July 2025

Access to SP Angel’s research via this website is subject to the following terms and conditions. SP Angel (‘SPA’) does not deal with individual or private investors (save in connection with corporate finance business). SPA’s research is thus not prepared for private investors and does not take into account any particular investor’s or class of investors’ investment objectives. You are therefore not being granted access to SPA research in your capacity as an investor or SPA client or potential investor or client. You understand that SPA is not offering you any financial service. Members of SPA’s Research department are not permitted to interact with private investors and you should not attempt to contact them.