth is that we split liquidity. The difference is that we’re not New York or Nasdaq – it’s not a dual listing. If you do a dual listing, yes, absolutely, you are splitting that liquidity, and generally, because of the volumes in the US, that tends to flow to the US.
In our market, we have level one ADRs – 70% of all American depositary receipts globally trade with us – but we also have the foreign ordinary share. That’s the local share in the primary market, dollarised with a US quote, which allows US investors to trade into it, and a lot of that flow comes back to the primary market – it prints back here. For a US investor, say retail, it looks and feels like they’re trading a New York or Nasdaq security priced in US dollars, but that flow comes back here. So that’s the first myth: that you’re splitting liquidity. You really aren’t.
The second piece is the regulation around it. If you join New York or Nasdaq, for example, you’re registering with the SEC [Securities and Exchange Commission], complying with [the] Sarbanes-Oxley [Act], and reconciling to US GAAP – so you’re duplicating your reporting, and there’s a lot of cost associated with it. With OTC, less so, because you’re simply leveraging your home market disclosure under an SEC exemption to have that US dollar quote. There’s a risk piece too: if you’re doing a dual listing, you’re on the SEC’s radar because you have to be registered. But with this, you’re just leveraging a primary market. That’s the key thing – you’re not splitting liquidity, and you’re not putting yourself under much more additional risk.
Beyond avoiding dual reporting, SEC registration and fragmented liquidity, is there anything else issuers considering US access should know about OTC?
Jonathan Dickson: I think the key part is that you should have a plan. If you’re a UK, European, or any issuer outside the US, you need an investor relations strategy for a start. We’ve had a relationship with Edison for about half a decade, as an example – because if you&#8217;re going to the US, you’re likely going to be a smaller player in a massive pond, and you have to get the attention.
To my earlier point, you’re not issuing shares, you’re not registering with the SEC, you’re not having an IPO or a liquidity event, so you have to have a strategy to generate what’s going to happen in the US. There are some companies that just resonate with US investors, and it’ll just work – but for the most part, you need a plan to be fully tradable and fully accessed in the US.
Are there companies you&#8217;d highlight as good examples of getting their US IR strategy right?
Jonathan Dickson: There are several companies that have done it well this year. We run the gamut from right at the top, with bigger companies that just have a US strategy – Roche, for example, has a full team in New York looking after their IR, and they just move through the motions because they know how to do it, and it’s done well.
Coming down to the smaller level, we had XL Technologies out of Paris join last year – in the military drone business. Their share register quickly went quite US-centric; they had an IR plan, and they’ve just been taken out by a bigger player in France. So that worked for them.
In the UK, we have several companies that we work with, together with you guys. I think it’s just about constantly touching on that point: have a plan, have a strategy, don’t go in blind. I think that works well.
Where should people go to learn more about OTC Markets or the US market more broadly?
Jonathan Dickson: You can get our details on our website. We have a team in London that we’ve had for about eight years now. I just got back from Hong Kong last week – we’ve opened an office there because we’re seeing interest from APAC investors, for example, in European equities priced in US dollars. So we have a team in APAC as well; our head office is in New York, but for any European issuers, we’re here in London.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/vantage-us-investors-are-pouring-billions-into-non-us-stocks-is-your-company-on-their-radar/BM-4024/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-30T14:00:37+00:00</date>
      <uid>4013</uid>
      <company><![CDATA[Braemar]]></company>
      <type>Update</type>
      <otc_epic>BSEAF</otc_epic>
      <headline><![CDATA[Braemar — Update shows successful execution]]></headline>
      <description><![CDATA[ Braemar issued a positive H127 trading update and confirmed it is on track to meet company consensus expectations for FY27 supported by strong H127 revenue growth of 16%, 7% growth in underlying operating profit and ongoing investment in the business and its people. The forward order book remains strong and net debt has been reduced to zero. We believe the trading update and recent initiatives reflect successful execution of the 2030 growth strategy and value the company accordingly. Based on the mid-point of FY27 and 2030 targets, our unchanged 370p target offers 59% upside. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/c3a03f10034cdb27755856a1a7d459bf.pdf</url>
      <link>https://www.edisongroup.com/research/update-shows-successful-execution/BM-4013/widget-xml/</link>
      <filename></filename>
      <isin>GB0000600931</isin>
      <epic>BMS</epic>
    </publication>
    <publication>
      <date>2026-09-30T13:26:06+00:00</date>
      <uid>4023</uid>
      <company><![CDATA[Regional REIT]]></company>
      <headline><![CDATA[Regional REIT – executive interview]]></headline>
      <description><![CDATA[In this interview, Stephen Inglis, head of Regional REIT’s asset manager, ESR Europe LSPIM, and de facto CEO of RGL, talks about the recently released H126 interim report, with a focus on the strategic progress made during the period. It continues to be a challenging market environment and while the progress that RGL is making is yet to be reflected in EPRA earnings, asset sales are on track to reach more than £55m for the year, debt is falling, portfolio quality is improving and rent levels are increasing. Stephen says that although lettings are taking longer to negotiate, occupier demand for good quality property is robust and that a growing demand-supply imbalance in the market provides a strong tailwind for continuing rental growth. Meanwhile, the full year DPS target of 8.0p was reconfirmed, leaving the shares on a yield of more than 9% and trading at less than half net asset value.
The first half results are very much about the strategic progress you are making. Can you briefly give the background to that strategy.
Stephen Inglis: The company is invested in the office market, which has struggled a little post-Covid, so in 2024 we set out a recovery plan, in effect, to reduce the indebtedness of the business and improve net income – by selling void properties and/or leasing up some of our asset management initiatives, where we&#8217;ve refurbished assets and where demand clearly exists.
What progress have you made on disposals in the first half?
Stephen Inglis: In the period, we&#8217;ve disposed of £21.5m of assets, mainly vacant or partially vacant, which has had a net effect of £700,000 of savings from those void costs. That’s in line with our £50m to £60m target for the year-end, and we’re hoping to achieve closer to the higher end of that range. That, in turn, has reduced debt by some £22.4m. If we’re on target for the year-end, we’ll reduce LTV from its current level of 38.5% to c 35% by year-end.
What are your plans for the refinancing due next year?
Stephen Inglis: We have a facility due to be redeemed in December 2027, so there’s still some time to go, but as you’d expect, we’re quite well progressed on replacing that debt. We’re in discussions with our current lender, as well as other parties in the market, and we’re looking to achieve some competitive tension between lenders. So yes, we’re well advanced – we’d anticipate having new debt in place by the end of the first quarter of 2027, well in advance of the December 2027 redemption.
Turning to the other side of the strategy, what kind of portfolio are you building and what are the prospects for it?
Stephen Inglis: The intention is to reduce the number of assets and hold higher-quality assets within the portfolio, and that’s done in a number of ways: selling down non-core, non-performing assets, and investing more money into those assets where we believe there’s a long-term future in terms of occupancy and rental growth. If we look at the letting side, the leasing market has been subdued – by that, I mean lettings are taking far longer to complete than we’ve ever seen before. Typically it’s now nine to 15 months to complete a letting from the initial viewing, versus six to nine months maximum pre-COVID. So it really has moved quite dramatically.
That being said, there are still tenants relocating, and we let 26 spaces over the course of the first period, generating £1.9m of income across those spaces – and that’s 3% ahead of ERV on average. So we&#8217;re still seeing that rental growth story, and I think that&#8217;s set to continue. Within that, we achieved one significant letting over the period: a business park with two buildings in Sherwood, Nottingham, totalling just over 146,000 square feet, which we leased to Glenair, an American technology company.
That’s quite an interesting story, in that the building had been identified as surplus from our perspective, and we were actually looking to demolish it to make way for a high-quality industrial unit in that location. However, we were approached by this tenant, who simply couldn’t find ready-made space in the marketplace to meet their requirements. They came to us saying: ‘Look, the fundamentals of this building are suitable for us – the quality of the building in terms of the external fabric is good, there’s a great car-parking ratio, and we’d like to occupy it.’
The difficulty for us was that this would have meant a c £5m investment to refurbish the building to make it fit for Glenair’s occupation. However, the tenant turned around and said, ‘Actually, we’ll do the works and spend the £5m ourselves.’ So, from our point of view, it’s a capital-light letting, achieving a rent that grows to £1.1m in 2027 – a very good result.
But that’s what’s happening in the marketplace: we’re seeing a lack of supply of ready-made space, of that there’s no doubt. We’re always speaking with occupiers who are complaining, literally, that they don’t see enough space available for their use, and that will create a bottleneck in the market for better-quality space – which is what we’re trying to provide through our refurbishment programme.
How important is building a higher-quality portfolio to meeting occupier demand and driving rental growth?
Stephen Inglis: Very important – it’s a simple answer. Nearly all of the interest we have, and most of the requirements in the market, are for Grade A accommodation meeting EPC A or B, so tenants have definitely been driven towards higher-quality space. That was happening even before COVID, but its aftermath has probably accelerated it, with tenants looking for better-quality space to attract talent and make spaces more attractive for existing employees. So that’s definitely been a huge trend in the market.
The other reason is that the government still intends to introduce minimum requirements by 2030 of EPC A and B, so tenants, in readiness for that, are now looking at space and saying: ‘If that doesn’t conform to those standards, then we really don’t want it.’ That has been, and continues to be, a trend.
We focus very much on the ESG credentials of the portfolio, with EPC being an important part of that. Over 61% of our portfolio is currently EPC A or B, and a further 25% is C, where we’ve identified the journey to improving those assets to A or B. It’s worth mentioning, in the context of the market, that only around 20% to 25% of the regional office market currently conforms to EPC A or B, and growth in that has been c 8% per annum – so obviously 8% of 25% isn’t going to make much of a dent in that ongoing requirement.
If you look at the supply-demand dynamics, approximately 81.6% of the regional office market is occupied. Of the c 20% that’s currently vacant, most is unrefurbished and not fit for purpose. So even with steady-state demand, rather than increased demand, we’ve clearly got a bottleneck – and that’s really what’s beginning to drive rental growth in the regional markets. I expect that to accelerate the closer we get to 2030.
What rental growth is the market seeing and what have you been achieving on your own lettings?
Stephen Inglis: We’ve seen consistent rental growth above ERV, and ERV themselves are moving – typically 3.7% in 2025, and 5.3% so far in 2026, above ERV. That translates to 6% to 7% annualised growth, and if that continues, the power of compounding should see substantial rental growth. But to put it in context, spaces we were previously letting at £15 to £18 a square foot are now in the region of £24 to £30 a square foot – that’s putting it in real terms.
What should investors expect in terms of earnings and dividends this year, and over the next two or three years?
Stephen Inglis: Consensus forecast has us paying a dividend of 8p per share. We’ve paid 4p so far in the six months, fully covered, and the board’s policy is that we will only pay fully covered dividends – but we wholly anticipate being able to meet our ambition of an 8p dividend by the year-end.
I think the important thing to recognise in the numbers is that we’ve achieved £1.9m of additional rent, plus the savings in void costs that tenants now cover. However, we do still have an issue with breaks and expiries over the period – that was roughly £1.8m, albeit offset by an additional £700,000 of savings from the sales. So we’re definitely going in the right direction: we’re 2.5% up in the period on actual occupancy.
The EPRA numbers distort the real picture, because refurbished assets come back into the EPRA numbers. So, bizarrely and counterintuitively, EPRA occupancy is slightly down, but real occupancy is actually up 2.5% – again, a step in the right direction.
Looking ahead, we talked about supply and demand earlier – you’d anticipate that renewal rates would improve, because we’re continually spending little and often on those buildings to upgrade them so they meet tenant requirements. The supply out there is limited, so there&#8217;s less choice for tenants to relocate. Combined with our leasing activity and improved renewal rates, we’d anticipate that our rental income will grow, and our net rental income will also grow, because we’re getting rid of those void costs through sales and leasing.
With a 9% well-covered yield and the shares trading at around 0.5x book value, what do you see as the catalysts to close that gap?
Stephen Inglis: Starting with why we are where we are: the listed real estate market hasn&#8217;t been a popular sector, and all the REITs are currently trading at a discount. We&#8217;re trading at a bigger discount than most, and that&#8217;s down to two things. One, we raised money a couple of years ago, which had an impact on the share price. And two, we&#8217;ve been in the worst sector in terms of valuation and perception – obviously the office sector, post-Covid.
I think that’s been oversold. We’re demonstrating now that there’s a supply-demand imbalance coming, and it’s just a case of when it arrives – I think we’re seeing the early stages of it now, and, as I said earlier, it will improve between now and 2030, which should improve our occupancy, our gross income and our net income. So I think all those things are positive.
The negatives, of course – and I’d be churlish not to mention them – are that we do have the refinancing ahead, and that will be at a higher interest rate, given the cheap debt we all locked into many years ago. That will clearly have a negative impact. And, of course, valuation generally has been unpredictable. That said, if you look at the valuation yields across our portfolio over the last three periods, they’re identical, so we’re seeing a flat valuation market, which would tend to suggest we’ve reached the bottom.
But we’ve also got interest rate pressures in terms of what the Bank of England will do, and, of course, a budget looming – prime minister Andy Burnham’s first budget. So there’s still a lot of uncertainty out there, and that uncertainty preys on investors’ minds. I think that’s why we remain at a fairly depressed share price, against what you mentioned earlier, which I’m wholly in agreement with: that the long-term potential of this portfolio is strong.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/regional-reit-regional-reit-executive-interview-2/BM-4023/widget-xml/</link>
      <isin>GG00BSY2LD72</isin>
      <epic>RGL</epic>
    </publication>
    <publication>
      <date>2026-09-30T12:37:36+00:00</date>
      <uid>4019</uid>
      <company><![CDATA[One and one Green Technologies]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[One and one Green Technologies — Copper growth offsets aluminium disruption]]></headline>
      <description><![CDATA[ One and one Green Technologies (YDDL) reported H126 revenue of US$33.4m, up 18.7% y-o-y, and net income of US$4.5m, up 17.4%. Copper alloy remained the main growth driver, with revenue increasing 38.9%, while the six-week suspension of aluminium processing during an equipment upgrade reduced group volumes and contributed to lower margins. Aluminium production resumed in July and management expects gross margin and net income to improve in H2. We will review our FY26 estimates and valuation shortly following the results. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/uploads/2026/09/ONe-and-one-pdf.pdf</url>
      <link>https://www.edisongroup.com/research/copper-growth-offsets-aluminium-disruption/BM-4019/widget-xml/</link>
      <filename>ONe-and-one-pdf.pdf</filename>
      <isin>KYG6772F1028</isin>
      <epic>YDDL</epic>
    </publication>
    <publication>
      <date>2026-09-30T12:07:24+00:00</date>
      <uid>3997</uid>
      <company><![CDATA[SDCL Efficiency Income Trust]]></company>
      <type>Update</type>
      <otc_epic>SDCLF</otc_epic>
      <headline><![CDATA[SDCL Efficiency Income Trust — Company update and proposed board appointments]]></headline>
      <description><![CDATA[ SDCL Efficiency Income Trust’s (SEIT’s) 30 September update reports progress in implementing its wind-down, with portfolio performance broadly in line with the investment manager’s expectations and discussions ongoing with potential purchasers. Disposal proceeds are expected to fund debt repayment and liquidity requirements before shareholder distributions. Separately, the company announced on 25 September the proposed appointments of Boaz Weinstein and Richard Pavry as non-executive directors, nominated by its two largest investors. The appointments are subject to shareholder approval on 15 October and are discussed on page two. The board and investment manager remain focused on balancing prompt capital returns with maximising value. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/ae4647555aa6501bdc0112cadc00431e.pdf</url>
      <link>https://www.edisongroup.com/research/company-update-and-proposed-board-appointments/BM-3997/widget-xml/</link>
      <filename></filename>
      <isin>GB00BGHVZM47</isin>
      <epic>SEIT</epic>
    </publication>
    <publication>
      <date>2026-09-30T11:33:21+00:00</date>
      <uid>4004</uid>
      <company><![CDATA[Oando]]></company>
      <type>Client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Oando — AGM resolutions passed; operating progress]]></headline>
      <description><![CDATA[ Oando’s shareholders approved all resolutions at its September AGM, including authority to pursue additional stock-exchange listings. More importantly, management reiterated its funding plans and 40–50kboepd 2026 exit-rate production guidance. Strong H126 cost performance supports the revised production opex target of below US$18/boe, while the planned increase to five rigs by end-2027 should accelerate development. Oando continues to trade at a significant reserve-based discount. Delivering the development programme and reducing the interest burden remain central to the investment case. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/uploads/2026/09/New-Oando-QV-pdf.pdf</url>
      <link>https://www.edisongroup.com/research/agm-resolutions-passed-operating-progress/BM-4004/widget-xml/</link>
      <filename>New-Oando-QV-pdf.pdf</filename>
      <isin>NGOANDO00002</isin>
      <epic>OANDO</epic>
    </publication>
    <publication>
      <date>2026-09-30T10:27:04+00:00</date>
      <uid>3985</uid>
      <company><![CDATA[Ceres Power Holdings]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Ceres Power Holdings — Partners scaling as power demand builds]]></headline>
      <description><![CDATA[ Ceres reiterated c £45m of contracted 2026 revenue alongside H126 results and remains confident of signing a new manufacturing licensee this year, with the pipeline growing across the US, Asia and Europe. Revenue rose 8% to £22.8m, half of guidance, driven by the Weichai licence. A 14% reduction in operating costs narrowed the adjusted EBITDA loss to £6.8m (H125: £11.3m), and the £102.6m gross equity raise lifted cash and investments to £172.0m. First downstream partner orders and a leaner cost base leave Ceres well-placed as time to power becomes a key customer constraint. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/30d8b761d5d3e77bfeed354c10d13a44.pdf</url>
      <link>https://www.edisongroup.com/research/partners-scaling-as-power-demand-builds/BM-3985/widget-xml/</link>
      <filename></filename>
      <isin>GB00BG5KQW09</isin>
      <epic>CWR</epic>
    </publication>
    <publication>
      <date>2026-09-30T09:14:57+00:00</date>
      <uid>3938</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[REE industry M&amp;A update]]></headline>
      <description><![CDATA[Premium valuations against weak equity marketsRare earth M&amp;A has accelerated despite weak and volatile equity markets, with transactions spanning upstream resources through mid- and downstream processing. Recent deals have attracted substantial valuation premiums, while many listed developers continue to trade at comparatively low resource multiples. The divergence suggests public markets remain focused on near-term funding, execution and macroeconomic risks, while transaction valuations reflect tighter longer-term supply, growing demand and the need for diversified ex-China capacity. Heavy rare earth elements (HREE) exposure is increasingly differentiated given tighter Dy/Tb and yttrium supply. The US-China trade truce now runs to 10 January 2027 and the two sides are discussing improved rare-earth supply, which could narrow current scarcity premiums. However, China&#8217;s supply-chain dominance means diversification remains a longer-term strategic priority.]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/uploads/2026/09/REE-themes_300926.pdf</url>
      <link>https://www.edisongroup.com/thematic/ree-industry-ma-update/BM-3938/widget-xml/</link>
      <filename>REE-themes_300926.pdf</filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-30T08:58:47+00:00</date>
      <uid>4021</uid>
      <company><![CDATA[Terrain Minerals]]></company>
      <headline><![CDATA[Terrain Minerals – executive interview]]></headline>
      <description><![CDATA[In this interview, Terrain Minerals executive director, Justin Virgin, discusses the recent metallurgical test-work results at its Lightning gold project in Western Australia. He also discusses the company&#8217;s recent, premium equity fundraising, anchored by Gandel Metals, and its forthcoming 1 for 14 share consolidation and more.
Terrain Minerals is a Western Australia-based diversified exploration company on a mission to discover the next generation of technology-critical minerals. Its exploration strategy provides investors with early exposure to high-potential flagship projects in addition to an advancing pipeline of large-scale opportunities in key commodities critical to the global energy transition. With a diversified focus on critical and precious metals, Terrain is de-risking its portfolio through a staged, cost-effective exploration strategy across multiple projects. Its focus is on high-value commodities including gold, gallium, rare earth elements, copper and lithium – the building blocks of tomorrow’s innovations.
With the fundraise and metallurgical results from both Larin&#8217;s Lane and the Lightning prospect at Smokebush to discuss, where would you like to start?
Justin Virgin: Probably our gold metallurgical results, which are really exciting. We put out our maiden resource a couple of months ago, and we&#8217;ve announced we&#8217;re rolling out a 10,000-plus-metre RC [reverse circulation drilling] campaign, infill, extensions and new IP [induced polarisation] targets we&#8217;ve identified, which is one of the controlling factors for gold and silver on our mining lease, and those are the new targets we&#8217;re drilling. The metallurgical studies have confirmed that this gold is not refractory, and it can go into pretty much any mill nearby, which really opens up the options for some early cash flow.
What are the likely timelines for reaching early cash flow?
Justin Virgin: 18 months to two years is not unrealistic. The next drill campaign will move the resource from inferred to indicated, and we&#8217;ll be able to publish the real mining numbers. It starts to get exciting from that point. We&#8217;ve already got a granted mining lease, which has really sped things up. That was granted last November.
In terms of size and scale, are you looking to grow the maiden resource or simply upgrade its confidence category?
Justin Virgin: We want to make it bigger, and we want to lift the categories up. There are five structures pushing out in various directions that we need to chase, and it&#8217;s still open at depth – and then there are all these new targets. These are just the ones on the mining lease, let alone the ground to the south, which is all in the same geological setting and looks like a Lightning-style deposit at an earlier stage. It&#8217;s really exciting that we&#8217;ve got a handle on how the geology works here, and I think the goal is to try to make this as big as possible.
Would you say your geological model here has now been validated?
Justin Virgin: That&#8217;s the exciting thing. It&#8217;s been six years of hard work trying to figure things out with not much money, and a bit of validation is Gandel Metals coming in and raising above market, which is really positive for us and has underwritten this capital raise. It&#8217;s been very positive for the last six months since the MRE [mineral resource estimate] came out. We&#8217;re now restructuring the company too, to set us up for 2027: there&#8217;s a 14-for-1 consolidation, which will bring the share count back down. It&#8217;s about getting the company match fit, so we&#8217;re ready to run out to the field next year. We&#8217;re getting our house in order, now that we&#8217;ve got the resource, and we&#8217;re growing it.
Informally, what scale of resource would you ultimately like to develop here?
Justin Virgin: Waratah Resources, which is now being taken over by Capricorn Metals, had about 31 pits within the area. Most of these pits held 200,000–300,000oz, so that gives you an idea of what this area typically produces – there are some big ones around.
We&#8217;ve pushed our resource down to about 300 metres in depth, and it&#8217;s still very strong down there. All the mines in the area go down to one and a half to two kilometres and keep punching, and we&#8217;ve seen no geological reason why ours would change at depth, so that&#8217;s exciting. All the mines to the north of us at Capricorn, or ex-Waratah, are 200,000–300,000oz ore pits, and they keep punching down.
We&#8217;ve also got multiple other targets that are nice IP targets, with drilling and soils that are looking the same. If a couple more of these other targets come in, you can probably start doing the maths from what I&#8217;ve just said – can we build a decent-sized standalone project here? I think it&#8217;s possible.
What&#8217;s the drilling timeline looking like?
Justin Virgin: The more money I have, the more drill rigs I can run. I expect we&#8217;ll be cranking up within the next month or so. We&#8217;ll probably take a couple of weeks off over Christmas, but we&#8217;ll likely be drilling until late February. So probably four months of drilling ahead of us, testing seven IP targets plus all the extensional and infill drilling.
When can investors expect an updated mineral resource estimate?
Justin Virgin: Yes, an updated MRE: Q1 is possible, but realistically it&#8217;s more likely to land in the second quarter, sometime between March and June.
Will a scoping or pre-feasibility study follow the updated resource?
Justin Virgin: We&#8217;ll do something straightaway, because the moment we move the resource from inferred to indicated, we&#8217;re allowed to put some numbers out, and I think that&#8217;ll be the exciting part. It&#8217;ll take a few months. Once we have the data back, we can get the people working in the background doing their thing before everything is calculated, because they don&#8217;t need the calculation, just the raw data. The model&#8217;s already there, so it&#8217;s just a case of adding extra holes to it.
Looking further ahead, when might we see a move towards development funding?
Justin Virgin: Let&#8217;s see what the scoping study says first. There&#8217;s potential for partners to come in and help fund mining, so we could get ore to a mill up the road somewhere. We&#8217;ve had several discussions with several groups, and there are a few different possibilities, but they want to know when we can deliver before they get too serious.
Subject to the results and these new targets, we may go back and do a lot more drilling – that would be my preference. I&#8217;d like to have a few drill rigs here going nonstop. But yes, I think it should be quite exciting. I think the company is putting its house in order, and gold in WA [Western Australia] is high-grade – our grade runs around 2.5g/t here – and the small starter pit we have is 3.5g. That&#8217;s quite valuable to us, and it&#8217;s very truckable.
In a best-case scenario, when might we see first gold production?
Justin Virgin: There are a couple of ways we could do this. One group we&#8217;ve spoken to would do mine-gate sales. They&#8217;d simply buy from us every month. We have ore at surface, so that&#8217;s attractive from a cash flow perspective. Another group we&#8217;ve spoken to, who have a mill, want a 150,000t parcel. So, the exact timing and scenario for first gold could vary a little, but again, it&#8217;s not unreasonable that within a couple of years we could have cash flow. And if we&#8217;re getting really good results, and it keeps getting bigger and better and the market&#8217;s kind to us, we might be able to keep drilling and go standalone.
How should investors think about Terrain Minerals as a whole? Are Smokebush and Lightning very much the lead asset?
Justin Virgin: Absolutely. This is what we&#8217;ve become. We&#8217;re still doing work on the other projects, and we will continue to, but it&#8217;s probably 85% Smokebush and 15% these other projects. We&#8217;re proving them up to the point where we&#8217;ll make a decision: do we keep them, or do we float them off? But we&#8217;ve always wanted a real project, and now we&#8217;ve got one.
The Larin&#8217;s Lane project, which you mentioned, is where our metallurgical studies have come through. That&#8217;s also part of Smokebush, about five or six kilometres away, in a different geological setting to the gold. Those studies are good, but we need more metallurgical work to advance it, because rare earths are all about metallurgy and processing costs. It doesn&#8217;t cost us much, and there&#8217;s a lot of government support there. We&#8217;re just slowly getting things done. It&#8217;s not very exciting doing these metallurgy reports and studies, but no one&#8217;s done it before. So, there&#8217;s a good chance we can unlock it – we think we can. The rare earths themselves will potentially go elsewhere.
Our Pilbara project, Carlindie, is really exciting. There were 10Moz discovered close by using machine learning, and we&#8217;ve done the same machine learning study. We&#8217;ve announced we&#8217;ve completed some soil sampling. We&#8217;ve got some really big areas with nice trace elements of gold, and we&#8217;ve just gone back and completed more soils. So, we&#8217;ve potentially found a new greenstone belt, with potentially three areas of machine learning studies lining up with big structures that are all under cover. That&#8217;s also very exciting. No one&#8217;s really looked in the Pilbara before, so we&#8217;ve got a pretty exciting package there, though not all granted quite yet.
And our Queensland project is copper-gold. That&#8217;s also quite exciting, and we&#8217;re slowly getting onto that as well.
Larin&#8217;s Lane sits right next to Lightning and Smokebush on the same licences. What did the metallurgical test results using methanesulfonic acid show?
Justin Virgin: I heard it&#8217;s manufactured in Germany by Bayer, I think. We just use organic acids because they&#8217;re readily available, and that&#8217;s the important part. It&#8217;s also not super dangerous to use. It just makes things easier in terms of cost, corrosion and safety. We&#8217;ve had really good results: we tested eight different types of organic acid, and methanesulfonic acid is the one that came out best.
Could Larin&#8217;s Lane end up using a high-pressure acid leach process?
Justin Virgin: I&#8217;m not sure – there&#8217;s a fair bit more work to go. We&#8217;ve started doing some size-fraction work on the other commodities. We&#8217;ve picked up some gallium as well, and there&#8217;s scandium coming out at high grades. So, we don&#8217;t fully understand it yet, and there&#8217;s more work to be done.
Where are things at with the current fundraising, and how can investors get involved?
Justin Virgin: It depends on your jurisdiction. We&#8217;ve done a capital raise of A$1m with Gandel Metals, who have come in and cornerstoned it. We&#8217;ve also done a rights issue to our shareholders, and the prospectus should be lodged very shortly – though only Australian and New Zealand holders can participate. If there&#8217;s enough interest, there may be a shortfall, and we&#8217;re interested in placing that. So, anyone interested in being part of it should get in touch. And if anyone&#8217;s interested in becoming part of the company more generally, we&#8217;re always happy to talk – we could always do something on the side.
What will the A$2.5m raise fund?
Justin Virgin: That covers this next drill campaign in full. It&#8217;ll pay for the soil sampling we&#8217;ve just completed up in the Pilbara at Carlindie, and it&#8217;ll get the mining studies, or first-pass studies, done and all that news out into the market. So, it&#8217;s a drilling and resource upgrade programme. It&#8217;s a pretty exciting place to be with new capital.
Can you explain the mechanics of the 14-for-1 share consolidation?
Justin Virgin: Yes. Basically, whatever percentage of the company you own before is the same percentage you&#8217;ll own afterwards. It&#8217;s just a matter of timing with our registrar. There are a lot of algorithmic traders who have unfortunately kept the stock stuck in a holding pattern, and it&#8217;s been very hard to break out of that: there are too many shares in issue, so we&#8217;re just pulling that back. It makes a lot of sense, and everyone&#8217;s been pretty positive about it. They&#8217;ve all been telling me to do it for a long time, but I&#8217;ve been very conscious that for most companies that do reconstructions, within six months the share price has halved.
All the ones I&#8217;ve seen done well have an asset that they&#8217;re growing, they&#8217;ve brought some new people in and there&#8217;s a lot of exciting newsflow heading towards cash flow. Those are the ones that typically see the share price increase. So, I was a bit cautious about timing, but I think now is spot on for us.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/terrain-minerals-terrain-minerals-executive-interview-2/BM-4021/widget-xml/</link>
      <isin>AU000000TMX0</isin>
      <epic>TMX</epic>
    </publication>
    <publication>
      <date>2026-09-30T07:53:37+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Novacyt (EURONEXT GROWTH: ALNOV; AIM: NCYT) – H1 growth accelerates as restructuring bears fruit]]></headline>
      <description><![CDATA[Broad-based growth continues as cost reductions support operating leverage.]]></description>
      <link>https://www.edisongroup.com/spark/novacyt-euronext-growth-alnov-aim-ncyt-h1-growth-accelerates-as-restructuring-bears-fruit/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-30T07:53:23+00:00</date>
      <company><![CDATA[AOTI]]></company>
      <headline><![CDATA[AOTI (AIM: AOTI) reports strong H1, Medicare catalyst draws closer]]></headline>
      <description><![CDATA[AOTI reported a strong H126 performance, with improving profitability and cash generation ahead of a potentially important reimbursement inflection for TWO2.]]></description>
      <link>https://www.edisongroup.com/spark/aoti-aim-aoti-reports-strong-h1-medicare-catalyst-draws-closer/US03690C1027/widget-xml/</link>
      <isin>US03690C1027</isin>
      <epic>AOTI</epic>
    </publication>
    <publication>
      <date>2026-09-30T07:42:41+00:00</date>
      <uid>4017</uid>
      <company><![CDATA[Card Factory]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Card Factory — Strategy and better execution bearing fruit]]></headline>
      <description><![CDATA[ Card Factory’s H127 results and current trading update provide welcome signs of better momentum after a difficult period for UK trading. While the consumer backdrop remains challenging, better execution and cost control have improved the profitability of the core store business, with more recent trading suggesting the actions taken to improve the customer proposition are gaining traction. At the same time, the strategy to broaden beyond its traditional UK card market continues to progress, with encouraging early performance from party products, continued growth in international and wholesale, and the Funky Pigeon integration on track. There remains plenty to deliver through the all-important peak trading period; however, management is confident in meeting full-year consensus estimates. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/0be707fc273d6cda1fd0ebc16a645943.pdf</url>
      <link>https://www.edisongroup.com/research/strategy-and-better-execution-bearing-fruit/BM-4017/widget-xml/</link>
      <filename></filename>
      <isin>GB00BLY2F708</isin>
      <epic>CARD</epic>
    </publication>
    <publication>
      <date>2026-09-30T07:25:10+00:00</date>
      <company><![CDATA[Shepherd Neame]]></company>
      <headline><![CDATA[Shepherd Neame (AQSE: SHEP) &#8211; Pubs drive progress as brewing strategy comes under review]]></headline>
      <description><![CDATA[FY26 results in line and current trading encouraging]]></description>
      <link>https://www.edisongroup.com/spark/shepherd-neame-aqseshep-pubs-drive-progress-as-brewing-strategy-comes-under-review/GB00BMQX2R72/widget-xml/</link>
      <isin>GB00BMQX2R72</isin>
      <epic>SHEP</epic>
    </publication>
    <publication>
      <date>2026-09-30T07:11:19+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Thalia Therapeutics (AIM: THAT) H126 results: clinical transformation taking shape]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/spark/thalia-therapeutics-aim-that-h126-results-clinical-transformation-taking-shape/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-30T06:47:33+00:00</date>
      <company><![CDATA[Creo Medical]]></company>
      <headline><![CDATA[Creo Medical (AIM: CREO) &#8211; H126 results: Momentum builds, funding key]]></headline>
      <description><![CDATA[Creo’s H126 results show continued commercial progress alongside a materially leaner cost base]]></description>
      <link>https://www.edisongroup.com/spark/creo-medical-aim-creo-h126-results-momentum-builds-funding-key/GB00BZ1BLL44/widget-xml/</link>
      <isin>GB00BZ1BLL44</isin>
      <epic>CREO</epic>
    </publication>
    <publication>
      <date>2026-09-30T06:30:49+00:00</date>
      <company><![CDATA[Greggs]]></company>
      <headline><![CDATA[Greggs (LSE:GRG) – better sales momentum leads to increase in outlook for FY26 but signs of higher cost inflation in FY27]]></headline>
      <description><![CDATA[Improving sales trends in Q326 and proposed consolidation of manufacturing operations.]]></description>
      <link>https://www.edisongroup.com/spark/grg-lsegrg-better-sales-momentum-leads-to-increase-in-outlook-for-fy26-but-signs-of-higher-cost-inflation-in-fy27/GB00B63QSB39/widget-xml/</link>
      <isin>GB00B63QSB39</isin>
      <epic>GRG</epic>
    </publication>
    <publication>
      <date>2026-09-30T06:26:59+00:00</date>
      <company><![CDATA[Santhera Pharmaceuticals]]></company>
      <headline><![CDATA[SANTHERA (SIX: SANN) H126 results: AGAMREE momentum strengthens]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/spark/santhera-six-sann-h126-results-agamree-momentum-strengthens/CH1276028821/widget-xml/</link>
      <isin>CH1276028821</isin>
      <epic>SANN</epic>
    </publication>
    <publication>
      <date>2026-09-30T05:46:42+00:00</date>
      <uid>3634</uid>
      <company><![CDATA[Starpharma]]></company>
      <type>Initiation</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Starpharma — Novel dendrimer platform for targeted oncology]]></headline>
      <description><![CDATA[ Starpharma is a biotechnology company specialised in targeted oncology, underpinned by its proprietary, clinically established dendrimer enhanced product (DEP) platform. The investment case combines two approaches to value creation: retaining more favourable economics through internally developed targeted oncology assets, while partnered programmes broaden DEP’s reach, validate the platform and generate non-dilutive economics. We see particular value in DEP’s applicability across therapeutic modalities where tumour delivery, retention, pharmacokinetics and off-target toxicity remain key constraints. Phase I-ready lead asset DEP HER2-Lu provides the nearest-term clinical proof point, supported by encouraging preclinical data. Partner-ready Phase II assets and collaborations with Genentech, Radiopharm Theranostics and Medicxi/Petalion provide additional optionality, while the A$32m raise extends the cash runway into FY28. We initiate coverage with a valuation of A$569.3m or A$1.19/share. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/3a48fce1e5dffd84282461389034a14a.pdf</url>
      <link>https://www.edisongroup.com/research/novel-dendrimer-platform-for-targeted-oncology/BM-3634/widget-xml/</link>
      <filename></filename>
      <isin>AU000000SPL0</isin>
      <epic>SPL</epic>
    </publication>
    <publication>
      <date>2026-09-29T17:10:14+00:00</date>
      <uid>4015</uid>
      <company><![CDATA[Immix Biopharma]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Immix Biopharma — NXC-201 data enhance the investment case]]></headline>
      <description><![CDATA[ Immix Biopharma has reported an 89% complete response (CR) rate (40/45) for CAR-T candidate NXC-201 in NEXICART-2 for relapsed/refractory amyloid light chain amyloidosis (r/r ALA), as assessed by independent review. Among 25 newly reported patients, 21 achieved CR, while the remaining four are measurable residual disease negative (MRD-), with no detectable diseased cells in bone marrow. If these four patients reach CR, as prior MRD- patients have, the CR rate could rise to 98% (44/45), although conversion is yet to be assured. Encouragingly, no relapses have been observed among patients reaching CR or MRD negativity, supporting the durability of the outcomes. Further, the latest safety data show no neurotoxicity or enterocolitis, adding to the favourable characteristics of NXC-201, compared to other available CAR-Ts. In our view, this strengthens NXC-201’s regulatory case, subject to longer follow-up and FDA review. Immix has also priced a $125m equity offering at $11 per share. As communicated on the associated webcast, management expects this to extend its cash runway to Q129. On account of these developments, we have increased our valuation of Immix to $1.25bn or $17.4 per share. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/2675876e4d225b6e7318ca4f7c3ba5fe.pdf</url>
      <link>https://www.edisongroup.com/research/nxc-201-data-enhance-the-investment-case/BM-4015/widget-xml/</link>
      <filename></filename>
      <isin>US45258H1068</isin>
      <epic>IMMX</epic>
    </publication>
    <publication>
      <date>2026-09-29T17:05:53+00:00</date>
      <company><![CDATA[The Metals Company]]></company>
      <headline><![CDATA[The Metals Company (NASDAQ: TMC): Board appointment a vote of confidence]]></headline>
      <description><![CDATA[TMC announces the appointment of Liam Mallon, former president of ExxonMobil Upstream, to its board of directors.]]></description>
      <link>https://www.edisongroup.com/spark/the-metals-company-nasdaq-tmc-board-appointment-a-vote-of-confidence/CA87261Y1060/widget-xml/</link>
      <isin>CA87261Y1060</isin>
      <epic>TMC</epic>
    </publication>
    <publication>
      <date>2026-09-29T15:03:03+00:00</date>
      <uid>4018</uid>
      <company><![CDATA[HgT]]></company>
      <headline><![CDATA[Uncovering Trusts – HgT (HGT): Strong portfolio trading through the software sell-off]]></headline>
      <description><![CDATA[In this episode, our director of content for investment companies, Milosz Papst, talks about HgT (HGT), a listed private-equity investment company managed by Hg that gives shareholders exposure to more than 60 unquoted mission-critical B2B software and technology-enabled services businesses. Milosz covers HgT&#8217;s H126 results, including continued strong underlying trading, with 16% last-12-month revenue growth and 19% EBITDA growth across the portfolio. This was offset by lower valuation multiples amid the sell-off in public software, resulting in a 4.9% NAV total return decline. He discusses why Hg believes its portfolio is well positioned to benefit from AI, the progress at its largest holdings, Visma and IFS, and realisations above carrying value, including the Intelerad and Quantios exits. Milosz also touches on HgT&#8217;s outstanding commitments and extended credit facility, its new buyback framework, Hg&#8217;s plan to increase its combined stake to more than 15% and a discount to NAV that remains wide despite the recovery in software markets.
Listen on your preferred podcast player below:

Apple Podcasts
Spotify
YouTube
Zencastr

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/hgt-uncovering-trusts-hgt-hgt-strong-portfolio-trading-through-the-software-sell-off/BM-4018/widget-xml/</link>
      <isin>GB00BJ0LT190</isin>
      <epic>HGT</epic>
    </publication>
    <publication>
      <date>2026-09-29T12:02:40+00:00</date>
      <company><![CDATA[Immix Biopharma]]></company>
      <headline><![CDATA[Immix Biopharma (NASDAQ: IMMX) &#8211; 89% complete response rate; $125m offering]]></headline>
      <description><![CDATA[Broader clinical evidence and fresh capital ahead of a mid-2027 filing]]></description>
      <link>https://www.edisongroup.com/spark/immix-biopharma-nasdaq-immx-89-complete-response-rate-125m-offering/US45258H1068/widget-xml/</link>
      <isin>US45258H1068</isin>
      <epic>IMMX</epic>
    </publication>
    <publication>
      <date>2026-09-29T11:54:45+00:00</date>
      <uid>4016</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Pippa Dale – executive interview]]></headline>
      <description><![CDATA[In this interview, Angela Catlin, Edison&#8217;s director of investor relations and communications, sits down with Pippa Dale, former director at LSEG and a recognised expert in fixed income markets, to make the case for why debt investor relations matters and why companies don&#8217;t need to reinvent the wheel to do it well. From the relationship between treasury and IR teams to the fixed income research gap that leaves most bondholders underserved, the conversation covers what structured, ongoing bondholder engagement actually looks like in practice and why the companies that invest in it consistently achieve better pricing, deeper demand and stronger execution.
Can you tell us about your background in debt capital markets?
Pippa Dale: It&#8217;s really great to finally have this conversation not in a coffee shop – we go back a way. My name is Pippa Dale. I&#8217;ve spent the last few decades in financial services, coming up through the ranks in debt capital markets via the roadshow team, so marketing bonds is my core strength and knowledge. Most recently, I spent four and a half years with the London Stock Exchange, which was the pivotal part of the conversation I&#8217;m looking forward to having with you today. Otherwise, I&#8217;ve proudly worked for UBS, BNP Paribas and Citi – right across the street. Debt capital markets born and bred, I think.
Has the moment for retail access to corporate bonds in the UK finally arrived or is the market still on that journey?
Pippa Dale: Annoyingly, we&#8217;re still waiting for it to arrive. The access bond was delivered in January 2026, out of the London Stock Exchange. The team worked very hard with the FCA and a broader selection of stakeholders, doing huge outreach to make sure the access bond was something a retail investor would want to participate in. 2026 delivered us a very volatile bond market, so I&#8217;ll leave that conversation there and just say: it will happen. To put that into context, in the US, over 50% of similar bonds see around 51% direct retail participation. That level of engagement needs to come to the UK, and it will. Maybe not today, but it&#8217;s coming. We just need the markets to play alongside us.
What role should investor relations play within debt capital markets?
Pippa Dale: The problem IR needs to solve is that you&#8217;re not rewriting the rule book. All companies have IR teams, and if those teams aren&#8217;t debt-savvy or credit-savvy, there&#8217;s a wealth of information provided by Edison. I know I&#8217;m in Edison&#8217;s offices, so I&#8217;m aware I sound like I&#8217;m singing to the choir, but the reality is your offering is exceptional.
Revolut&#8217;s offering on its app is exceptional; it&#8217;s not debt-facing, but it could be. That will be driven by issuers wanting this new audience, and that&#8217;s where IR teams really have a part to play.
What are the main differences between retail and institutional bondholders, and what has surprised you most about retail investors?
Pippa Dale: The one thing I love about institutional versus retail is that institutional investors are also individuals; they&#8217;re retail investors too. If, in their day job, they&#8217;re accessing corporate bonds professionally, surely when they go home and behave as a retail investor, they want to do the same thing.
So yes, there is a difference when we look at the broader bond market, but when we&#8217;re looking at this niche access bond – a plain vanilla listed bond – it&#8217;s the same. It really is the same. Every retail investor and every institutional bond manager probably holds, or has held, a mortgage in their lifetime, and it&#8217;s the same principle: we want to participate in it not as a client, but as an investor.
What does good ongoing communication with a retail bondholder look like, and how does it differ from communicating with institutional investors?
Pippa Dale: There is going to be a lift, but when I say a lift, I don&#8217;t mean a massive one. You&#8217;re not going to need to hire an internal IR team just to look at your debt. You&#8217;re going to be adding just one person, either internally or externally, to support the treasury team so they can carry on doing what they&#8217;re doing. What that person will be doing is taking the messaging given to institutional investors and, as I said, simplifying the language and anticipating some more basic questions that you might not get from an institutional investor. Although trust me, we do get basic questions from institutional investors too.
Plus, this ongoing conversation is already in play to some extent. We just need to add an extra 10 minutes to a meeting to talk about when you&#8217;re next coming to market and think about opening up communication channels six months, or a year, earlier. Now would be a good day to start opening up those channels.
How significant is the research gap in debt capital markets compared with equities, and what should issuers be doing about it?
Pippa Dale: I think this gap will close once more issuers start issuing. The appetite for research will grow, and so will the appetite for people to deliver that research in the public domain. Edison is already doing it: your open-source research initiative, which I believe you&#8217;re launching, is excellent. And the amount of research you can get on the Revolut app is being replicated right across financial services.
Retail inclusion is coming, and it&#8217;s coming at pace. Bonds need to jump on that to broaden out the offering. I think we&#8217;ve over-worried issuers by telling them they need to be retail-friendly and retail-savvy themselves. There&#8217;s a whole wealth of professionals who can be your comms to connect – you don&#8217;t have to do it yourself, and you don&#8217;t need to speak to your client base directly. You need to give your IR team the message you want to deliver, and then you can sit back and go back to talking to your institutional investors.
Even well-covered issuers often find their research can&#8217;t reach retail shareholders, family offices or wealth managers, which is why open access matters. With that in mind, does open-source credit research need to be an entirely new offering, or can it build on existing equity research coverage?
Pippa Dale: It&#8217;s not an entirely new build, it&#8217;s like-for-like. Companies borrow money for particular reasons, and not every bond will fall under the access bond regime, but the FCA has its eyes firmly fixed on the retail investor. So, we&#8217;re not asking people to read every piece of credit research that&#8217;s published. What we want is to make sure the research is easy to find for the people who want it and to understand the level of engagement at the access bond level. That&#8217;s the real key to this discussion.
Where do you see the retail bond market in five years, and what do IR professionals, treasury teams, CFOs and CEOs need to do to keep up?
Pippa Dale: 2026 has been harsh on the bond market, so I would have liked to have seen more [UK top 100 index] and [UK 250 index] companies issuing the access bond under the access bond regime. As of yet, we have some, but not the ones that I personally would like to get my teeth into; not that I wouldn&#8217;t, but there&#8217;s an opportunity for new-to-market issuers too.
I anticipate, with a fair degree of confidence, that over the next five years, top-end [UK index] companies will look back at 2026, or certainly 2027, and say: &#8216;Why was I not issuing this before? The visibility I&#8217;m giving my client base, the visibility I&#8217;m giving the market, the pride I have in having this wealth of new investors on my books, who are driving down the cost of my own debt.&#8217; I think they&#8217;ll look back on this era and think, &#8216;Why weren&#8217;t we doing that before?&#8217;
What is the single most important thing that an IRO, treasurer, CFO or CEO should take away from this conversation?
Pippa Dale: Certainly, from the treasury team&#8217;s perspective – and I would never call anybody out, just make sure you&#8217;re prepared. I nearly used the word &#8216;foolish&#8217; there. Have a meeting with your internal IR team, and if they look a little wide-eyed, ask them to put you in touch with Edison or an independent, debt-focused IR professional. It&#8217;s going to be a maximum 20-minute meeting with your internal team, and 45 minutes with an external one, and you&#8217;ll be prepared. Then you just need to be able to answer: &#8216;Why am I doing this?&#8217; If the answer is &#8216;When am I doing this?&#8217;, that&#8217;s fine. But if you can&#8217;t answer the question, ask yourself why not. That&#8217;s what I&#8217;d like. Make sure you can answer that question.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/pippa-dale-executive-interview/BM-4016/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-29T11:28:37+00:00</date>
      <uid>3940</uid>
      <company><![CDATA[Regional REIT]]></company>
      <type>Update</type>
      <otc_epic>RGGLF</otc_epic>
      <headline><![CDATA[Regional REIT — Strategic progress in a challenging market]]></headline>
      <description><![CDATA[ Regional REIT (RGL) delivered a robust performance in H126 and made good strategic progress against a very challenging economic and political background. New lettings, at a premium to ERV, offset lease breaks and maturities, borrowings were further reduced, with asset sales progressing in line with targets, and portfolio quality continued to improve. Off a lower base of rental income, EPRA earnings were lower despite reduced administrative and finance costs. Refinancing is progressing well, but, following market rate movements, we expect the costs to be higher and have reduced forecasts for earnings and the rate of DPS growth. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/5c2e1a60a5fc97ba128f15077531d745.pdf</url>
      <link>https://www.edisongroup.com/research/strategic-progress-in-a-challenging-market/BM-3940/widget-xml/</link>
      <filename></filename>
      <isin>GG00BSY2LD72</isin>
      <epic>RGL</epic>
    </publication>
    <publication>
      <date>2026-09-29T11:06:08+00:00</date>
      <uid>4003</uid>
      <company><![CDATA[OSE Immunotherapeutics]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[OSE Immunotherapeutics — Funding in focus as catalysts move into 2027]]></headline>
      <description><![CDATA[ OSE has reported cash of €11.1m at 30 June 2026, versus €17.0m at 31 March, and reiterated its runway through December 2026 following its May bridge equity financing. The company is seeking further funding and has deferred publication of its full H126 financial statements while those efforts are ongoing. Lusvertikimab remains the lead internal immunology and inflammation opportunity: OSE plans to submit an application by end-2026 for a healthy volunteer study of its subcutaneous formulation, with results expected by mid-2027, and sees scope to begin Phase II testing of the current intravenous (IV) formulation in chronic pouchitis in 2027. Tedopi’s Phase III ARTEMIA study remains on track to complete enrolment by year-end, while its futility analysis has moved to early 2027 (from Q326) as deaths have accrued more slowly than expected. We note that financing is a top near-term priority, required to bridge the gap to these catalysts. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/127d44d2284e869cdcb54d1e11a8b0df.pdf</url>
      <link>https://www.edisongroup.com/research/funding-in-focus-as-catalysts-move-into-2027/BM-4003/widget-xml/</link>
      <filename></filename>
      <isin>FR0012127173</isin>
      <epic>OSE</epic>
    </publication>
    <publication>
      <date>2026-09-29T11:02:08+00:00</date>
      <uid>3651</uid>
      <company><![CDATA[iQSTEL]]></company>
      <type>Initiation</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[iQSTEL — Innovating on a global platform]]></headline>
      <description><![CDATA[ iQSTEL has built a global telecommunications platform providing international voice and data termination services. The company has yet to achieve profitability and has had to rely on dilutive equity funding. However, the acquisition of Ultranet should help it achieve profitability as well as positive free cash flow (FCF) from Q426. We expect new digital services to further enhance profitability. In our view, this point of inflection to the company’s financial outlook is yet to be reflected in the market’s valuation. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/0137f6a6c1ec5bed1f313dc5b60a3ad4.pdf</url>
      <link>https://www.edisongroup.com/research/innovating-on-a-global-platform/BM-3651/widget-xml/</link>
      <filename></filename>
      <isin>US46265G2066</isin>
      <epic>IQST</epic>
    </publication>
    <publication>
      <date>2026-09-29T09:40:37+00:00</date>
      <uid>4014</uid>
      <company><![CDATA[Wheaton Precious Metals]]></company>
      <headline><![CDATA[Wheaton Precious Metals – Investor day]]></headline>
      <description><![CDATA[Wheaton&#8217;s recent 2026 Investor Day included detailed presentations by senior management on all aspects of the business including technical due diligence, structure, growth and financial discipline. To showcase the strong relationships they maintain with streaming partners, there were also guest presentations by Hemlo Mining, Montage Gold and Vale Base Metals.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/wheaton-precious-metals-wheaton-precious-metals-investor-day/BM-4014/widget-xml/</link>
      <isin>CA9628791027</isin>
      <epic>WPM</epic>
    </publication>
    <publication>
      <date>2026-09-29T08:52:03+00:00</date>
      <uid>3963</uid>
      <company><![CDATA[Thrive Renewables]]></company>
      <type>Client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Thrive Renewables — Portfolio growth continues despite margin pressure]]></headline>
      <description><![CDATA[ Thrive Renewables reported H126 revenue of £10.3m, up 9.5% y-o-y from £9.4m, driven primarily by strong battery storage performance and continued portfolio diversification. However, operating profit including investments fell 54% to £1.8m from £3.9m, with the margin declining to 17% from 41%. Gross profit reduced to £3.7m from £4.3m despite higher revenue, reflecting low battery-storage gross margins alongside exceptional additional repair, maintenance and contractor costs. Administrative expenses increased to £2.9m as Thrive continued to invest in its team, systems and in-house technical asset-management capabilities. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/6e29371cec7c5e79d14a2833e79793a4.pdf</url>
      <link>https://www.edisongroup.com/research/portfolio-growth-continues-despite-margin-pressure/BM-3963/widget-xml/</link>
      <filename></filename>
      <isin>GB00BYS30W00</isin>
      <epic>THRV</epic>
    </publication>
    <publication>
      <date>2026-09-29T08:08:07+00:00</date>
      <company><![CDATA[Helios Underwriting]]></company>
      <headline><![CDATA[Helios Underwriting (HUW:AIM) &#8211; H1 results and tender offer]]></headline>
      <description><![CDATA[Helios underwriting results for H126 showed an increase in NAV per share to £2.70]]></description>
      <link>https://www.edisongroup.com/spark/helios-underwriting-huwaim-h1-results-and-tender-offer/GB00B23XLS45/widget-xml/</link>
      <isin>GB00B23XLS45</isin>
      <epic>HUW</epic>
    </publication>
    <publication>
      <date>2026-09-29T07:49:33+00:00</date>
      <uid>3905</uid>
      <company><![CDATA[Lowland Investment Company]]></company>
      <type>Review</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Lowland Investment Company — Another strong year in prospect]]></headline>
      <description><![CDATA[ Lowland Investment Company’s (LWI’s) unconstrained, multi-cap investment policy continues to differentiate it from most peers in the AIC UK Equity Income sector, offering broad market exposure beyond the large, traditional ‘income stocks’. The trust is well into its fourth consecutive year of strong absolute and relative performance, all the more impressive given that smaller company share gains have trailed those of larger peers, and reflects strong stock selection. Quarterly DPS has increased in each of the past three quarters to an annualised rate of 7.0p per share, or a yield of 3.7%, which is well above the end-August broad market yield of 3.2%. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/cd3b83a107dcd87b50af9f1495dadc1b.pdf</url>
      <link>https://www.edisongroup.com/research/another-strong-year-in-prospect/BM-3905/widget-xml/</link>
      <filename></filename>
      <isin>GB00BNXGHS27</isin>
      <epic>LWI</epic>
    </publication>
    <publication>
      <date>2026-09-29T07:19:34+00:00</date>
      <company><![CDATA[Card Factory]]></company>
      <headline><![CDATA[Card Factory (LSE: CARD) confident in meeting FY27 consensus expectations]]></headline>
      <description><![CDATA[Solid top-line growth, profitability broadly flat and strong cash generation in H127]]></description>
      <link>https://www.edisongroup.com/spark/card-factory-lsecard-confident-in-meeting-fy27-consensus-expectations/GB00BLY2F708/widget-xml/</link>
      <isin>GB00BLY2F708</isin>
      <epic>CARD</epic>
    </publication>
    <publication>
      <date>2026-09-29T07:16:44+00:00</date>
      <uid>4000</uid>
      <company><![CDATA[Oryzon Genomics]]></company>
      <type>Flash</type>
      <otc_epic>ORYZF</otc_epic>
      <headline><![CDATA[Oryzon Genomics — HOPE-2 clearance, new Phase II study in PMS]]></headline>
      <description><![CDATA[ Oryzon has received European Medicines Agency authorisation to initiate HOPE-2, a Phase IIa study of vafidemstat in Phelan-McDermid Syndrome (PMS), a rare genetic condition associated with autism. The single-centre, single-arm, open-label trial will enrol 12 adult patients in Spain. Safety and tolerability are the primary objectives, while secondary measures will assess anger and aggression, repetitive behaviour and wider symptoms. Treatment will run for 12 weeks, with a possible extension to 24 weeks for participants showing clinical benefit. Regulatory clearance moves the programme closer to first dosing and adds a genetically defined population to Oryzon’s central nervous system (CNS) pipeline. HOPE-2 is partly funded through VANDAM (a Med4Cure project), with the Spanish PMS association helping identify participants. While this represents a relatively small study, we believe an encouraging outcome would be an early efficacy signal, though determination of meaningful clinical benefit will come from subsequent studies, should initial results be supportive. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/6669686880f44505ae331da15a5e3099.pdf</url>
      <link>https://www.edisongroup.com/research/hope-2-clearance-new-phase-ii-study-in-pms/BM-4000/widget-xml/</link>
      <filename></filename>
      <isin>ES0167733015</isin>
      <epic>ORY</epic>
    </publication>
    <publication>
      <date>2026-09-29T07:05:00+00:00</date>
      <uid>4012</uid>
      <company><![CDATA[S&#038;U]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[S&#038;U — Interim results show year-on-year growth]]></headline>
      <description><![CDATA[ S&amp;U has issued interim results for the six months to 5 August that show growth in the first half of the financial year. Group revenues increased 11% y-o-y to £57.3m, primarily driven by stronger revenues at Advantage, the motor finance business. Both group PBT of £15.7m and basic EPS of 96.8p also showed year-on-year growth. That said, PBT at Aspen, the property lender, was slightly down in the period. Finally, the interim dividend has increased by 3% y-o-y to 36p. Overall, we view S&amp;U’s H1 results positively. The company will hold an investor presentation to go into further detail of the results and the forward-looking trajectory at 12pm today (details below). ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/037dddca550cfedba659ea1f5a8900a9.pdf</url>
      <link>https://www.edisongroup.com/research/interim-results-show-year-on-year-growth/BM-4012/widget-xml/</link>
      <filename></filename>
      <isin>GB0007655037</isin>
      <epic>SUS</epic>
    </publication>
    <publication>
      <date>2026-09-28T09:02:29+00:00</date>
      <company><![CDATA[Oryzon Genomics]]></company>
      <headline><![CDATA[Oryzon Genomics (BME: ORY) gains regulatory clearance for PMS trial of vafidemstat]]></headline>
      <description><![CDATA[Regulatory clearance opens an exploratory study in a rare genetic disorder]]></description>
      <link>https://www.edisongroup.com/spark/oryzon-genomics-bme-ory-gains-regulatory-clearance-for-pms-trial-of-vafidemstat/ES0167733015/widget-xml/</link>
      <isin>ES0167733015</isin>
      <epic>ORY</epic>
    </publication>
    <publication>
      <date>2026-09-28T08:55:16+00:00</date>
      <company><![CDATA[OSE Immunotherapeutics]]></company>
      <headline><![CDATA[OSE Immunotherapeutics (PAR: OSE) H126 update: Pipeline advances towards key milestones]]></headline>
      <description><![CDATA[Cash covers 2026, with further financing needed ahead of key 2027 milestones]]></description>
      <link>https://www.edisongroup.com/spark/ose-immunotherapeutics-par-ose-h126-results-pipeline-advances-towards-key-milestones/FR0012127173/widget-xml/</link>
      <isin>FR0012127173</isin>
      <epic>OSE</epic>
    </publication>
    <publication>
      <date>2026-09-28T08:12:15+00:00</date>
      <company><![CDATA[Allwyn]]></company>
      <headline><![CDATA[Allwyn (ALWr.ASE) associate negatively affected by Brazil&#8217;s temporary prohibition on online sports betting and iGaming]]></headline>
      <description><![CDATA[FY26 adjusted EBITDA margin guidance of c 37% may no longer be applicable.]]></description>
      <link>https://www.edisongroup.com/spark/allwyn-alwr-ase-associate-negatively-affected-by-brazil-temporary-prohibition-on-online-sports-betting-and-igaming/GRS419003009/widget-xml/</link>
      <isin>GRS419003009</isin>
      <epic>Allwyn</epic>
    </publication>
    <publication>
      <date>2026-09-25T16:18:53+00:00</date>
      <company><![CDATA[Newron Pharmaceuticals]]></company>
      <headline><![CDATA[Newron Pharmaceuticals (SIX: NWRN): ENIGMA-TRS2 advances in other countries while US on pause]]></headline>
      <description><![CDATA[Overseas recruitment expands for ENIGMA-TRS 2; first pivotal readout from ENIGMA-TRS 1 expected in Q127]]></description>
      <link>https://www.edisongroup.com/spark/newron-pharmaceuticals-six-nwrn-enigma-trs2-advances-in-other-countries-while-us-on-pause/IT0004147952/widget-xml/</link>
      <isin>IT0004147952</isin>
      <epic>NWRN</epic>
    </publication>
    <publication>
      <date>2026-09-25T14:57:10+00:00</date>
      <uid>3993</uid>
      <company><![CDATA[Cereno Scientific]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Cereno Scientific — Successful bridge clears CS014&#8217;s path to Phase IIb]]></headline>
      <description><![CDATA[ Cereno Scientific has reported positive top-line results from the Phase I pharmacokinetic (PK) bridging study of CS014 (n=14), clearing an important development hurdle for its second clinical-stage HDAC inhibitor (HDACi). The results showed that CS014’s PK relationship with valproic acid (VPA) was consistent with the assumptions underpinning Cereno’s bridging strategy. This could enable Cereno to leverage the extensive clinical safety and PK experience with VPA to streamline CS014’s development pathway, potentially reducing development timelines and funding requirements. Cereno plans to file an Investigational New Drug (IND) application with the FDA in Q426 and, subject to regulatory acceptance, could progress directly into a placebo-controlled Phase IIb study in PH-ILD, bypassing Phase IIa and additional non-clinical safety studies. We expect planned Phase IIb initiation in Q327 to strengthen Cereno\'s broader investment case, with two HDACi assets in concurrent Phase IIb development. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/d7bae8c0987d72531b3d423c00d03278.pdf</url>
      <link>https://www.edisongroup.com/research/successful-bridge-clears-cs014s-path-to-phase-iib/BM-3993/widget-xml/</link>
      <filename></filename>
      <isin>SE0008241558</isin>
      <epic>CRNO-B</epic>
    </publication>
    <publication>
      <date>2026-09-25T13:43:07+00:00</date>
      <uid>3994</uid>
      <company><![CDATA[SCHMID]]></company>
      <headline><![CDATA[Webinar – SCHMID Group: Inside the Industry]]></headline>
      <description><![CDATA[In this webinar, hosted by Angela Catlin, director of investor relations and communications, Arthur Schütz, CFO, and Roland Rettenmeier, CSO, provide an update on the company, followed by a Q&amp;A session. SCHMID Group (NASDAQ: SHMD) is a designer and manufacturer of equipment used in the electronics industry for printed circuit board (PCB) and advanced packaging manufacturing. Focused on the higher end of the sector where advances in packaging are driving demand for new processes and materials, SCHMID has developed cutting-edge tools and patented processes.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/schmid-webinar-schmid-group-inside-the-industry/BM-3994/widget-xml/</link>
      <isin>NL00150021T1</isin>
      <epic>SHMD</epic>
    </publication>
    <publication>
      <date>2026-09-25T11:12:07+00:00</date>
      <uid>3992</uid>
      <company><![CDATA[Freelancer]]></company>
      <headline><![CDATA[Freelancer – executive interview]]></headline>
      <description><![CDATA[In this interview, Dylan Carter, CFO of Freelancer, discusses the group’s three main businesses: Freelancer, Loadshift and Escrow.com. In the core Freelancer platform, management is addressing SEO disruption, payment acceptance issues and the impact of enhanced security measures, with improvements expected to support conversion and revenue over time. Loadshift continues to grow transaction volumes in Australia, with the longer-term opportunity centred on replicating the freight marketplace model internationally. Escrow.com delivered strong volume growth, supported by established digital asset activity and expansion into B2B wholesale electronics, with further verticals offering potential for cross-border growth. Dylan also highlights AI as both an internal productivity driver and a growing source of marketplace demand, with AI-related projects increasing their share of Freelancer gross marketplace volume (GMV). Near-term priorities include improving core platform performance while continuing to invest in the international and vertical expansion of Escrow.com and Loadshift.
What attracted you to Freelancer and what experience do you bring to the role?
Dylan Carter: I’ve had a career spread across capital management and FP&amp;A-type roles, very much helping businesses connect their commercial finance to their market proposition. I started my career in treasury, so I’ve always been very interested in how financial markets move, working with investor relations and understanding what drives the value of shares.
I was tempted by Freelancer for two real reasons. Before this, I was working at a payments business, and I had heard of escrow before, so I understood the need for an escrow business in the world and Escrow.com is quite a leader in that space. So, I connected quite well with that.
The second was the Freelancer business. Outside work, I have a bit of an affinity with freelancers because I love to build things; I love to programme and create websites, so I very much understood the Freelancer customer. So, off the bat, I understood the business really well.
I connected with Matt, and he’s quite an inspiring leader. When you talk to Matt, you really understand how technology gets built from the ground up and how a business like this, that has gone from zero revenue to $50m of revenue, is really quite a feat.
For me personally, joining Matt, seeing the inspiration he creates in the team and the products we deliver for our customers, and then, personally, understanding my background and how I can translate that to really drive shareholder value going forward, that’s what really inspired me to join.
How do Freelancer’s three businesses operate and how does the group make money from them?
Dylan Carter: I’m really glad you asked about the three businesses. Everyone I speak to says, ‘I know about Freelancer’, but they don’t realise that we actually have three different businesses in the group.
The Freelancer core marketplace represents about 70% of our revenue. It’s effectively connecting freelancers with businesses around the world to get everything done from design and manufacturing all the way up to complicated biochemical engineering and other very complicated scientific experiments that go on in the platform. We really are a marketplace that enables pretty much anything to get done in one space.
We earn revenue effectively by taking a ticket on every transaction that goes through. So as there is more activity on the platform, we earn a percentage of that. In total, it is about 30%: we get a clip, partly a take rate and partly from other services that we offer on the platform.
The second business is Escrow.com. Escrow is a payments and transaction provider for high-value transactions. We specialise particularly in digital assets such as domain names and IPv4s. Like a traditional escrow provider, we take custody of the funds, but we also take custody of a lot of the digital assets, and that is our competitive difference.
When both parties are happy with the transaction, we release the funds or asset to the opposing party and earn a percentage management fee for that. It is really about situations where there may not be trust between two counterparties. We become that impartial third party that enables the trusted transaction to go through.
Our third business, which is our smallest but growing rapidly, is our Loadshift business. It is a freight marketplace, very much an application of what Freelancer was but specific to one particular niche. If you imagine trucks going around Australia, there is extra capacity in those trucks that needs to be filled or they may otherwise be travelling empty. We run a marketplace that enables carriers and shippers to use that space efficiently.
So, three different businesses, but across all three it is very much about activity. The more activity that takes place between different parties transacting together, the more fees we earn. It allows us to be very connected to our customers. If we can help them do more business, we in turn get a percentage share of that.
What affected the core Freelancer marketplace in H1, and how are you addressing those issues?
Dylan Carter: Overall activity increased by about 30% in terms of gross marketplace volume, but our revenue declined 12%. That reflects some of the differences in our business model. Freelancer and Loadshift have much higher take rates, whereas Escrow.com takes a lower percentage of transaction value. The escrow business did very well, and we’ve been exploring tapping into certain verticals and how we drive growth, and I’ll talk about that later.
For the Freelancer business, there were three core challenges that affected performance, and they were very much own goals. We knew we had a few challenges, we implemented some solutions, and, unfortunately, they do have some side effects.
The first was around SEO . At the start of the period, we noticed a significant increase in AI agents trying to scrape our site. As a consequence, we implemented some technical fixes to rate-limit some traffic. Unfortunately, Freelancer is one of the biggest sites on the internet, and we started to rate-limit a lot of traffic that might have been coming from Google because it shared similar IPs, and our SEO performance therefore fell back.
We’ve had a specialist working with us for the past few months, optimising a lot of the SEO performance, and we are starting to see some recovery in performance there, which would be fantastic to see over the coming year.
The second factor was two-factor authentication. Similar to the AI scrapers, we noticed there was more unauthenticated access coming to the platform. We decided it was the right decision to introduce two-factor authentication to improve the integrity of the platform.
If you are a legitimate user, you need to use your email address and confirm that you are the right person entering. Unfortunately, that meant a large number of legitimate users were unable to access the site because they may have lost access to an email account they used three or four years ago, despite having continued to use the platform since then. That meant we had some churn.
With that said, we thought it was absolutely the right move. It increases the integrity of the platform going forward and ensures that our customers feel safer transacting on it.
The third big challenge was around payment acceptance. We merged a number of our merchant IDs on our payment gateways. As a consequence, there were a number of recurring customers whose payments weren’t able to recur on the platform, so payment acceptance rates dropped.
The positive thing to come out of that is that we realised that, throughout the life of the business, our payment acceptance rates have actually been far below optimal performance. We have therefore been looking at where traffic should be going. If a payment is received from a certain jurisdiction, it should go through a particular gateway that has high performance in that jurisdiction, and local acquiring supports that.
As we start routing traffic into the right gateways – and we’ve already started that process – we are beginning to see acceptance rates increase. If only three out of every 10 customers that come to the site are able to pay, that is a very hard business to run. Whereas if we can get seven or eight out of every 10 customers that come to our site able to pay, you get that inherent performance uplift.
We’re working very hard on all three areas. We’ve identified the challenges, we know the solutions, and we are seeing them translate into more positive performance going forward.
How has Loadshift developed since its acquisition, and what are your ambitions for the business?
Dylan Carter: We acquired Loadshift in 2021. We had already started building a solution ourselves and then acquired an existing player to bring those solutions together.
We’ve got pretty much every carrier across Australia on the platform, which is fantastic, and we’ve been growing the volume going through the platform since then. Over the past half, GMV, or gross marketplace volume, was up about 10% to around A$15m.
It is a small part of the business, so the expansion strategy is not just about driving growth in Australia but really is about replicating that model around the world. We’ve identified a number of countries that we want to take the platform to, and that could enable us to grow volumes quite materially.
It’s a really interesting business; it solves a pain point in an industry that is very fragmented. Everything goes via the phone. There isn’t really a centralised platform, or there aren’t many other than us. We help those customers connect and get loads delivered more efficiently and at better prices.
I’m very passionate about that business. It has started to develop over the past few years, and I think it is now at the point where we are really ready to start scaling it.
What has driven the recent growth in Escrow.com, and where do you see future opportunities?
Dylan Carter: Escrow.com had a fantastic first half. Historically, the business has focused very much on domain names and digital assets such as IPv4s.
About six to 12 months ago, we saw an opportunity to move more into the physical space, particularly B2B wholesale electronics. We had a number of conversations that highlighted a similar problem where there was a lack of trust: there were a lot of high-value transactions going on but not a lot of trust between the parties.
Our ability to step in and be the escrow provider for those transactions had a natural market fit. As a result, over the past half our GMV was up about 39% in Australian dollar terms. In US dollar terms, where the majority of those transactions were, it increased almost 60% y-o-y.
A large chunk of that reflected continued growth in our domain name volumes, but also the addition of the new B2B electronics vertical.
This is a business that we’ve spent a lot of years growing. It is regulated in a whole range of different jurisdictions and requires a lot of work to maintain those licences. That creates a significant barrier to entry for any competitor wanting to set up and compete in the area.
Having those licences, including a full US footprint as well as Canada, the UK and Australia, means we are able to undertake those cross-border transactions and tackle new verticals that we haven’t addressed in the past.
Our focus going forward is to identify where there is a trust disconnect in different verticals and how we can provide a tailored, integrated solution for those verticals to drive volume.
How does transaction size affect Escrow.com’s take rate?
Dylan Carter: When the transaction size gets larger, as you would expect, we charge a smaller fee.
In H125, our take rate was about 1.6%. In the most recent half, it was about 1.35%. Part of the reason for that is exactly that: we had a few larger transactions during the half and that brought down our average take rate.
What that does show is that the product is working as expected. Really high-value transactions are able to go through our platform, and there is a lot of confidence in using us as that third party for those transactions.
We are tackling different verticals and each vertical has a different expected take rate. As we take on new verticals, we’ll give the market more guidance around what that will mean for our take rate.
What opportunities and threats does AI create for Freelancer?
Dylan Carter: I think there are definitely both. In terms of the opportunities, both internally and for our freelancers, we’ve seen a significant increase in productivity.
Internally, we’ve built our own AI engineer. Nearly 100% of tier-one support goes through an AI agent first and is then escalated to a human where necessary. That has freed up a lot of time internally.
Our AI agent has also increased productivity, in terms of what gets submitted to the website and goes into production, by about 40%, so there has been a really significant improvement there. We are now starting to roll out AI-agency models throughout the company, and we see a lot of value internally.
Our freelancers on the platform have also become much more productive. A freelancer who may have been able to do a few simple things in the past can now help businesses do much more. There is still very much a need for freelancers to support and work in partnership with different AI solutions.
Interestingly, we looked at the composition of projects and activity on the platform and compared it with last year, and we haven’t yet seen any noticeable drop in core areas.
You might think, for example, that data entry would be something that drops off the platform because AI can do it quite well today. But where there may have been changes, we’ve seen new opportunities grow off the back of AI.
Language models need a lot of humans to effectively type in exactly what something means and do that matching, and that has become a whole new growth area.
If you look at the first two quarters of this year, AI-related work represented about 7.4% of our GMV in the second quarter, compared with 5% in the first quarter.
Overall, we see AI as a huge growth opportunity. We are increasingly investing in how we can be the platform where, if any business in the world wants to get something built with AI, develop an agent for the company or anything else, the technical talent we have on our platform is perfectly suited to support them.
What are Freelancer’s key priorities for the remainder of the year and longer term?
Dylan Carter: It is very specific to each business.
Within the core Freelancer marketplace, we want to make sure that our SEO and payment gateway performance improves. We think our security protocols and two-factor authentication are now at a good, steady state, so we think we’ve solved what we needed to solve there.
Our focus will turn to SEO performance and payment gateways, which should drive top-line growth and conversion. That will take some time, and we are still progressively working through it. So that is our primary focus for this year.
For Escrow.com and Loadshift, it is really about expansion. They are very good businesses, and when you’ve got a business going through a bit of change, you don’t want to take pedal off or the fuel out of the companies that are doing really well.
For both Escrow.com and Loadshift, we are investing heavily in identifying the new verticals we want to pursue and putting the foundations in place so that, when we are ready, we can replicate those businesses around the world in a similar way to what we originally did with Freelancer.
Within the Freelancer business, we also see a number of core verticals as part of our growth strategy. We are making our acquisition strategy much more targeted.
Very specific vertical landing pages have gone up on our site. AI development is one area where we see rapid growth and significant investment by companies, and we want to be the go-to place for that work to get done.
Other areas include cosplay, which we see as a very large use case and one that is very AI-defensive on our platform. We have an acquisition strategy around that vertical as well.
Our focus for the coming period is really on how we drive that top-line growth while making sure we continue to support our other core businesses.
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/freelancer-freelancer-executive-interview-3/BM-3992/widget-xml/</link>
      <isin>AU000000FLN2</isin>
      <epic>FLN</epic>
    </publication>
    <publication>
      <date>2026-09-25T10:42:53+00:00</date>
      <company><![CDATA[C&#038;C Group]]></company>
      <headline><![CDATA[C&#038;C Group]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/cc-group/BMC-416/widget-xml/</link>
      <isin>IE00B010DT83</isin>
      <epic>CCR</epic>
    </publication>
    <publication>
      <date>2026-09-25T08:01:10+00:00</date>
      <company><![CDATA[The Schiehallion Fund]]></company>
      <headline><![CDATA[The Schiehallion Fund (LSE: MNTN/MNTS) reports 2026 interim results with a 29.1% NAV return]]></headline>
      <description><![CDATA[The Schiehallion Fund delivered a 29.1% NAV return in the six months to end-July 2026.]]></description>
      <link>https://www.edisongroup.com/spark/the-schiehallion-fund-lse-mntn-mnts-reports-2026-interim-results-with-a-29-1-nav-return/GG00BJ0CDD21/widget-xml/</link>
      <isin>GG00BJ0CDD21</isin>
      <epic>MNTN</epic>
    </publication>
    <publication>
      <date>2026-09-25T07:52:55+00:00</date>
      <uid>3984</uid>
      <company><![CDATA[Cobra Resources]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Cobra Resources — Blue Rose drilling strengthens porphyry case]]></headline>
      <description><![CDATA[ Cobra’s latest diamond drilling results strengthen the case for a larger copper-gold system beneath the shallow discovery at Blue Rose, within the Manna Hill Copper Project in South Australia. Both reported holes returned intervals grading around 1% copper within broader mineralised zones, with mineralisation extending beyond 300m downhole and remaining open at depth. The accompanying molybdenum and geological features support Cobra’s interpretation of a deeper porphyry source, adding to the project’s exploration potential. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/uploads/2026/09/Cobra_Flash_240926_New_ed.pdf</url>
      <link>https://www.edisongroup.com/research/blue-rose-drilling-strengthens-porphyry-case/BM-3984/widget-xml/</link>
      <filename>Cobra_Flash_240926_New_ed.pdf</filename>
      <isin>GB00BGJW5255</isin>
      <epic>COBR</epic>
    </publication>
    <publication>
      <date>2026-09-24T06:00:00+00:00</date>
      <uid>3970</uid>
      <company><![CDATA[Kooth]]></company>
      <type>Client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Kooth — Improved profitability and growth drivers]]></headline>
      <description><![CDATA[ Kooth’s H126 results show encouraging profitability improvements. Gross profit margins grew to 74% (H125: 63%), adjusted EBITDA more than doubled to £5.3m (H125: £2.6m) and profit after tax was £2m (H125: loss of £1.3m). However, revenue and annual recurring revenue (ARR) fell 2% and 0.5%, respectively, on a constant currency basis, offsetting the Michigan contract. An improving funding backdrop supports Kooth\'s priorities of increasing pipeline conversions and activating the Alliance Model. Management expects underlying results broadly in line with expectations for the year before the potential impact of foreign exchange movements. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/cd2d7073215cc563d92a4284bc44f752.pdf</url>
      <link>https://www.edisongroup.com/research/improved-profitability-and-growth-drivers/BM-3970/widget-xml/</link>
      <filename></filename>
      <isin>GB00BMCZLK30</isin>
      <epic>KOO</epic>
    </publication>
    <publication>
      <date>2026-09-23T15:23:56+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Cordiant Digital Infrastructure (LSE: CORD) &#8211; AI contracts build as Q127 EBITDA growth phases as flagged]]></headline>
      <description><![CDATA[Cordiant\'s Q1 revenue rose 20.2%, helped by BT Ireland, while EBITDA grew 2.0%, partly reflecting project phasing and churn.]]></description>
      <link>https://www.edisongroup.com/spark/cordiant-digital-infrastructure-lse-cord-ai-contracts-build-as-q127-ebitda-growth-phases-as-flagged/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-23T15:04:55+00:00</date>
      <uid>3980</uid>
      <company><![CDATA[Altron]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Altron — Continuing HEPS up 11–17% in H127]]></headline>
      <description><![CDATA[ Altron has provided EPS ranges for its H127 results. Group headline EPS (HEPS) is expected to be 21–27% higher y-o-y at 105–110 ZAR cents and HEPS from continuing operations is expected to be 11–17% higher y-o-y at 107–112 ZAR cents. The company is scheduled to release full H127 results on 2 November. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/02b7449e50976ed10df40afaebb628a1.pdf</url>
      <link>https://www.edisongroup.com/research/continuing-heps-up-11-17-in-h127/BM-3980/widget-xml/</link>
      <filename></filename>
      <isin>ZAE000191342</isin>
      <epic>AEL</epic>
    </publication>
    <publication>
      <date>2026-09-23T10:54:40+00:00</date>
      <company><![CDATA[Ceres Power Holdings]]></company>
      <headline><![CDATA[Ceres Power Holdings]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/ceres-power-holdings/BMC-415/widget-xml/</link>
      <isin>GB00BG5KQW09</isin>
      <epic>CWR</epic>
    </publication>
    <publication>
      <date>2026-09-23T10:49:44+00:00</date>
      <company><![CDATA[OSE Immunotherapeutics]]></company>
      <headline><![CDATA[OSE Immunotherapeutics (PAR: OSE) – Combi-TED earns ESMO oral presentation]]></headline>
      <description><![CDATA[Phase II top-line data including efficacy details due on 25 October 2026.]]></description>
      <link>https://www.edisongroup.com/spark/ose-immunotherapeutics-par-ose-combi-ted-earns-esmo-oral-presentation/FR0012127173/widget-xml/</link>
      <isin>FR0012127173</isin>
      <epic>OSE</epic>
    </publication>
    <publication>
      <date>2026-09-23T09:30:21+00:00</date>
      <uid>3973</uid>
      <company><![CDATA[Newron Pharmaceuticals]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Newron Pharmaceuticals — H126 results: Evenamide pivotal readout nears]]></headline>
      <description><![CDATA[ Newron Pharmaceuticals has reported its H126 results as lead asset evenamide approaches its first pivotal Phase III readout in treatment-resistant schizophrenia (TRS). The ENIGMA-TRS programme continues to make progress, with screening intake for ENIGMA-TRS 1 now closed after 996 patients entered the process, and target enrolment of at least 600 patients is expected around mid-October. Newron continues to guide to Q127 for the primary 12-week ENIGMA-TRS 1 efficacy readout, and expects topline results from both studies during 2027. For ENIGMA-TRS 2, recruitment remains ongoing outside the US and, following its constructive Type A meeting with the FDA in July, Newron expects US enrolment to resume in the near term, subject to FDA clearance. Following the H126 results, our valuation updates to CHF444.2m or CHF20.9 per share (from CHF431.6m or CHF20.8 per share previously). ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/16e88c52307b655363261f091694ce33.pdf</url>
      <link>https://www.edisongroup.com/research/h126-results-evenamide-pivotal-readout-nears/BM-3973/widget-xml/</link>
      <filename></filename>
      <isin>IT0004147952</isin>
      <epic>NWRN</epic>
    </publication>
    <publication>
      <date>2026-09-23T08:42:10+00:00</date>
      <uid>3966</uid>
      <company><![CDATA[IP Group]]></company>
      <type>Update</type>
      <otc_epic>IPZYF</otc_epic>
      <headline><![CDATA[IP Group — Cash realisations reinforce portfolio momentum]]></headline>
      <description><![CDATA[ IP Group’s results for the first half of 2026 (H126) provided further evidence of improving cash conversion and portfolio maturity. Net asset value (NAV) per share increased 3.2% to 113.9p, while management estimated a further rise to c 117p at 11 September, supported by a £26.4m post-period increase in the fair value of its Oxford Nanopore (ONT) holding. Cash proceeds reached £68.7m in H126, slightly above the £68.1m realised in the whole of FY25, with a further £17.1m received since end-June. Meanwhile, the Pfizer obesity royalty asset was valued at £152m at end-June after a £27m fair-value uplift during H126. IP Group ended June with £239m of gross cash and deposits, while deploying £30m into the portfolio. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/1f2621076e2b62955198735bc6e68c9c.pdf</url>
      <link>https://www.edisongroup.com/research/cash-realisations-reinforce-portfolio-momentum/BM-3966/widget-xml/</link>
      <filename></filename>
      <isin>GB00B128J450</isin>
      <epic>IPO</epic>
    </publication>
    <publication>
      <date>2026-09-23T08:35:11+00:00</date>
      <uid>3904</uid>
      <company><![CDATA[Metlen Energy &#038; Metals]]></company>
      <type>Update</type>
      <otc_epic>MYTHF</otc_epic>
      <headline><![CDATA[Metlen Energy &#038; Metals — 2026 shaping up well]]></headline>
      <description><![CDATA[ Metlen has resumed its trajectory in 2026. After FY25 results that were in line with revised expectations, Q126 results in May showed a strong start to the year, with FY26 EBITDA guidance of €1.0–1.15bn promptly following on 21 May. Strong H126 results on 6 August that reflected solid momentum across the three divisions saw FY26 guidance reiterated despite management acknowledging it as conservative. Medium-term EBITDA guidance was also confirmed. Catalysts ahead include the proposed demerger of Metlen’s concessions and PPP activities, a potential IPO of Metka (Infrastructure) and successful execution across all divisions, including growth from critical (gallium) and rare metals, and defence equipment. Our unchanged 50/50 SOTP/DCF valuation approach results in an indicative value of €75.3/share, implying upside of c 60%. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/2b6b125c638136876493f72326d8a6fe.pdf</url>
      <link>https://www.edisongroup.com/research/2026-shaping-up-well/BM-3904/widget-xml/</link>
      <filename></filename>
      <isin>GB00BTQGS779</isin>
      <epic>MTLN; ATHEX: MYTIL</epic>
    </publication>
    <publication>
      <date>2026-09-23T08:26:59+00:00</date>
      <company><![CDATA[Avon Technologies]]></company>
      <headline><![CDATA[Avon Technologies: Strategy teach-in event]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/avon-technologies-strategy-teach-in-event/widget-xml/</link>
      <isin>GB0000667013</isin>
      <epic>AVON</epic>
    </publication>
    <publication>
      <date>2026-09-23T07:48:08+00:00</date>
      <uid>3976</uid>
      <company><![CDATA[PCI-PAL]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[PCI-PAL — Partnership with BT confirmed]]></headline>
      <description><![CDATA[ PCI Pal has confirmed that the major telecom reseller signed up earlier this year is BT. The contract was originally signed in March and today the company confirmed that the onboarding and enablement programme is already well progressed and that it has won its first customers via this relationship. Winning these major channel partners should provide support to the company’s medium-term growth targets, which include annual recurring revenue (ARR) growth of 18–20% through FY27 and beyond. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/41fdc16b8869bdb459f485f790020260.pdf</url>
      <link>https://www.edisongroup.com/research/partnership-with-bt-confirmed/BM-3976/widget-xml/</link>
      <filename></filename>
      <isin>GB0009737155</isin>
      <epic>PCIP</epic>
    </publication>
    <publication>
      <date>2026-09-23T07:21:35+00:00</date>
      <company><![CDATA[Kooth]]></company>
      <headline><![CDATA[Kooth (AIM: KOO) – Margin step-up funds renewed growth investment]]></headline>
      <description><![CDATA[H1 profitability strengthens; US pipeline conversion is the H2 focus.]]></description>
      <link>https://www.edisongroup.com/spark/kooth-aim-koo-margin-step-up-funds-renewed-growth-investment/GB00BMCZLK30/widget-xml/</link>
      <isin>GB00BMCZLK30</isin>
      <epic>KOO</epic>
    </publication>
    <publication>
      <date>2026-09-23T06:40:19+00:00</date>
      <uid>3923</uid>
      <company><![CDATA[Boku]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Boku — FY26 outlook maintained; strategic progress made]]></headline>
      <description><![CDATA[ Boku reported H126 results broadly in line with July trading update, when the company noted several factors that had suppressed volume growth. Despite the short-term challenges, the company made good progress expanding its network, signing up new merchants via direct sales and its recent Stripe partnership, and continuing to invest in scaling and future-proofing the business. The delayed launches that partly contributed to slower volumes in H1 have since gone live and should start to contribute revenue from H2. The company has maintained FY26 guidance and we have made small upgrades to our forecasts, which are within the range. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/4406ed17f0cdc0bfb5394467187e0788.pdf</url>
      <link>https://www.edisongroup.com/research/fy26-outlook-maintained-strategic-progress-made/BM-3923/widget-xml/</link>
      <filename></filename>
      <isin>USU7744C1063</isin>
      <epic>BOKU</epic>
    </publication>
    <publication>
      <date>2026-09-22T16:04:46+00:00</date>
      <company><![CDATA[Severfield]]></company>
      <headline><![CDATA[Severfield (LSE: SFR) – Chief commercial officer appointed; executive leadership team strengthened]]></headline>
      <description><![CDATA[Severfield has announced the appointment of Terry Fitzmaurice as chief commercial officer, a newly created role that will further strengthen the group’s executive leadership team as it delivers its strategy across the UK, Europe and India.]]></description>
      <link>https://www.edisongroup.com/spark/chief-commercial-officer-appointed-executive-leadership-team-strengthened/GB00B27YGJ97/widget-xml/</link>
      <isin>GB00B27YGJ97</isin>
      <epic>SFR</epic>
    </publication>
    <publication>
      <date>2026-09-22T14:03:42+00:00</date>
      <uid>3957</uid>
      <company><![CDATA[Georgia Capital]]></company>
      <type>Review</type>
      <otc_epic>GRGCF</otc_epic>
      <headline><![CDATA[Georgia Capital — Building on its balance sheet strength]]></headline>
      <description><![CDATA[ Georgia Capital (GCAP) enters its next phase from a considerably stronger financial position, supported by continued growth across its core holdings. Over the 12 months to end-June 2026, GCAP delivered a 49.1% sterling NAV total return (with Lion Finance Group, LFG, as the major contributor), while its share price returned 117.5%, assisted by a sharp narrowing of the discount. GCAP’s shares now trade at a 17.4% discount to its ‘live’ NAV per share (updated to LFG’s last closing price) of £56.60 as of 22 September (vs end-June 2026 NAV of £50.10). That said, we estimate that this still implies a c 39% discount to the end-June 2026 carrying value of its private portfolio, despite GCAP’s three large private businesses continuing to deliver strong growth, with aggregate revenue and EBITDA up 16.4% and 23.9% y-o-y, respectively, in H126. Strong operating cash flow and asset realisations have transformed GCAP\'s balance sheet: its net capital commitment (NCC) ratio declined from 31.9% at end-December 2021 to a record-low negative 2.9% at end-June 2026, and the subsequent redemption of its final $50m bond left the holding company debt-free. GCAP has therefore launched a broader GEL1bn capital-allocation programme through end-2029, covering investments in Georgia and Armenia alongside share buybacks and potentially cash dividends. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/89b3a1744092a88ba061c1769aabc219.pdf</url>
      <link>https://www.edisongroup.com/research/building-on-its-balance-sheet-strength/BM-3957/widget-xml/</link>
      <filename></filename>
      <isin>GB00BF4HYV08</isin>
      <epic>CGEO</epic>
    </publication>
    <publication>
      <date>2026-09-22T11:51:21+00:00</date>
      <uid>3978</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Edison explains: The next phase of the obesity market]]></headline>
      <description><![CDATA[where does GLP-1 drug development go after weight loss?]]></description>
      <url>https://edison.bluematrix.com/sellside/AttachmentViewer.action?encrypt=ff6b5776-7f9a-42d7-8a80-3ab15bb4a029fileId=3978_0f4b631e-0057-420e-bf79-3cda2abcda09&amp;isPdf=false</url>
      <link>https://www.edisongroup.com/thematic/edison-explains-the-next-phase-of-the-obesity-market-where-does-glp-1-drug-development-go-after-weight-loss/BM-3978/widget-xml/</link>
      <filename></filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-22T11:41:18+00:00</date>
      <uid>3869</uid>
      <company><![CDATA[Invesco Asia Dragon Trust]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Invesco Asia Dragon Trust — Seamless management changes]]></headline>
      <description><![CDATA[ Invesco Asia Dragon Trust’s (IAD’s) team evolution will be managed, with no changes to the long-term winning strategy. Effective from 1 August 2026, Marc Ye is co-manager of the trust, working alongside lead manager Fiona Yang and senior co-manager Ian Hargreaves, who will retire on 31 March 2027. IAD’s board is keen to capture as many high-quality, reasonably priced, Asia-Pacific growth and income opportunities as possible, while Ye has been a member of Invesco’s investment team for many years and fully understands IAD’s philosophy and process. The managers’ style of acting early, rather than following the crowd, has served shareholders well, with the trust outperforming its benchmark over the last five and 10 years. Yang, Hargreaves and Ye have been taking profits in some of IAD’s major technology holdings, which have been the initial winners from the growth in AI, and are finding a good selection of interesting companies that are benefiting from the adoption of AI technologies. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/c679827044d7a45ea340529d2f22abee.pdf</url>
      <link>https://www.edisongroup.com/research/seamless-management-changes/BM-3869/widget-xml/</link>
      <filename></filename>
      <isin>GB0004535307</isin>
      <epic>IAD</epic>
    </publication>
    <publication>
      <date>2026-09-22T10:46:10+00:00</date>
      <company><![CDATA[Brooks Macdonald]]></company>
      <headline><![CDATA[Brooks Macdonald]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/brooks-macdonald/BMC-414/widget-xml/</link>
      <isin>GB00B067N833</isin>
      <epic>BRK</epic>
    </publication>
    <publication>
      <date>2026-09-22T10:00:22+00:00</date>
      <uid>3977</uid>
      <company><![CDATA[Leading Edge Materials]]></company>
      <type>US$ Flash</type>
      <otc_epic>LEMIF</otc_epic>
      <headline><![CDATA[Leading Edge Materials — Financing supports next phase at Norra Kärr]]></headline>
      <description><![CDATA[ Leading Edge Materials (LEM) has raised C$4.3m ( US$3.1m) of its targeted C$6.0m ( US$4.3m) private placement, with cornerstone shareholder Eric Krafft committed to subscribe for any remaining units. Following the award of Norra Kärr’s 25-year mining lease in June, the raise should fund the main near-term PFS, permitting and hydrometallurgical workstreams. Recent REE M&amp;A supports the attractive long-term sector outlook, while the November review of China’s export controls is an important near-term industry catalyst. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/aea46f8cefee3dc9ce11538ac437331f.pdf</url>
      <link>https://www.edisongroup.com/research/financing-supports-next-phase-at-norra-krr-2/BM-3977/widget-xml/</link>
      <filename></filename>
      <isin>CA52171T1003</isin>
      <epic>LEM</epic>
    </publication>
    <publication>
      <date>2026-09-22T07:48:46+00:00</date>
      <uid>3975</uid>
      <company><![CDATA[Alter Ego Media]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Alter Ego Media — Strategy driving growth and higher profitability]]></headline>
      <description><![CDATA[ The key takeaway from Alter Ego Media’s H126 results is the transformation strategy is showing through clearly in the figures. Management’s aim is to evolve the group from a traditional, advertising-dependent media company into a broader media and entertainment business with more diverse revenue streams and higher profitability. Advertising represented c 83% of group revenue in H126, down from 88% in FY25, as Live Entertainment made its first H1 contribution and television programme licensing almost doubled. At the same time, the acquisitions of NEWSIT and TLIFE have strengthened AEM’s position in digital publishing, while the core Broadcasting and Content Creation (BCC) division generated materially higher profitability despite modest revenue growth. We have increased our FY26 to FY28 EBITDA estimates by c 1%, which feeds through to an increase in our estimated fair value to €7.3 per share, from €7.1 previously. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/8018d79f3aef621191a4f4e357f43505.pdf</url>
      <link>https://www.edisongroup.com/research/strategy-driving-growth-and-higher-profitability/BM-3975/widget-xml/</link>
      <filename></filename>
      <isin>GRS541003000</isin>
      <epic>AEM</epic>
    </publication>
    <publication>
      <date>2026-09-22T07:38:43+00:00</date>
      <company><![CDATA[Newron Pharmaceuticals]]></company>
      <headline><![CDATA[Newron Pharmaceuticals (SIX: NWRN) H126 results: Key readouts remain on track]]></headline>
      <description><![CDATA[ENIGMA-TRS execution intact; US enrolment restart expected soon, with cash extending beyond pivotal readouts]]></description>
      <link>https://www.edisongroup.com/spark/newron-pharmaceuticals-six-nwrn-h126-results-key-readouts-remain-on-track/IT0004147952/widget-xml/</link>
      <isin>IT0004147952</isin>
      <epic>NWRN</epic>
    </publication>
    <publication>
      <date>2026-09-22T06:56:42+00:00</date>
      <uid>3967</uid>
      <company><![CDATA[Leading Edge Materials]]></company>
      <type>Flash</type>
      <otc_epic>LEMIF</otc_epic>
      <headline><![CDATA[Leading Edge Materials — Financing supports next phase at Norra Kärr]]></headline>
      <description><![CDATA[ Leading Edge Materials (LEM) has raised C$4.3m of its targeted C$6.0m private placement, with cornerstone shareholder Eric Krafft committed to subscribe for any remaining units. Following the award of Norra Kärr’s 25-year mining lease in June, the raise should fund the main near-term PFS, permitting and hydrometallurgical workstreams. Recent REE M&amp;A supports the attractive long-term sector outlook, while the November review of China’s export controls is an important near-term industry catalyst. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/7e34c219adb7aee45ef7e525b8ad9b12.pdf</url>
      <link>https://www.edisongroup.com/research/financing-supports-next-phase-at-norra-krr/BM-3967/widget-xml/</link>
      <filename></filename>
      <isin>CA52171T1003</isin>
      <epic>LEM</epic>
    </publication>
    <publication>
      <date>2026-09-21T11:44:48+00:00</date>
      <uid>3972</uid>
      <company><![CDATA[BlackRock Greater Europe Investment Trust]]></company>
      <headline><![CDATA[BlackRock Greater Europe Investment Trust – equity proposition]]></headline>
      <description><![CDATA[BlackRock Greater Europe Investment Trust’s (BRGE’s) objective is to achieve capital growth, primarily through investment in a focused portfolio constructed from a combination of the securities of large-, mid- and small-capitalisation European companies, together with some investment in the developing markets of Europe.
We highlight the key points of BRGE’s investment story.

The trust focuses on capital growth from European ex-UK stocks.
BRGE is a high-conviction, low-turnover fund.
BRGE has a relatively concentrated portfolio of high-quality European equities.
BRGE has a progressive dividend policy.

To learn more about BRGE, please see our latest research.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/blackrock-greater-europe-investment-trust-blackrock-greater-europe-investment-trust-equity-proposition-2/BM-3972/widget-xml/</link>
      <isin>GB00B01RDH75</isin>
      <epic>BRGE</epic>
    </publication>
  </publications>
</feed>
