<SEC-DOCUMENT>0001104659-21-071238.txt : 20210524
<SEC-HEADER>0001104659-21-071238.hdr.sgml : 20210524
<ACCEPTANCE-DATETIME>20210524163517
ACCESSION NUMBER:		0001104659-21-071238
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210524
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210524
DATE AS OF CHANGE:		20210524

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BICYCLE THERAPEUTICS plc
		CENTRAL INDEX KEY:			0001761612
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38916
		FILM NUMBER:		21955471

	BUSINESS ADDRESS:	
		STREET 1:		B900 BABRAHAM RESEARCH CAMPUS
		CITY:			CAMBRIDGE
		STATE:			X0
		ZIP:			CB22 3AT
		BUSINESS PHONE:		011441223261503

	MAIL ADDRESS:	
		STREET 1:		B900 BABRAHAM RESEARCH CAMPUS
		CITY:			CAMBRIDGE
		STATE:			X0
		ZIP:			CB22 3AT

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BICYCLE THERAPEUTICS Ltd
		DATE OF NAME CHANGE:	20181212
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2117320d2_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>CURRENT REPORT<BR>
</B></FONT><B><FONT STYLE="font-size: 13pt">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>May 24, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bicycle Therapeutics plc</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>England and Wales</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>001-38916</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of incorporation)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">File Number)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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    <TD STYLE="vertical-align: top; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>B900, Babraham Research Campus<BR>
Cambridge CB22 3AT<BR>
United Kingdom</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Zip Code)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant&rsquo;s telephone number, including area code: <B>+44 1223
261503</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities registered pursuant to Section 12(b)
of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 45%; text-align: center"><B>Title of each class</B></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 17%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Trading Symbol(s)</B></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 38%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Name of each exchange on which registered</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Ordinary shares, nominal value &pound;0.01 per share</TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">n/a</TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">The Nasdaq Stock Market LLC*</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">American Depositary Shares, each representing one ordinary share, nominal value &pound;0.01 per share</TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">BCYC</TD>
    <TD STYLE="padding-left: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">The Nasdaq Stock Market LLC</TD></TR>
  </TABLE>
<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"><B>* </B>Not for trading, but only in connection
with the listing of the American Depositary Shares on The Nasdaq Stock Market LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect; 230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (&sect; 240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item&nbsp;8.01</B></TD><TD><B>Other Events</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Previously, on June 5, 2020, Bicycle Therapeutics
plc (the &ldquo;Company&rdquo;) entered into a Controlled Equity Offering<SUP>SM</SUP>&nbsp;Sales Agreement (the &ldquo;Sales Agreement&rdquo;)
with Cantor Fitzgerald&nbsp;&amp; Co. and Oppenheimer &amp; Co. Inc. (together, the &ldquo;Sales Agents&rdquo;), as sales agents, pursuant
to which the Company may offer and sell, from time to time, <FONT STYLE="color: #231F20">American Depositary Shares, or ADSs, representing
the Company&rsquo;s ordinary shares,</FONT> through the Sales Agents. On May 24, 2021, the Company filed a prospectus supplement registering
the offer and sale of ADSs having an aggregate offering price of up to an additional $100,000,000, pursuant to the Sales Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is not obligated to sell any shares
under the Sales Agreement. Subject to the terms and conditions of the Sales Agreement, the Sales Agents will use commercially reasonable
efforts consistent with their respective normal trading and sales practices, applicable state and federal law, rules&nbsp;and regulations
and the rules&nbsp;of the Nasdaq Stock Market LLC to sell ADSs from time to time based upon the Company&rsquo;s instructions, including
any price, time or size limits specified by the Company. Under the Sales Agreement, the Sales Agents may sell shares by any method deemed
to be an &ldquo;at the market offering&rdquo; as defined in Rule&nbsp;415(a)(4)&nbsp;under the U.S. Securities Act of 1933, as amended,
or any other method permitted by law. The Sales Agents&rsquo; obligations to sell shares under the Sales Agreement are subject to the
satisfaction of certain conditions, including customary closing conditions. The Company will pay the Sales Agents a commission equal to
3.0% of the aggregate gross proceeds from each sale of ADSs and has agreed to provide the Sales Agents with customary indemnification
and contribution rights. The Company has also agreed to reimburse the Sales Agents for certain specified expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sales of ADSs under the Sales Agreement will be
made pursuant to the registration statement on Form&nbsp;S-3 (File No.&nbsp;333-238996), which was declared effective by the U.S. Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) on June 15, 2020, and a related prospectus supplement filed with the SEC on May 24, 2021,
for an aggregate offering price of up to an additional $100,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing summary of the Sales Agreement does
not purport to be complete and is qualified in its entirety by reference to the full text of the Sales Agreement, which is included as
Exhibit&nbsp;1.1 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A copy of the opinion of Cooley (UK) LLP relating
to the validity of the securities to be issued pursuant to the Sales Agreement is filed herewith as Exhibit 5.1 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Current Report on Form&nbsp;8-K shall not
constitute an offer to sell or the solicitation of an offer to buy any shares under the Sales Agreement, nor shall there be any sale of
such shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of any such state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #404040">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white; color: #333333"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #333333">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: #333333"><B><U>Exhibit No.</U></B></FONT></TD>
    <TD STYLE="width: 80%; padding-right: 5.4pt"><FONT STYLE="color: #333333"><B><U>Description</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1761612/000110465920070493/tm2021794d2_ex1-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="color: #333333">1.1</FONT></A></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1761612/000110465920070493/tm2021794d2_ex1-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Controlled Equity Offering<SUP>SM</SUP>&nbsp;Sales Agreement, dated June 5, 2020, by and among Bicycle Therapeutics plc, Cantor Fitzgerald&nbsp;&amp; Co. and Oppenheimer &amp; Co. Inc. (incorporated by reference to Exhibit&nbsp;1.2 of the Company&rsquo;s Registration Statement on Form&nbsp;S-3 (File No. 333-238996), filed with the Securities and Exchange Commission on June 5, 2020)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2117320d2_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="color: #333333">5.1</FONT></A></TD>
    <TD><A HREF="tm2117320d2_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Opinion of Cooley (UK) LLP</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="tm2117320d2_ex5-1.htm"><FONT STYLE="color: #333333">23.1</FONT></A></TD>
    <TD><A HREF="tm2117320d2_ex5-1.htm"><FONT STYLE="font-size: 10pt">Consent of Cooley (UK) LLP (included in Exhibit&nbsp;5.1)</FONT></A></TD></TR>
  </TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.4in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in">&nbsp;</P>

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<TR STYLE="font-size: 10pt; vertical-align: bottom">
<TD STYLE="font-size: 10pt">Date: May 24, 2021</TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">BICYCLE THERAPEUTICS PLC</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
<TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 46%">/s/ Lee Kalowski</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
<TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
<TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">Name:&nbsp;&nbsp;</TD>
<TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">Lee Kalowski</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</TD></TR>
</TABLE>




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<TYPE>EX-5.1
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<FILENAME>tm2117320d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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                           <P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="tm2117320d2_ex5-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Claire Keast-Butler</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">+44 20 7556 4211</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">ckeastbutler@cooley.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bicycle Therapeutics plc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">B900 Babraham Research Campus</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cambridge</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CB22 3AT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">United Kingdom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">24 May 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Bicycle Therapeutics plc &mdash; Prospectus Supplement &mdash; Exhibit 5.1</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: normal">INTRODUCTION</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: left">We have acted as English legal advisers to Bicycle Therapeutics plc, a public limited company incorporated
in England and Wales (the &ldquo;<B>Company</B>&rdquo;), in connection with the preparation and filing on the date hereof with the U.S.
Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) of a prospectus supplement (the &ldquo;<B>Prospectus Supplement</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: left">The Prospectus Supplement relates to part of a registration statement on Form S-3 that the Company filed
with the SEC on 5 June 2020 (the &ldquo;<B>S-3 Registration Statement</B>&rdquo;). The S-3 Registration Statement relates to the registration
for issue and sale by the Company of (a) ordinary shares with a nominal value of &pound;0.01 each in the capital of the Company (&ldquo;<B>Ordinary
Shares</B>&rdquo;), (b) American Depositary Shares representing Ordinary Shares (&ldquo;<B>ADSs</B>&rdquo;), (c) preference shares in
the capital of the Company (&ldquo;<B>Preference Shares</B>&rdquo;), (d) debt securities in one or more series, as either senior or subordinated
debt or as senior or subordinated convertible debt (&ldquo;<B>Debt Securities</B>&rdquo;), (e) warrants for the purchase of Ordinary Shares,
Ordinary Shares represented by ADSs, Preference Shares and/or Debt Securities in one or more series (&ldquo;<B>Warrants</B>&rdquo;), (f)
rights to purchase any of the securities as described in the S-3 Registration Statement (&ldquo;<B>Rights</B>&rdquo;) and (g) units comprised
of one or more of the aforementioned securities as described in the S-3 Registration Statement in any combination (&ldquo;<B>Units</B>&rdquo;)
(the Ordinary Shares, ADSs, Preference Shares, Debt Securities, Warrants, Rights and Units together, the &ldquo;<B>Securities</B>&rdquo;),
in each case to the public in a registered offering or offerings, with the aggregate offering price of up to US$250,000,000.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: left">In accordance with the terms of a New York law governed controlled equity offering<SUP>SM</SUP> sales
agreement dated 5 June 2020 between Cantor Fitzgerald &amp; Co. and Oppenheimer &amp; Co. Inc (the &ldquo;<B>Sales Agents</B>&rdquo;)
and the Company (the &ldquo;<B>Sales Agreement</B>&rdquo;), the Company may offer and sell ADSs having an aggregate offering price of
up to US$100,000,000 (the &ldquo;<B>Placement ADSs</B>&rdquo;) from time to time through the Sales Agents pursuant to the Prospectus Supplement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD STYLE="text-align: left">We are rendering this letter at the request of the Company in connection with the S-3 Registration Statement
and the Prospectus Supplement. We have taken instructions solely from the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.5</TD><TD STYLE="text-align: left">Except as otherwise defined in this letter, capitalised terms used have the respective meanings given
to them in the Base Prospectus (as defined below) and headings are for ease of reference only and shall not affect interpretation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.6</TD><TD STYLE="text-align: left">All references to legislation in this letter are to the legislation of England unless the contrary is
indicated, and any reference to any provision of any legislation shall include any amendment, modification, re-enactment or extension
thereof, as in force on the date of this letter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cooley (UK) LLP 22 Bishopsgate London EC2N 4BQ,
UK<BR>
t: +44 (0) 20 7583 4055 f: +44 (0) 20 7785 9355 cooley.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cooley (UK) LLP is a limited liability partnership
and is registered in England and Wales with registered number OC395270. Our registered office is at the address above. Cooley (UK) LLP
is authorised and regulated by the Solicitors Regulation Authority (SRA number 617791). A list of the members of Cooley (UK) LLP and their
professional qualifications is open to inspection at its registered office. The word 'partner,' used in relation to Cooley (UK) LLP, refers
to a member of Cooley (UK) LLP or an employee or consultant of Cooley (UK) LLP (or any affiliated firm) of equivalent standing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Page Two</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: normal">DOCUMENTS</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the purpose of issuing this letter,
we have reviewed the following documents only:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">a PDF executed copy of the Sales Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify">a PDF copy of the Prospectus Supplement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify">a PDF copy of the base prospectus included in the S-3 Registration Statement (the &ldquo;<B>Base Prospectus</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify">a PDF copy of the S-3 Registration Statement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.5</TD><TD STYLE="text-align: left">a certificate dated 24 May 2021 signed by the Company&rsquo;s company secretary (the &ldquo;<B>Secretary&rsquo;s
Certificate</B>&rdquo;) relating to certain factual matters as at the date of the Secretary&rsquo;s Certificate and having annexed thereto
copies (certified by the Company&rsquo;s company secretary as being true, complete, accurate and up-to-date in each case) of the following
documents:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 28.35pt">(a)</TD><TD STYLE="text-align: left">PDF copies of written resolutions of the shareholders of the Company passed on 13 May 2019 including:
(i) an ordinary resolution of the shareholders of the Company authorising its directors to allot new shares in the capital of the Company
or to grant rights to subscribe for or to convert any security into shares in the Company, up to a maximum aggregate nominal amount of
 &pound;150,000 (the &ldquo;<B>Allotment Authority</B>&rdquo;); and (ii) a special resolution of the shareholders of the Company empowering
the directors of the Company to allot equity securities pursuant to the Allotment Authority as if the statutory pre-emption rights contained
in section 561(1) of the Companies Act 2006 (the &ldquo;<B>Companies Act</B>&rdquo;) did not apply to such allotment (the &ldquo;<B>Shareholder
Written Resolutions</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 28.35pt">(b)</TD><TD STYLE="text-align: left">a PDF copy of the notice of the annual general meeting (the &ldquo;<B>Notice of AGM</B>&rdquo;) of shareholders
of the Company to be held on 28 June 2021 (the &ldquo;<B>2021 AGM</B>&rdquo;) containing, <I>inter alia</I>: (i) an ordinary resolution
of the shareholders of the Company authorising its directors to allot new shares in the capital of the Company or to grant rights to subscribe
for or to convert any security into shares in the Company, up to a maximum aggregate nominal amount of &pound;250,000 (the &ldquo;<B>2021
AGM Allotment Authority</B>&rdquo;); and (ii) a special resolution of the shareholders of the Company empowering the directors of the
Company to allot equity securities pursuant to the 2021 AGM Allotment Authority as if the statutory pre-emption rights contained in section
561(1) of the Companies Act did not apply to such allotment (the &ldquo;<B>2021 AGM Resolutions</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 28.35pt">(c)</TD><TD STYLE="text-align: left">a PDF copy of the minutes of a meeting of the board of directors of the Company (the &ldquo;<B>Board</B>&rdquo;
or the &ldquo;<B>Directors</B>&rdquo;) held on 21 May 2020 (the &ldquo;<B>May Board Meeting</B>&rdquo;) including resolutions: (i) authorising
the filing of the S-3 Registration Statement; (ii) authorising the officers of the Company to take steps to prepare and file the S-3 Registration
Statement; (iii) approving the transactions contemplated under the Sales Agreement; and (iv) authorising the execution of the Sales Agreement
(the &ldquo;<B>May Board Minutes</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 28.35pt">(d)</TD><TD STYLE="text-align: left">a PDF copy of the written resolutions of the Board passed on 21 May 2021 (the &ldquo;<B>Board
                                                                  Written Resolutions</B>&rdquo;) authorising the allotment, issue and sale by the Company of the new Ordinary Shares to be
                                                                  represented by the Placement ADSs (the &ldquo;<B>New Shares</B>&rdquo;) for an aggregate offering amount up to US$100,000,000 in one
                                                                  or more &ldquo;at the market&rdquo; offerings pursuant to the S-3 Registration Statement, the Prospectus Supplement and the Sales
                                                                  Agreement, at the price and upon such terms as the Board or the strategic committee
of the Board (the &ldquo;<B>Strategic Committee</B>&rdquo;) or Kevin Lee, as Chief Executive Officer of the Company, shall approve;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 28.35pt">(e)</TD><TD STYLE="text-align: left">a PDF copy of the written resolutions of the Strategic Committee passed on 5 June 2020 resolving to, <I>inter
alia</I>, (i) approve the form of Sales Agreement and (ii) authorise and appoint Kevin Lee (as Chief Executive Officer) and Lee Kalowski
(as Chief Financial Officer) to execute and deliver the Sales Agreement (the &ldquo;<B>Strategic Committee Written Resolutions</B>&rdquo;);
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 28.35pt">(f)</TD><TD STYLE="text-align: left">PDF copies of the current articles of association of the Company adopted on 23 May 2019 (the &ldquo;<B>Articles</B>&rdquo;),
the certificate of incorporation of the Company dated 27 October 2017 and certificate of incorporation on re-registration of the Company
as a public company dated 22 May 2019.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Page Three</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">3.</FONT></TD><TD STYLE="text-align: justify">SEARCHES</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In addition to examining the documents
referred to in paragraph 2 (<I>Documents</I>), we have carried out the following searches only:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: left">an online search at Companies House in England and Wales (&ldquo;<B>Companies House</B>&rdquo;) with respect
to the Company, carried out at 9:32 a.m. (London time) on 24 May 2021 (the &ldquo;<B>Online Search</B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: left">a telephone enquiry at the Companies Court in London of the Central Registry of Winding-up Petitions in
England and Wales with respect to the Company, carried out at 10:11 a.m. (London time) on 24 May 2021 (the &ldquo;<B>Telephone Enquiry</B>&rdquo;
and, together with the Online Search, the &ldquo;<B>Searches</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">4.</FONT></TD><TD STYLE="text-align: justify">OPINION</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Subject to the assumptions set out in
paragraph 5 (<I>Assumptions</I>), the scope of the opinion set out in paragraph 6 (<I>Scope of Opinion</I>) and the reservations set out
in paragraph 7 (<I>Reservations</I>), we are of the opinion that, as at the date of this letter, the New Shares, once they have been allotted
and issued, delivered and paid for as described in the Prospectus Supplement and registered in the name of the recipient in the register
of members of the Company, will be duly and validly issued, fully paid and will not be subject to any call for payment of further capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: normal">ASSUMPTIONS</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In giving the opinion in this letter,
we have assumed (without making enquiry or investigation) that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: left">all signatures, stamps and seals on all documents are genuine. All original documents are complete, authentic
and up-to-date, and all documents submitted to us as a copy (whether by email or otherwise) are complete and accurate and conform to the
original documents of which they are copies and that no amendments (whether oral, in writing or by conduct of the parties) have been made
to any of the documents since they were examined by us;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: left">where a document has been examined by us in draft or specimen form, it will be or has been duly executed
in the form of that draft or specimen;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD STYLE="text-align: left">each of the individuals who signs as, or otherwise claims to be, an officer of the Company is the individual
whom they claim to be and holds the office they claim to hold;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.4</TD><TD STYLE="text-align: left">where a document is required to be delivered, each party to it has delivered the same without it being
subject to any escrow or similar arrangement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.5</TD><TD STYLE="text-align: left">all documents, forms and notices which should have been delivered to Companies House in respect of the
Company have been and will be so delivered;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Page Four</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.6</TD><TD STYLE="text-align: left">the information revealed by the Searches is true, accurate, complete and up-to-date in all respects, and
there is no information which should have been disclosed by the Searches that has not been disclosed for any reason and there has been
no alteration in the status or condition of the Company since the date and time that the Searches were made, and that the results of the
Searches will remain true, complete, accurate and up-to-date as at each date of the allotment and issue of the New Shares (each such date,
a &ldquo;<B>Bring-Down Date</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.7</TD><TD STYLE="text-align: left">no notice has been received by the Company which could lead to the Company being struck off the register
of companies under section 1000 of the Companies Act and no such notice shall have been received as at each Bring-Down Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.8</TD><TD STYLE="text-align: left">the Articles remain in full force and effect and no alteration has been made or will be made to the Articles,
in each case prior to each Bring-Down Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.9</TD><TD STYLE="text-align: left">to the extent that the obligations of the Company under the Sales Agreement may be dependent upon such
matters, each of the parties to Sales Agreement (other than, to the extent expressly set out in the opinions given in this letter, the
Company):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 28.35pt">(a)</TD><TD STYLE="text-align: left">is duly organised, validly existing and in good standing (where such concept is legally relevant) under the laws of its jurisdiction
of incorporation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 28.35pt">(b)</TD><TD STYLE="text-align: left">is in compliance, generally, with all applicable laws, rules and regulations to which it is subject, its
constitutional documents and any judicial or administrative judgements, awards, injunctions or orders binding upon it or its property;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 28.35pt">(c)</TD><TD STYLE="text-align: left">has the capacity, power and authority to execute, deliver and perform the Sales Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 28.35pt">(d)</TD><TD STYLE="text-align: left">is duly qualified to engage in the activities contemplated by the Sales Agreement and will not be in breach
of any of its respective obligations under any document, contract, instrument or agreement as a result of its entry into and performance
of its obligations under the Sales Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 28.35pt">(e)</TD><TD STYLE="text-align: left">is authorised under all applicable laws of its jurisdiction and domicile to submit to the jurisdiction
of the state and federal courts sitting in the City of New York, Borough of Manhattan as specified in the Sales Agreement and has validly
submitted to such jurisdiction; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 28.35pt">(f)</TD><TD STYLE="text-align: left">has validly authorised, executed and delivered all relevant documents;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: 0in">and that each of
the foregoing remains the case as at each Bring-Down Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.10</TD><TD STYLE="text-align: left">the Sales Agreement (and any other documents referred to therein) constitutes legal, valid and binding
obligations of each of the parties thereto, enforceable under all applicable laws and that the Sales Agreement will remain in full force
and effect at each Bring-Down Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.11</TD><TD STYLE="text-align: left">there is an absence of fraud or mutual mistake of fact or law or any other arrangements, agreements, understandings
or course of conduct or prior or subsequent dealings amending, rescinding or modifying or suspending any of the terms of the Sales Agreement
or which would result in the inclusion of additional terms therein, and that the parties have acted in accordance with the terms of the
Sales Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.12</TD><TD STYLE="text-align: left">in relation to the S-3 Registration Statement, the Base Prospectus, the Prospectus Supplement and the
allotment and issue of the New Shares, the Directors have acted and will act in the manner required by section 172 of the Companies Act
and that each issuance of the New Shares pursuant to the S-3 Registration Statement and the Prospectus Supplement will be made in good
faith and on bona fide commercial terms and on arms&rsquo; length terms and for the purposes of carrying on the business of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Page Five</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.13</TD><TD STYLE="text-align: left">the Company is, and the Company and each party to the Sales Agreement will at all times remain, in compliance
with all applicable anti-corruption, anti-money laundering, anti-terrorism, sanctions and human rights laws and regulations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.14</TD><TD STYLE="text-align: left">the S-3 Registration Statement has become effective under the Securities Act and such effectiveness shall
not have been terminated or rescinded prior to each Bring-Down Date, and the Base Prospectus and the Prospectus Supplement have each been
filed with the SEC;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.15</TD><TD STYLE="text-align: left">the May Board Minutes referred to in paragraph 2.5 (<I>Documents</I>) are a true record of the proceedings
described therein, and that the May Board Meeting was duly conducted as described therein, duly constituted and convened and all constitutional,
statutory and other formalities were duly observed (including, if applicable, those relating to the declaration of Directors&rsquo; interests
or the power of interested Directors to vote), a quorum was present throughout, the requisite majority of Directors voted in favour of
approving the resolutions and the resolutions passed at the May Board Meeting were duly adopted, have not been revoked or varied and remain
in full force and effect as at the date of each letter and each Bring-Down Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.16</TD><TD STYLE="text-align: left">the resolutions set out in the Board Written Resolutions referred to in paragraph 2.5 (<I>Documents</I>)
were validly passed as written resolutions in accordance with the Articles, that all eligible directors of the Company (being all the
directors of the Company who would have been entitled to vote on the matter had it been proposed as a resolution at a directors&rsquo;
meeting, but excluding any director whose vote is not to be counted in respect of a particular matter) have signed one or more copies
of the Board Written Resolutions, that all relevant provisions of the Companies Act and the Articles were complied with and the Articles
were duly observed (including, if applicable, those relating to the declaration of Directors&rsquo; interests or the power of interested
Directors to vote) and such resolutions were duly adopted, and have not been revoked or varied and remain in full force and effect as
at the date of this letter and each Bring-Down Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.17</TD><TD STYLE="text-align: left">the Strategic Committee Written Resolutions referred to in paragraph 2.5 (<I>Documents</I>) were duly
passed as written resolutions in accordance with the Articles, that all eligible members of the Strategic Committee (being all the members
of the Strategic Committee who would have been entitled to vote on the matter had it been proposed as a resolution at a meeting of the
Strategic Committee, but excluding any member of the Strategic Committee whose vote is not to be counted in respect of a particular matter)
have signed one or more copies of the Strategic Committee Written Resolutions, that all relevant provisions of the Companies Act and the
Articles were complied with and the Articles were duly observed (including, if applicable, those relating to the declaration of members
of the Strategic Committee&rsquo;s interests or the power of interested members of the Strategic Committee to vote) and such resolutions
were duly adopted and have not been revoked or varied and remain in full force and effect as at the date of this letter and each Bring-Down
Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.18</TD><TD STYLE="text-align: left">the Shareholder Written Resolutions referred to in paragraph 2.5 (<I>Documents</I>) were duly passed as
written resolutions on 13 May 2019, that the requisite majority of eligible shareholders have signed one or more copies of the Shareholder
Written Resolutions, that all provisions of the Companies Act and the Articles were duly observed and that such Shareholder Written Resolutions
were duly passed and have not been revoked or varied and remain in full force and effect as at the date of this letter and each Bring-Down
Date, and that all filings required to be made with Companies House in connection therewith have been made within the relevant time limits;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.19</TD><TD STYLE="text-align: left">the 2021 AGM will be duly convened and held on 28 June 2021 at which all constitutional, statutory and
other formalities will be duly observed, a quorum of shareholders will be present throughout and the 2021 AGM Resolutions referred to
in paragraph 2.5 (<I>Documents</I>) will be duly passed and will have not been revoked or varied and will remain in full force and effect
as at each Bring-Down Date on or after 28 June 2021, and that all filings required to be made with Companies House in connection therewith
will be made within the relevant time limits;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Page Six</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.20</TD><TD STYLE="text-align: left">all of the New Shares will be allotted and issued pursuant to the authority and power granted to the Directors
pursuant to section 551 and section 570 of the Companies Act, respectively and as applicable, under the Shareholder Written Resolutions
(or, assuming that they are duly passed at the 2021 AGM, resolutions 8 and 9 as set out in the Notice of AGM), and that that authority
and that power are and shall remain unutilised to a sufficient extent to enable the allotment and issue of all of the New Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.21</TD><TD STYLE="text-align: left">any sales of Placement ADSs will be made in accordance with the limitations imposed by the Board or the
Strategic Committee as set out in any applicable resolution of the Board or Strategic Committee;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.22</TD><TD STYLE="text-align: left">there will be no fact or matter (such as bad faith, coercion, duress, undue influence or a mistake or
misrepresentation before or at the time any agreement or instrument is entered into, a subsequent breach, release, waiver or variation
of any right or provision, an entitlement to rectification or circumstances giving rise to an estoppel) which might affect the allotment
and issue of the New Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.23</TD><TD STYLE="text-align: left">the Company has not taken any corporate or other action and no steps have been taken nor any legal proceedings
have been started against the Company for the liquidation, winding-up, dissolution or reorganisation, or for the appointment of a liquidator,
receiver, trustee, administrator, administrative receiver or similar officer of the Company or all or any of its assets (or any analogous
proceedings in any jurisdiction) and the Company is not unable to pay its debts as they fall due within the meaning of section 123 of
the Insolvency Act 1986, as amended (the &ldquo;<B>Insolvency Act</B>&rdquo;) or becomes unable to pay its debts within the meaning of
that section as a result of any of the transactions contemplated in this letter, is insolvent or has been dissolved;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.24</TD><TD STYLE="text-align: left">all agreements and documents examined by us that are governed by the laws of any jurisdiction other than
England are on the date of this letter legal, valid and binding under the laws by which they are (or are expected to be) governed;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.25</TD><TD STYLE="text-align: left">there are no provisions of the laws of any jurisdiction outside England that would have any implication
for the opinion which we express in this letter and that, insofar as the laws of any jurisdiction outside England may be relevant to this
letter, such laws have been and will be complied with;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.26</TD><TD STYLE="text-align: left">we note that the Sales Agreement provides that it is to be governed by and construed in accordance with
New York law. We express no opinion as to any matters governed by New York law. As lawyers not qualified in New York, we are not qualified
or able to assess the true meaning or import of the terms of the Sales Agreement under New York law, and we have made no investigation
of such meaning or import. Therefore, our review of the Sales Agreement has been limited to their terms as they appear to us on their
face. We have assumed that the choice of New York law in the Sales Agreement is valid as a matter of New York law and the Sales Agreement
and each of their respective provisions are valid, binding and enforceable under New York law and the law of any other jurisdiction whose
law applies, other than law covered expressly in an opinion included in this letter. We have also assumed that, under New York law, any
court named in the forum selection clauses of the Sales Agreement will have jurisdiction over the parties and the subject matter of any
action brought in that court under the Sales Agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.27</TD><TD STYLE="text-align: left">all statements of fact and representations and warranties as to matters of fact (except as to matters
expressly set out in the opinion given in this letter) contained in or made in connection with any of the documents examined by us were
true and correct as at the date given and are true and correct at today&rsquo;s date and no fact was omitted therefrom which would have
made any of such facts, representations or warranties incorrect or misleading;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.28</TD><TD STYLE="text-align: left">all consents, licences, approvals, authorisations, notices, filings and registrations that are necessary
under any applicable laws or regulations in connection with the transactions contemplated by the S-3 Registration Statement, the Base
Prospectus and/or the Prospectus Supplement have been or will be duly
made or obtained and are, or will be, in full force and effect;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Page Seven</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.29</TD><TD STYLE="text-align: left">no Placement ADSs or New Shares have been or shall be offered to the public in the United Kingdom in breach
of the Financial Services and Markets Act 2000, as amended (the &ldquo;<B>FSMA</B>&rdquo;), the EU Prospectus Regulation (Regulation (EU)
2017/1129) as retained by the United Kingdom, as amended by the Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (SI 2019/1234),
the Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 (SI 2019/707) and the Financial
Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (SI 2020/628) (the &ldquo;<B>UK Prospectus Regulation</B>&rdquo;) or of
any other United Kingdom laws or regulations concerning offers of securities to the public, and no communication has been or shall be
made in relation to the Placement ADSs or New Shares in breach of section 21 (<I>Restrictions on financial promotion</I>) of the FSMA
or any other United Kingdom laws or regulations relating to offers or invitations to subscribe for, or to acquire rights to subscribe
for or otherwise acquire, shares or other securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.30</TD><TD STYLE="text-align: left">in issuing the Securities, the Company is not carrying on a regulated activity (within the meaning of
section 19 (<I>The general prohibition</I>) of FSMA);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.31</TD><TD STYLE="text-align: left">all applicable provisions of the EU Market Abuse Regulation (Regulation (EU) No 596/2014) retained by
the United Kingdom, as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019 (SI 2019/210) (&ldquo;<B>UK MAR</B>&rdquo;),
the UK Prospectus Regulation, the FSMA, the Financial Services Act 2012 (the &ldquo;<B>FS Act</B>&rdquo;), and all rules and regulations
made pursuant to UK MAR, the UK Prospectus Regulation, the FSMA and the FS Act, have been and will be complied with as regards anything
done in relation to the Placement ADSs and the New Shares or otherwise in relation to the Sales Agreement or S-3 Registration Statement
and the transactions contemplated thereby in, from or otherwise involving England (including, without limitation, articles 14 (<I>Prohibition
of insider dealing and of unlawful disclosure of inside information</I>) and 15 (<I>Prohibition of market manipulation</I>) of UK MAR,
sections 19 (<I>The general prohibition</I>) and 21 (<I>Restrictions on financial promotion</I>) of the FSMA and sections 89 (<I>Misleading
statements</I>), 90 (<I>Misleading impressions</I>) and 91 (<I>Misleading statements etc. in relation to benchmarks</I>) of the FS Act);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.32</TD><TD STYLE="text-align: left">the Company&rsquo;s place of central management and control is not, and will not be, at each Bring-Down
Date, the UK, the Channel Islands or the Isle of Man for the purposes of the City Code on Takeovers and Mergers; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.33</TD><TD STYLE="text-align: left">no application has been or will be made for the Placement ADSs or the New Shares to be listed or admitted
to <FONT STYLE="color: windowtext">trading</FONT> on a regulated market, multilateral trading facility or organised trading facility situated
or operating in the United Kingdom.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: normal">SCOPE OF OPINION</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.1</TD><TD STYLE="text-align: left">The opinion given in this letter is limited to English law as it would be applied by English courts on
the date of this letter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.2</TD><TD STYLE="text-align: left">We express no opinion in this letter on the laws of any other jurisdiction. We have not investigated the
laws of any country other than England and we assume that no foreign law affects any of the opinion stated in paragraph 4 (<I>Opinion</I>).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.3</TD><TD STYLE="text-align: left">We express no opinion as to any agreement, instrument or other document other than as specified in this
letter. For the purposes of giving the opinion in paragraph 4 (<I>Opinion</I>), we have only examined and relied on those documents set
out in paragraph 2 (<I>Documents</I>) and made those searches and enquiries set out in paragraph 3 (<I>Searches</I>), respectively. We
have made no further enquiries concerning the Company or any other matter in connection with the giving of the opinion in paragraph 4
(<I>Opinion</I>).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.4</TD><TD STYLE="text-align: left">No opinion is expressed with respect to taxation in the United Kingdom or otherwise in this letter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Page Eight</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.5</TD><TD STYLE="text-align: left">We have not been responsible for investigating or verifying the accuracy of the facts or the reasonableness
of any statement of opinion or intention, contained in or relevant to any document referred to in this letter, or that no material facts
have been omitted therefrom.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.6</TD><TD STYLE="text-align: left">The opinion given in this letter is given on the basis of each of the assumptions set out in paragraph
5 (<I>Assumptions</I>) and is subject to each of the reservations set out in paragraph 7 (<I>Reservations</I>) to this letter. The opinion
given in this letter is strictly limited to the matters stated in paragraph 4 (<I>Opinion</I>) and does not extend, and should not be
read as extending, by implication or otherwise, to any other matters.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.7</TD><TD STYLE="text-align: left">This letter only applies to those facts and circumstances which exist as at today&rsquo;s date and we
assume no obligation or responsibility to update or supplement this letter to reflect any facts or circumstances which may subsequently
come to our attention, any changes in laws which may occur after today, or to inform the addressee of any change in circumstances happening
after the date of this letter which would alter the opinion given in this letter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.8</TD><TD STYLE="text-align: left">We have not been responsible for investigation or verification of statements of fact (including statements
as to foreign law) or the reasonableness of any statements of opinion in the S-3 Registration Statement, the Base Prospectus or the Prospectus
Supplement, or that no material facts have been omitted therefrom.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.9</TD><TD STYLE="text-align: left">This letter is given by Cooley (UK) LLP and no partner or employee assumes any personal responsibility
for it nor shall owe any duty of care in respect of it.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.10</TD><TD STYLE="text-align: left">This letter, the opinion given in it, and any non-contractual obligations arising out of or in connection
with this letter and/or the opinion given in it, are governed by and shall be construed in accordance with English law as at the date
of this letter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: normal">RESERVATIONS</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.1</TD><TD STYLE="text-align: left">The Online Search described at paragraph 3.1 (<I>Searches</I>) is not capable of revealing conclusively
whether or not:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: left">a winding-up order has been made or a resolution passed for the winding-up of a company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: left">an administration order has been made; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: left">a receiver, administrative receiver, administrator or liquidator has been appointed,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">since notice of these
matters may not be filed with the Registrar of Companies in England and Wales immediately and, when filed, may not be entered on the public
database or recorded on the public microfiches of the relevant company immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">In addition, such
a company search is not capable of revealing, prior to the making of the relevant order, whether or not a winding-up petition or a petition
for an administration order has been presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.2</TD><TD STYLE="text-align: left">The Telephone Enquiry described at paragraph 3.2 (<I>Searches</I>) relates only to a compulsory winding-up
and is not capable of revealing conclusively whether or not a winding-up petition in respect of a compulsory winding-up has been presented,
since details of the petition may not have been entered on the records of the Central Registry of Winding-up Petitions in England and
Wales immediately or, in the case of a petition presented to a County Court in England and Wales, may not have been notified to the Central
Registry of Winding-up Petitions in England and Wales and entered on such records at all, and the response to an enquiry only relates
to the period of approximately four years prior to the date when the enquiry was made. <FONT STYLE="background-color: white">We have not
made enquiries of any District Registry or County Court in England and Wales. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Page Nine</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.3</TD><TD STYLE="text-align: left"><FONT STYLE="background-color: white">The opinion set out in this letter is subject to: (i)&nbsp;any limitations
arising from applicable laws relating to insolvency, bankruptcy, administration, reorganisation, liquidation, moratoria, schemes or analogous
circumstances; and (ii)&nbsp;an English court exercising its discretion under section 426 of the Insolvency Act (<I>co-operation between
courts exercising jurisdiction in relation to insolvency</I>) to assist the courts having the corresponding jurisdiction in any part of
the United Kingdom or any relevant country or territory.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.4</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We express no opinion as to matters of fact.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.5</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We have made no enquiries of any individual connected with the Company.
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: normal">DISCLOSURE AND RELIANCE </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.1</TD><TD STYLE="text-align: left">This letter is addressed to you solely for your benefit in connection with the S-3 Registration Statement,
the Prospectus Supplement and the transactions contemplated thereunder. We consent to the filing of this letter as an exhibit to the Prospectus
Supplement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under section
7 of the Securities Act or the rules and regulations promulgated thereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.2</TD><TD STYLE="text-align: left">This letter may not be relied upon by you for any other purpose, or furnished to, assigned to, quoted
to, or relied upon by any other person, firm or other entity for any purpose, other than for the purpose set out in above in paragraph
8.1, without our prior written consent, which may be granted or withheld at our sole discretion.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Yours faithfully</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">/s/ Cooley (UK) LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.95pt 0pt 0; text-align: justify"><B>Cooley (UK) LLP</B></P>



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