KYTE BROKING LIMITED

MEMBER OF THE NATIONAL FUTURES ASSOCIATION UNDER NFA ID: 0288293 

AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY UNDER FCA REGISTER NO: 174863

REGISTERED IN ENGLAND & WALES UNDER COMPANIES HOUSE REGISTER NO: 02781314

VAT registration number: 257 3683 74

DISCLAIMERS

Kyte Broking Limited

 

Investment Research

 

This material was produced by Kyte Broking Limited (“KBL”), a firm regulated by the Financial Conduct Authority (“FCA”) and a member of the National Futures Association (“NFA”). It is directed exclusively at ‘Eligible Counterparties’ and ‘Professional Clients’ and is not intended for ‘Retail Clients’ (as these terms are defined by FCA’s Code of Conduct Sourcebook (“COBS”)), who should not rely on this material. Moreover, any investment services to which the material may relate will not be made available to such retail clients. All of the recommendations and views about the securities and companies in this report reflect the personal views of the analysts named in this report. No part of these analysts’ compensation was, is, or will be directly or indirectly related to material contained within this report. Additional information with respect to any security referred to herein may be made available on request. The material in this report is for the general information of clients of KBL only and does not constitute the provision of investment advice or take into consideration the particular investment objectives, financial situation or needs of the recipient. Before acting on any advice or recommendations in this material, clients should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice. This material should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This report is based on material that analysts consider reliable, but KBL has not verified the contents here of and we do not warrant or represent (expressly or impliedly) that it is accurate, complete, or not misleading, or as to its fitness for the purpose intended and it should not be relied upon as such. Opinions expressed are analysts’ current opinions as of the date appearing on this material only. There can be no assurance that future results or events will be consistent with any such opinions, forecasts or estimates. Past performance is no guide to future performance. We endeavour to update the material in this report on a timely basis, but regulatory compliance or other reasons may prevent us from doing so. The information and opinions contained herein are subject to change without notice. This material has been prepared in accordance with KBL’s policies for managing conflicts of interest. KBL, its employees or its associates and their members may from time to time have long or short positions in securities, warrants, futures, options, derivatives or other financial instruments referred to in this material. In relation to commentary designated as unconnected, the analyst is unaware of any material financial interest or contractual relationship between KBL and the company. In relation to connected commentary, KBL has a material financial interest or contractual relationship with the company and, as a result, KBL may have a conflict of interest that could affect the objectivity of this material. Disclosures required by the FCA are set out in this document and general disclosures may be accessed via www.kytebroking.com. Unless otherwise stated, share prices are as at the close of business, on the date of the research note. Neither the whole nor any part of this material may be duplicated in any form or by any means. Neither should any of this material be redistributed or disclosed to anyone without the prior consent of KBL. KBL, its directors, officers, employees and associates accept no liability whatsoever for any direct, indirect or consequential loss or damage of any kind arising out of the use of all or any of this material. The services, securities and investments discussed in this report may not be available to nor suitable for all investors. Investors should make their own investment decisions based up on their own financial objectives and financial resources and it should be noted that investment involves risk, including the risk of capital loss. In relation to securities denominated in foreign currency, movements in exchange rates will have an effect on the value, either favourable or unfavourable. By accepting this report, you agree to be bound by the foregoing limitations. Registered office: 55 Baker Street, London, W1U 8EW. Companies House number: 2781314. FCA Registration number.: 174863. NFA ID number: 0288293.  

 

Non-Independent Research

 

This material was produced by Kyte Broking Limited (“KBL”), a firm regulated by the Financial Conduct Authority (“FCA”) and a member of the National Futures Association (“NFA”). It is directed exclusively at ‘Eligible Counterparties’ and ‘Professional Clients’ and is not intended for ‘Retail Clients’ (as these terms are defined by FCA’s Code of Conduct Sourcebook (“COBS”)), who should not rely on this material. Moreover, any investment services to which the material may relate will not be made available to such retail clients. All of the recommendations and views about the securities and companies in this report reflect the personal views of the analysts named in this report. No part of these analysts’ compensation was, is, or will be directly or indirectly related to material contained within this report. Additional information with respect to any security referred to herein may be made available on request. The material in this report is for the general information of clients of KBL only and does not constitute the provision of investment advice or take into consideration the particular investment objectives, financial situation or needs of the recipient. Before acting on any advice or recommendations in this material, clients should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice. This material should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This report is based on material that analysts consider reliable, but KBL has not verified the contents here of and we do not warrant or represent (expressly or impliedly) that it is accurate, complete, not misleading or as to its fitness for the purpose intended and it should not be relied upon as such. Opinions expressed are analysts’ current opinions as of the date appearing on this material only. There can be no assurance that future results or events will be consistent with any such opinions, forecasts or estimates. Past performance is no guide to future performance. We endeavour to update the material in this report on a timely basis, but regulatory compliance or other reasons may prevent us from doing so. The information and opinions contained herein are subject to change without notice. This material has been prepared in accordance with KBL’s policies for managing conflicts of interest. KBL, its employees or its associates and their members may from time to time have long or short positions in securities, warrants, futures, options, derivatives or other financial instruments referred to in this material. In relation to commentary designated as Unconnected, the analyst is unaware of any material financial interest or contractual relationship between KBL and the company. In relation to connected commentary, KBL has a material financial interest or contractual relationship with the company and, as a result, KBL may have a conflict of interest that could affect the objectivity of this material. Disclosures required by the FCA are set out in this document and general disclosures may be accessed via www.kytebroking.com. Unless otherwise stated, share prices are as at the close of business, on the date of the research note. Neither the whole nor any part of this material may be duplicated in any form or by any means. Neither should any of this material be redistributed or disclosed to anyone without the prior consent of KBL. KBL, its directors, officers, employees and associates accept no liability whatsoever for any direct, indirect or consequential loss or damage of any kind arising out of the use of all or any of this material. The services, securities and investments discussed in this report may not be available to nor suitable for all investors. Investors should make their own investment decisions based up on their own financial objectives and financial resources and it should be noted that investment involves risk, including the risk of capital loss. In relation to securities denominated in foreign currency, movements in exchange rates will have an effect on the value, either favourable or unfavourable. By accepting this report, you agree to be bound by the foregoing limitations. Registered office: 55 Baker Street, London, W1U 8EW. Companies House number: 2781314. FCA Registration number.: 174863. NFA ID number: 0288293. 

 

 

 

Market Securities LLP

 

Investment Research

 

This research was produced by Market Securities LLP (“MS”), a firm acting as the Appointed Representative of Kyte Broking Limited (“KBL”), a firm regulated by the Financial Conduct Authority (“FCA”) and a member of the National Futures Association (“NFA”). It is directed exclusively at ‘Eligible Counterparties’ and ‘Professional Clients’ and is not intended for ‘Retail Clients’ (as these terms are defined by FCA’s Code of Conduct Sourcebook (“COBS”)), who should not rely on this material. Moreover, any investment services to which the material may relate will not be made available to such retail clients. All of the recommendations and views about the securities and companies in this report reflect the personal views of the analysts named in this report. No part of these analysts’ compensation was, is, or will be directly or indirectly related to material contained within this report. Additional information with respect to any security referred to herein may be made available on request. The material in this report is for the general information of clients of KBL only and does not constitute the provision of investment advice or take into consideration the particular investment objectives, financial situation or needs of the recipient. Before acting on any advice or recommendations in this material, clients should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice. This material should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This report is based on material that analysts consider reliable, but KBL has not verified the contents here of and we do not warrant or represent (expressly or impliedly) that it is accurate, complete, or not misleading, or as to its fitness for the purpose intended and it should not be relied upon as such. Opinions expressed are analysts’ current opinions as of the date appearing on this material only. There can be no assurance that future results or events will be consistent with any such opinions, forecasts or estimates. Past performance is no guide to future performance. We endeavour to update the material in this report on a timely basis, but regulatory compliance or other reasons may prevent us from doing so. The information and opinions contained herein are subject to change without notice. This material has been prepared in accordance with KBL’s policies for managing conflicts of interest. KBL, its employees or its associates and their members may from time to time have long or short positions in securities, warrants, futures, options, derivatives or other financial instruments referred to in this material. In relation to commentary designated as Unconnected, the analyst is unaware of any material financial interest or contractual relationship between KBL and the company. In relation to connected commentary, KBL has a material financial interest or contractual relationship with the company and, as a result, KBL may have a conflict of interest that could affect the objectivity of this material. Disclosures required by the FCA are set out in this document and general disclosures may be accessed via www.kytebroking.com. Unless otherwise stated, share prices are as at the close of business, on the date of the research note. Neither the whole nor any part of this material may be duplicated in any form or by any means. Neither should any of this material be redistributed or disclosed to anyone without the prior consent of KBL. KBL, its directors, officers, employees and associates accept no liability whatsoever for any direct, indirect or consequential loss or damage of any kind arising out of the use of all or any of this material. The services, securities and investments discussed in this report may not be available to nor suitable for all investors. Investors should make their own investment decisions based up on their own financial objectives and financial resources and it should be noted that investment involves risk, including the risk of capital loss. In relation to securities denominated in foreign currency, movements in exchange rates will have an effect on the value, either favourable or unfavourable. By accepting this report, you agree to be bound by the foregoing limitations. MS and KBL registered office: 55 Baker Street, London, W1U 8EW. MS Companies House number: OC325844. KBL Companies House number: 2781314. MS FCA registration number: 519097. KBL FCA registration number: 174863. KBL NFA ID number: 0288293.  

 

Non-Independent Research

 

This research was produced by Market Securities LLP (“MS”), a firm acting as the Appointed Representative of Kyte Broking Limited (“KBL”), a firm regulated by the Financial Conduct Authority (“FCA”) and a member of the National Futures Association (“NFA”). It is directed exclusively at ‘Eligible Counterparties’ and ‘Professional Clients’ and is not intended for ‘Retail Clients’ (as these terms are defined by FCA’s Code of Conduct Sourcebook (“COBS”)), who should not rely on this material. Moreover, any investment services to which the material may relate will not be made available to such retail clients. All of the recommendations and views about the securities and companies in this report reflect the personal views of the analysts named in this report. No part of these analysts’ compensation was, is, or will be directly or indirectly related to material contained within this report. Additional information with respect to any security referred to herein may be made available on request. The material in this report is for the general information of clients of KBL only and does not constitute the provision of investment advice or take into consideration the particular investment objectives, financial situation or needs of the recipient. Before acting on any advice or recommendations in this material, clients should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice. This material should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This report is based on material that analysts consider reliable, but KBL has not verified the contents here of and we do not warrant or represent (expressly or impliedly) that it is accurate, complete, or not misleading, or as to its fitness for the purpose intended and it should not be relied upon as such. Opinions expressed are analysts’ current opinions as of the date appearing on this material only. There can be no assurance that future results or events will be consistent with any such opinions, forecasts or estimates. Past performance is no guide to future performance. We endeavour to update the material in this report on a timely basis, but regulatory compliance or other reasons may prevent us from doing so. The information and opinions contained herein are subject to change without notice. This material has been prepared in accordance with KBL’s policies for managing conflicts of interest. KBL, its employees or its associates and their members may from time to time have long or short positions in securities, warrants, futures, options, derivatives or other financial instruments referred to in this material. In relation to commentary designated as Unconnected, the analyst is unaware of any material financial interest or contractual relationship between KBL and the company. In relation to connected commentary, KBL has a material financial interest or contractual relationship with the company and, as a result, KBL may have a conflict of interest that could affect the objectivity of this material. Disclosures required by the FCA are set out in this document and general disclosures may be accessed via www.kytebroking.com. Unless otherwise stated, share prices are as at the close of business, on the date of the research note. Neither the whole nor any part of this material may be duplicated in any form or by any means. Neither should any of this material be redistributed or disclosed to anyone without the prior consent of KBL. KBL, its directors, officers, employees and associates accept no liability whatsoever for any direct, indirect or consequential loss or damage of any kind arising out of the use of all or any of this material. The services, securities and investments discussed in this report may not be available to nor suitable for all investors. Investors should make their own investment decisions based up on their own financial objectives and financial resources and it should be noted that investment involves risk, including the risk of capital loss. In relation to securities denominated in foreign currency, movements in exchange rates will have an effect on the value, either favourable or unfavourable. By accepting this report, you agree to be bound by the foregoing limitations. MS and KBL registered office: 55 Baker Street, London, W1U 8EW. MS Companies House number: OC325844. KBL Companies House number: 2781314. MS FCA registration number: 519097. KBL FCA registration number: 174863. KBL NFA ID number: 0288293.