Core Viewpoint - Sampo plc is transitioning from a Swedish Depositary Receipt (SDR) arrangement to a direct listing of its A Shares on Nasdaq Stockholm, aiming to enhance liquidity and streamline shareholder rights [2][4]. Group 1: Listing Transition - Sampo plc will request the termination of its SDR arrangement and apply for direct trading of its A Shares on Nasdaq Stockholm [2]. - The A Share has been listed through SDRs since November 22, 2022, with SEB as the issuer and market maker [3]. - Euroclear Sweden's recent policy change allows Sampo to pursue a direct listing, aligning with its existing listings on Nasdaq Helsinki and Nasdaq Copenhagen [3]. Group 2: Benefits of Direct Listing - The direct listing is expected to increase liquidity in the Swedish market for all issued A Shares and reduce the tick size compared to the SDRs [4]. - Current SDR holders will be able to exercise shareholder rights directly without SEB as an intermediary [4]. Group 3: Timeline and Important Dates - A formal termination notice for the SDR arrangement will be published around November 6, 2025 [5]. - The last trading day for SDRs is expected to be around February 13, 2026, with the first trading day for A Shares on February 16, 2026 [7]. - The record date for SDR conversion is set for February 17, 2026, and delivery of A Shares to SDR holders will occur on February 19, 2026 [7].

Core Insights - Turn Therapeutics is making significant progress in its clinical programs while maintaining a flexible financing strategy through a dilution-sparing direct listing [1][2][3] Capital Strategy and Alignment - The company opted for a direct listing to enhance flexibility and align with long-term shareholder interests, allowing early shareholders to retain their ownership [2] - Through an $85 million GEM Global Yield agreement, Turn has established a flexible financing mechanism that enables opportunistic capital access without the need for traditional offerings at the time of listing [3] Pipeline and Development Update - Turn is advancing its phase 2 trial of GX-03 for moderate to severe eczema, with approximately 25% of the targeted sample size having completed the trial and ongoing enrollment [4] - The study of GX-03, the first topical IL-36/IL-31 inhibitor, is on track, with topline results expected in 2026 and no safety concerns reported for the 25% of participants who have completed the trial [5] - The company is also progressing its thermostable intranasal vaccine initiative, with in-vivo studies set to begin in Q4 2025, reflecting its commitment to global health [6] Company Overview - Turn Therapeutics focuses on developing and commercializing products for dermatology, wound care, and infectious diseases, having received three FDA clearances for its proprietary formulations and advancing late-stage clinical programs [8]

Core Viewpoint - Sony Group's stock rose by 4% following the announcement of a spin-off of its financial services arm, with shareholders set to receive 80% of the newly created shares [1][2]. Group 1: Spin-off Details - Sony is spinning off its financial services arm due to a change in Japanese tax law, which allows for a tax-free partial spin-off [2][3]. - This spin-off will be the first partial spin-off under the 2023 tax law and the first direct public listing in Japan in over 20 years [3]. Group 2: Shareholder Benefits - Current Sony shareholders will benefit significantly as they will receive 80% of the shares from the new entity, which has positively impacted the stock price [2]. - More details regarding the growth plan for the newly created company will be disclosed during the upcoming Investor Day [2]. Group 3: Strategic Focus - The spin-off allows Sony to streamline its operations and refocus on its core businesses, which include entertainment and consumer electronics [5]. - This strategic move is expected to free up capital for investment in key areas such as image sensors, which are crucial for smartphones [5]. - Sony possesses solid growth prospects and valuable intellectual property in entertainment, along with a proven record of innovation in consumer electronics [5].