Research Disclaimer

CONFLICTS OF INTEREST

Shore Capital maintains a Conflicts Policy which explains how conflicts are managed. A summary of the Conflicts Policy is available at www.shorecap.co.uk.  For details of potentially relevant conflicts of interest (if any) on a specific stock whether disclosed in this research report or not, please refer to the following table or contact Shore Capital’s compliance department on 020 7408 4050:

^ Independent Research:

This is independent research. The analyst who has prepared this research is not aware of Shore Capital Stockbrokers Limited and/or another member of the Shore Capital group (“Shore Capital”) having a relationship with the company covered in this research report and/or a conflict of interest which is likely to impair the objectivity of the research and this report should accordingly be viewed as independent. 

+ Non-Independent Marketing Communication:

This is a non-independent marketing communication.  The analyst who has prepared this report is aware that Shore Capital Stockbrokers Limited and/or another member of Shore Capital has a relationship with the company covered in this report and/or a conflict of interest which may impair the objectivity of the research.   Accordingly the report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

REGULATORY DISCLOSURES

It is the policy of Shore Capital Stockbrokers Limited not to make recommendations on companies for which it acts in an advisory capacity. Where this is the case, research reports refer to “House Stock”. The reference to “Price” on the front cover of formal research reports is to the current price as at the date of the research report. The date and time when the production of the report is completed is the date and time stated on the relevant report.  

Stock Recommendation Definitions:

Buy 10%+ absolute performance within 3-months or otherwise as specified.

Hold +/- 10% absolute performance on a 3-month basis or otherwise as specified.

Sell -10% absolute performance on a 3-month basis or otherwise as specified.

Valuation, Methodology and Assumptions:

For a summary of the basis of valuation, methodology and/or underlying assumptions used to evaluate the company covered in this research report, please click on the following link https://www.shorecapmarkets.co.uk/media/f021896536.pdf or contact your usual analyst or sales person at Shore Capital.  For information on changes in valuation, methodology or underlying assumptions related to this research report (if any) please contact your usual analyst or sales person at Shore Capital. 

Proprietary Models:

Shore Capital analysts typically utilise proprietary models to produce research reports.  Information on the specific proprietary models used for the company or companies covered in this research report is available by contacting your usual analyst or sales person at Shore Capital.

Research Distribution:

Lead Analyst:

The lead analyst with respect to each research item is the first and most prominent name. Please note that more than one analyst may work on a specific research item.

Conflicts of Interest:

Shore Capital maintains a Conflicts Policy which explains how conflicts are managed.  A summary of the Conflicts Policy is available at www.shorecap.co.uk.  For details of potentially relevant conflicts of interest (if any) on a specific stock whether disclosed in this research report or not, please click on the following link http://shorecap-disclosures.co.uk or contact Shore Capital’s compliance department on 020 7408 4050. It should be assumed for the purpose of this report that Shore Capital may, primarily as a result of its market making activities, have a position or holding in any of the securities covered in this report.

Recommendation History:

For a list of all research recommendations of Shore Capital analysts and sales persons disseminated in the previous 12 months, please click on the following link http://shorecap-disclosures.co.uk/recommendations/recommendations.pdf. For a list of the change(s) and the date(s) of previous research recommendations during the preceding 12 months, please click on the following link: http://shorecap-disclosures.co.uk/changes/changes.pdf. 

Planned Frequency of Updates:

Recommendations in Shore Capital research reports are kept under constant review.  As such, there is no formal timetable for the review of such recommendations.  

DISCLAIMER

The issue of this report is not necessarily indicative of long term coverage of the stock. Hence, updates may or may not be issued in the future. This report is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities, or related financial instruments. It does not constitute a personal recommendation as defined by the Financial Conduct Authority (“FCA”) or take into account the particular investment objectives, financial situations or needs of individual investors. The recipient of this information must make their own independent decisions regarding any securities, or financial instruments mentioned in this report.

The information above is obtained from sources considered reliable. However, the accuracy thereof cannot be guaranteed by us. Shore Capital or any of its associated companies (or its or their employees) may from time to time hold positions in the above equities as principal, and may also perform corporate advisory services for these companies. Share prices can go down as well as up and past performance is not necessarily a guide to the future. Some investments may require you to pay more money than the cost of the investment. The value of, or income from, any investments referred to in this report may fluctuate and/or be affected by changes in exchange rates. Levels and bases of taxation may change. 

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The views expressed in this document accurately reflect the research analyst’s personal views about any and all of the subject securities and the company on the date of this document. Any opinion or estimate expressed in this document is subject to change without notice. Shore Capital may act upon or use the information or a conclusion contained in this document before it is distributed to other persons. None of Shore Capital Stockbrokers Limited or any member of Shore Capital, or any of its or their directors, officers, employees or agents accept any responsibility or liability whatsoever for any loss however arising from any use of this document or its contents or otherwise arising in connection therewith. By accepting this document, you agree to be bound by the foregoing limitations.

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