Disclosures, Disclaimers & Risk Warnings

DISCLOSURES

This website acts as a portal for both Optimo Capital Limited and Optimo Research Ltd, two separate companies registered with Companies House in the UK which share a majority shareholder.

Optimo Capital Limited is a private limited company (Companies House number 13017605) with its registered office at 124 City Road, London, EC1V 2NX. Optimo Capital Limited undertakes activities which are not regulated by the Financial Conduct Authority, namely acting as an introducer between companies and potential providers of capital.

Optimo Research Ltd is a private limited company (Companies House number 06427125) with its registered office at 124 City Road, London, EC1V 2NX. Optimo Research Ltd offers professional equity research services to growth companies and the companies covered pay a fee in order for this research to be made available. Optimo Research Ltd is authorised & regulated by the Financial Conduct Authority. FRN No. 768993.

Where there is an identified conflict of interest between the activities of Optimo Capital Limited and Optimo Research Ltd this will be fully disclosed in relevant materials, including published research notes.

A list of all research reports published in the last 12 months can be found HERE

Research notes on this website dated before 17th October 2025 were published by Optimo Capital Limited under an appointed representative agreement with Align Research Ltd. Research notes subsequent to this date were published and approved by Optimo Research Ltd following the completion of a change in control of Align Research Ltd and change in name to Optimo Research Ltd. See individual notes for relevant risk warnings, disclosures and disclaimers

For certain clients, Optimo Capital Limited and Optimo Research Ltd may take a portion of fees by way of equity payment in the respective companies we cover. If this is the case, our interests full be fully disclosed in the relevant research report. However, as a consequence of this, our vested interest would be in an increase in value in the subject company’s equity. As such, we would not be seen as being impartial in relation to the outcome of our reports.

Optimo Research Ltd has written internal procedures designed to identify, prevent, avoid and manage potential conflicts of interest that arise in connection with its research business. Optimo Research Ltd follows both a personal & company dealing policy (covering staff & research analysts) in relation to the dealing in the shares, bonds or other related instruments of companies that we cover.  

Optimo Research Ltd’s research reports reflect the objective views of our team of analysts who are employed on a freelance contractual basis and receive a fixed fee only for the production of research reports. No part of our research analysts’ compensation is directly related to the specific views expressed in this report or to the performance of the subject company’s share price. No element of variable compensation is paid to Optimo Research Ltd’s research analysts.

Optimo Research Ltd does not issue explicit “buy”, “hold”, “sell” or equivalent recommendations in its research reports. Our price targets/fair values are calculated by our research analysts based on an extensive analysis of the subject company, with methodologies and underlying assumptions being laid out in our reports. Our price targets/fair values should be seen as a value guide only and there is absolutely no certainty or representation on our part that they will be reached. Optimo Research Ltd may publish follow up notes on the companies covered in its research reports but has no fixed scheduled commitment and may cease to follow companies without notice.

DISCLAIMERS & RISK WARNING

Optimo Capital Limited and Optimo Research Ltd have made every reasonable effort to ensure the accuracy of the information in our research reports and this website, although this cannot be guaranteed.

Optimo Research Ltd’s research reports constitute non-independent research and are classed as a marketing communication for the purposes of UK law on markets in financial instruments. The reports have not been prepared in accordance with legal requirements designed to promote the independence of investment research, and are not subject to any prohibition on dealing ahead of the dissemination of investment research.

Nothing in our research reports should be construed as an offer or the solicitation of an offer to buy or sell securities by us and, as we have no knowledge of your individual situation and circumstances, you should not make any investment decision without consulting a fully qualified financial adviser. Research notes do not constitute advice and your capital is at risk by investing in the financial instruments issued by the companies discussed.

Nothing in Optimo Research Ltd’s material constitutes a representation that any investment strategy or recommendation we make is suitable or appropriate to a recipient's individual circumstances. Optimo Research Ltd’s material should not be regarded by recipients as a substitute for obtaining independent investment advice and/or the exercise of their own judgement.

Optimo Research Ltd does not represent or undertake that recipients of our material will generate profits, nor will it share with such recipients any investment profits, nor accept any liability for any investment losses or tax consequences that they may suffer. Neither Optimo Research Ltd nor any of its, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of our material.

The marketability of the shares we cover can be limited and you may have difficulty buying, or selling in volume. Additionally, given the smaller capitalisation bias of our coverage, the companies we write about should be considered as high risk. Past performance is not necessarily a guide to future performance and forecasts are not a reliable indicator of future results.

LEGAL

Our research reports may not be reproduced in whole or in part without prior permission from Optimo Research Ltd. Optimo Research Ltd reserves the right to grant or revoke the authority to use its website at its absolute discretion. While every reasonable precaution has been taken to ensure the accuracy, security and confidentiality of information available through the website, Optimo Research Ltd cannot be held responsible for any consequence of any action carried out by any user authorised or unauthorised.

The information provided herein, and your subsequent use of it may from time to time be subject to certain statutory or other external regulation, conditions and restrictions. All use of the information by you must comply with such regulations, conditions or restrictions applicable to the area or territory in which you shall use the information herein. None of the information published or made available via this website is intended to be published or made available in any jurisdiction where to do so would result in a breach of any applicable law or regulation.