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Important Disclosure Statement from Adnaan Ahmad Research Ltd

This document is issued by Adnaan Ahmad Research Ltd solely for its clients. It may not be reproduced, redistributed or passed to any other person in whole or in part for any purpose without written consent of Adnaan Ahmad Research Ltd. The material in this document is not intended for distribution or use outside the United Kingdom. This material is not directed at you if Adnaan Ahmad Research Ltd is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you.

This document is provided for information purposes only and should not be regarded as an offer, solicitation, invitation, inducement or recommendation relating to the subscription, purchase or sale of any security or other financial instrument.  This document does not constitute, and should not be interpreted as, investment advice.  It is accordingly recommended that you should seek independent advice from a suitably qualified professional advisor before taking any decisions in relation to the investments detailed herein. All expressions of opinions and estimates constitute a judgement and, unless otherwise stated, are those of the author and the research department of Adnaan Ahmad Research only, and are subject to change without notice. Adnaan Ahmad Research is under no obligation to update the information contained herein. Whilst Adnaan Ahmad Research has taken all reasonable care to ensure that the information contained in this document is not untrue or misleading at the time of publication, Adnaan Ahmad Research cannot guarantee its accuracy or completeness, and you should not act on it without first independently verifying its contents. This document is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty either expressed or implied is made, nor responsibility of any kind is accepted, by Adnaan Ahmad Research or any of its respective directors, officers, employees or analysts either as to the accuracy or completeness of any information contained in this document nor should it be relied on as such. No liability whatsoever is accepted by Adnaan Ahmad Research or any of its respective directors, officers, employees or analysts for any loss, whether direct or consequential, arising whether directly or indirectly as a result of the recipient acting on the content of this document, including, without limitation, lost profits arising from the use of this document or any of its contents.

This document is provided with the understanding that Adnaan Ahmad Research is not acting in a fiduciary capacity and it is not a personal recommendation to you. Investing in securities entails risks. Past performance is not necessarily a guide to future performance. The value of and the income produced by products may fluctuate, so that an investor may get back less than he invested. Investments in the entities and/or the securities or other financial instruments referred to are not suitable for all investors and this document should not be relied upon in substitution for the exercise of independent judgment in relation to any such investment. The stated price of any securities mentioned herein will generally be the closing price at the end of any of the three business days immediately prior to the publication date on this document. This stated price is not a representation that any transaction can be effected at this price.

Adnaan Ahmad Research and its respective analysts are remunerated for providing investment research to professional investors, corporations, other research institutions and consultancy houses. Adnaan Ahmad Research, or its respective directors, officers, employees and clients may have or take positions in the securities or entities mentioned in this document.  Any of these circumstances could create, or be perceived as creating, conflicts of interest. Adnaan Ahmad Research’s analysts are not censored in any way and are free to express their personal opinions. As a result, Adnaan Ahmad Research may have issued other documents that are inconsistent with and reach different conclusions from, the information contained in this document. Those documents reflect the different assumptions, views and analytical methods of their authors. No director, officer or employee of Adnaan Ahmad Research is on the board of directors of any company referenced herein and no one at any such referenced company is on the board of directors of Adnaan Ahmad Research.

Adnaan Ahmad Research is an appointed representative of Messels Ltd which is authorised and regulated in the United Kingdom by the Financial Conduct Authority for the provision of investment advice. Residents of the United Kingdom should seek specific professional financial and investment advice from a stockbroker, banker, solicitor, accountant or other independent professional adviser authorised pursuant to the Financial Services and Markets Act 2000. This report is intended only for investors who are ‘professional clients’ as defined by the FCA, and may not, therefore, be redistributed to other classes of investors.

Messels Ltd is not registered outside the United Kingdom and does not offer to transact in securities outside the United Kingdom. Any recipients in other jurisdictions should be ‘professional clients’, or comparable, as defined by the FCA, and should seek specific professional financial and investment advice from a local stockbroker, banker, solicitor, accountant or other independent professional adviser entitled under local regulation to give such advice.

 

The content of this report is covered by our Policy of Independence which may be viewed at www.thetechanalyst.com

 

Analysts’ Certification

The analysts involved in the production of this document hereby certify that the views expressed in this document accurately reflect their personal views about the securities mentioned herein. The analysts point out that they may buy, sell or already have taken positions in the securities, and related financial instruments, mentioned in this document.