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BRIDGING THE GAP

BETWEEN COMPANIES AND CAPITAL

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ADVICE

Clear, unconflicted advice across the capital markets spectrum

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INVESTORS

Engaging the most
relevant investors for our clients

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STRATEGY

Planning, building and implementing

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CAPITAL

No stone left unturned

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RESEARCH

Should be more than just words on paper

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LIQUIDITY

Broadening the active investor base

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MIFID II

Unconstrained by the MiFID II straightjacket

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ADVICE

Clear, unconflicted advice across the capital markets spectrum


Clear, unconflicted advice focused solely on helping the management and Boards of our corporate clients to better navigate the ever more complex capital markets. Our advice spans investor targeting, messaging, market positioning, investor feedback, IPO’s, presentations and best practice.

Our independence means we are always on their side of the table. We act as a sounding board and are often the first point of contact for all matters related to a client’s listing.

FTSE AIM

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FTSE 250

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INVESTORS

Engaging the most relevant investors for our clients


We engage investors of all shapes and sizes; large institutions, small institutions, pension funds, discretionary private wealth, advisory wealth and family offices. We understand that no two companies, nor investors, are the same. We are proud of our investor relationships. Targeting and engaging the broadest, most relevant investor audience is key to maximising shareholder value. Critically, our model allows us to speak to any investor we identify as relevant, free from MiFID II constraints.

Our proprietary targeting methodology matches clients with the most appropriate investor audience and from this we build a programme of targeting, educating and building direct relationships between our clients and the right owners of their equity.  We understand that management time is not infinite, so whether organising an extensive roadshow, a one-off meeting, or a series of conference calls, we guarantee management time is optimised in the most effective manner.

Investor feedback is an invaluable way to assess the effectiveness of our clients' IR activities; identify disconnects between our clients' messages and investors' views, and create actionable recommendations on how to best move forward. Our regular conversations with investors provides us with timely insights, which we deliver “unfiltered”  to management.

FTSE AIM

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FTSE SMALL CAP

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STRATEGY

Planning, building and implementing


We help management teams achieve their capital markets goals. Companies can have ambitious plans but be unsure how to turn them into reality. Radnor provides both strategic counsel and the means to execute on it.

Whether it is understanding the share-register, the peer group, identifying opportunities, spotting threats, handling difficult shareholders, adopting best practice or simply measuring progress; we position clients to their best advantage in the capital markets.

Our strategic IR programmes continuously evolve as a client builds its business, adapts to industry change or changes strategy itself. We fully recognise that a well-constructed and proactive IR strategy can be a catalyst for unlocking unrealised shareholder value.

FTSE 250

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FTSE SMALL CAP

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CAPITAL

No stone left unturned


We are authorised and regulated by the FCA. Working alongside other advisors, we are proud of our track record of delivering new capital to our clients. The broad range of investors we engage are an attractive source of long-term, supportive capital.  As we have no commercial relationship with investors, we have no vested interest in prioritising one over another, guaranteeing the right capital is always targeted.  

Whether it is to drive growth, support a business plan or facilitate M&A ambitions, raising equity capital is never straight-forward. We provide honest, impartial advice throughout the process, affording clients a means to maximize outcomes and minimize risk. We work closely with our clients and other advisers to ensure that the right messages are communicated during the fundraising process, and that appropriate expectations are set.

Our senior team is also experienced in preparing private companies for success in the public markets via pre-IPO and IPO support. Choosing to raise capital through an IPO is a transformative event for a company. The process involves a great deal of planning, coordination and preparation so we ensuring a smooth transition to the capital markets is critical.  Importantly, our advice is free from conflicts of interest and clients take great comfort in the advice being given for the right reasons.  

 

FTSE AIM

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RESEARCH

Should be more than just words on paper


In the new capital markets landscape research coverage is not only shrinking but reducing in quality. Companies will have to look to issuer sponsored research to avoid being ignored or left behind. However, we believe research should be much more than just a words on paper. We do not aim to compete with the large independent research houses but instead prefer a differentiated approach. Our research is not just published and forgotten, but is actively marketed to targeted investors in order to further build investor knowledge and interest.

We are the first to admit that research is not necessary for all companies, but where there is a misunderstood narrative, a knowledge gap from other sell-side coverage or an unhelpfully wide estimate range then it can play an important role.  High quality, relevant content, targeted and actively marketed at the right investors, is a powerful tool. This is our unique market approach. It is our belief that research is only as effective as those who actually act on it.

FTSE AIM

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LIQUIDITY

Broadening the active investor base


For many Small and Mid-Cap companies liquidity is drying up. Liquidity risk has intensified in recent years with the introduction of new regulations which has pushed investors up the market-cap scale towards larger, ‘more liquid’ stocks.

An unhelpful combination of increased regulation, the rise in passive investing and deteriorating broker economics has undoubtedly widened the gap between companies and investors. Buyers are still out there but reaching them is more difficult than ever. As the rise of passive investing continues, we place great importance on targeting and engaging the active fund manager and the marginal buyer on behalf of our clients.

For many Small and Mid-Cap clients, these marginal buyers can play a critical role in determining the share price. The active investor sets the price, the passive investor follows, and therefore trading activity from the former is vital. We take great pride in our knowledge of and intimate relationships with this too often overlooked pool of investors (principally comprising smaller institutions, private wealth managers, family offices and advisory brokers).

Larger institutional support does not always translate into a healthy secondary market and therefore a well-balanced, diversified register is key to maintaining a fair valuation. In our experience, there is no magic bullet to improve liquidity but instead hard work and a targeted approach. We can see the positive outcome, with Radnor clients experiencing significant improvements in share liquidity.

FTSE AIM

REAL ESTATE

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FTSE SMALL CAP

CONSUMER

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  • INVESTORS
  • STRATEGY
  • CAPITAL
  • RESEARCH
  • LIQUIDITY
  • MIFID II

MIFID II

Unconstrained by the MiFID II straightjacket


MiFID II played a significant part in our thinking when we founded Radnor in 2016. We saw the challenges faced by listed companies only increasing over time and our vision for Radnor as the solution has proved its worth.  MiFID II has turned the market on its head and has blunted the traditional way of doing things. Viewpoints are wide-ranging on the impacts of MiFID II, but belief is unanimous that the burden has fallen on corporate shoulders. For those ambitious companies looking to make the most of their public listing it is not all bad. There are multiple levers to pull and it is our job to know which will be most effective.

Our model is unique, designed to help listed corporate companies in this challenging new environment. We are not a broker; we do not trade; nor make markets. We target and engage investors of all shapes and sizes. Importantly, we engage investors who are right for our clients, not because they make us money. We are flexible in our approach; we do not shoe-horn clients into ‘products’ or ‘services’ preferring a consultative approach.

As MiFID II ‘disrupted’ the market, we forged a ‘disruptive’ model in response. Consequently, our clients see MiFID II as an opportunity, rather than a challenge.

FTSE AIM

MEDIA

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FTSE SMALL CAP

CONSUMER

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  • STRATEGY
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  • LIQUIDITY
  • MIFID II

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