
| (a) |
the Registration Statement; and
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| (b) |
a certificate dated February 20, 2026 signed by an authorised signatory of the Company (the “Company’s Certificate”) relating to certain factual matters and
having annexed thereto and certified as true, complete and up-to-date a copy of the current articles of association of the Company adopted with effect from 27 March 2019.
|
| (a) |
the genuineness of all signatures, stamps and seals, the authenticity and completeness of all documents supplied to us and the conformity to the originals of all documents supplied to us as photocopies or electronic copies;
|
| (b) |
that, where a document has been examined by us in draft, specimen or certificated form, it has been or will be executed in the form of that draft, specimen or certificate;
|
| (c) |
the accuracy as to factual matters of each document we have reviewed, including, without limitation, the accuracy and completeness of all statements in the Company’s Certificate;
|
| (d) |
that the Company has fully complied with its obligations under all applicable anti-terrorism, anti-money laundering, sanctions and human rights legislation, and that each allotment and issue of Securities in the manner contemplated in
the Registration Statement will be compliant with such laws;
|
| (e) |
that no document has been entered into by any of the parties thereto in connection with any money laundering or any other unlawful activity;
|
| (f) |
that all consents, approvals, notices, filings and registrations which are necessary under any applicable laws or regulations (other than laws or regulations of England and Wales) in order to permit the allotment and issue of any
Securities in the manner contemplated in the Registration Statement have been or will be duly made or obtained;
|
| (g) |
that there are no provisions of the laws of any jurisdiction outside England and Wales that would have any implication for the opinions we express and that, insofar as the laws of any jurisdiction outside England and Wales may be
relevant to this opinion letter, such laws have been and will be complied with;
|
| (h) |
that the Company has complied with all applicable provisions of the Public Offers and Admissions to Trading Regulations 2024 (as amended), the Financial Services Act 2012 (as amended) and the Financial Services and Markets Act 2000, as
amended (“FSMA”) and any applicable secondary legislation made under any of the foregoing with respect to anything done by the Company in relation to the Securities from or otherwise involving the
United Kingdom (including Sections 19 (carrying on a regulated activity), 21 (financial promotion), and 85 (contravention of prohibition relating to public offer of securities) of FSMA);
|
| (i) |
that at the time the Board allots any Securities, or grants any rights to subscribe for or to convert any security into Securities, it: (i) is authorized to do so for the purposes of section 551 of the Companies Act 2006 (the “Companies Act”) pursuant to an ordinary resolution validly passed by the Company’s shareholders or the Company’s articles of association in force at that time; and (ii) as may be required, has the power
to do so free of the restrictions in section 561 of the Companies Act pursuant to a special resolution validly passed by the Company’s shareholders or the Company’s articles of association in force at that time for the purposes of sections
570 or 571 of the Companies Act, and in each case where relevant such resolutions and authorities remaining in full force and effect and not having expired, been rescinded or amended;
|
| (j) |
that at the time of each allotment and issue of any Securities the Company shall have received in full consideration equal to the subscription price or other consideration for such Securities and shall have entered the holder or holders
thereof in the register of members of the Company showing that all such Securities shall have been fully paid up as to their nominal value and any premium thereon as at each allotment date; and
|
| (k) |
that at the time of each issue of any Securities, the issue price or other consideration for such issue is not less than the nominal value, if any, of the Security.
|
|
Very truly yours,
|
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CLEARY GOTTLIEB STEEN & HAMILTON LLP
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By:
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/s/ Daniel Tierney
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Daniel Tierney, a Partner
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