Event-Driven Investment Opportunities, Special Situation Investments

Special Situation Investments

Event-Driven Investment Opportunities

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

Event-Driven

<ul><li>NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread.</li><li>Øystein Spetalen surpassed 50% ownership in SAGA Pure, triggering a mandatory bid under Norwegian securities law.</li><li>Pacific Current Group's tender was undersubscribed; River Capital increased its stake to 40.48%, while Regal Funds exited.</li></ul>

NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread.Øystein Spetalen surpassed 50% ownership in SAGA Pure, triggering a mandatory bid under Norwegian securities law.Pacific Current Group's tender was undersubscribed; River Capital increased its stake to 40.48%, while Regal Funds exited.

Event-Driven Investment Opportunities: NIOX Merger, NZME SOTP, SAGA Privatization and More

<ul><li>NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with ongoing negotiations and a deadline of April 17.</li><li>NZME Limited is exploring a separation of its OneRoof business, with activist investor Jim Grenon launching a proxy fight.</li><li>Øystein Spetalen triggered a mandatory bid in SAGA Pure, presenting a low-risk opportunity with a 40% spread to NAV.</li></ul>

NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with ongoing negotiations and a deadline of April 17.NZME Limited is exploring a separation of its OneRoof business, with activist investor Jim Grenon launching a proxy fight.Øystein Spetalen triggered a mandatory bid in SAGA Pure, presenting a low-risk opportunity with a 40% spread to NAV.

Current Investment Opportunities: Mergers, Liquidations, Strategic Reviews and More

<ul><li>NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread.</li><li>NIOX's management is open to the offer, having previously run a limited private sale process with ongoing negotiations.</li><li>Valuation at 81p/share aligns with industry standards, given NIOX's growth, profitability, and upcoming product launches.</li></ul>

NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread.NIOX's management is open to the offer, having previously run a limited private sale process with ongoing negotiations.Valuation at 81p/share aligns with industry standards, given NIOX's growth, profitability, and upcoming product launches.

NIOX Group Faces Potential Acquisition by Keensight Capital Amid Ongoing Private Sale

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>Circassia’s recent interims demonstrated 55% y-o-y revenue growth to £28.4m and a 75% R&D expense reduction (to £6.9m from £27.2m in H117) while growing the commercial infrastructure that now includes China. Investors should see a path to profitability, but we note recent licensing opportunities in the respiratory therapeutic area could accelerate this.</p>

Circassia’s recent interims demonstrated 55% y-o-y revenue growth to £28.4m and a 75% R&D expense reduction (to £6.9m from £27.2m in H117) while growing the commercial infrastructure that now includes China. Investors should see a path to profitability, but we note recent licensing opportunities in the respiratory therapeutic area could accelerate this.

Circassia Pharmaceuticals - Joining the dots

United Kingdom

Niox Group PLC operates as a pharmaceutical company. The Company develops treatments and medicines for asthma diagnosis and management. Niox Group serves customers worldwide.

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