Research Disclaimer

The following Research Disclaimer appears on all printed research produced by Oriel Securities. Additional information with respect to any security referred to herein may be made available on request.

 

The material in this report is for the general information of clients of Oriel Securities Limited (“Oriel Securities”) only. It does not take into account the particular investment objectives, financial situation or needs of individual clients. Before acting on any advice or recommendations in this material, clients should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice. This material should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The material in this report is based on information that we consider reliable, but we do not warrant or represent (expressly or impliedly) that it is accurate, complete, not misleading or as to its fitness for the purpose intended and it should not be relied upon as such. Opinions expressed are our current opinions as of the date appearing on this material only. We endeavour to update the material in this report on a timely basis, but regulatory compliance or other reasons may prevent us from doing so.


Oriel Securities or its employees may from time to time have long or short positions in securities, warrants, futures, options, derivatives or other financial instruments referred to in this material. Where Oriel Securities holds out this report to be Unconnected, or designates it as Connected, these terms are as used in Oriel Securities’ Research Policy and is available from the Compliance Officer at Oriel Securities. In relation to Unconnected research, the analyst is unaware of any contractual relationship between Oriel Securities and the company (either because none exists or because of the operation of Oriel Securities’ Chinese Wall policy). In relation to Connected research, Oriel Securities has a contractual relationship with the company as broker and/or financial adviser and, as a result, Oriel Securities may have a conflict of interest that could affect the objectivity of this material. 


Specific disclosures required under New Conduct of Business Sourcebook 12.4 are set out in this document and can be found at general disclosures.   Unless otherwise stated, share prices are as at the close of business on the date of the research note.


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The services, securities and investments discussed in this report may not be available to nor suitable for all investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources and it should be noted that investment involves risk, including the risk of capital loss. Past performance is no guide to future performance. In relation to securities denominated in foreign currency, movements in exchange rates will have an effect on the value, either favourable or unfavourable.

This report is issued by Oriel Securities in the UK, which is authorised and regulated by the Financial Services Authority in connection with its UK distribution. Oriel Securities is a member of the London Stock Exchange.