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Unless otherwise specifically indicated, the contents of e-mails, instant messages and attachments, if any, are for informational purposes only. Neither the information nor the opinions expressed in the email, instant messages and attachments, if any, constitutes or intends to be an offer, or a solicitation of an offer, to buy or sell relevant securities (i.e. securities mentioned herein and options, warrants, or rights to or interests in any such securities), act as an official confirmation of any transaction, or act as an official statement of Mirabaud. E-mails, instant messages and attachments, if any, may not be reproduced, distributed or published by you for any purpose except with Mirabaud’s express written permission. The information on which the communication is based has been obtained from sources we believe to be reliable, but we do not guarantee its accuracy or completeness. All expressions of opinion are subject to change without notice.
E-mail or instant message transmissions cannot be guaranteed to be secure or error-free as the email or instant message could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept any liability whatsoever for any errors or omissions in the contents of the email or instant message or that arises from any data corruption, interception or unauthorised amendment, whether or not these arise as a result of the e-mail or instant message transmission.
IMPORTANT INFORMATION REGARDING INVESTMENTS
In respect of any advice and/or recommendation that may be made in respect of investments and/or investment transactions, whether such advice is verbal or written, the following matters are brought to your attention:
The value of investments and any income from them may fall as well as rise. Past performance is not a reliable indicator of future results and investors may not get back the full amount invested. No indication or guarantee, whether express or implied, is made in respect of future performance. In the case of investments likely to yield a high income, the income from such investments may fluctuate in value in money terms. Where an investment involves exposure to a foreign currency, then the value of that investment may rise or fall as a result of a change in the rates of exchange. In the case of higher volatility investments, any loss on realisation may be very high (including total loss of investment), as the value of such an investment may fall suddenly and substantially. Where an investment involves exposure to warrants, investors should be aware that a warrant often involves a high degree of gearing so that a relatively small movement in the price of the security, to which the warrant relates, may result in a disproportionately large movement, unfavourable as well as favourable, in the price of the warrant. Where an investment is made in investments that are not readily realisable, it may be difficult for the investor to deal in that investment or to obtain reliable information about its value or the extent of the risks to which it is exposed. Mirabaud, including any associated company, or their employees and officers may have a holding (long or short) in an investment that it knows will be the subject of or included in any advice and/or recommendation, whether verbal or written and made to Mirabaud's clients or potential clients. Mirabaud does not advise on the tax consequences of investments and as such, you should seek independent professional tax advice.
PRESENTATION NOTICE – MIRABAUD ASSET MANAGEMENT LIMITED
This document is produced solely for the purposes of meeting Mirabaud Asset Management Limited’s reporting obligations to its clients and its circulation is restricted to Mirabaud Asset Management Limited, its clients and their respective advisers or any person entitled to receive a copy under the laws of England and Wales or the Rules of the Financial Conduct Authority (FCA). The information and opinions set out in this document have been obtained or derived from sources that Mirabaud Asset Management Limited believe to be reliable and accurate, but no warranty of accuracy is given and no liability in respect of any errors or omissions (including any third party liability) is accepted by Mirabaud Asset Management Limited or any director or employee of Mirabaud Asset Management Limited. This document does not constitute the distribution of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorised or to any person to whom it is unlawful to distribute such a document or make such an offer or solicitation.
INVESTMENT RESEARCH NOTICE – MIRABAUD SECURITIES LIMITED
Investment research is generally only prepared by Mirabaud Securities Limited, but this notice will apply to research, if any issued by other regulated entities of Mirabaud. With regard to investment research issued by Mirabaud, the following should be noted:
Mirabaud's investment research recommendations are issued and approved for distribution to professional clients and eligible counterparties as defined by the FCA Rules. Such research is not directed at, may not be suitable and should not be relied upon by persons who do not fall within this definition. On occasions we may distribute or disseminate third party research recommendations. In all cases, this third party research will be distributed or disseminated in its original form and will be unaltered by Mirabaud Securities Limited.
Where Mirabaud issues its own investment research, the following matters will be disclosed in each individual research report.
RATINGS, CERTIFICATION AND DISCLOSURE
Mirabaud Securities Limited investment research is issued and approved for distribution to professional clients and eligible counterparties as defined by the FCA Rules. Such research is not directed at, may not be suitable for and should not be relied upon by persons who do not fall within this definition. On occasions, third party research recommendations may be distributed or disseminated. In all cases, the third party research will be distributed or disseminated in its original form and will be unaltered by Mirabaud Securities Limited.
The following matters will be disclosed in each individual investment research.
- BUY: The stock is expected to generate absolute positive price performance of over 10% during the next 12 months.
- HOLD: The stock is expected to generate absolute price performance of between negative 10% and positive 10% during the next 12 months.
- SELL: The stock is expected to generate absolute negative price performance of over 10% during the next 12 months
The ratings are applicable to all research produced after 1 January 2016.
All investment research is issued under the regulatory oversight of Mirabaud Securities Limited. Each analyst whose name appears as the author of an investment research hereby certifies that the recommendations and opinions expressed in the investment research accurately reflect the analyst's personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein that are within such analyst's coverage universe.
INVESTMENT RESEARCH DISCLOSURES
The following disclosures will be made where they are relevant:
- If the investment research is commissioned by the issuer.
- If in the past 12 months Mirabaud Securities Limited or its affiliates have had corporate finance mandates or managed or co-managed a public offering of the relevant issuer's securities or received compensation for such services from the relevant issuer.
- If Mirabaud Securities Limited expects to receive or intends to seek compensation for corporate finance services from the relevant issuer in the next six months.
- If the analyst or a member of the analyst's household has a long position in the shares or derivatives of the relevant issuer.
- If the analyst or a member of the analyst's household has a short position in the shares or derivatives of the relevant issuer.
- If at the date of production Mirabaud Securities Limited or its affiliates have a net long position exceeding 0.5% of the issued share capital of the relevant issuer.
- If at the date of production Mirabaud Securities Limited or its affiliates have a net short position exceeding 0.5% of the issued share capital of the relevant issuer.
- Mirabaud Securities Limited and/or its affiliates beneficially own 5% or more of any class of common equity securities of the relevant issuer.
- If a senior executive or director of Mirabaud Securities Limited, or a member of his / her household, is an officer, director, advisor, or board member of the relevant issuer and/or one of its subsidiaries.
- If Mirabaud Securities Limited acts as corporate broker, on a retained basis, for the relevant issuer.
- If the investment research has been seen by the relevant issuer to review only factual content prior to publication.
- If factual changes have been made by the relevant issuer prior to the distribution of the investment research.
A copy of Mirabaud Securities Limited’s Conflicts of Interest Statement can be requested by emailing the Compliance Department on compliance(at)mirabaud-msl.com.
The remuneration of analysts responsible for the preparation of investment research is linked to Mirabaud Securities Limited’s revenue generated directly from fees for the provision of investment research and indirectly from investment services and activities.
Distribution of Ratings
- Link to the proportion of all buy, sell and hold recommendations over the previous 12 months, including the proportion of recommendations on issuers who received investment services from Mirabaud Securities Limited.
The following information can be requested by emailing your Mirabaud Securities Limited relationship manager:
- Detailed information, or summary, of the basis for valuation or methodology and the underlying assumptions used in an investment research;
- A list of recommendations disseminated in the previous 12 months by a Mirabaud Securities Limited analyst or expert;
- Substantially material sources of information used in the investment research;
- Planned frequency of updates to the recommendation in an investment research; and
- An indication of where detailed information about any proprietary models used may be found.
© Mirabaud Securities Limited. All rights reserved. Any unauthorised use or distribution is strictly prohibited. This document has been prepared and issued by Mirabaud Securities Limited or its associated companies and has been approved for publication in the United Kingdom by Mirabaud Securities Limited, a private limited liability company authorised and regulated by the Financial Conduct Authority. Neither the information nor the opinions expressed in this document constitute or intend to be an offer, or a solicitation of an offer, to buy or sell relevant securities (i.e. securities mentioned herein and options, warrants, or rights to or interests in any such securities). The information and opinions contained in this document have been compiled from and based upon generally available information which Mirabaud Securities Limited believes to be reliable but the accuracy or completeness of which cannot be guaranteed. All comments and estimates given are statements of Mirabaud Securities Limited's or an associated company’s opinion only and no express or implied representation or warranty is given or to be implied therefrom. All opinions expressed herein are subject to change without notice. This document does not take into account the specific investment objectives, financial status, attitude to risk or any other specific matters relevant to any person who receives this document and should therefore not be used in substitution for the exercise of judgment by such person. Neither Mirabaud Securities Limited nor any associated company accepts any liability whatsoever for any direct or consequential loss arising from the use of its advice or research publications save where such loss arises as a direct result of Mirabaud Securities Limited's or an associated company’s negligence. Research publications are issued by Mirabaud Securities Limited or an associated company for private circulation to eligible counterparties, professional clients and professional advisers, (“its clients”), and specifically not to private or retail clients. They may not be reproduced, distributed or published by you for any purpose except with Mirabaud Securities Limited's express written permission. Mirabaud Securities Limited, an associated company, or their employees and officers may have a holding (long or short) in an investment which it knows will be the subject of a published research recommendation to clients. It may also have a consulting relationship with a company being reported on. Mirabaud Securities Limited or an associated company may also act as agent of its clients and may have or have undertaken transactions in investments covered by this document prior to your receipt of it. Additional information on the contents of this report is available on request.
IN THE UNITED STATES
Mirabaud Securities Limited is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution to Major U.S. Institutional Investors ONLY within the meaning of, and in reliance on the exemption from registration provided by Rule 15a-6 of the US Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC").
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