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>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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Niox Group (NIOX LN)

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

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...

Special Situation Investments

Circassia Pharmaceuticals - Joining the dots

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)...

Edison Investment Research

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