This communication has been issued in the UK by Liberum Capital Limited (“LCL”) which is authorised and regulated by the Financial Conduct Authority ("FCA") and is a member of The London Stock Exchange PLC. The registered address of Liberum Capital Limited is Ropemaker Place, 25 Ropemaker Street, London EC2Y 9LY. Telephone: 020 3100 2000.
This communication has been prepared by its author(s) as non-impartial research in relation to Company (the "Company"), as such that it is inappropriate to characterise it as independent investment research, as it has not been prepared in accordance with UK legal requirements designed to promote the independence of investment research. Therefore, even if it contains a research recommendation, it should be treated as a marketing communication. However, Liberum is required by the FCA to have policies in place to identify and manage the conflicts of interest which may arise in its production, which include preventing dealing ahead. Information regarding our policies is available, www.liberum.com. In addition, a list of items which could create a conflict of interest and other material interests in relation to research material is set out on LCL’s website. For detailed disclosures, please refer to www.liberum.com/legal
The individuals who prepared this communication may be involved in providing other financial services to the company or companies referenced herein or to other companies who might be said to be competitors of the company or companies referenced herein. As a result, both LCL and the individual employees who prepared this communication may have responsibilities that conflict with the interests of the persons who receive this communication and information may be known to LCL or persons connected with it which is not reflected in this communication. LCL may provide or may have provided corporate services to the issuers of securities mentioned in this communication and recipients of this document should not therefore rely on this communication as being an impartial document. Accordingly, information may be known to LCL or persons connected with it which is not reflected in this material. LCL has put in place procedures, systems and controls to identify and prevent (where this is possible) conflicts of interest and also has a conflicts management policy relating to its research and marketing communication activities, which is available on its website, www.liberum.com. In addition, a list of items which could create a conflict of interest and other material interests in relation to research material is set out on LCL’s website (see “Disclosures” below).
This communication is provided for information purposes only and should not be regarded as an offer or solicitation to buy or sell any security or other financial instrument. This communication has no regard for the specific investment objectives, financial situation and needs of any specific person or entity. LCL and/or its officers, directors and employees may have or take positions in securities of companies mentioned in this communication (or in any related investment) and may from time to time dispose of any such positions and may also provide corporate finance or underwriting services for or relating to those companies, for which it is remunerated. LCL analysts, including the author of this communication, receive compensation based on a number of factors including the quality of research, client feedback, firm profitability and normal competitive factors. This communication is based on materials and sources that are believed to be reliable; however, they are not independently verified and are not guaranteed as being accurate. All expressions of opinions, projections, forecasts and estimates constitute a judgment and are those of the author and the research department of LCL only, and should not be relied upon and are subject to change without notice. The content of this communication may have been disclosed to the company referenced herein prior to dissemination in order to verify factual accuracy, however the company takes no responsibility for the accuracy or otherwise of any opinion, projection, forecast or estimate contained within this communication. While LCL endeavours to update its research communications from time to time it is under no obligation to do so. No representation or warranty either expressed or implied, is made nor responsibility of any kind is accepted by LCL, its officers or employees either as to the accuracy or completeness of any information stated in this document. LCL shall not be liable for any direct or indirect damages, including lost profits, arising in any way from use of all or any of the information contained in this communication.
LCL may have issued other communications that are inconsistent with and reach different conclusions from, the information contained in this communication. Those communications reflect the different assumptions, views and analytical methods of the individuals that prepared them. This communication is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to therein. No representation or warranty either expressed or implied, is made nor responsibility of any kind is accepted by LCL, its directors, officers, employees or agents either as to the accuracy or completeness of any information contained in this communication nor should it be relied on as such. This communication is provided with the understanding that LCL is not acting in a fiduciary capacity and it is not a personal recommendation to you. The investments discussed in this communication may not be eligible for sale in some states or countries and may not be suitable for all investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources and, if in any doubt, should seek advice from an investment advisor. Past performance is not necessarily a guide to future performance. The stated price of any securities mentioned herein will generally be as at the end of the business day immediately prior to the publication date on this communication unless otherwise stated and is not a representative that any transaction can be effected at this price. This communication is confidential and may not be re-distributed, retransmitted or disclosed, in whole or in part, or in any manner, without the express written consent of LCL. For more information on models, please contact the Analyst.
Please refer to www.liberum.com/legal for regulatory disclosures.
In the United Kingdom
This communication is for the use of (a) Professional Clients and Eligible Counterparties (such terms as defined by the rules of the FCA) of LCL and (b) other persons who are not clients of LCL who have expressed interest in receiving it and who are Qualified Investors (as defined below) and either investment professionals (persons having professional experience in matters relating to investments, as defined in Article 19(5) or Article 49(2)(a) to (d) (high net worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (as amended) or any other persons to whom this communication for the purposes of section 21 of the Financial Services and Markets Act 2000 can otherwise lawfully be communicated).For the purpose of clarity, this communication is not intended for and should not be relied upon by Retail Clients (as defined by the rules of the Financial Conduct Authority).
The content includes data provided by FTSE International Limited (“FTSE”) © FTSE 2013. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE data is permitted without FTSE’s express written consent.
Distribution outside of the UK
EU Third-Party Disclaimer
If this communication is distributed in the European Union (“EU”) by Raymond James & Associates, Inc. (“RJA”), an entity registered with the United States Securities and Exchange Commission as a broker-dealer and a member of the Financial Industry Regulatory Authority, or its independent contractors or such independent contractor’s tied agents (collectively, the “independent contractors”) or by LCL to clients of RJA’s independent contractors, then this communication is independent third-party research prepared for and distributed in the relevant EU countries at the determination of RJA and/or the independent contractors and pursuant to an arrangement between RJA, Liberum Capital Inc. and LCL. Neither RJA, nor its independent contractors, nor any of their affiliates has or had any involvement in the production, content, or timing of this communication and neither Liberum Capital Inc. nor LCL are affiliates of RJA or its independent contractors.
This communication is distributed solely to persons who are Qualified Investors within the meaning of Article 2(e) of EU Regulation 2017/1129 (as amended or superseded), and this communication is only for such Qualified Investors whose ordinary business activities involve investing in equities, bonds, and associated securities and/or derivative securities and who have professional experience reviewing and engaging in such investments. This communication is therefore not intended to be distributed or passed on, directly or indirectly, to any other class of persons, and is not intended for private individuals or those who would not be classified as “Qualified Investors.” The delivery of this communication is not a recommendation to effect any transactions in the securities discussed herein, nor an endorsement of any opinion expressed herein. If you are receiving this communication in one of the relevant EU countries from RJA or its independent contractors, or LCL, as a consequence of being a client of RJA’s independent contractors, RJA accepts responsibility for the distribution of the communication. Any Qualified Investor who receives this communication from RJA, its independent contractors or directly from LCL as a consequence of being a client of RJA’s independent contractors, is receiving such communication solely as a result of its relationship with RJA or its independent contractor, as applicable, and such recipient shall not be considered as having a relationship with Liberum Capital Inc. or LCL. For additional disclosures about RJA, including those related to material conflicts of interest, please visit: https://www.raymondjames.com/-/media/rj/dotcom/files/legal-disclosures/Liberum-disclosures.pdf. For further information regarding the above or related to the above-mentioned securities, please contact RJA’s independent contractors.
For US Investors
This communication is a marketing communication and has been prepared and distributed by LCL. Liberum Capital Inc. is a U.S. registered broker-dealer and an affiliate of LCL. This communication is distributed solely to persons who qualify as “Major U.S. Institutional Investors” or “U.S. Institutional Investors” as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only for those Major U.S. Institutional Investors and U.S. Institutional Investors whose ordinary business activities involve investing in shares, bonds, and associated securities and/or derivative securities and who have professional experience in such investments. Any person who is not a U.S. Institutional Investor or Major U.S. Institutional Investor must not rely on this communication. The delivery of this research communication to any person in the United States of America is not a recommendation to affect any transactions in the securities discussed herein, nor an endorsement of any opinion expressed herein. Liberum Capital Inc, is a FINRA/SIPC member and is regulated by the Securities Exchange Commission and takes responsibility for the content of this communication. Any U.S. recipient of this communication that is not a registered broker-dealer or a bank acting in a broker or dealer capacity and that wishes further information regarding the securities or to place an order in any of the above-mentioned securities please contact a registered representative of Liberum Capital Inc or any other FINRA registered broker-dealer.
Analyst Certification: The analyst(s) who prepared this communication hereby certifies that all of the views expressed in this communication accurately reflect his / her personal views about the subject securities or issuers. No part of his/her compensation was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this communication. The analyst(s) responsible for preparing this research communication received compensation that is based upon various factors, including total revenues of Liberum Capital Inc. and its affiliates, a portion of which are or have been generated by investment banking activities of Liberum Capital Inc. and its affiliates. Research analysts, and their households, are prohibited from dealing in the securities of a company which they cover in any manner. LCL may make a market in the securities mentioned in the communication and may act as principal with regard to sales and purchases of this security. LCL may have managed or co-managed a public offering of any of the securities mentioned in the past 12 months. LCL may have received compensation for investment banking services from any of the companies mentioned in the past 12 months. LCL may receive compensation for investment banking services from any of the companies mentioned within the next 3 months.
Liberum Capital Inc. does not make a market on other securities mentioned in the communication. Liberum Capital Inc. has not managed or co-managed a public offering of any of the securities mentioned in the past 12 months. Liberum Capital Inc. has not received compensation for investment banking services from any of the companies mentioned in the past 12 months. Liberum Capital Inc. neither expects to receive nor intends to seek compensation for investment banking services from any of the companies mentioned within the next 3 months.
United States Third-Party Disclaimer:
If this communication is distributed in the United States of America by RJA, an entity registered with the Securities and Exchange Commission (“SEC”) as a broker-dealer and a member of the Financial Industry Regulatory Authority, then this communication is independent third-party research prepared for and distributed in the United States of America by RJA pursuant to an arrangement between RJA, Liberum Capital Inc. and LCL. Liberum Capital Inc. and LCL are not affiliates of RJA. Any transactions in securities discussed in this communication must be effected through a broker-dealer registered with the SEC, such as Liberum Capital, Inc. or RJA. This communication is distributed solely to persons who qualify as “U.S. Institutional Investors” or as “Major U.S. Institutional Investors” as defined in Rule 15a-6 under the Securities and Exchange Act of 1934, as amended, and is not intended to be distributed or passed on, directly or indirectly, to any other class of persons, and is therefore not intended for private individuals, retail customers or those who would not be classified as U.S. Institutional Investors or as Major U.S. Institutional Investors. This communication is only for U.S. Institutional Investors or Major U.S. Institutional Investors whose ordinary business activities involve investing in equities, bonds, and associated securities and/or derivative securities and who have professional experience reviewing and engaging in such investments. The delivery of this communication is not a recommendation to affect any transactions in the securities discussed herein, nor an endorsement of any opinion expressed herein. If you are receiving this communication in the U.S from RJA, RJA accepts responsibility for the content and distribution of this communication. For additional disclosures about RJA, including those related to material conflicts of interest, please visit: https://www.raymondjames.com/-/media/rj/dotcom/files/legal-disclosures/Liberum-disclosures.pdf.
For Canadian Investors
This information is not, and under no circumstances is to be construed as, an advertisement or a public offering of the securities described herein in Canada or any province or territory thereof. Under no circumstances is this information to be construed as an offer to sell securities or as a solicitation of an offer to buy securities in any jurisdiction of Canada. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the registration requirement in the relevant province or territory of Canada in which such offer or sale is made. This information is not, and under no circumstances is it to be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of any securities in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these materials, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence. If you are located in Canada, this information has been made available to you based on your representation that you are an “accredited investor” as such term is defined in National Instrument 45-106 Prospectus Exemptions and a “permitted client” as such term is defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Under no circumstances is the information contained herein to be construed as investment advice in any province or territory of Canada nor should it be construed as being tailored to the needs of the recipient. Canadian recipients are advised that Liberum Capital Inc., its affiliates and its authorized agents are not responsible for, nor do they accept, any liability whatsoever for any direct or consequential loss arising from any use of this research communication or the information contained herein.
For Swiss Investors
This publication is intended to be distributed to professional investors in circumstances such that there is no public offer. This publication does not constitute a prospectus within the meaning of Articles 652a and 1156 of the Swiss Code of Obligations.
For Australian Investors
This communication is distributed in Australia by Liberum Capital Limited which is exempt from the requirement to hold an Australian Financial Services Licence. This communication may only be distributed to a "Wholesale Client" (within the meaning of section 761G of the Corporations Act 2001 (Cth) (the “Act”) in reliance of Class Order 03/1099. LCL is regulated by the FCA under UK laws, which differ from Australian laws.
Laws and regulations of other countries may also restrict the distribution of this communication. Persons in possession of this communication should inform themselves about possible legal restrictions and observe accordingly.