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  <date>2026-09-16T06:33:47+00:00</date>
  <publications>
    <publication>
      <date>2026-09-15T12:27:15+00:00</date>
      <uid>3951</uid>
      <company><![CDATA[Molten Ventures]]></company>
      <headline><![CDATA[Molten Ventures – executive interview]]></headline>
      <description><![CDATA[In this interview, Dan Ridsdale, global head of technology and communications, speaks with Ben Wilkinson, CEO of Molten Ventures, about the company&#8217;s new growth fund, institutional and pension capital, investments in ICEYE and Isar Aerospace, and its approach to space, SaaS, AI and other technology themes.
Molten Ventures is a UK 250, London-based VC firm that invests in the European technology sector. It has a portfolio of 100+ investee companies and includes a fund of funds programme (as well as EIS and VCT schemes) in the group, as well as its flagship balance sheet VC fund.
How does the new growth fund fit with Molten Ventures&#8217; strategy?
Ben Wilkinson: This is a fund focused on Series B+ companies, which has always been where we&#8217;ve invested and therefore aligns very clearly with our investment thesis. These are high-growth companies at the stage where they will have £5–10m of revenue or more. In venture capital, you&#8217;re backing innovation and businesses that can scale to be global champions, so that hasn&#8217;t changed in terms of the thesis.
What has changed is that the focus of this fund is to allocate public capital from our balance sheet. The listed vehicle is around £1.5bn of capital. We currently manage around £500m of additional capital from third-party sources, which are non-public, and this is about growing the non-public capital portion of that.
We&#8217;ve created a fund with a £100m commitment from the listed balance sheet to make sure PLC shareholders still get access to the same deal flow, and we&#8217;re allocating capital alongside that. We&#8217;re attracting capital in the first instance from the British Business Bank, which has committed £75m as a cornerstone to that strategy.
How does the growth fund sit alongside Molten&#8217;s earlier-stage investing?
Ben Wilkinson: We have some earlier-stage investments. We always think about Molten as a platform to access venture capital as an asset class, and to do that you want access at different stages of a company&#8217;s growth journey.
At the very early stage, we have the fund of funds programme, where we take an LP position in funds. We&#8217;ve invested in around 80 funds across Europe. That gives us access to data and enables us to track those early-stage companies as they come through, scale and mature.
We then look to put capital to work directly at the Series A stage. That&#8217;s when businesses will have some commercial traction, maybe 2m-plus of revenue. The key difference between an A and a B investment is really about a proven go-to-market strategy. At the B stage, you have more repeatability in what&#8217;s already been proven in the company.
How do you expect the growth fund to evolve?
Ben Wilkinson: If I think about the shape of the European market for Series B investing, the average ticket size will be something like £20m of capital going in, where businesses are raising maybe £40–50m of capital. You therefore need a depth of capital to make sure you can invest consistently and build the right portfolio size.
For a Series B portfolio, we probably want 10–15 investments in that structure. That gives you a sense of the initial capital being 200–300m, but you also need follow-on capital of maybe 40% of the fund to make sure you can continue to back the winners in that strategy. Ideally, we&#8217;re targeting a fund size of £350m, so we&#8217;re already halfway there.
We want to attract institutional capital, such as the same institutions that are already PLC investors but want to come into a private structure. Pension capital coming from DC pension funds, DB funds or local government schemes would also be appropriate for that strategy.
What is happening across ICEYE and Isar Aerospace following recent funding and launch milestones?
Ben Wilkinson: We&#8217;ve invested in ICEYE, which is a Finnish satellite business. It has a distinct technology called synthetic aperture radar, or SAR, and now has a constellation of 76 satellites in low Earth orbit that can take images of the Earth.
We first invested in ICEYE in 2018. We were backing it at the point where the technology was clearly distinct, and the company then had to prove that it could build this constellation of satellites. It has executed that very well. The first use case was commercial: looking at floods and fires, taking the data from those images and selling that into insurance so insurers can pay out quickly and efficiently, for example. Another use case is environmental monitoring, such as monitoring the Amazon.
In the last couple of years, we&#8217;ve seen an inflection in defence spending, particularly in Europe, relating to the themes of sovereignty and resilience. European countries recognise that they need their own access to data and communications, and their own ability to see what&#8217;s going on at their borders. A significant use case has also been in Ukraine over the last couple of years. That led to an inflection in ICEYE&#8217;s valuation and a subsequent fundraise over the summer.
Space is a thematic that links to our broader technology investing themes. Another company we&#8217;ve invested in is Isar Aerospace. We first got exposure to Isar through Earlybird, the German VC that invested at an early stage and with which we&#8217;ve had a partnership for many years. Again, it&#8217;s very much about tracking businesses as they mature.
As we saw Isar mature, we co-led its most recent investment round, announced at the start of the summer, and invested €30m into that round ahead of the most recent launch. What we liked about Isar is that it&#8217;s a rocket-launch company giving Europe access to low Earth orbit. There&#8217;s a significant constraint on satellite businesses&#8217; ability to get to low Earth orbit. Europe needs resilience, sovereignty and its own access, while globally companies also need more access because SpaceX is limited in how many launches it can take. Demand is higher than supply.
The other attractive part is Isar&#8217;s repeatable manufacturing. They&#8217;re already building rockets three through seven and have a 40,000sqm facility outside Munich. We recognised that we weren&#8217;t betting on one launch being successful. This is about repeatability and demonstrating the capability to increase launch cadence.
What are the next milestones for Isar Aerospace?
Ben Wilkinson: They&#8217;re really ahead of where we thought they would be with this second launch. It was very exciting watching the launch on Saturday evening – equivalent to watching your favourite football team – with excitement and nerves at the same time.
We hoped they would get to max Q, which is the maximum dynamic pressure and really tests the rocket. They went beyond that, through stage separation of stages one and two, then reached orbit and delivered the five CubeSat satellites that were on the rocket. So, they&#8217;re ahead of where we thought they would be.
The next stage is repeatability of launch: improving the speed with which they can execute subsequent launches and delivering on the significant pipeline of orders they already have. If they can prove that they have repeatable access to low Earth orbit, they can then think about other parts of the value chain in the ecosystem.
We&#8217;ve seen with SpaceX, for example, that most of its revenue actually comes from Starlink satellite communications. There are other parts of the value chain, such as the satellite bus, where you could see some integration as another opportunity for Isar.
What is Molten&#8217;s overall investment thesis for space?
Ben Wilkinson: Like any other sub-theme of technology that we look at, we look at the value chain of that ecosystem. We look at where we feel the value will accrue and how we think the market will develop.
If you think about the satellite business, the cost of satellites has come down substantially. ICEYE and SatVu are both in that ecosystem, putting sensors into low Earth orbit. Data from those sensors can then be sold to commercial customers and into defence applications.
Isar is about launch capacity and giving access to low Earth orbit. There&#8217;s a real constraint now: companies want to put a large number of satellites into orbit, but supply of launch capacity is very limited. SpaceX is already full for the next three years in terms of its capacity, so we need more capacity in the market. That has particular relevance for Europe in terms of its own sovereignty and resilience.
How are you approaching SaaS and AI investments?
Ben Wilkinson: This really speaks to why we invest across sub-themes of technology. We&#8217;re investing in businesses for the long term. Our average hold is likely to be eight, maybe up to 10 years, so you don&#8217;t know which sub-sector in 10 years&#8217; time is going to be performing well. You therefore need a portfolio approach, both in terms of the stage of companies – early-stage, later-stage or more mature – and across different technology sub-themes.
What has served Molten well is continuing to invest in hardware and deep tech, which is now becoming more relevant and more pertinent. At the same time, we&#8217;ll continue to invest in enterprise applications that are relevant to the next generation of productivity and efficiency in companies.
We&#8217;ll look at AI businesses and the infrastructure layers that can power those companies, and we&#8217;ll look at SaaS-type products. If they have resilience because they&#8217;re mission-critical to businesses, that&#8217;s something we would spend time looking at. Where we will avoid companies is where the underlying SaaS technology is more likely to be disrupted by AI because it is more ubiquitous or isn&#8217;t as mission-critical to an enterprise.
What other themes are you seeing across the portfolio?
Ben Wilkinson: SatVu is a satellite business that has launched its own satellites. It uses a thermal imaging sensor, so it&#8217;s distinct from ICEYE&#8217;s synthetic aperture radar sensor. We&#8217;re also investors in fintech companies and digital health businesses.
We&#8217;re investing in quantum, where we&#8217;re seeing a lot of growth and where the market is coming to the boil over the next couple of years. We see a lot of opportunity there. We want to invest across the technology spectrum in those enabling layers of technology. That can include semiconductors or cybersecurity, for example.
What we&#8217;re really doing is thinking about venture capital as an asset class in its own right, giving our public market shareholders, as well as our increasing private market shareholders, exposure to growth that is remaining private for longer.
We&#8217;re also seeing a paradigm where Europe, in terms of its own procurement, sovereignty and resilience, needs to back these companies more. We&#8217;re seeing more pension capital coming into this market as well, albeit slowly. I really feel the opportunity for us is linking the generational shifts in technology with the increased capital that we hope will come, alongside the themes of sovereignty and resilience, and seeing Molten as a key player in that market.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/molten-ventures-molten-ventures-executive-interview/BM-3951/widget-xml/</link>
      <isin>GB00BY7QYJ50</isin>
      <epic>GROW</epic>
    </publication>
    <publication>
      <date>2026-09-15T08:45:22+00:00</date>
      <company><![CDATA[IP Group]]></company>
      <headline><![CDATA[IP Group (LSE: IPO) publishes half-year results]]></headline>
      <description><![CDATA[IP Group today published its results for the first half of 2026, reporting a 3.2% NAV per share increase, assisted by a £27m uplift in the valuation of the Pfizer obesity royalty following the advancement of the berobenatide/amylin combination into Phase IIb development in May 2026.]]></description>
      <link>https://www.edisongroup.com/spark/ip-group-lse-ipo-publishes-half-year-results/GB00B128J450/widget-xml/</link>
      <isin>GB00B128J450</isin>
      <epic>IPO</epic>
    </publication>
    <publication>
      <date>2026-09-15T08:42:13+00:00</date>
      <uid>3927</uid>
      <company><![CDATA[LightInTheBox Holding]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[LightInTheBox Holding — Loss of sales momentum in Q226]]></headline>
      <description><![CDATA[ LightInTheBox (LITB) saw a sharp reversal in revenue momentum in Q226 following two consecutive quarters of good growth. Despite the revenue decline, the operating margin increased due to leverage of all expenses except fulfilment. While we recognise revenue growth can be volatile between financial quarters, especially as the new proprietary brands ramp, LITB’s investment case rests on the growth of its new proprietary brands offsetting declines/low growth in its legacy businesses. With no clarity on the relative growth rates of the legacy and proprietary brands in Q226, we reduce our FY26 and FY27 PBT estimates by 14% and 29%, respectively. A new CFO succeeds the prior CFO who resigned for personal reasons. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/uploads/2026/09/New-pdf-LITB.pdf</url>
      <link>https://www.edisongroup.com/research/loss-of-sales-momentum-in-q226/BM-3927/widget-xml/</link>
      <filename>New-pdf-LITB.pdf</filename>
      <isin>US53225G2012</isin>
      <epic>LITB</epic>
    </publication>
    <publication>
      <date>2026-09-14T15:30:23+00:00</date>
      <uid>3946</uid>
      <company><![CDATA[Basilea Pharmaceutica]]></company>
      <type>Flash</type>
      <otc_epic>BPMUF</otc_epic>
      <headline><![CDATA[Basilea Pharmaceutica — Broadening Cresemba’s Japanese opportunity]]></headline>
      <description><![CDATA[ Basilea Pharmaceutica has announced that Japanese partner Asahi Kasei Therapeutics has initiated an open-label Phase II safety and pharmacokinetics study of Cresemba in paediatric patients at risk of invasive fungal infections. Cresemba has been approved for adults in Japan since December 2022 and for paediatric use in the US, Canada, Europe and China. While we expect the direct commercial opportunity from the paediatric population to be modest, we see greater relevance from a lifecycle-management perspective, potentially supporting a two-year extension of regulatory protection in Japan, to end-2032. We note that eligibility for such an extension remains to be confirmed. With the US and European franchises approaching maturity from Q427 and H228, respectively, maintaining growth and extending the commercial tail in markets such as Japan and China is becoming increasingly strategically relevant, and we see this as a positive incremental step in this direction. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/180e0110cf6747923bbebf7b6c837d2c.pdf</url>
      <link>https://www.edisongroup.com/research/broadening-cresembas-japanese-opportunity/BM-3946/widget-xml/</link>
      <filename></filename>
      <isin>CH0011432447</isin>
      <epic>BSLN</epic>
    </publication>
    <publication>
      <date>2026-09-14T12:59:51+00:00</date>
      <uid>3913</uid>
      <company><![CDATA[Partners Group Private Equity]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Partners Group Private Equity — Circular details updated board proposal]]></headline>
      <description><![CDATA[ Partners Group Private Equity (PEY) has published a circular outlining details of the board’s updated proposal for a dual-share class structure (Reorganisation Proposal), which was initially announced in June 2026, and notifying investors of the upcoming extraordinary general meeting (EGM) to be held on 7 October 2026. PEY’s board proposal is intended to give shareholders seeking an exit a defined pathway to liquidity over time, while allowing longer-term investors to retain exposure to the existing strategy and supporting a narrower share price discount to NAV. The key change from the proposal announced in June is that the maximum aggregate proportion of shares that can be redesignated as Realisation Shares has been extended to 40% from 30% previously, with no scale-back mechanism. If PEY receives valid elections for Realisation Shares of more than 40% of the ordinary shares in issue (excluding treasury shares), the Reorganisation Proposal will lapse, and, subject to shareholder approval, PEY would instead proceed with a proposed alternative to realise the entire portfolio and return net proceeds over time. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/5f98a2f59d674f1c6b6b76df5c5cbbe6.pdf</url>
      <link>https://www.edisongroup.com/research/circular-details-updated-board-proposal/BM-3913/widget-xml/</link>
      <filename></filename>
      <isin>GG00B28C2R28</isin>
      <epic>PEY</epic>
    </publication>
    <publication>
      <date>2026-09-14T11:02:34+00:00</date>
      <company><![CDATA[Braemar]]></company>
      <headline><![CDATA[Braemar (LSE: BMS) Power desk launch: ticking the box, positive for sentiment]]></headline>
      <description><![CDATA[Braemar\'s launch of a Power desk in its Risk Advisory division ticks a box for FY27 and supports a 2030 objective. We believe this strategic execution should be positive for sentiment.]]></description>
      <link>https://www.edisongroup.com/spark/braemar-lse-bms-power-desk-launch-ticking-the-box-positive-for-sentiment/GB0000600931/widget-xml/</link>
      <isin>GB0000600931</isin>
      <epic>BMS</epic>
    </publication>
    <publication>
      <date>2026-09-14T08:43:07+00:00</date>
      <uid>3944</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Webinar – An introduction to the JPMorgan Claverhouse Investment Trust (LSE: JCH)]]></headline>
      <description><![CDATA[Hosted by Milosz Papst, head of investment trust content, this webinar features Anthony Lynch, portfolio manager, who gives an introduction to JPMorgan Claverhouse Investment Trust. Established in 1963, the trust provides investors with direct access to the long-term growth and income potential of the UK stock market. The trust is committed to investing in attractively valued, high-quality UK companies with the ability to deliver consistent and growing dividends.
Anthony Lynch, executive director, is a portfolio manager within the JPMorgan Asset Management International Equity Group, based in London. He is a member of the UK Mid and Small Cap investment team, with additional responsibilities for sustainable, long/short and equity income mandates investing in the listed UK market. An employee since 2009, Anthony joined the firm as a graduate trainee. He obtained a BA (Hons) in economics from Durham University and is a CFA charterholder.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/webinar-an-introduction-to-the-jpmorgan-claverhouse-investment-trust-lse-jch/BM-3944/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-14T08:31:28+00:00</date>
      <uid>3941</uid>
      <company><![CDATA[Mendus]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Mendus — Second Fenja drawdown extends runway]]></headline>
      <description><![CDATA[ Mendus has drawn SEK16.5m under the second tranche of its SEK50m loan facility with Fenja Capital II, extending its cash runway into Q227. The facility was agreed in November 2025, with SEK30m drawn in January 2026 and up to SEK20m originally available under the second tranche. Alongside the latest drawdown, the facility maturity has been extended to 30 April 2027 (from 31 January 2027). We view the additional liquidity as supportive, providing useful financial flexibility as Mendus progresses its expanded clinical strategy for vididencel across acute myeloid leukaemia (AML) and chronic myeloid leukaemia (CML), including launch of two new trials: the DIVA trial in AML (planned for Q326) followed by VITAL-TFR2 in CML (planned for Q426). ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/35b8ed51bd9713548ce0a7c547680b35.pdf</url>
      <link>https://www.edisongroup.com/research/second-fenja-drawdown-extends-runway/BM-3941/widget-xml/</link>
      <filename></filename>
      <isin>SE0022239950</isin>
      <epic>IMMU</epic>
    </publication>
    <publication>
      <date>2026-09-14T08:12:06+00:00</date>
      <uid>3943</uid>
      <company><![CDATA[Omantel]]></company>
      <headline><![CDATA[Zain Omantel International – CEO executive interview]]></headline>
      <description><![CDATA[In this interview, Zain Omantel International CEO Sohail Qadir outlines how the joint venture is scaling Omantel’s established wholesale capabilities across Zain’s regional footprint, combining Omantel’s infrastructure and wholesale expertise with Zain’s subscriber base and presence across multiple markets. He highlights strong revenue growth, with the business expanding from around $150m in 2024 to close to $400m in 2025, supported by mobility, roaming and the monetisation of submarine cable and terrestrial network assets. The discussion also covers a five-year capex programme of roughly $750m, including new cable systems, terrestrial corridors and eight connected data centres designed to support rising cloud and AI-related demand. Qadir emphasises Zain’s neutral wholesale model, regional network continuity and growing hyperscaler relationships, while noting that investment is increasingly supported by internal cash generation, debt financing and pre-sold capacity. Longer term, the focus is on delivering this infrastructure, expanding data-centre capacity and building an end-to-end regional connectivity platform.
Zain Omantel International (ZOI) is a joint venture between Zain Group and Omantel, established to combine and monetise their international wholesale telecoms assets and capabilities across the Middle East and beyond. Zain Group holds a 74% stake in ZOI, while Omantel holds 26%. Through its 21.9% stake in Zain Group, Omantel’s effective economic interest in ZOI is approximately 44%.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/executive-interview-zoi-ceo/BM-3943/widget-xml/</link>
      <isin>OM0000003026</isin>
      <epic>OTEL</epic>
    </publication>
    <publication>
      <date>2026-09-14T08:11:30+00:00</date>
      <uid>3942</uid>
      <company><![CDATA[Omantel]]></company>
      <headline><![CDATA[Otech – CEO executive interview]]></headline>
      <description><![CDATA[In this interview, Otech CEO Maqbool Al Wahaibi outlines how Omantel’s unified digital platform is bringing together the group’s capabilities across data centres, cloud, AI and IoT, cybersecurity and managed services to support its transition from telco to techco. He highlights the accelerating demand for digital transformation in Oman, alongside the role Otech can play in supporting Oman Vision 2040 through increased digital economy contribution, local skills development and a stronger startup ecosystem. The discussion covers Otech’s five core growth pillars, its network of five data centres, and partnerships with global technology providers. Al Wahaibi also points to opportunities to develop sovereign AI capabilities, attract international partners and extend services beyond Oman, with existing activity in East Africa. Looking ahead, the focus is on consolidating digital assets, scaling execution and increasing the value generated from Omantel’s existing infrastructure and technology ecosystem.
Otech is Omantel’s unified digital platform, established to consolidate and commercialise the group’s digital capabilities across data centres, cloud, AI and IoT, cybersecurity and managed services. It sits at the centre of Omantel’s transition from telco to techco, bringing previously separate digital assets under a single governance structure to support growth, improve execution and strengthen Omantel’s contribution to Oman’s digital economy and Vision 2040 objectives.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/omantel-executive-interview-otech-ceo/BM-3942/widget-xml/</link>
      <isin>OM0000003026</isin>
      <epic>OTEL</epic>
    </publication>
    <publication>
      <date>2026-09-14T08:09:16+00:00</date>
      <company><![CDATA[Basilea Pharmaceutica]]></company>
      <headline><![CDATA[Basilea (SIX: BSLN) advances Cresemba’s Japanese lifecycle]]></headline>
      <description><![CDATA[Basilea and partner Asahi Kasei advance Cresemba’s Japanese lifecycle strategy, with paediatric development offering modest commercial and lifecycle benefits]]></description>
      <link>https://www.edisongroup.com/spark/basilea-six-bsln-advances-cresembas-japanese-lifecycle/CH0011432447/widget-xml/</link>
      <isin>CH0011432447</isin>
      <epic>BSLN</epic>
    </publication>
    <publication>
      <date>2026-09-14T08:00:56+00:00</date>
      <uid>3702</uid>
      <company><![CDATA[Severfield]]></company>
      <type>Outlook</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Severfield — Movin&#8217; on up]]></headline>
      <description><![CDATA[ Severfield is the market leader in the design, fabrication and construction of structural steel in the UK and Europe. Its FY26 results in June were in line with market expectations and accompanied by a refreshed strategy, which was clearly articulated and supported by new medium-term ambitions, including underlying operating margins of 7–8% and £40–50m of underlying PBT. Margin drivers include efficiency improvements, moving up the value chain, improved project mix and a capital-light approach. Strong growth from the Indian JV, JSSL, is expected by management to contribute £10m to PBT in the medium term. Evidence of execution is visible in the FY26 results and the positive start to FY27. Our 50.5p/share P/E-based valuation implies 31% upside. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/51235732976876e662b6cdbb50110f9a.pdf</url>
      <link>https://www.edisongroup.com/research/movin-on-up/BM-3702/widget-xml/</link>
      <filename></filename>
      <isin>GB00B27YGJ97</isin>
      <epic>SFR</epic>
    </publication>
    <publication>
      <date>2026-09-14T07:59:28+00:00</date>
      <uid>3847</uid>
      <company><![CDATA[Omantel]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Omantel — Growth drivers encouraging, margin pressure]]></headline>
      <description><![CDATA[ Omantel delivered good H1 top-line growth, with the domestic telecom business remaining solid despite margin compression, some of which appears temporary. Momentum also strengthened across key value drivers, with ICT and emerging technology accelerating in Q2 and ZOI continuing to scale strongly. Zain’s investment gains and special dividend are non-recurring, but highlight the benefits of Omantel’s broader diversification. We have trimmed our near-term EBITDA and EPS estimates to reflect softer domestic margins, but the impact on cash flow and year-end net debt is largely offset by lower capex and the Zain special dividend. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/b441d64f8380b6f8ace0867720a02100.pdf</url>
      <link>https://www.edisongroup.com/research/growth-drivers-encouraging-margin-pressure/BM-3847/widget-xml/</link>
      <filename></filename>
      <isin>OM0000003026</isin>
      <epic>OTEL</epic>
    </publication>
    <publication>
      <date>2026-09-14T07:46:39+00:00</date>
      <company><![CDATA[Mendus]]></company>
      <headline><![CDATA[Mendus (OMX: IMMU) extends cash runway to Q227]]></headline>
      <description><![CDATA[SEK16.5m Fenja drawdown provides additional financial flexibility ahead of upcoming AML and CML milestones.]]></description>
      <link>https://www.edisongroup.com/spark/mendus-omx-immu-extends-cash-runway-to-q227/SE0022239950/widget-xml/</link>
      <isin>SE0022239950</isin>
      <epic>IMMU</epic>
    </publication>
    <publication>
      <date>2026-09-14T07:24:50+00:00</date>
      <company><![CDATA[VinFast Auto]]></company>
      <headline><![CDATA[VinFast (NASDAQ: VFS) – Leadership transition supports next phase of global growth]]></headline>
      <description><![CDATA[VinFast and GSM have announced a series of senior leadership changes as responsibilities transition to a younger generation of leaders across the Vingroup ecosystem.]]></description>
      <link>https://www.edisongroup.com/spark/vinfast-nasdaq-vfs-leadership-transition-supports-next-phase-of-global-growth/SGXZ55111462/widget-xml/</link>
      <isin>SGXZ55111462</isin>
      <epic>VFS</epic>
    </publication>
    <publication>
      <date>2026-09-14T07:21:55+00:00</date>
      <company><![CDATA[Jersey Electricity]]></company>
      <headline><![CDATA[Jersey Electricity (LSE: JEL) – New EDF supply agreement increases procurement flexibility]]></headline>
      <description><![CDATA[Jersey Electricity, in partnership with Guernsey Electricity through their jointly owned company Channel Islands Electricity Grid, has entered into a new four-year electricity supply agreement with EDF.]]></description>
      <link>https://www.edisongroup.com/spark/jersey-electricity-lse-jel-new-edf-supply-agreement-increases-procurement-flexibility/JE00B43SP147/widget-xml/</link>
      <isin>JE00B43SP147</isin>
      <epic>JEL</epic>
    </publication>
    <publication>
      <date>2026-09-11T14:43:54+00:00</date>
      <uid>3939</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Edison explains: The cost of insecure infrastructure]]></headline>
      <description><![CDATA[Why cyber risk is now a number on the balance sheet]]></description>
      <url>https://edison.bluematrix.com/sellside/AttachmentViewer.action?encrypt=9425ada9-29e6-4aa3-98e9-bcf8a01a8e4efileId=3939_1694e9cf-abf5-4a79-8f25-0dc590c1f00d&amp;isPdf=false</url>
      <link>https://www.edisongroup.com/thematic/edison-explains-the-cost-of-insecure-infrastructure/BM-3939/widget-xml/</link>
      <filename></filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-11T09:32:31+00:00</date>
      <uid>3935</uid>
      <company><![CDATA[OSE Immunotherapeutics]]></company>
      <headline><![CDATA[KOL event &#8211; Lusvertikimab and the IL-7R pathway: An expert deep dive into IBD]]></headline>
      <description><![CDATA[This key opinion leader (KOL) webinar, hosted by OSE Immunotherapeutics, featured Laurent Peyrin-Biroulet, MD, PhD, (Nancy University Hospital, France) and Maia Kayal, MD, MS, (Icahn School of Medicine at Mount Sinai, New York), alongside Marc Le Bozec (CEO, OSE Immunotherapeutics). The event focused on lusvertikimab, OSE’s anti-IL-7R monoclonal antibody and lead immuno-inflammation asset. The discussion reviewed the targeting of the IL-7/IL-7R axis as a novel therapeutic approach for inflammatory bowel disease (IBD), the positive results from the Phase II CoTikiS study in ulcerative colitis and the planned expansion into chronic pouchitis. The KOLs expressed their encouragement regarding the CoTikiS results, and were supportive of the translation to chronic pouchitis, both in terms of lusvertikimab’s mode of action and the underlying disease biology.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/ose-immunotherapeutics-kol-event-lusvertikimab-and-the-il-7r-pathway-an-expert-deep-dive-into-ibd/BM-3935/widget-xml/</link>
      <isin>FR0012127173</isin>
      <epic>OSE</epic>
    </publication>
    <publication>
      <date>2026-09-11T09:22:41+00:00</date>
      <uid>3934</uid>
      <company><![CDATA[Mendus]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Mendus — Positive CML safety readout supports strategy]]></headline>
      <description><![CDATA[ Mendus has reported a positive first-stage readout from its Phase Ib VITAL-CML trial, following review by the data safety monitoring board (DSMB). The DSMB concluded that vididencel in combination with ongoing tyrosine kinase inhibitor (TKI) treatment raised no safety or tolerability concerns in the first eight patients, all of whom completed four vididencel doses. This result supports continued enrolment in VITAL-CML, which has now recruited 12 out of a planned 24 participants, and keeps the programme on track for additional readouts in Q426 and initial top-line data from all 24 patients in mid-2027. Importantly, the positive safety assessment also enables Mendus to initiate the distinct Phase IIa VITAL-TFR2 study, planned for Q426, in patients who previously failed a treatment-free remission (TFR) attempt. We view the outcome as encouraging for the pace of Mendus\'s expanded chronic myeloid leukaemia (CML) strategy, with the next key steps being further VITAL-CML data and launch of VITAL-TFR2 in Q426. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/5e152f5e484d2589754a11ba095f5a8a.pdf</url>
      <link>https://www.edisongroup.com/research/positive-cml-safety-readout-supports-strategy/BM-3934/widget-xml/</link>
      <filename></filename>
      <isin>SE0022239950</isin>
      <epic>IMMU</epic>
    </publication>
    <publication>
      <date>2026-09-11T08:13:43+00:00</date>
      <company><![CDATA[Mendus]]></company>
      <headline><![CDATA[Mendus (OMX: IMMU) &#8211; VITAL-CML clears first safety hurdle]]></headline>
      <description><![CDATA[Clean DSMB review supports continued development of vididencel in CML, with further data and a second study due to start in Q426]]></description>
      <link>https://www.edisongroup.com/spark/mendus-omx-immu-vital-cml-clears-first-safety-hurdle/SE0022239950/widget-xml/</link>
      <isin>SE0022239950</isin>
      <epic>IMMU</epic>
    </publication>
    <publication>
      <date>2026-09-11T07:52:51+00:00</date>
      <uid>3875</uid>
      <company><![CDATA[Halyk Bank]]></company>
      <type>Update</type>
      <otc_epic>HALYY</otc_epic>
      <headline><![CDATA[Halyk Bank — Favourable outlook for H226]]></headline>
      <description><![CDATA[ Halyk Bank reported a 16.1% y-o-y decline in net income to KZT212.8bn in Q226, implying an annualised return on average equity of 23.5% in Q226 compared with 32.2% in Q225. The lower net profit was due to the combination of a lower net interest margin (NIM) of 6.7% (vs 7.1% in Q225), resulting from the new minimum reserve requirements gradually introduced from Q325, a fall in net fee and commission (F&amp;C) income, the net insurance result and net foreign exchange gains. That said, management reiterated its FY26 return on equity (ROE) guidance of c 29% (implying a substantial step-up in profitability in H226), as it expects Halyk to benefit from multiple positive factors, including continued robust loan book growth, a reduction in the base rate, strong results from its fx dealing business, rebounding net F&amp;C income, as well as the reversal of some negative effects in the insurance business. Halyk’s extraordinary general meeting (EGM) on 20 August approved the payment of a dividend of KZT28.09 per share, which brings the total payout from 2025 earnings to KZT58.19 (up c 15% y-o-y), implying a c 60% payout ratio and a yield of 15.4% based on the last closing price. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/a596cc74a5d03f66140fdfac5d557960.pdf</url>
      <link>https://www.edisongroup.com/research/favourable-outlook-for-h226/BM-3875/widget-xml/</link>
      <filename></filename>
      <isin>US46627J3023</isin>
      <epic>HSBK</epic>
    </publication>
    <publication>
      <date>2026-09-11T07:12:21+00:00</date>
      <uid>3919</uid>
      <company><![CDATA[Rubis]]></company>
      <type>Update</type>
      <otc_epic>RUBSF</otc_epic>
      <headline><![CDATA[Rubis — H1 results: Core energy business drives upgrades]]></headline>
      <description><![CDATA[ Rubis delivered a strong H1, with Retail &amp; Marketing volumes up 9%, unit gross margin up 7% and EBITDA up 22%, supported by broad product growth and a significant margin improvement in Africa. Management raised FY26 EBITDA guidance to €775–825m, with the midpoint allowing for some normalisation in volumes and margins in H2 after a strong first half. We upgrade our FY26 and FY27 EBITDA estimates by 4–5% and EPS by c 10%, while revised near-term solar capex assumptions also support our higher DCF valuation of €45.2/share, implying 30% upside. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/f5aee30a994351b1dad5af4554dde386.pdf</url>
      <link>https://www.edisongroup.com/research/h1-results-core-energy-business-drives-upgrades/BM-3919/widget-xml/</link>
      <filename></filename>
      <isin>FR0013269123</isin>
      <epic>RUI</epic>
    </publication>
    <publication>
      <date>2026-09-10T14:23:40+00:00</date>
      <uid>3926</uid>
      <company><![CDATA[Fourlis Holdings]]></company>
      <type>Spotlight — update</type>
      <otc_epic>FRLSY</otc_epic>
      <headline><![CDATA[Fourlis Holdings — Transition year remains on track]]></headline>
      <description><![CDATA[ Fourlis’s H126 results show continued commercial progress, supported by market share gains and network expansion, albeit revenue slowed through the period due to macroeconomic headwinds. Profitability remains constrained by the group’s transformation programmes, the Foot Locker rollout and inflationary cost pressures. The strategic direction is unchanged, with management confident that FY26 is a transition year to build a more scalable operating platform, and the expectation the financial benefits become visible from FY27. Encouragingly, management indicated the transformation is progressing broadly to plan. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/3d69d3c8837c4c7613b3ed10c5be02d4.pdf</url>
      <link>https://www.edisongroup.com/research/transition-year-remains-on-track/BM-3926/widget-xml/</link>
      <filename></filename>
      <isin>GRS096003009</isin>
      <epic>FOYRK</epic>
    </publication>
    <publication>
      <date>2026-09-10T13:26:42+00:00</date>
      <uid>3933</uid>
      <company><![CDATA[Noctiluca]]></company>
      <headline><![CDATA[Noctiluca in 60 seconds]]></headline>
      <description><![CDATA[Hear from Edison’s Dan Ridsdale on Noctiluca, a Polish deeptech company developing advanced OLED materials, whose independently validated technology could address the industry’s critical blue-pixel challenge and support a significant commercial growth inflection from 2028.
]]></description>
      <link>https://www.edisongroup.com/audiovisual/noctiluca-noctiluca-in-60-seconds/BM-3933/widget-xml/</link>
      <isin>PLNCTLC00018</isin>
      <epic>NCL; FSE: G0Z</epic>
    </publication>
    <publication>
      <date>2026-09-10T09:18:22+00:00</date>
      <company><![CDATA[SCHMID]]></company>
      <headline><![CDATA[SCHMID Group – Inside the Industry]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/schmid-group-inside-the-industry/widget-xml/</link>
      <isin>NL00150021T1</isin>
      <epic>SHMD</epic>
    </publication>
    <publication>
      <date>2026-09-10T08:04:05+00:00</date>
      <uid>3918</uid>
      <company><![CDATA[Corero Network Security]]></company>
      <type>Update</type>
      <otc_epic>DDOSF</otc_epic>
      <headline><![CDATA[Corero Network Security — Strong H126 leads to forecast upgrades]]></headline>
      <description><![CDATA[ Corero’s H126 results provide clear evidence of its growth potential and operational leverage and have led us to increase our forecasts, with our current year EBITDA revised up 62%. It is still relatively early days in the selling of a broader product offering and realigned sales strategy. We expect a further beneficial impact from these strategic initiatives and believe there is potential for further upside to FY27e and FY28e forecasts. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/98c25ad2241cad5a97d8dd0f4ac92c61.pdf</url>
      <link>https://www.edisongroup.com/research/strong-h126-leads-to-forecast-upgrades/BM-3918/widget-xml/</link>
      <filename></filename>
      <isin>GB00B54X0432</isin>
      <epic>CNS</epic>
    </publication>
    <publication>
      <date>2026-09-10T06:11:13+00:00</date>
      <company><![CDATA[OSE Immunotherapeutics]]></company>
      <headline><![CDATA[OSE Immunotherapeutics (PAR: OSE) – VEL-101 moves into Phase II in kidney transplantation]]></headline>
      <description><![CDATA[First patient dosed in partner-led RENGEVITY-201 trial.]]></description>
      <link>https://www.edisongroup.com/spark/ose-immunotherapeutics-par-ose-vel-101-moves-into-phase-ii-in-kidney-transplantation/FR0012127173/widget-xml/</link>
      <isin>FR0012127173</isin>
      <epic>OSE</epic>
    </publication>
    <publication>
      <date>2026-09-09T13:04:48+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[The AIC showcase 2026]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/the-aic-investment-company-showcase-2026/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-09T12:56:30+00:00</date>
      <company><![CDATA[Card Factory]]></company>
      <headline><![CDATA[Card Factory:  FY27 interim results conference call]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/card-factory-fy27-interim-results-conference-call/widget-xml/</link>
      <isin>GB00BLY2F708</isin>
      <epic>CARD</epic>
    </publication>
    <publication>
      <date>2026-09-09T12:35:13+00:00</date>
      <uid>3921</uid>
      <company><![CDATA[Amoeba]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Amoeba — Binding Syngenta agreement advances AXP20 commercialisation]]></headline>
      <description><![CDATA[ Amoéba and Syngenta Crop Protection have converted their November 2025 memorandum of understanding (MoU) into a binding, long-term supply and distribution agreement for AXP20, Amoéba’s next-generation biocontrol fungicide. Syngenta will have exclusive distribution rights for all cereals except corn across the EU-27, the UK, Ukraine and Switzerland. First registrations in core EU markets are targeted for Q328, with first sales expected by the end of 2028 for use in spring 2029. The agreement advances AXP20 towards commercialisation by establishing a route to the European cereals market through Syngenta. However, the launch remains subject to product registrations and no financial terms were disclosed. Syngenta will hold exclusive distribution rights, while the two companies will jointly advance field trials and regulatory programmes, with Amoéba supplying the product. In our view, this should reduce the commercial infrastructure that Amoéba would otherwise need to build itself. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/6d62ad1ee6f05cc0daea27dd3f6a0570.pdf</url>
      <link>https://www.edisongroup.com/research/binding-syngenta-agreement-advances-axp20-commercialisation/BM-3921/widget-xml/</link>
      <filename></filename>
      <isin>FR0011051598</isin>
      <epic>ALMIB</epic>
    </publication>
    <publication>
      <date>2026-09-09T11:33:47+00:00</date>
      <uid>3920</uid>
      <company><![CDATA[Pathos Communications]]></company>
      <type>Client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Pathos Communications — Evidence that H2 acceleration is materialising]]></headline>
      <description><![CDATA[ Pathos’s H126 results confirm encouraging H1 performance, with robust trading through July and August indicating that the acceleration anticipated for H2 is now materialising. Good progress across key KPIs, including repeat business rising to 36% of revenue from 16% in H125 and gross margin improving sequentially to 71% from 69% in H225, further supports the expectation that growth can translate into increasing operational leverage. Pathos continues to trade on value-like multiples that appear to give limited credit to its large addressable market, proprietary technology, scalability potential and encouraging execution since IPO. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/c48f5e460dbadf4943665149a0190d5e.pdf</url>
      <link>https://www.edisongroup.com/research/evidence-that-h2-acceleration-is-materialising/BM-3920/widget-xml/</link>
      <filename></filename>
      <isin>GB00BTWSXW71</isin>
      <epic>NEWS</epic>
    </publication>
    <publication>
      <date>2026-09-09T08:28:48+00:00</date>
      <uid>3809</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Have autos hit the brakes too hard?]]></headline>
      <description><![CDATA[Why now? A contrarian perspective
European auto equities have materially underperformed, but the medium-term outlook may be less negative than recent equity performance implies. The sector has fallen c 30% cumulatively over three years and c 32% over five years, versus gains of c 43% and c 38%, respectively, for MSCI Europe. The fundamental concerns are real: vehicle demand has weakened, Chinese competition has intensified, profitability remains under pressure and electrification is reshaping industry value pools. However, forecasts point to stabilisation rather than structural volume decline, while the STOXX Europe 600 Automobiles &amp; Parts Index (SXAP) trades at just 0.60x book value. For a contrarian investor, the opportunity is therefore selective: a strong cyclical recovery may not be required if volumes stabilise, self-help supports margins and earnings expectations begin to find a floor.]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/uploads/2026/09/Autos_Hit-the-brakes_Thematic_FINAL-FINAL_090926.pdf</url>
      <link>https://www.edisongroup.com/thematic/have-autos-hit-the-brakes-too-hard/BM-3809/widget-xml/</link>
      <filename>Autos_Hit-the-brakes_Thematic_FINAL-FINAL_090926.pdf</filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-09T07:12:38+00:00</date>
      <company><![CDATA[Corero Network Security]]></company>
      <headline><![CDATA[Corero Network Security (AIM: CNS) – Growth accelerates; beat expected for FY26]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/spark/corero-network-security-accelerators-coming-through-fy26-expected-ahead-of-expectations/GB00B54X0432/widget-xml/</link>
      <isin>GB00B54X0432</isin>
      <epic>CNS</epic>
    </publication>
    <publication>
      <date>2026-09-09T06:38:21+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Pathos Communications (AIM: NEWS) &#8211; Evidence the H2 acceleration is materialising]]></headline>
      <description><![CDATA[Pathos’s H126 results confirm encouraging H1 performance and that the acceleration anticipated for H2 is now materialising.]]></description>
      <link>https://www.edisongroup.com/spark/pathos-communications-evidence-the-h2-acceleration-is-materialising/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-09T06:19:08+00:00</date>
      <company><![CDATA[BioVersys]]></company>
      <headline><![CDATA[BioVersys (SIX: BIOV) reports strong H126; FY26 guidance upgraded]]></headline>
      <description><![CDATA[BioVersys reported continued pipeline progress and upgraded FY26 guidance, with modest trial timing shifts but key BV100 value-driving milestones and runway remaining intact.]]></description>
      <link>https://www.edisongroup.com/spark/bioversys-six-biov-report-strong-h126-fy26-guidance-upgraded/CH0210362643/widget-xml/</link>
      <isin>CH0210362643</isin>
      <epic>BIOV</epic>
    </publication>
    <publication>
      <date>2026-09-08T15:05:43+00:00</date>
      <uid>3912</uid>
      <company><![CDATA[Newron Pharmaceuticals]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Newron Pharmaceuticals — Strengthened funding ahead of pivotal readout]]></headline>
      <description><![CDATA[ Newron has received a further €5.5m as the second tranche under the (up to) €38m equity financing agreed with an investor group in February 2026, through the issue of 433,070 new shares. This follows the initial €15m investment, with a third €5.5m tranche expected by end-November 2026, as the pivotal ENIGMA-TRS programme progresses; a final €12m remains conditional on positive study results. The latest funding provides additional operational headroom as Newron advances evenamide through Phase III development in treatment-resistant schizophrenia (TRS). With ENIGMA-TRS 1 screening now complete, we believe investor attention has turned towards the first 12-week top-line results from the international ENIGMA-TRS 1 study, anticipated in Q127, which we view as a key potential near-term catalyst. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/2d438957cb2b9d9550e7c0757c868417.pdf</url>
      <link>https://www.edisongroup.com/research/strengthened-funding-ahead-of-pivotal-readout/BM-3912/widget-xml/</link>
      <filename></filename>
      <isin>IT0004147952</isin>
      <epic>NWRN</epic>
    </publication>
    <publication>
      <date>2026-09-08T13:22:41+00:00</date>
      <company><![CDATA[Telematic Interactive Bulgaria]]></company>
      <headline><![CDATA[Telematic Interactive Bulgaria]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/telematic-interactive-bulgaria/BMC-413/widget-xml/</link>
      <isin>BG1100014213</isin>
      <epic>TIB</epic>
    </publication>
    <publication>
      <date>2026-09-08T12:10:55+00:00</date>
      <uid>3908</uid>
      <company><![CDATA[Cadence Minerals]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Cadence Minerals — Azteca refurbishment complete; commissioning next]]></headline>
      <description><![CDATA[ Cadence Minerals has completed refurbishment of the Azteca processing plant at its 36.2%-owned Amapá iron ore project in Brazil, with mechanical completion achieved on 4 September. Cold commissioning is scheduled to begin in the week commencing 7 September. Azteca targets c 380ktpa of 65% Fe concentrate from existing tailings, providing early cash flows to support Amapá’s staged redevelopment. Commercial operations and shipments remain subject to successful commissioning and receipt of the operating licence (LO). We will review our project-level estimates and valuation once the LO is granted. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/d7411eeb6db9c72c0e2c67aeed80a461.pdf</url>
      <link>https://www.edisongroup.com/research/azteca-refurbishment-complete-commissioning-next/BM-3908/widget-xml/</link>
      <filename></filename>
      <isin>GB00BJP0B151</isin>
      <epic>KDNC</epic>
    </publication>
    <publication>
      <date>2026-09-08T10:01:01+00:00</date>
      <uid>3915</uid>
      <company><![CDATA[SynAct Pharma]]></company>
      <headline><![CDATA[Bull, Bear &#038; Beyond – SynAct Pharma: executive interview]]></headline>
      <description><![CDATA[In this interview, we speak with Mads Bjerregaard, chief business officer of SynAct Pharma, about the latest analysis from the Phase IIb ADVANCE study and why it could shape the path forward for resomelagon in rheumatoid arthritis. Mads discusses how temporary inflammatory flare-ups may have distorted the placebo response, the statistically significant benefit seen after affected patients were excluded from the analysis, its implications for Phase III patient selection and why a longer 26-week study could better capture deeper clinical responses. We also explore the upcoming FDA Type C meeting, the potential for a direct move into Phase III and how the new analysis could strengthen SynAct’s partnering position. Finally, Mads outlines the company’s broader strategic options, including licensing, an outright sale of resomelagon and other potential transactions.
Listen on your preferred podcast player below:

Apple Podcast
Spotify
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About Bull, Bear &amp; Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.
]]></description>
      <link>https://www.edisongroup.com/podcast/synact-pharma-bull-bear-beyond-synact-pharma-executive-interview-4/BM-3915/widget-xml/</link>
      <isin>SE0008241491</isin>
      <epic>SYNACT</epic>
    </publication>
    <publication>
      <date>2026-09-08T09:47:26+00:00</date>
      <uid>3914</uid>
      <company><![CDATA[SynAct Pharma]]></company>
      <headline><![CDATA[SynAct Pharma – executive interview]]></headline>
      <description><![CDATA[In this interview, we speak with Mads Bjerregaard, chief business officer of SynAct Pharma, about the latest analysis from the Phase IIb ADVANCE study and why it could shape the path forward for resomelagon in rheumatoid arthritis. Mads discusses how temporary inflammatory flare-ups may have distorted the placebo response, the statistically significant benefit seen after affected patients were excluded from the analysis, its implications for Phase III patient selection and why a longer 26-week study could better capture deeper clinical responses. We also explore the upcoming FDA Type C meeting, the potential for a direct move into Phase III and how the new analysis could strengthen SynAct’s partnering position. Finally, Mads outlines the company’s broader strategic options, including licensing, an outright sale of resomelagon and other potential transactions.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/synact-pharma-synact-pharma-executive-interview-5/BM-3914/widget-xml/</link>
      <isin>SE0008241491</isin>
      <epic>SYNACT</epic>
    </publication>
    <publication>
      <date>2026-09-08T09:17:36+00:00</date>
      <uid>3884</uid>
      <company><![CDATA[Disruptive Pharma]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Disruptive Pharma — Reverse takeover resets the investment case]]></headline>
      <description><![CDATA[ Disruptive Pharma was formed by Guard Therapeutics’ reverse takeover of Disruptive Pharma Holding, completed on 27 July. This replaced a discontinued kidney programme with Formulite, a patented mesoporous magnesium carbonate platform for improving the oral bioavailability of poorly soluble drug compounds, to be commercialised through development projects, licensing and CDMO agreements. The Q226 results cover the pre-transaction company and hence do not reflect the operations of the new Disruptive Pharma. With c SEK34m of cash (excluding cash on the legacy balance sheet) and no commercial licence or CDMO partnership yet signed, we see a milestone-driven story in which commercial execution will likely matter more than near-term financial metrics. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/952c3ab499b6eb6fb88cd12a67770b9b.pdf</url>
      <link>https://www.edisongroup.com/research/reverse-takeover-resets-the-investment-case/BM-3884/widget-xml/</link>
      <filename></filename>
      <isin>SE0021181559</isin>
      <epic>DPHA</epic>
    </publication>
    <publication>
      <date>2026-09-08T08:08:56+00:00</date>
      <uid>3891</uid>
      <company><![CDATA[Concurrent Technologies]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Concurrent Technologies — Strong order momentum drives growth]]></headline>
      <description><![CDATA[ Concurrent Technologies reported strong H126 results with order intake accelerating through Q226 and into Q326. Due to the positive order momentum, management expects to beat FY26 consensus revenue and PBT. The increasing proportion of multi-year orders and strong design win activity are providing the company with better visibility over medium-term growth, and recent investment in capacity and office expansion should support the business as it scales. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/9f65ba7f3bd5f6452af3c2bb02b6628c.pdf</url>
      <link>https://www.edisongroup.com/research/strong-order-momentum-drives-growth/BM-3891/widget-xml/</link>
      <filename></filename>
      <isin>GB0002183191</isin>
      <epic>CNC</epic>
    </publication>
    <publication>
      <date>2026-09-08T07:24:48+00:00</date>
      <company><![CDATA[Newron Pharmaceuticals]]></company>
      <headline><![CDATA[Newron Pharmaceuticals (SIX: NWRN) improves funding visibility ahead of pivotal readout]]></headline>
      <description><![CDATA[Investor group commits further €5.5m as Phase III evenamide programme advances]]></description>
      <link>https://www.edisongroup.com/spark/newron-pharmaceuticals-six-nwrn-improves-funding-visibility-ahead-of-pivotal-readout/IT0004147952/widget-xml/</link>
      <isin>IT0004147952</isin>
      <epic>NWRN</epic>
    </publication>
    <publication>
      <date>2026-09-07T15:58:37+00:00</date>
      <uid>3911</uid>
      <company><![CDATA[IP Group]]></company>
      <headline><![CDATA[IP Group in 60 seconds]]></headline>
      <description><![CDATA[Get the lowdown from Edison&#8217;s Milosz Papst on IP Group, which gives investors access to innovative private companies and IP rights across themes like anti-obesity drugs, quantum computing and fusion energy. IP Group&#8217;s NAV per share increased by 13% in FY25, boosted by its royalty exposure to Pfizer&#8217;s Metsera-derived obesity pipeline.
]]></description>
      <link>https://www.edisongroup.com/audiovisual/ip-group-ip-group-in-60-seconds/BM-3911/widget-xml/</link>
      <isin>GB00B128J450</isin>
      <epic>IPO</epic>
    </publication>
    <publication>
      <date>2026-09-07T11:00:15+00:00</date>
      <uid>3909</uid>
      <company><![CDATA[Custodian Property Income REIT]]></company>
      <headline><![CDATA[Custodian Property Income REIT – executive interview]]></headline>
      <description><![CDATA[In this interview, Richard Shepherd-Cross, the fund manager of Custodian Property Income REIT (CREI), discusses the company’s recent quarterly update, the resilient occupier market that is supporting rental growth across the portfolio, and the potential for further private company portfolio acquisitions, a key part of CREI’s growth strategy. In the three months to 30 June (Q127) the NAV total return was 1.8p per share (1.8%) comprising the 1.5p dividend paid and a 0.3p increase in NAV per share to 100p. The portfolio estimated rental value (ERV) increased by 1.0% in the quarter, following 3.3% in the year to March. Q127 ERV was £7m higher than passing rent, representing significant income potential embedded within the portfolio. During the quarter, portfolio valuations increased modestly, despite higher long-term interest rates. The disconnect between the strong underlying fundamentals of UK real estate and investor sentiment for most of the UK-listed sector persists.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/custodian-property-income-reit-custodian-property-income-reit-executive-interview-3/BM-3909/widget-xml/</link>
      <isin>GB00BJFLFT45</isin>
      <epic>CREI</epic>
    </publication>
    <publication>
      <date>2026-09-07T10:35:49+00:00</date>
      <company><![CDATA[Jersey Electricity]]></company>
      <headline><![CDATA[Jersey Electricity (LSE: JEL) – Refinancing increases funding flexibility for £180m investment programme]]></headline>
      <description><![CDATA[Jersey Electricity (LSE: JEL) has completed a significant enhancement of its long-term financing arrangements, comprising a new £100m sustainability-linked RCF with an additional uncommitted accordion of up to £50m, alongside amendments to its existing £30m USPP notes and a new $150m uncommitted shelf facility.]]></description>
      <link>https://www.edisongroup.com/spark/jersey-electricity-lse-jel-refinancing-increases-funding-flexibility-for-180m-investment-programme/JE00B43SP147/widget-xml/</link>
      <isin>JE00B43SP147</isin>
      <epic>JEL</epic>
    </publication>
    <publication>
      <date>2026-09-07T09:43:32+00:00</date>
      <uid>3906</uid>
      <company><![CDATA[Team Internet Group]]></company>
      <type>Update</type>
      <otc_epic>TIGXF</otc_epic>
      <headline><![CDATA[Team Internet Group — Positive progress in H1]]></headline>
      <description><![CDATA[ Team Internet’s H1 results were in line with the July trading update. DIS’s 28% EBITDA growth should support the disposal process, with discussions ongoing with multiple parties. Management continues to expect a valuation materially above $160m, with completion around year-end. Comparison is establishing itself as the key pillar of the post-DIS story, with H1 net revenue up 38% and EBITDA up 56%. Growth remains predominantly DACH-led, but new channels, such as Google Shopping ads, broaden the opportunity, and France is now profitable. Search has completed its transition away from AFD and returned to profit in June, although RSoC remains unpredictable as the model matures. Our estimates look well-supported with a sum of the parts (SOTP) returning a 60–70p fair value. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/d06f124ba5795afd4bdca6e79718a3de.pdf</url>
      <link>https://www.edisongroup.com/research/positive-progress-in-h1-2/BM-3906/widget-xml/</link>
      <filename></filename>
      <isin>GB00BCCW4X83</isin>
      <epic>TIG</epic>
    </publication>
    <publication>
      <date>2026-09-07T09:29:45+00:00</date>
      <uid>3907</uid>
      <company><![CDATA[SynAct Pharma]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[SynAct Pharma — Post-hoc analysis strengthens Phase III case]]></headline>
      <description><![CDATA[ SynAct Pharma has reported further analysis of the Phase IIb ADVANCE study (testing resomelagon in rheumatoid arthritis), providing a clearer explanation for the unexpectedly strong placebo response. Management estimates that around 20% of patients entered the study during a temporary inflammatory flare, with this subgroup accounting for much of the variability observed in the placebo arm. Excluding these patients, the 40mg resomelagon achieved an ACR20 response of 79% versus 55% for placebo (p&lt;0.05), alongside greater separation in ACR50 and DAS28 improvements. We believe the analysis strengthens the overall interpretation of ADVANCE and should provide useful support for upcoming regulatory discussions. Importantly, we believe that these findings offer a practical framework for the Phase III design, where tighter selection of patients with stable baseline inflammatory activity should be as important as demonstrating deeper and more durable responses over the proposed 26-week treatment period. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/29fd152d9aa3ecfab460ce2c02d9db42.pdf</url>
      <link>https://www.edisongroup.com/research/post-hoc-analysis-strengthens-phase-iii-case/BM-3907/widget-xml/</link>
      <filename></filename>
      <isin>SE0008241491</isin>
      <epic>SYNACT</epic>
    </publication>
    <publication>
      <date>2026-09-07T08:38:16+00:00</date>
      <company><![CDATA[Molten Ventures]]></company>
      <headline><![CDATA[Molten Ventures (LSE: GROW) &#8211; Isar Aerospace successfully delivered satellites into orbit]]></headline>
      <description><![CDATA[Isar Aerospace announced on 5 September 2026 a successful launch and delivery of satellites into orbit by its Spectrum vehicle during its ‘Onward and Upward’ mission.]]></description>
      <link>https://www.edisongroup.com/spark/molten-ventures-lse-grow-isar-aerospace-successfully-delivered-satellites-into-orbit/GB00BY7QYJ50/widget-xml/</link>
      <isin>GB00BY7QYJ50</isin>
      <epic>GROW</epic>
    </publication>
    <publication>
      <date>2026-09-07T07:55:00+00:00</date>
      <uid>3889</uid>
      <company><![CDATA[Bally’s Intralot]]></company>
      <type>Flash</type>
      <otc_epic>IRLTF</otc_epic>
      <headline><![CDATA[Bally’s Intralot — Encouraging UK strength, outlook moderated]]></headline>
      <description><![CDATA[ Bally’s Intralot’s H126 results show encouraging underlying momentum in International Interactive, particularly in the UK where growth accelerated despite the increase in remote gaming duty at the start of Q226. Management has mitigated a substantial part of the tax headwind with revenue growth and cost actions, although the anticipated benefit from industry consolidation is taking longer to emerge. Intralot’s legacy business was softer, reflecting weaker US lottery activity and pressure in Turkey, where the company continues to outperform, following changes to the remuneration mechanism. Management introduced a lower range for FY26e adjusted EBITDA that takes into account H126’s performance, changes in forex and confidence in a better H226 performance. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/d24d3cfa3efbe5b64f563537d09ed04b.pdf</url>
      <link>https://www.edisongroup.com/research/encouraging-uk-strength-outlook-moderated/BM-3889/widget-xml/</link>
      <filename></filename>
      <isin>GRS343313003</isin>
      <epic>BYLOT</epic>
    </publication>
    <publication>
      <date>2026-09-07T07:44:31+00:00</date>
      <uid>3893</uid>
      <company><![CDATA[BioVersys]]></company>
      <type>SIX — flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[BioVersys — Fast Track de-risks BV100’s regulatory pathway]]></headline>
      <description><![CDATA[ BioVersys has received US FDA Fast Track designation for BV100 in hospital-acquired bacterial pneumonia (HABP) and ventilator-associated bacterial pneumonia (VABP) caused by carbapenem-resistant Acinetobacter baumannii (CRAB), providing incremental regulatory de-risking of its lead Phase III asset. The designation enables more frequent FDA interaction and eligibility for rolling review, potentially improving regulatory visibility and streamlining the filing process. BV100 is being evaluated in two complementary studies: the registrational, randomised Phase III RIV-TARGET and the open-label, South-East Asia-focused Phase IIb RIV-CARE. While RIV-TARGET is expected to readout in H227, we see the key nearer-term catalyst as the interim RIV-CARE data, expected by end-2026. RIV-CARE compares BV100 with locally selected best available therapy (potentially including Xacduro, the current US guideline-preferred sulbactam-based treatment) and should provide useful evidence on efficacy and differentiation in high-resistance settings. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/aa9ca7414c5d631e76537518bbc7fad7.pdf</url>
      <link>https://www.edisongroup.com/research/fast-track-de-risks-bv100s-regulatory-pathway/BM-3893/widget-xml/</link>
      <filename></filename>
      <isin>CH0210362643</isin>
      <epic>BIOV</epic>
    </publication>
    <publication>
      <date>2026-09-07T06:36:51+00:00</date>
      <company><![CDATA[SigmaRoc]]></company>
      <headline><![CDATA[SigmaRoc (AIM: SRC) – Strong H1 performance complemented by Dolomitas acquisition]]></headline>
      <description><![CDATA[SigmaRoc reported H126 revenue growth of 2.5% y-o-y to £523.1m and an 11.3% increase in underlying EBITDA to £131.2m, with the EBITDA margin improving by 200bp to 25.1%.]]></description>
      <link>https://www.edisongroup.com/spark/sigmaroc-aim-src-strong-h1-performance-complemented-by-dolomitas-acquisition/GB00BYX5K988/widget-xml/</link>
      <isin>GB00BYX5K988</isin>
      <epic>SRC</epic>
    </publication>
    <publication>
      <date>2026-09-07T06:25:36+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Team Internet: H1 confirms improving operating momentum]]></headline>
      <description><![CDATA[H1 confirms improving operating momentum]]></description>
      <link>https://www.edisongroup.com/spark/team-internet-h1-confirms-improving-operating-momentum/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-04T14:44:31+00:00</date>
      <uid>3642</uid>
      <company><![CDATA[Living REIT]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Living REIT — Building from strength]]></headline>
      <description><![CDATA[ Living REIT (LIVE) is the former Social Housing REIT (SOHO), rebranded and with a broader investment remit that now includes a diversified range of complementary, structurally supported living sectors alongside specialised supported housing (SSH). The accretive £108m acquisition of a senior living portfolio, innovatively funded by a mix of cash and new shares issued at NAV, was a significant leap forward in this process. This transaction and the revised investment strategy in general offer a more diversified and resilient income base and a larger opportunity set from which to build scale, enhancing cost efficiency, attract a wider pool of investors and deepen share liquidity. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/80a567c8edfc7f0a219de850fdca73a9.pdf</url>
      <link>https://www.edisongroup.com/research/building-from-strength/BM-3642/widget-xml/</link>
      <filename></filename>
      <isin>GB00BF0P7H59</isin>
      <epic>LIVE</epic>
    </publication>
    <publication>
      <date>2026-09-04T09:45:41+00:00</date>
      <uid>3885</uid>
      <company><![CDATA[Cereno Scientific]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Cereno Scientific — Active Q226; catalysts move closer]]></headline>
      <description><![CDATA[ Cereno’s Q226 results recapped an active period, with subsequent developments marking a tangible shift towards advanced clinical development. The post-period highlight was the August activation of the first site in the Phase IIb EPIMODE study of CS1, enabling patient screening and recruitment to commence. The focus is now on first-patient randomisation, site activation and recruitment progress. Encouragingly, management continues to guide to Q428 for the top-line data, despite the slight shift from the initial June target for study commencement. CS014 provides a near-term catalyst, with top-line data expected within September following completion of the PK bridging study. Supportive results could enable a direct move into Phase IIb in PH-ILD, now targeted for Q327 (from Q127). The SEK60m directed issue supports headroom into late Q426, although further funding and/or partnering will be required. We keep CS1’s PoS unchanged, with our valuation at SEK7.0bn or SEK21.5/share. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/b71ff1b03fef8682ae5c826134384a5e.pdf</url>
      <link>https://www.edisongroup.com/research/active-q226-catalysts-move-closer/BM-3885/widget-xml/</link>
      <filename></filename>
      <isin>SE0008241558</isin>
      <epic>CRNO-B</epic>
    </publication>
    <publication>
      <date>2026-09-04T09:03:27+00:00</date>
      <uid>3901</uid>
      <company><![CDATA[One and one Green Technologies]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[One and one Green Technologies — Feedstock secured for new recovery line]]></headline>
      <description><![CDATA[ One and one Green Technologies (YDDL) has announced that it has procured more than 2kt of raw materials for its new electronic, copper and nickel sludge recovery line in Metro Manila, with installation of the smelting equipment underway and first production expected before the end of 2026. Securing feedstock ahead of commissioning should support a faster production ramp-up and marks further progress in YDDL’s expansion into higher-value waste streams, with the new line targeting the recovery of copper, nickel, gold and silver. With no details yet on processing capacity, recoveries or the expected financial contribution from the new line, we leave our estimates unchanged, which already incorporate a shift towards higher-value products, and maintain our discounted cash flow-based valuation at US$8.3 per Class A ordinary share, or US$6.8/share on a fully diluted basis. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/uploads/2026/09/YDDL_Update_040926_NEW.pdf</url>
      <link>https://www.edisongroup.com/research/feedstock-secured-for-new-recovery-line/BM-3901/widget-xml/</link>
      <filename>YDDL_Update_040926_NEW.pdf</filename>
      <isin>KYG6772F1028</isin>
      <epic>YDDL</epic>
    </publication>
    <publication>
      <date>2026-09-04T07:45:37+00:00</date>
      <company><![CDATA[Alkemya Metacore]]></company>
      <headline><![CDATA[Alkemya Metacore secures initial $50m investment ahead of listing]]></headline>
      <description><![CDATA[Alkemya Luxembourg announced that Alkemya Metacore has secured $50m in a pre-launch capital raise for its precision industrial nickel wire business backed by Class 1 nickel wire.]]></description>
      <link>https://www.edisongroup.com/spark/alkemya-metacore-secures-initial-50m-investment-ahead-of-listing/NOISINALKEMYA/widget-xml/</link>
      <isin>NOISINALKEMYA</isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-04T07:38:09+00:00</date>
      <uid>3802</uid>
      <company><![CDATA[Sylvania Platinum]]></company>
      <type>Update</type>
      <otc_epic>SAPLF</otc_epic>
      <headline><![CDATA[Sylvania Platinum — Strong production through PGM volatility]]></headline>
      <description><![CDATA[ Sylvania Platinum (Sylvania) delivered record FY26 4E PGM production of 95,885oz, up 18.4% from FY25 and ahead of both original and upgraded guidance, while chrome production of 50,317t met revised guidance. Record production combined with a strong PGM basket to more than double revenue to US$227.2m and lift normalised EPS to 30.5 US cents, ahead of our 28.3 US cents forecast. We have reset our PGM price forecasts for the Iran war retracement and, as a result, our FY27 EPS forecast falls by 57% to 28.0 US cents, dipping below FY26, as record production and the Thaba JV ramp-up partly offset lower prices. Our valuation is down 14% to 167.7p/share and, despite a conservative long-term production forecast, is almost 1.8x the current share price. Since FY13, Sylvania has increased its 4E PGM production per 1,000 shares in issue from 148oz to 369oz, which is an impressive performance. This achievement, as well as the company’s chrome and much higher rhodium, ruthenium and iridium exposure than its peers, has not been fully reflected in its trading levels in our opinion. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/1eaa02f87dcad0f0abd90de5eaaaeb11.pdf</url>
      <link>https://www.edisongroup.com/research/strong-production-through-pgm-volatility/BM-3802/widget-xml/</link>
      <filename></filename>
      <isin>BMG864081044</isin>
      <epic>SLP</epic>
    </publication>
    <publication>
      <date>2026-09-04T07:20:45+00:00</date>
      <uid>3902</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[The investment story needs to be seen]]></headline>
      <description><![CDATA[Why video has become essential in investor relations]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/uploads/2026/09/Needs-to-be-Seen_070926_2.pdf</url>
      <link>https://www.edisongroup.com/thematic/the-investment-story-needs-to-be-seen/BM-3902/widget-xml/</link>
      <filename>Needs-to-be-Seen_070926_2.pdf</filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-03T15:03:48+00:00</date>
      <uid>3896</uid>
      <company><![CDATA[OSE Immunotherapeutics]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[OSE Immunotherapeutics — KOL event: broader use case for lusvertikimab]]></headline>
      <description><![CDATA[ OSE Immunotherapeutics’ key opinion leader (KOL) event summarised a broadened use case, and hence value offering, for lusvertikimab, its anti IL-7R monoclonal antibody, with discussion spanning IL-7R biology, the prior Phase II CoTikiS data in ulcerative colitis (UC) and the planned expansion into chronic pouchitis. Both CoTikiS doses met the week 10 primary endpoint, while extension data suggested durable responses through 34 weeks. KOLs Laurent Peyrin Biroulet and Maia Kayal expressed their encouragement from CoTikiS and support of the underlying disease biology and mode of action for translation to chronic pouchitis. The event also highlighted the unmet need in both indications, with OSE management communicating that the planned Phase IIa study in chronic antibiotic refractory pouchitis should establish a capital-efficient internal development opportunity in immuno-inflammation (I&amp;I). ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/4f0025d3a4c6e69d155eba8e7785a5d3.pdf</url>
      <link>https://www.edisongroup.com/research/kol-event-broader-use-case-for-lusvertikimab/BM-3896/widget-xml/</link>
      <filename></filename>
      <isin>FR0012127173</isin>
      <epic>OSE</epic>
    </publication>
    <publication>
      <date>2026-09-03T12:59:10+00:00</date>
      <uid>3897</uid>
      <company><![CDATA[Custodian Property Income REIT]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Custodian Property Income REIT — Positive, income-led returns in Q127]]></headline>
      <description><![CDATA[ Custodian Property Income REIT (CREI) generated a 1.8p (1.8%) NAV total return in the three months to 30 June 2026 (Q127) comprising the 1.5p DPS paid and a 0.3p increase in NAV per share to 100p. Portfolio manager Richard Shepherd-Cross describes the occupier market as extremely resilient, reflected in the 1.0% growth in the portfolio rental value, following 3.3% in the year to March. Portfolio valuations increased modestly, despite higher long-term interest rates. The disconnect between the strong underlying fundamentals of UK real estate and investor sentiment for most of the UK-listed sector persists. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/d14cd62cf07c8a1393ebd7c653613f36.pdf</url>
      <link>https://www.edisongroup.com/research/positive-income-led-returns-in-q127/BM-3897/widget-xml/</link>
      <filename></filename>
      <isin>GB00BJFLFT45</isin>
      <epic>CREI</epic>
    </publication>
    <publication>
      <date>2026-09-03T12:22:59+00:00</date>
      <uid>3899</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Take on trusts – August 2026]]></headline>
      <description><![CDATA[Saba turns its sights on Baillie Gifford US Growth
On 24 August, Saba Capital requisitioned a board shake-up at Baillie Gifford US Growth Trust (USA), where it holds around 29% of shares, nominating Jason Chen, Thomas H McGlade and Sir James Waterlow for election at the forthcoming AGM and urging the nominees, if elected, to offer shareholders a 100% cash exit at or near NAV. The board has urged shareholders to take no action for now.
The precedent from Saba&#8217;s earlier campaigns is mixed. Its nominees took control of Edinburgh Worldwide&#8217;s board in April, though Baillie Gifford remains investment manager for now (as of end-August). By contrast, the Saba-backed board at Impax Environmental Markets served notice on Impax Asset Management in July and launched a process to identify a new manager or strategic alternative. A management review at USA is therefore possible if Saba&#8217;s candidates are elected, but it is not a foregone conclusion. A parallel battle is under way at Gore Street Energy Storage Fund, where Saba is pushing for the trust to discontinue and move towards a wind-up. With Saba holding around 17% and RM Funds, which has backed the resolutions, holding a further 4.8%, the two investors account for nearly 22% of shares. Gore Street&#039;s board argues the proposals risk destroying value ahead of the 16 September AGM vote.
On 3 August, seven Aberdeen-managed investment trusts entered into three-year agreements with abrdn Fund Managers and Saba, implementing the wider standstill arrangement announced by Aberdeen in May. The agreements restrict Saba from requisitioning resolutions or general meetings, seeking board changes or attempting to control or influence the companies during the standstill period, subject to the detailed terms of each agreement.
Pacific Assets and Schroder Asian Total Return merger nears completion
Schroder Asian Total Return (ATR) and Pacific Assets (PAC) have published circulars to implement their merger, structured as a Section 110 reconstruction and members&#039; voluntary winding-up of PAC. PAC shareholders can roll into ATR at a formula asset value (FAV)-for-FAV exchange ratio or elect for cash, with the cash option capped at 25% of PAC shares and subject to a 2% discount. PAC has also declared a 3.8p pre-liquidation interim dividend, payable on 18 September to all shareholders on the register at 28 August, subject to the relevant scheme resolutions being approved.
The enlarged vehicle offers PAC shareholders a stronger performance record, a 5% discount-control ambition backed by buybacks and a larger marketing platform, alongside lower running costs. ATR&#039;s ongoing charges are expected to fall to about 0.66% from 0.80%, with the base management fee set at 0.65% on the first &#163;500m and 0.50% above that, calculated on the lower of NAV and market capitalisation; the overall fee cap will fall from 1.25% to 1.15% of NAV. PAC directors June Ang and Edward Troughton will join the ATR board. Under the current timetable, PAC shareholders have until 1pm on 16 September to submit election forms, PAC shares will be suspended from 17 September, new ATR shares will begin trading on 25 September and cash consideration will be paid no later than 10 business days after the 24 September effective date.
Regulation: FCA reforms overlap with the activist debate
The Financial Conduct Authority&#8217;s (FCA&#8217;s) consultation on changes to the closed-ended investment fund listing rules closed on 14 August, with proposals covering stronger board-independence safeguards, consistent protections around manager remuneration and fees, and explicit recognition of the conflict that can arise when a 20%+ shareholder is also seeking to become investment manager &#8211; a dynamic the sector has become well acquainted with this year. The AIC&#039;s response of 13 August backed the direction of travel but argued the protections should go further, calling for any substantial shareholder seeking the management contract to secure approval from a majority of the other shareholders and objecting to the proposed four-week delay before the new rules take effect.
Separately, and unrelated to investment companies specifically, the FCA&#8217;s broader IPO reforms took effect on 5 August. The changes removed the previous seven-day waiting period between publication of an approved registration document or prospectus and connected research, as well as the requirement for companies publishing connected research to share the same information with a range of unconnected analysts. Companies can still engage unconnected analysts voluntarily. The reforms could reduce friction in the UK IPO process and, at the margin, make it easier for new closed-ended vehicles to come to market.
Capital-raising and share issuance activity
Tritax Big Box announced on 6 August that it had successfully raised around &#163;350m to help fund its enlarged data centre development pipeline. The real estate investment trust has secured an additional 235MW of grid connections, nearly doubling secured power to 507MW, while planning permission at Manor Farm in Slough adds another major data centre opportunity. Its half-year results showed operating profit up 6.1% to &#163;152.9m and net rental income up 16.2% to &#163;173.3m. Meanwhile, BlackRock American Income Trust is seeking shareholder approval at a 14 September general meeting to allot or sell from treasury up to around 30% of its issued share capital on a non-pre-emptive basis, a 10pp increase on the authority granted in July. Strong demand has kept the shares at a premium to NAV; since the July meeting, the company had sold 7,065,000 shares from treasury by 21 August, raising around &#163;19.9m.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/take-on-trusts-august-2026/BM-3899/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-03T10:02:52+00:00</date>
      <company><![CDATA[Dicot Pharma]]></company>
      <headline><![CDATA[Dicot Pharma]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/dicot-pharma/BMC-412/widget-xml/</link>
      <isin>SE0011178458</isin>
      <epic>DICOT</epic>
    </publication>
    <publication>
      <date>2026-09-03T09:07:21+00:00</date>
      <company><![CDATA[Matador Secondary Private Equity]]></company>
      <headline><![CDATA[Matador Secondary Private Equity (SIX: SQL) announces preliminary H126 results and index inclusion]]></headline>
      <description><![CDATA[Matador released today its preliminary H126 results, reporting an fx-adjusted net profit of CHF3.73m, more than double the H126 result, and a total result of CHF5.04m.]]></description>
      <link>https://www.edisongroup.com/spark/matador-secondary-private-equity-six-sql-announces-preliminary-h126-results-and-index-inclusion/CH0042797206/widget-xml/</link>
      <isin>CH0042797206</isin>
      <epic>SQL</epic>
    </publication>
    <publication>
      <date>2026-09-03T08:45:47+00:00</date>
      <company><![CDATA[OncoZenge]]></company>
      <headline><![CDATA[OncoZenge]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/oncozenge/BMC-411/widget-xml/</link>
      <isin>SE0015504097</isin>
      <epic>ONCOZ</epic>
    </publication>
    <publication>
      <date>2026-09-03T08:41:02+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Brooks Macdonald (LSE: BRK): Record FUMA and positive flows; FY27 seen marginally ahead]]></headline>
      <description><![CDATA[Brooks Macdonald reported FY26 results (year to 30 June 2026), with total funds under management and advice (FUMA) up to a record £21.7bn. ]]></description>
      <link>https://www.edisongroup.com/spark/brooks-macdonald-lse-brk-record-fuma-and-positive-flows-fy27-seen-marginally-ahead/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-03T07:00:02+00:00</date>
      <company><![CDATA[bp]]></company>
      <headline><![CDATA[bp (LSE: BP) – Shell takes stakes in Brazil and Gulf of America exploration prospects]]></headline>
      <description><![CDATA[bp and Shell have agreed terms for Shell to acquire a 50% interest in the Tupinambá exploration block in the Santos Basin, offshore Brazil, and a 30% interest in five leases containing the Conifer exploration prospect in the deepwater Gulf of America Paleogene.]]></description>
      <link>https://www.edisongroup.com/spark/bp-lse-bp-shell-takes-stakes-in-brazil-and-gulf-of-america-exploration-prospects/GB0007980591/widget-xml/</link>
      <isin>GB0007980591</isin>
      <epic>BP.</epic>
    </publication>
    <publication>
      <date>2026-09-02T15:50:02+00:00</date>
      <uid>3898</uid>
      <company><![CDATA[Trade Estates REIC]]></company>
      <headline><![CDATA[Trade Estates REIC — Consolidated Financial Results H1 2026]]></headline>
      <description><![CDATA[Following the announcement of the consolidated financial results for the first half of 2026, Mr. Dimitris Papoulis, CEO of Trade Estates REIC, stated:
&#8220;The H1 2026 results are fully aligned with the targets we have set for the full year and confirm the momentum and resilience of our business model. Revenue growth, the strong performance of our retail parks and the further strengthening of the value of our portfolio underpin the generation of stable cash flows and sustainable value for our shareholders.
The second half of the year is expected to further accelerate our growth trajectory, with the full operation of the Inter IKEA International Distribution Center in Aspropyrgos, the Ellinikon Retail Park entering into the construction phase, and the agreement to acquire a 50% stake in Sofia South Ring Mall in Bulgaria, which substantially expands our presence in Southeastern Europe. At the same time, we continue to evaluate new investment opportunities that meet our investment criteria and can further enhance the scale, diversification and growth prospects of our portfolio.
We remain firmly committed to executing our strategy, investing in high-quality retail and logistics properties, with a clear focus on expanding our portfolio, strengthening recurring revenues and creating long-term value.&#8221;
View the complete Press Release here:
]]></description>
      <link>https://www.edisongroup.com/edison-tv/trade-estates-reic-trade-estates-reic-consolidated-financial-results-h1-2026/BM-3898/widget-xml/</link>
      <isin>GRS534003009</isin>
      <epic>TRESTATES</epic>
    </publication>
    <publication>
      <date>2026-09-02T14:05:36+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Ashtead Technology (LSE: AT.) &#8211; Margins narrow, FY26 guidance held]]></headline>
      <description><![CDATA[H126 revenue rose 1.1% but adjusted EBITA margin narrowed 225bp on revenue mix and depreciation; FY26 guidance unchanged.]]></description>
      <link>https://www.edisongroup.com/spark/ashtead-technology-lse-at-margins-narrow-fy26-guidance-held/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-02T13:16:26+00:00</date>
      <uid>3882</uid>
      <company><![CDATA[Altron]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Altron — Platforms continue to drive performance]]></headline>
      <description><![CDATA[ Altron’s pre-close update confirmed that trading in the first five months of FY27 has broadly been in line with management expectations and is expected to continue in a similar vein for the rest of FY27. The Platforms segment is trading ahead of our expectations, offset by weaker performance in IT Services, mainly from Altron Security. We have revised our forecasts to reflect this weighting, with Platforms continuing to generate a growing proportion of operating profit. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/94225f35e9ad1095a67b31126981e97a.pdf</url>
      <link>https://www.edisongroup.com/research/platforms-continue-to-drive-performance/BM-3882/widget-xml/</link>
      <filename></filename>
      <isin>ZAE000191342</isin>
      <epic>AEL</epic>
    </publication>
    <publication>
      <date>2026-09-02T10:22:01+00:00</date>
      <uid>3890</uid>
      <company><![CDATA[Newron Pharmaceuticals]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Newron Pharmaceuticals — Pivotal readout moves firmly into view]]></headline>
      <description><![CDATA[ Newron has announced the completion of screening for its pivotal Phase III ENIGMA-TRS 1 study of evenamide in treatment-resistant schizophrenia (TRS), marking an important milestone. A total of 996 patients have entered screening, with 411 already randomised and 352 still progressing through the 42-day screening assessment. Based on current eligibility rates, Newron expects at least another 200 patients to be randomised, taking the study beyond its protocol target of 600 patients from mid-October. Top-line results from the primary 12-week treatment period are anticipated in Q127, a slight adjustment from prior guidance of Q426. We do not view this modest timing shift as materially changing the investment case. The completion of screening provides increased visibility on delivery of the required study population and brings the first pivotal efficacy readout for evenamide into view. The Q127 readout represents a key potential upcoming catalyst. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/f35e302cc920d3e5ac5682568f996e8f.pdf</url>
      <link>https://www.edisongroup.com/research/pivotal-readout-moves-firmly-into-view/BM-3890/widget-xml/</link>
      <filename></filename>
      <isin>IT0004147952</isin>
      <epic>NWRN</epic>
    </publication>
    <publication>
      <date>2026-09-02T09:29:15+00:00</date>
      <uid>3894</uid>
      <company><![CDATA[Corero Network Security]]></company>
      <type>Flash</type>
      <otc_epic>DDOSF</otc_epic>
      <headline><![CDATA[Corero Network Security — New customer wins support our growth thesis]]></headline>
      <description><![CDATA[ Corero has announced two significant new customer wins that provide further evidence that the growth drivers we highlighted in our recent outlook note are beginning to deliver. Specifically, the new business wins highlight the success of the alliance partner strategy and the favourable impact of new products in broadening the product portfolio. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/5e880cea6a37a7e8439d2f2d5910a8ac.pdf</url>
      <link>https://www.edisongroup.com/research/new-customer-wins-support-our-growth-thesis/BM-3894/widget-xml/</link>
      <filename></filename>
      <isin>GB00B54X0432</isin>
      <epic>CNS</epic>
    </publication>
    <publication>
      <date>2026-09-02T09:04:38+00:00</date>
      <uid>3895</uid>
      <company><![CDATA[Thrive Renewables]]></company>
      <headline><![CDATA[Thrive Renewables – equity proposition]]></headline>
      <description><![CDATA[Thrive Renewables, listed on the JP Jenkins share-matching platform, is a privately owned UK-based renewable energy company that has been funding, building and operating sustainable energy projects for more than 30 years. The company works with individual investors, developers, businesses and communities to support the UK&#8217;s clean energy transition.
Its portfolio spans onshore wind, solar, hydro, battery storage and geothermal, with a focus on projects that deliver measurable environmental impact. Thrive&#8217;s FY25 results reflect a more normalised UK power price environment, weak wind resource in the first quarter of 2025 and a project-specific impairment against a third-party construction loan. However, the underlying portfolio remained cash generative, while the company continued to progress its development pipeline.
We highlight the key points of Thrive Renewables&#8217; investment story.

Thrive has an established operating platform in UK renewable energy.
The company is moving from pipeline development to delivery.
Thrive&#8217;s diversification strategy is improving operational resilience.
Thrive&#8217;s FY25 results show a business adjusting to lower electricity prices, while retaining underlying cash generation.
Thrive has a differentiated community and impact-led funding model.

For further details, please refer to our latest research on Thrive Renewables.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/thrive-renewables-thrive-renewables-equity-proposition/BM-3895/widget-xml/</link>
      <isin>GB00BYS30W00</isin>
      <epic>THRV</epic>
    </publication>
    <publication>
      <date>2026-09-02T09:00:00+00:00</date>
      <uid>3887</uid>
      <company><![CDATA[Corero Network Security]]></company>
      <headline><![CDATA[Stock of the month – Corero Network Security]]></headline>
      <description><![CDATA[]]></description>
      <url>https://edison.bluematrix.com/sellside/AttachmentViewer.action?encrypt=2a5f25a4-1207-4bc3-a246-f1020b1078f5fileId=3887_4125c4d1-d7f6-412d-a84c-eb41df7a3ade&amp;isPdf=false</url>
      <link>https://www.edisongroup.com/thematic/stock-of-the-month-corero/BM-3887/widget-xml/</link>
      <filename></filename>
      <isin>GB00B54X0432</isin>
      <epic>CNS</epic>
    </publication>
    <publication>
      <date>2026-09-02T07:37:29+00:00</date>
      <company><![CDATA[Newron Pharmaceuticals]]></company>
      <headline><![CDATA[Newron Pharmaceuticals (SIX: NWRN) clears key ENIGMA-TRS 1 recruitment hurdle]]></headline>
      <description><![CDATA[Screening completion provides visibility on full enrolment, with the first pivotal readout now expected in Q127]]></description>
      <link>https://www.edisongroup.com/spark/newron-six-nwrn-clears-key-enigma-trs-1-recruitment-hurdle/IT0004147952/widget-xml/</link>
      <isin>IT0004147952</isin>
      <epic>NWRN</epic>
    </publication>
    <publication>
      <date>2026-09-02T07:11:38+00:00</date>
      <company><![CDATA[bp]]></company>
      <headline><![CDATA[bp (LSE: BP) – Ian Tyler appointed chair]]></headline>
      <description><![CDATA[bp appoints Ian Tyler as chair with immediate effect. ]]></description>
      <link>https://www.edisongroup.com/spark/bp-lse-bp-ian-tyler-appointed-chair/GB0007980591/widget-xml/</link>
      <isin>GB0007980591</isin>
      <epic>BP.</epic>
    </publication>
    <publication>
      <date>2026-09-02T06:41:42+00:00</date>
      <company><![CDATA[BioVersys]]></company>
      <headline><![CDATA[BioVersys (SIX:BIOV) gains FDA Fast Track for BV100]]></headline>
      <description><![CDATA[BioVersys gains FDA Fast Track for BV100, further de-risking its regulatory pathway ahead of key RIV-CARE and RIV-TARGET catalysts.]]></description>
      <link>https://www.edisongroup.com/spark/bioversys-sixbiov-gains-fda-fast-track-for-bv100/CH0210362643/widget-xml/</link>
      <isin>CH0210362643</isin>
      <epic>BIOV</epic>
    </publication>
    <publication>
      <date>2026-09-02T06:29:04+00:00</date>
      <company><![CDATA[Corero Network Security]]></company>
      <headline><![CDATA[Corero (LSE: CNS) &#8211; Significant customer wins support our growth thesis]]></headline>
      <description><![CDATA[Customer wins reinforce accelerating growth thesis]]></description>
      <link>https://www.edisongroup.com/spark/corero-customer-wins/GB00B54X0432/widget-xml/</link>
      <isin>GB00B54X0432</isin>
      <epic>CNS</epic>
    </publication>
    <publication>
      <date>2026-09-01T10:33:39+00:00</date>
      <uid>3886</uid>
      <company><![CDATA[Percheron Therapeutics]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Percheron Therapeutics — AML takes centre stage for HMBD-002]]></headline>
      <description><![CDATA[ Percheron’s clinical strategy has taken an important turn with the announcement of an investigator-sponsored exploratory study of HMBD-002 in acute myeloid leukaemia (AML) and myelodysplastic syndrome (MDS), led by Vanderbilt Health. Percheron’s contribution will be limited to providing the study drug, a financial grant and advisory support. Following the announcement, the company raised A$2.3m through an institutional placement (at A$0.005/share, an 8.9% premium to the 15-day volume weighted average price), fully funding its study commitments while providing working-capital flexibility. First-patient enrolment is targeted in H2 CY26 with 29–38 patients expected and initial data anticipated in CY27. We believe this strategy provides a capital-efficient route back into the clinic for HMBD-002, although we expect the timing of the previously planned solid-tumour basket study to be affected (we had previously anticipated a Q426 start) as AML takes precedence in the near term. We withdraw our estimates pending greater clarity and will present updated figures in due course. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/ce1cfaddb15a3a2f5f01d2280bbda7f8.pdf</url>
      <link>https://www.edisongroup.com/research/aml-takes-centre-stage-for-hmbd-002/BM-3886/widget-xml/</link>
      <filename></filename>
      <isin>AU0000317281</isin>
      <epic>PER</epic>
    </publication>
    <publication>
      <date>2026-09-01T08:05:10+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Oxford Metrics (LSE: OMG) – Small bolt-on acquisition for Vicon]]></headline>
      <description><![CDATA[Captive Devices adds markerless facial capture capability to Vicon]]></description>
      <link>https://www.edisongroup.com/spark/oxford-metrics-lse-omg-small-bolt-of-acquisition-for-vicon/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-09-01T07:57:00+00:00</date>
      <company><![CDATA[Oryzon Genomics]]></company>
      <headline><![CDATA[Oryzon (BME: ORY) &#8211; Iadademstat IP position strengthened]]></headline>
      <description><![CDATA[US patent allowance supports the gilteritinib combination opportunity in AML, with further FRIDA data due by year-end]]></description>
      <link>https://www.edisongroup.com/spark/oryzon-bme-ory-iadademstat-ip-position-strengthened/ES0167733015/widget-xml/</link>
      <isin>ES0167733015</isin>
      <epic>ORY</epic>
    </publication>
    <publication>
      <date>2026-09-01T07:34:29+00:00</date>
      <uid>3883</uid>
      <company><![CDATA[Allwyn]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Allwyn — Growth on track, cash flow stepped up]]></headline>
      <description><![CDATA[ Allwyn’s Q226 results showed a good underlying improvement in adjusted EBITDA and a material improvement in cash generation, and management maintained its overall FY26 guidance. The main areas of focus in the short term are likely to be the pace of the recovery in the UK and the near-term trajectory of PrizePicks, where increased marketing dampened profitability in Q226 and management anticipates payback in the coming quarters as new seasons for key sports in North America commence. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/b3cc69c3ca70e347804a42150e8f9f6f.pdf</url>
      <link>https://www.edisongroup.com/research/growth-on-track-cash-flow-stepped-up/BM-3883/widget-xml/</link>
      <filename></filename>
      <isin>GRS419003009</isin>
      <epic>Allwyn</epic>
    </publication>
    <publication>
      <date>2026-09-01T07:22:33+00:00</date>
      <company><![CDATA[Percheron Therapeutics]]></company>
      <headline><![CDATA[Percheron Therapeutics (ASX: PER) broadens HMBD-002 into AML]]></headline>
      <description><![CDATA[Percheron expands HMBD-002 into AML/MDS, with A$2.3m raise fully funding a capital-efficient investigator-sponsored study ahead of CY27 data.]]></description>
      <link>https://www.edisongroup.com/spark/percheron-therapeutics-asx-per-broadens-hmbd-002-into-aml/AU0000317281/widget-xml/</link>
      <isin>AU0000317281</isin>
      <epic>PER</epic>
    </publication>
    <publication>
      <date>2026-08-28T15:28:28+00:00</date>
      <company><![CDATA[Kooth]]></company>
      <headline><![CDATA[Kooth (AIM: KOO) – Meta settlement could provide fresh US funding tailwind]]></headline>
      <description><![CDATA[California funding could support Soluna renewal, expansion and further state wins.]]></description>
      <link>https://www.edisongroup.com/spark/kooth-aim-koo-meta-settlement-could-provide-fresh-us-funding-tailwind/GB00BMCZLK30/widget-xml/</link>
      <isin>GB00BMCZLK30</isin>
      <epic>KOO</epic>
    </publication>
    <publication>
      <date>2026-08-28T08:32:28+00:00</date>
      <uid>3871</uid>
      <company><![CDATA[Heidelberger Druckmaschinen]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Heidelberger Druckmaschinen — Backlog supports recovery after a soft Q1]]></headline>
      <description><![CDATA[ Heidelberger Druckmaschinen Q127 revenue fell 13% to €404m, order intake fell 4% to €537m and adjusted EBITDA margin fell to 0.2% from 4.4%, producing a €32m net loss. Management reiterated FY27 guidance for broadly stable revenue of c €2.3bn and a noticeably higher adjusted EBITDA margin, supported by cost actions and a shift towards less cyclical, higher-margin activities. Successful execution is key to delivering H127 results on 12 November that better align with full-year guidance. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/69e22414baed93683c2a9127b75b9bd7.pdf</url>
      <link>https://www.edisongroup.com/research/backlog-supports-recovery-after-a-soft-q1/BM-3871/widget-xml/</link>
      <filename></filename>
      <isin>DE0007314007</isin>
      <epic>HDD</epic>
    </publication>
    <publication>
      <date>2026-08-28T08:00:00+00:00</date>
      <uid>3867</uid>
      <company><![CDATA[Genedrive]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Genedrive — Point-of-care diagnostics driving rapid care decisions]]></headline>
      <description><![CDATA[ Genedrive commercialises rapid pharmacogenetic diagnostic tests for use in acute healthcare settings. The company’s two leading products are marketed to address unmet clinical needs, with its MT-RNR1 buccal test designed to prevent antibiotic induced hearing loss in neonates and its CYP2C19 product identifying stroke and cardiovascular patients unlikely to respond to clopidogrel (a commonly used antiplatelet medication). Commercial efforts are targeting the UK market (and broad National Health Service coverage) while expansion efforts to Europe and the Middle East are underway, as well as external studies to support a US FDA 510(k) filing application for CYP2C19. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/426652351de77828628f84f273ef93b4.pdf</url>
      <link>https://www.edisongroup.com/research/point-of-care-diagnostics-driving-rapid-care-decisions/BM-3867/widget-xml/</link>
      <filename></filename>
      <isin>GB00B1VKB244</isin>
      <epic>GDR</epic>
    </publication>
    <publication>
      <date>2026-08-28T06:56:41+00:00</date>
      <uid>3881</uid>
      <company><![CDATA[QBiotics]]></company>
      <type>Client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[QBiotics — Implications of the Moderna-Merck trial result]]></headline>
      <description><![CDATA[ Moderna and Merck’s positive Phase III INTerpath-001 result in resected melanoma represents an important validation of combining immune priming with checkpoint inhibition. For QBiotics, the key read-across is broadly mechanistic: while Moderna-Merck’s intismeran seeks to teach the immune system to recognise the tumour, tigilanol tiglate is designed to destroy tumours in a way that directly shows the immune system. Early clinical data from tigilanol tiglate support this immune-activating approach, while recent Phase IIa studies showed encouraging tumour ablation rates in head and neck cancer and soft tissue sarcoma. Although we caution against direct read-across given differences in technologies, trial designs and controls, tigilanol tiglate may offer potential advantages in speed, manufacturing complexity and cost. Overall, we believe the encouraging readout from the Moderna-Merck programme is validating of, and may provide momentum to, QBiotics’s broader strategy. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/uploads/2026/08/QBiotics_QV-_280826_Ed.pdf</url>
      <link>https://www.edisongroup.com/research/implications-of-the-moderna-merck-trial-result/BM-3881/widget-xml/</link>
      <filename>QBiotics_QV-_280826_Ed.pdf</filename>
      <isin>NOISINQBIOTICS</isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-27T14:30:01+00:00</date>
      <uid>3880</uid>
      <company><![CDATA[IVU Traffic Technologies]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[IVU Traffic Technologies — Turning up the volume at the half year]]></headline>
      <description><![CDATA[ The IVU share price has performed strongly over the last 12 months despite the group running a relatively muted communications programme. A change in this policy announced in July coincided with an increase in FY26 EBIT guidance and a strong outlook in consensus forecasts. Expect the group’s attractive investment characteristics to become even more apparent to investors over the coming years. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/5a45e0449028f1b5f5812f120920723b.pdf</url>
      <link>https://www.edisongroup.com/research/turning-up-the-volume-at-the-half-year/BM-3880/widget-xml/</link>
      <filename></filename>
      <isin>DE0007448508</isin>
      <epic>IVU</epic>
    </publication>
    <publication>
      <date>2026-08-27T13:20:57+00:00</date>
      <company><![CDATA[Disruptive Pharma]]></company>
      <headline><![CDATA[Disruptive Pharma]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/disruptive-pharma/BMC-410/widget-xml/</link>
      <isin>SE0021181559</isin>
      <epic>DPHA</epic>
    </publication>
    <publication>
      <date>2026-08-27T13:20:30+00:00</date>
      <uid>3857</uid>
      <company><![CDATA[ProCredit Holding]]></company>
      <type>Update</type>
      <otc_epic>PRRCF</otc_epic>
      <headline><![CDATA[ProCredit Holding — Strong loan book growth in Q226]]></headline>
      <description><![CDATA[ ProCredit Holding (PCB) continues to make progress in terms of scaling its business and improving the granularity of its loan and deposit base. Its active client base expanded by 27k to 359k at end-June 2026, supported by the rollout of PCB’s digital offering for retail clients, and its loan book grew sequentially by 5.3% in Q226 and 8.0% in H126. This led to an increase in PCB’s net interest income (NII) of 14.6% y-o-y to €99.0m in Q226, and a higher net interest margin (NIM) of 3.4% in Q226, versus 3.2% in Q225. This is yet to feed through to PCB’s bottom line, as its cost-income ratio remained elevated at 71.2% in Q226 (broadly flat vs 71.1% in Q225) due to PCB’s strategic agenda, lower net fee and commission income, and expenses related to the new currency hedging framework. Profitability was further affected by a temporarily higher corporate tax rate in Ukraine, resulting in an ROE of 5.8% in Q226. That said, management reiterated its 7% ROE guidance for FY26 and its target of 13–14% by FY29. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/495cdeb8bf968089f400d686574e440a.pdf</url>
      <link>https://www.edisongroup.com/research/strong-loan-book-growth-in-q226/BM-3857/widget-xml/</link>
      <filename></filename>
      <isin>DE0006223407</isin>
      <epic>PCZ</epic>
    </publication>
    <publication>
      <date>2026-08-27T11:24:19+00:00</date>
      <company><![CDATA[AVTECH Sweden]]></company>
      <headline><![CDATA[AVTECH Sweden]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/avtech-sweden/BMC-409/widget-xml/</link>
      <isin>SE0004270445</isin>
      <epic>AVT-B</epic>
    </publication>
    <publication>
      <date>2026-08-27T09:46:01+00:00</date>
      <uid>3863</uid>
      <company><![CDATA[Alkane Resources]]></company>
      <type>Update</type>
      <otc_epic>ALKEF</otc_epic>
      <headline><![CDATA[Alkane Resources — Results in line; forecast upgrade]]></headline>
      <description><![CDATA[ Alkane’s FY26 financial results showed both pro forma and statutory revenue exactly in line with our prior expectations and a record net profit within A$1.2m of our forecasts, representing a variance of just 1.7% for the quarter and 0.5% for the full year. This followed Alkane’s Q426 quarterly activities report, which revealed record annual ounces produced, record mined ore tonnes, record mill throughput, record cash flow and a maiden 2c/share dividend. Just over a year after its merger with Mandalay, the company is now undertaking a major investment programme to mitigate cost inflation, grow its resource and extend the lives of its operations as well as seeking further corporate expansion opportunities, prior to developing Boda-Kaiser. Note that, if the current price of gold prevails until June 2028, our FY28 EPS forecast would rise from A$0.14 to A$0.31. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/4dc1ba938ee61db2a17485c120d15ade.pdf</url>
      <link>https://www.edisongroup.com/research/results-in-line-forecast-upgrade/BM-3863/widget-xml/</link>
      <filename></filename>
      <isin>AU000000ALK9</isin>
      <epic>ALK</epic>
    </publication>
    <publication>
      <date>2026-08-27T09:40:06+00:00</date>
      <company><![CDATA[Allwyn]]></company>
      <headline><![CDATA[Allwyn (ALWr.ASE) – Q226 underlying growth of 5% in revenue and 9% in adjusted EBITDA]]></headline>
      <description><![CDATA[Maintained full-year guidance despite lowering outlook for growth in the UK.]]></description>
      <link>https://www.edisongroup.com/spark/allwyn-alwr-ase-q226-underlying-growth-of-5-in-revenue-and-9-in-adjusted-ebitda/GRS419003009/widget-xml/</link>
      <isin>GRS419003009</isin>
      <epic>Allwyn</epic>
    </publication>
    <publication>
      <date>2026-08-27T08:27:39+00:00</date>
      <uid>3870</uid>
      <company><![CDATA[S&#038;U]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[S&#038;U — Strong Q227 reinforces long-term view]]></headline>
      <description><![CDATA[ S&amp;U has issued a Q227 trading update confirming the long-term growth trajectory of the business and providing support for H2 profit growth. Group capital receivables increased 20% to £616m, which is a record for the company. The motor finance business, Advantage, continues to prudently increase profitability with up-to-date receivables at 73% of the loan book demonstrating improving credit quality versus 69% last year. Aspen, the property lender, continues to navigate the challenging UK property market. Overall, we view S&amp;U’s Q2 exit trajectory positively and believe the company will meet our FY27 forecasts. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/45d8096095370e6326fa10f429df2cd2.pdf</url>
      <link>https://www.edisongroup.com/research/strong-q227-reinforces-long-term-view/BM-3870/widget-xml/</link>
      <filename></filename>
      <isin>GB0007655037</isin>
      <epic>SUS</epic>
    </publication>
    <publication>
      <date>2026-08-26T14:51:03+00:00</date>
      <uid>3879</uid>
      <company><![CDATA[Cereno Scientific]]></company>
      <headline><![CDATA[Cereno Scientific – executive interview]]></headline>
      <description><![CDATA[In this interview, we speak with Sten Sörensen, CEO of Cereno Scientific, about the strong momentum across the company’s clinical pipeline following its Q2 results. He emphasised the start of the global Phase IIb programme for lead asset CS1 in pulmonary arterial hypertension, with the first US site now activated and top-line data remaining on track for Q428, despite a modest shift in first-patient enrolment. Sten also discusses the encouraging long-term observations from the CS1 Expanded Access Programme and continued progress in partnering discussions. CS014 also remains firmly on track for its Q326 PK bridging readout, an important catalyst that could support the planned FDA Investigational New Drug application and a direct move into Phase IIb development in PH-ILD. He also provides an update on CS585 in antiphospholipid syndrome and outlines how Cereno is positioning its financing strategy to support the next phase of pipeline execution.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/cereno-scientific-cereno-scientific-executive-interview-7/BM-3879/widget-xml/</link>
      <isin>SE0008241558</isin>
      <epic>CRNO-B</epic>
    </publication>
    <publication>
      <date>2026-08-26T14:13:26+00:00</date>
      <uid>3838</uid>
      <company><![CDATA[SCHMID]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[SCHMID — Foundations in place for growth]]></headline>
      <description><![CDATA[ SCHMID’s H126 results confirm that the business has made progress with its refinancing and restructuring, putting the company on a stronger footing to benefit from positive market dynamics. While FY26 profitability guidance has been reduced, management expects order intake at the upper end of its previously guided range, reflecting strong demand across its customer base. With plans underway to increase capacity in China and a programme to reduce procurement costs, SCHMID is laying the groundwork for profitable growth. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/1f3da7affce316bb2cccbfd589a75d76.pdf</url>
      <link>https://www.edisongroup.com/research/foundations-in-place-for-growth-2/BM-3838/widget-xml/</link>
      <filename></filename>
      <isin>NL00150021T1</isin>
      <epic>SHMD</epic>
    </publication>
    <publication>
      <date>2026-08-26T13:47:53+00:00</date>
      <uid>3878</uid>
      <company><![CDATA[The Schiehallion Fund]]></company>
      <headline><![CDATA[The Schiehallion Fund – equity proposition]]></headline>
      <description><![CDATA[The Schiehallion Fund, managed by Baillie Gifford, seeks capital growth through long-term minority investments in later-stage private businesses that have established products, are ready to scale, and are viewed as having transformational growth potential as well as the potential to become publicly traded. The fund targets a NAV total return of approximately 3x over rolling 10-year periods.
We highlight the key points of The Schiehallion Fund’s investment story.

The Schiehallion Fund provides quality access to the private growth asset class.
The Schiehallion Fund can run winners beyond an IPO.
The company’s portfolio is gathering pace.
The recent change in listing segment put the company on the radar of more investors.

For further details, please refer to our latest research on The Schiehallion Fund.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/the-schiehallion-fund-the-schiehallion-fund-equity-proposition/BM-3878/widget-xml/</link>
      <isin>GG00BJ0CDD21</isin>
      <epic>MNTN</epic>
    </publication>
    <publication>
      <date>2026-08-26T12:43:57+00:00</date>
      <uid>3850</uid>
      <company><![CDATA[International Public Partnerships]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[International Public Partnerships — Disciplined capital allocation]]></headline>
      <description><![CDATA[ International Public Partnerships (INPP) has announced the agreed sale of its stakes in nine UK private-public partnership (PPP) projects for £58m, implying a premium to the last published valuation. The transaction provides a further example of the company’s disciplined capital recycling programme, with realisations from mature assets funding investment in higher returning investment opportunities and share buybacks. This same capital discipline is evident in INPP’s earlier decision not to invest further in toob and to transfer its equity interest to the debt holders for a de minimis amount. Despite the transfer, the company’s guidance that it expects the June NAV per share to be broadly in line or marginally higher than at 31 December (151.5p) remains unchanged. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/3b74b5634fb3d5b8c89c868d92111675.pdf</url>
      <link>https://www.edisongroup.com/research/disciplined-capital-allocation/BM-3850/widget-xml/</link>
      <filename></filename>
      <isin>GB00B188SR50</isin>
      <epic>INPP</epic>
    </publication>
    <publication>
      <date>2026-08-26T11:10:39+00:00</date>
      <uid>3877</uid>
      <company><![CDATA[Canadian General Investments]]></company>
      <headline><![CDATA[Canadian General Investments – equity proposition]]></headline>
      <description><![CDATA[Canadian General Investments’ (CGI’s) objective is to provide better-than-average returns to shareholders by investing in a diversified portfolio of primarily Canadian equities. It aims to achieve this through prudent security selection, timely recognition of capital gains/losses and appropriate use of income-generating instruments. CGI’s performance is measured against the S&amp;P/TSX Composite Index.
We highlight the key points of Canadian General Investments’ investment story.

Canadian General Investments is a well-established fund with an enviable long-term performance record.
CGI can be considered as a ‘one-stop’ shop for investment in Canada.
The manager employs a bottom-up stock selection process, with low portfolio turnover.
The portfolio has a long-term, below-market weighting in financial stocks.
CGI offers a leveraged, dividend-paying portfolio at a wide discount.

For further details, please refer to our latest research on Canadian General Investments.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/canadian-general-investments-canadian-general-investments-equity-proposition-2/BM-3877/widget-xml/</link>
      <isin>CA1358251074</isin>
      <epic>CGI</epic>
    </publication>
    <publication>
      <date>2026-08-26T10:58:49+00:00</date>
      <uid>3876</uid>
      <company><![CDATA[Oando]]></company>
      <headline><![CDATA[Oando – equity proposition]]></headline>
      <description><![CDATA[Oando is Nigeria’s leading indigenous energy group with operations spanning upstream exploration and production, trading and clean energy. Listed on both the Nigerian Exchange and the Johannesburg Stock Exchange, the company has a market capitalisation of approximately $490m and an ambition to reach approximately 100,000 barrels of oil per day and 1.5bn cubic feet of gas per day gross production by 2030. While global investors often overlook African energy markets, Oando is quietly executing one of the most compelling turnaround stories in the sector.
There are four key reasons why Oando represents an exciting investment case.

The NAOC acquisition has been transformational.
Half-year financial performance demonstrated resilience.
Oando is selectively diversifying across the energy value chain.
The balance sheet is being restructured to unlock long-term equity value.

If you would like to learn more about Oando, please see our latest research.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/oando-oando-equity-proposition/BM-3876/widget-xml/</link>
      <isin>NGOANDO00002</isin>
      <epic>OANDO</epic>
    </publication>
  </publications>
</feed>
