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Messels Limited (“Messels”) is authorised and regulated in the conduct of investment business in the United Kingdom by the Financial Conduct Authority. Our services are distributed by Messels and are provided for information purposes only. Under no circumstances is the research content of this website (“the Research”) to be relied upon as constituting personal investment advice or construed as any offer to sell, or any solicitation of any offer to buy investments. While all reasonable care has been taken to ensure that the research published by Messels is not untrue or misleading at the time of publication, neither Messels nor its officers or employees makes any representation or warranty as to the accuracy or completeness of such materials. No liability is accepted for any loss whether direct or indirect, incidental or consequential, arising out of any of the research not being true and accurate except to the extent caused by the wilful default or gross negligence of Messels or its employees or which arises under the United Kingdom Financial Services and Markets Act 2000. All research on the Messels websites is believed to be up-to-date at the time it is posted, but is subject to variation without notice.

From time to time Messels and any of its officers or employees may, to the extent permitted by law, have a position or otherwise be interested in any transactions in investments (including derivatives) directly or indirectly the subject of our research. Also Messels may from time to time provide other services (including acting as adviser) to any company mentioned in our research.

The value of shares and other investments and the income derived from them may go down as well as up, and you may not get back the full amount you originally invested. Derivatives in particular are high risk investment instruments which carry a contingent liability, the value of which may be affected by a greater proportion than the change in the value of the underlying investment or asset. If you make an investment in securities that are denominated in a currency other than your own you are warned that changes in rates of foreign exchange may have an adverse effect on the value, price or income of the investment in your own currency. Any persons in doubt as to whether the investments referred to in our research material may be suitable for them, should consult an independent financial adviser.

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