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RNS Number : 3055B Solvonis Therapeutics PLC 30 September 2025
30 September 2025
Solvonis Therapeutics PLC
Unaudited interim results for the six months to 30 June 2025
Solvonis Therapeutics Plc (the "Company" or "Solvonis"), an innovative
biotechnology company focused on co-developing therapeutics for mental health
disorders, announces its unaudited interim results for the six months to 30
June 2025.
Chairman's Statement
The first half of 2025 has been a period of significant progress for Solvonis.
Most notably, we completed the acquisition of Awakn Life Sciences, a
transformational step that broadened our pipeline, strengthened our team, and
accelerated our strategy to become a leading CNS-focused biopharmaceutical
platform.
Alongside this, we advanced our R&D programmes across addiction,
neuropsychiatry, and neurology. Highlights included the continued progression
of SVN-001 in Alcohol Use Disorder, preparations for the next clinical stage
of SVN-002 in the US, and the advancement of our AI-discovered preclinical
candidate, SVN-SDN-014, which is targeted for PTSD. Together, these programmes
represent a balanced portfolio spanning late-, mid- and early-stage
development.
Our focus remains firmly on executing this strategy: delivering clinical and
regulatory milestones across our lead programmes, strengthening our discovery
engine, and positioning Solvonis as a credible partner of choice for large
pharma in CNS disorders. With the Awakn integration well underway and our
discovery platform gaining momentum, the Board believes the Company is well
placed to deliver material value for patients and shareholders alike.
Key Financial Indicators
· Cash and cash equivalents at period end were £1,719,000 (H1 2024:
£27,000)
· Loss before taxation for the period was £1,621,000 (H1 2024:
£469,000)
· The Group held net assets at period-end of £6,935,000 (31 December
2024: £3,084,000)
· The Group held total assets at period-end of £9,545,000 (31 December
2024: £3,203,000)
Risk factors
The principal risks facing the Group remain broadly consistent with those set
out in our 2024 Annual Report. While certain risk factors have evolved
following the acquisition of Awakn Life Sciences, there have been no material
changes. Shareholders are directed to the risk disclosures contained in the
prospectus published in May 2025, which provides an updated overview of the
Group's risk profile.
On behalf of the Board,
Dennis Purcell
Chairman
Solvonis Therapeutics plc
Enquiries:
Solvonis Therapeutics plc
Anthony Tennyson, CEO & Executive Director
anthony@solvonis.com
Singer Capital Markets (Corporate Broker)
Phil Davies
+44 (0) 20 7496 3000
About Solvonis Therapeutics plc
Solvonis Therapeutics plc (LSE: SVNS) is a clinical-stage biopharmaceutical
company developing novel medicines for addiction and mental health disorders.
Headquartered in London and listed on the main market of the London Stock
Exchange, Solvonis is advancing a differentiated pipeline of repurposed and
novel compounds targeting high-burden neuropsychiatric conditions with
significant unmet need.
The Company's lead programmes address Alcohol Use Disorder (AUD) and
Post-Traumatic Stress Disorder (PTSD), conditions affecting over 80 million
people across the UK, US, and EU4. Its lead asset, SVN-001, is currently in
Phase 3 for severe AUD in Europe and the UK. SVN-002 is preparing for a Phase
2b trial in the US targeting moderate to severe AUD. Solvonis also has a
preclinical PTSD programme leveraging novel serotonin-dopamine modulators
designed to enhance pro-social behaviour and long-term outcomes.
In addition, Solvonis is advancing an AI-supported discovery platform built on
a proprietary CNS compound library, with initial focus on depression and
stimulant use disorders. This initiative expands the Company's R&D
pipeline into earlier-stage innovation while maintaining strategic focus on
comorbid and underserved neuropsychiatric conditions.
With a capital-efficient model, dual development strategy, and near-term
partnering opportunities, Solvonis is positioned to generate value through
innovation in neuropsychiatry.
solvonis.com (https://solvonis.com) | LinkedIn
(https://www.linkedin.com/company/solvonis) | X (Twitter)
(https://x.com/Solvonis)
SOLVONIS THERAPEUTICS PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTH PERIOD ENDING 30 JUNE 2025
Unaudited Unaudited
Six months to Six months to 30 Jun 2024
£'000
Note 30 Jun 2025
£'000
Continuing operations
Operational costs - (18)
Administrative expenses (1,617) (526)
Gain on deconsolidation - 139
Operating loss (1,617) (405)
Finance costs (4) (64)
Loss before taxation (1,621) (469)
Income tax - -
Loss for the period from continuing operations (1,621) (469)
Loss from discontinuing operations - (157)
Total loss for the period attributable to equity holders of the parent (1,621) (626)
Other comprehensive income
Foreign currency translation (115) 76
Derecognition of foreign exchange reserve - (123)
Other comprehensive income (net of tax) for the year (1,736) (673)
Total comprehensive loss for the period attributable to equity holders of the (1,736) (673)
parent
Loss per share (p) 4 (0.055) (0.38)
The notes from an integral part of the Condensed Consolidated Interim
Financial Statements
SOLVONIS THERAPEUTICS PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
Note Unaudited Unaudited 30 Jun 2024 Audited
30 Jun 2025 £'000 31 Dec 2024
£'000
£'000
Non-current assets
Intangible assets 5 7,710 2,068 2,088
Other non-current assets - - 300
Total non-current assets 7,710 2,068 2,388
Current assets
Cash and cash equivalents 1,719 27 757
Trade and other receivables 115 44 58
Total current assets 1,834 71 815
TOTAL ASSETS 9,545 2,139 3,203
Non-current liabilities
Other non-current liabilities 981 - -
Total non-current liabilities 981 - -
Current liabilities
Trade and other payables 1,551 220 119
Loan note 7 77 264 -
Total current liabilities 1,630 484 119
Total liabilities 2,611 484 119
NET ASSETS 6,935 1,655 3,084
Equity
Issued share capital 8 5,846 62 2,233
Share premium 8 9,143 7,093 7,362
Share capital to issue - 358 -
Share based payments reserve 9 1,737 1,233 1,544
Capital reduction reserve 2,500 2,500 2,500
Foreign exchange reserve (115) - -
Share based payments reserve
Accumulated losses (12,176) (9,591) (10,555)
TOTAL EQUITY 6,935 1,655 3,084
The notes from an integral part of the Condensed Consolidated Interim
Financial Statements.
The Condensed Consolidated Interim Financial Statements were approved and
authorised by the Board of Directors on 29 September 2025.
Dennis Purcell - Chairman
SOLVONIS THERAPEUTICS PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR 6 MONTH PERIOD ENDING 30 JUNE 2025
Unaudited
Unaudited Six months to
Six months to 30 Jun 2024
£'000
30 Jun 2025
£'000
Cash flow from operating activities
Loss before tax (1,621) (626)
Adjustments for:
Depreciation - property, plant & equipment - 57
Finance expenses 4 64
Share based payments 193 7
Gain on deconsolidation - (139)
Impairment of fixed asset - (57)
Foreign exchange movements (96) 75
Changes in working capital:
Decrease in trade and other receivables 5 34
Increase in trade and other payables 501 123
Increase in inventories - 39
Net cash outflow from operating activities (1,014) (423)
Cash flow from investing activities
Cash acquired on acquisition of subsidiary 8 -
Repayments on right of use assets - (4)
Disposed subsidiary cash balance - (13)
Net cash outflow from investing activities (8) (17)
Cash flows from financing activities
Net proceeds from issue of shares 2,000 112
Share Issue Costs (29) -
Proceeds from issue of convertible note - 200
Net cash inflow from financing activities 1,971 312
Net (decrease) in cash and cash equivalents 965 (128)
Cash and cash equivalents at beginning of period 757 155
Foreign exchange impact on cash (3) -
Cash and cash equivalents at the end of the period 1,719 27
SOLVONIS THERAPEUTICS PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 30 JUNE 2025
Share capital Shares to be issued Share premium Capital Reduction reserve SBP reserve Foreign exchange Reserve Retained earnings Total equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 December 2023 41 175 7,001 2,500 1,227 47 (8,965) 2,026
Loss for period - - - - - - (626) (626)
Other comprehensive income - - - - - 76 - 76
Total comprehensive loss for period - - - - - 76 (626) (550)
Transactions with owners in own capacity
Shares issued during the period 21 183 92 - - - - 296
Disposal of subsidiary - - - - - (123) - (123)
Employee options - - - - 6 - - 6
Transactions with owners in own capacity 21 183 92 - 6 (123) - 179
Balance at 30 June 2024 62 358 7,093 2,500 1,233 - (9,591) 1,655
Loss for period - - - - - - (964) (964)
Other comprehensive income - - - - - - - -
Total comprehensive loss for period - - - - - - (964) (964)
Transactions with owners in own capacity
Shares issued in period 2,172 (358) 269 - - - - 2,083
Employee options - - - - 311 - - 580
Transactions with owners in own capacity 2,172 (358) 269 - 311 - - -
Balance at 31 December 2024 2,233 - 7,362 2,500 1,544 - (10,555) 3,084
Loss for period - - - - - - (1,621) (1,621)
Other comprehensive income - - - - - (115) - (115)
Total comprehensive loss for period - - - - - (115) (1,621) (1,736)
Transactions with owners in own capacity
Shares issued in period 1,538 - 462 - - - - 2,000
Shares issued on acquisition of subsidiary 2,075 - 1,348 - - - - 3,422
Share issue costs - - (29) - - - - (29)
Release of SBP charges - - - - 193 - - 193
Transactions with owners in own capacity 3,613 - 1,781 - 193 - - -
Balance at 30 June 2025 5,846 - 9,143 2,500 1,737 (115) (12,176) 6,935
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 6 MONTH PERIOD ENDING 30 JUNE 2025
1. GENERAL INFORMATION
Solvonis Therapeutics Plc ("the Company" or "Solvonis") was incorporated in
England and Wales as a limited company on 18 May 2017 under the name Graft
Polymer (UK) Plc and was re-registered as a public limited company on 1 July
2021. On 10 January 2025 the Company changed its name to Solvonis Therapeutics
Plc. The Company is domiciled in England and Wales with its registered office
at Eccleston Yards, 25 Eccleston Place, London, SW1W 9NF. The Company's
registered number is 10776788.
The principal activities of the Company and all of its subsidiaries
collectively referred to as "the Group" are the development of intellectual
property related to the treatment of mental health and substance use
disorders, and co-developing therapeutics for mental health disorders.
The condensed consolidated interim financial statements ("interim financial
statements") were approved for issue by the Board of Directors on 13 September
2025.
2. ACCOUNTING POLICIES
IAS 8 requires that management shall use its judgement in developing and
applying accounting policies that result in information which is relevant to
the economic decision-making needs of users, that are reliable, free from
bias, prudent, complete and represent faithfully the financial position,
financial performance and cash flows of the entity.
3. BASIS OF PREPARATION
The interim financial statements of Solvonis Therapeutics Plc for the
six-month period ended 30 June 2025 have been prepared in accordance with
Accounting Standard IAS 34 Interim Financial Reporting.
The interim report does not include all the notes of the type normally
included in an annual financial report. Accordingly, this report is to be read
in conjunction with the annual report for the year ended 31 December 2024,
which was prepared in accordance with UK adopted International Accounting
Standards (IFRS) and the Companies Act 2006, and any public announcements made
by Solvonis during the interim reporting period and since.
These interim financial statements do not constitute statutory accounts as
defined in Section 434 of the Companies Act 2006. The Group's statutory
financial statements for the year ended 31 December 2024 prepared under IFRS
have been filed with the Registrar of Companies. The auditor's report on those
financial statements was unqualified and did not contain a statement under
Section 498(2) of the Companies Act 2006.
The functional currency for each entity in the Group is determined as the
currency of the primary economic environment in which it operates. The
presentational currency of the Group is Pounds Sterling as this is the
currency in which equity fundraising has been facilitated. The functional and
presentational currency of the Company is Pounds Sterling. The subsidiary
functional currencies are both the Euro and the Canadian dollar depending on
which jurisdiction the respective companies are domiciled in. The interim
financial statements have been rounded to the nearest £'000.
The interim financial statements have not been audited.
The business is not considered to be seasonal in nature.
3.1 GOING CONCERN
These interim financial statements have been prepared on the going concern
basis, which contemplates the continuity of normal business activities and the
realisation of assets and settlement of liabilities in the normal course of
business.
As disclosed in the interim financial statements, the consolidated entity
incurred a net loss before taxation for the period ended 30 June 2025 from
continuing operations of approximately £1,621,000 (30 June 2024:
approximately £673,000) and had net cash inflows of approximately £966,000
for the period ended 30 June 2025 (30 June 2024: outflows of approximately
£128,000). As at period end, the consolidated entity had net current assets
of approximately £927,000 (30 June 2024: net current liabilities of
approximately £413,000) and had cash and cash equivalents equal to
approximately £1,719,000 (30 June 2024: approximately £27,000).
In the Group's last annual report the Group's auditors noted that there was a
material uncertainty relating to going concern due to an uncertainty over a
potential fundraise. Since this material uncertainty was raised over going
concern the Company has successfully completed two separate fundraising rounds
(with one occurring post period end) which has significantly improved the
liquidity of the Group.
As a result, the Directors have assessed that the Group now has sufficient
working capital to execute its operations over the next 12 months.
Accordingly, the Directors believe that the Group will be able to continue as
a going concern and that it is appropriate to adopt the going concern basis in
the preparation of the interim financial statements.
3.2 PRINCIPAL RISK AND UNCERTAINTIES
The principal risks and uncertainties of the Group have changed materially
since the publication of the Group's last annual report primarily due to the
acquisition of the Awakn group. A new risk assessment was performed alongside
the prospectus that was published on 21 May 2025, and the key risks are
highlighted below:
Financial
- Both the Company and Awakn have been historically loss making, and it
is anticipated that the Enlarged Group will continue to incur losses for the
foreseeable future. This is typical for pre-revenue Companies however it
places a reliance on the Group to source capital through equity or debt
sources.
Operational
- Positive results from early-stage clinical studies (in particular,
Awakn's clinical activities in relation to AWKN-001) are not necessarily
predictive of the results of later clinical studies and there is a risk that
product candidates will not be capable of being successfully commercialised
- Clinical trials are inherently complex and unpredictable, there is no
guarantee of successful outcomes, and, in certain cases, such trials could be
terminated or suspended by regulatory authorities. These risks are deemed by
the Directors to be within the normal risk appetite of the Group and are
comfortable that the risks are properly mitigated where required.
Legal
- A core asset of the Enlarged Group is its portfolio of intellectual
property rights. A failure to protect those intellectual property rights and
its portfolio of intellectual property rights, more generally, may have an
adverse impact on the financial condition of the Enlarged Group
3.3 CRITICAL ACCOUNTING ESTIMATES
The preparation of these interim financial statements requires management to
make estimates and assumptions that affect the reported amounts of assets and
liabilities, income and expenses, and disclosure of contingent assets and
liabilities at the end of the reporting period.
In preparing these interim financial statements, the significant judgements
made by management in applying the Group's accounting policies and the key
sources of estimation uncertainty were similar to those that applied to the
financial statements for the period ended 31 December 2024 (unless
specifically detailed below) with the nature and amounts of such estimates
have not changed significantly during the interim period. New critical
accounting estimates considered by management for the interim period were:
Acquisition of Awakn Life Sciences - (Note 11)
During the period the Company completed the acquisition of the Awakn Life
Sciences Group ("Awakn") as detailed in Note 11. The Board have formulated the
opinion that this does not constitute a reverse takeover, nor does is it a
business combination as Awakn does not satisfy the elements required to
constitute a business under IFRS 3.
Recoverability of investments in subsidiary & intangible assets
During the period the Company acquired the Awakn Life Sciences Group ("Awakn")
and has subsequently recorded an intangible asset in relation to the
acquisition. As this acquisition has occurred within 5 weeks of the end of the
period the Directors do not believe the assets to be impaired however will
continue to monitor for indicators of impairment.
Share based payments - (Note 9)
The Group issues options and warrants to its employees, directors, investors
and advisors. These are valued in accordance with IFRS 2 "Share-based
payments". In calculating the related charge on issuing shares and warrants
the Group will use a variety of estimates and judgements in respect of inputs
used including share price volatility, risk free rate, and expected life.
Changes to these inputs may impact the related charge. In the period the Group
did not perform any new valuations but released expenses to the statement of
other comprehensive income from valuations in prior periods.
4. EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is calculated by
dividing the profit or loss for the period by the weighted average number of
ordinary shares in issue during the period.
Unaudited Unaudited Period to
Period to 30 Jun 2024
30 Jun 2025
Loss for the period from continuing operations - £ '000s (1,621) (469)
Weighted number of ordinary shares in issue 3,010,558,337 124,309,754
Loss per share from continuing operations - p (0.055) (0.38)
Share options and warrants could potentially dilute basic earnings per share
in the future. These were not included in the calculation and no diluted
earnings per share presented as the Group is loss making and additional equity
instruments are anti-dilutive for the periods presented.
5. INTANGIBLE ASSETS
Note £'000
Cost and carrying value - 30 June 2024 2,068
Additions: 20
Cost and carrying value - 31 December 2024 2,088
Additions: 12
Acquisition of Awakn Life Sciences Group 10 5,609
Cost and carrying value - 30 June 2025 7,710
6. INVESTMENTS
Company subsidiary undertakings
The Group owned interests in the following subsidiary undertakings, which are
included in the financial statements:
Name Business Activity Country of Incorporation Registered Address Percentage Holding
Graft Polymer IP Limited Intellectual property England and Wales Eccleston Yards, 25 Eccleston Place, London, SW1W 9NF 100%
GRAFTBIO Limited Bio-Polymer development and production England and Wales Eccleston Yards, 25 Eccleston Place, London, SW1W 9NF 100%
Awakn Life Sciences Corp Clinical-stage biotech for addiction & mental health therapeutics Canada 217 Queen St W, Suite 301, Toronto, ON M5V 0R2, Canada 100%
Awakn Life Sciences Inc Clinical-stage biotech for addiction & mental health therapeutics- Canada 217 Queen St W, Suite 301, Toronto, ON M5V 0R2, Canada 100%
1233705. Ltd Dormant company Canada 217 Queen St W, Suite 301, Toronto, ON M5V 0R2, Canada 100%
Awakn LS Europe Holdings Limited Holding company Ireland 90 Leinster Road, Dublin 6, Rathmines, Dublin D06 F3P4, Ireland 100%
Awakn Research and Development Limited R&D in social sciences & humanities Ireland 90 Leinster Road, Dublin 6, Rathmines, Dublin D06 F3P4, Ireland 100%
Awakn LS Partnerships Limited R&D on biotechnology Ireland 90 Leinster Road, Dublin 6, Rathmines, Dublin D06 F3P4, Ireland 100%
7. LOAN NOTE
£'000
At 30 June 2024 264
Principal repaid (264)
At 31 December 2024 -
Loan note acquired on acquisition 73
Interest accrued 4
At 30 June 2025 77
8. SHARE CAPITAL
Number of shares Share capital Share premium Total
Ordinary shares £'000 £'000 £'000
Opening balance - 30 June 2024 124,763,966 62 7,093 7,155
Share issue at placing price of 0.1p 1,800,000,000 1,800 - 1,800
Share issue on conversion of loan 264,000,000 264 - 264
Share issue to settle outstanding fees 59,666,667 60 299 359
Share issue to settle outstanding fees 47,500,000 47 - 47
Share issue costs - - (30) (30)
Opening balance - 31 December 2024 2,295,930,633 2,233 7,362 9,595
Fundraising shares (£0.0013) 1,538,461,529 1,538 462 2,000
Consideration shares on acquisition (£0.00165) 2,074,378,528 2,075 1,348 3,423
Share issue costs - - (29) (29)
Closing balance - 30 June 2025 5,908,770,690 5,846 9,143 14,989
Issued and fully paid ordinary shares with a nominal value of £0.001 (2024:
£0.001)
9. SHARE BASED PAYMENT RESERVE
Group
£'000
At 30 June 2024 1,233
LTIP Options 16
Director warrants issued 295
At 31 December 2024 1,544
Awakn warrants re-issued on acquisition 193
At 30 June 2025 1,737
Warrants
As at 30 June 2025
Weighted average exercise price Number of warrants
Brought forward at 1 January 2025 0.2p 307,589,147
Granted in period 1p 703,465,432
Warrants exercised in period 0.1p (20,000,000)
Expired during period 22p (1,225,814)
Outstanding at 30 June 2025 1p 989,798,765
Exercisable at 30 June 2025 1p 989,798,765
The following table lists the Black Scholes inputs to the model used for
valuation of the warrants:
Dividend yield (%) 0% 0% 0%
Expected volatility (%) 95.1% 95.1% 95.1%
Risk-free interest rate (%) 3.98% 3.98% 4.078%
Time to maturity 2 years 3 years 4 years
Number of options 261,861,628 334,096,149 107,507,655
Share price at grant date (£) 0.0013 0.0013 0.0013
Grant date 27/05/25 27/05/25 27/05/25
Options
As at 30 June 2025
Weighted average exercise price Number of options
Brought forward at 1 January 2025 0.1p 18,333,333
Outstanding at 30 June 2025 0.1p 55,000,000
Exercisable at 30 June 2025 0.1p 18,333,333
10. ASSET ACQUISITION
Acquisition of awakn life sciences group
On 27 May 2025, Solvonis acquired 100% of the common shares of Awakn Life
Sciences Corp ("Awakn"), restricted share units of Awakn and deferred share
units of Awakn pursuant to a plan of arrangement under section 288 of
the Business Corporations Act (British Columbia).
In accounting for the acquisition, the directors must ascertain whether Awakn
satisfies the criteria to be classified as a business. Under IFRS 3, a
business must have three elements: inputs, processes and outputs to constitute
a business combination.
At acquisition Awakn and all of its subsidiaries ("collectively referred to as
the "Group") were largely inactive with only a small number of underlying
assets. Whilst entities within the Group did hold patents any exploitation of
these patents had been halted and there the Group did not satisfy the 3
elements above to be considered a business.
Therefore, the Directors conclusion was that the transactions were asset
acquisitions and not business combinations.
The details of Solvonis' acquisition of the Awakn Group are as follows:
Net assets acquired £
Trade and other receivables 56,694
Cash and cash equivalents 7,948
Oter current assets 13,858
Other current liabilities (1,965,012)
Total (1,886,512)
Total purchase price £
Amount settled in shares 3,422,725
Write off loans 300,000
Total 3,722,725
Total purchase price £
Total consideration 3,722,725
Net liabilities acquired (1,866,512)
Total intangible asset acquired 5,609,237
11. RELATED PARTY TRANSACTIONS
Payments to Directors
In the period Directors accrued fees as per below which were outstanding at
period end:
Fees accrued in the period Outstanding Fees as at 30.06.25
(£) (£)
Anthony Tennyson 61,503 19,833
21,834
Renata Crome 8,000 2,000
Dennis Purcell 20,000 3,333
Nicholas Nelson 24,000 3,000
12. EVENTS SUBSEQUENT TO PERIOD END
Equity fundraise and placing
On 10 July 2025, Solvonis Therapeutics completed an equity fundraise raising
£1 million through the issue of 333,333,334 ordinary shares at a placing
price of £0.003.
Exercise of warrants
On 18 July 2025, 20,000,000 warrants with an exercise price of £0.001 were
exercised resulting in the issue of 20,000,000 ordinary shares.
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