Website Terms of Use and Disclaimer

This website is communicated by Nau Securities Limited (“Nau”) which is registered in England and Wales (no. 07128441) having its registered office at 2 Eaton Gate, London SW1W 9BJ, United Kingdom.

1. LEGAL NOTICE

1.1. Please note that access to and the use of this website are subject to the following terms and conditions. Before accessing and using Nau’s website and its contents please read these terms and conditions as they constitute a legal notice and contain important legal information.
1.2. By accessing and using Nau’s website you acknowledge that you have reviewed, understood and agreed to the terms and conditions contained herein. If you do not agree to the terms and conditions below, do not access or use this website in any way. Returning users are advised to check these terms and conditions each time the website is accessed as they are subject to change from time to time without notice.

2. RESTRICTIONS

2.1. This website contains research that is produced in accordance with COBS 12.2 as Investment Research and is directed solely at Eligible Counterparties and Professional Clients as defined by the Financial Conduct Authority’s (“FCA”) handbook of rules and guidance ("FCA Rules") and other information from time to time (“Website Information”). Its contents are not directed at, may not be suitable for and should not be relied on by Retail Clients or be deemed to be advisory services to Retail Clients. Nau do not provide investment advisory services to Retail Clients.
2.2. The Website Information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution, publication or use would be contrary to local law or regulation or in which Nau does not hold any necessary registration or license. Individuals or legal entities in respect of whom such prohibitions apply, whether on grounds of their nationality, their place of residence or on other grounds, must not access or use this website. You assume responsibility for determining whether any legal or regulatory considerations limit your access to or use of this website and it is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.
2.3. Without prejudice to the foregoing, the Website Information is for informational purposes only and does not constitute an offer to sell or the solicitation of any offer to buy securities in the United States of America (“USA”) to or for the benefit of US persons (being residents of the USA or partnerships or corporations organized under the laws of the USA or any state, territory or possession thereof). In particular neither Nau, nor any affiliate of Nau intends to be members of FINRA, any other USA SRO nor are they registered with the Securities and Exchange Commission (“SEC”) as a broker dealer. If after reviewing this Research an investor in the USA wants to purchase securities in the companies mentioned in this report, they must direct their orders to a USA broker-dealer that is a member of FINRA and registered with the SEC. Nau or its affiliates will not be compensated based on any securities transactions by investors in the USA or any other US persons that result from the distribution of the Website Information, unless Nau or its relevant affiliates are properly registered and licensed. In such case, employees of Nau or its affiliates will receive a share of the commission associated with such transactions.
2.4. Transactions with US Institutional Investors and US Major Institutional Investors, as these terms defined by the SEC Rule 15a-6, are chaperoned by Global Alliance Securities, LLC (“GAS”), SEC-registered broker-dealer (CRD#167164) and FINRA member, in accordance with an agreement between Nau and GAS. (web: www.globalalliancesecurities.com).2.5. Products or services described in the Website Information may not be available in all jurisdictions.2.6. To the extent that the Website Information is issued in the United Kingdom, it is issued for the purposes of the UK Financial Services and Markets Act 2000 by Nau which is authorised and regulated in the UK by the FCA (number 558158) and registered as an investment advisor with the SEC (IARD #281683).

3. RESEARCH

3.1. This website contains information that is Investment Research (“Research Information”). All Research Information contained in this website is produced in accordance with COBS 12.2 as Investment Research and is directed solely at Eligible Counterparties and Professional Clients as defined by the FCA rules.
3.2. All statements and opinions contained in the Research Information are made as of the date on the face of the relevant Research Information and are not held out as applicable thereafter. Research Information will carry the date of the publication or, on a publication printed overnight, the date on which it was sent to the printers. Where a price is quoted in Research Information it will generally, in the absence of contrary words, be the latest practicable price prior to distribution or, in the case of a publication printed overnight, the closing price at the close of business. Research Information will identify material sources.
3.3. A company covered in such Research Information may have paid for an analyst’s reasonable expenses to visit their premises or offered modest hospitality or entertainment: further details are available on request.
3.4. Nau has in place arrangements designed to ensure that the conditions set out in COBS 12.2.5 are satisfied. The Research Information has been prepared in accordance with legal requirements designed to promote the independence of investment research and is subject under the Markets in Financial Instruments Directive (“MiFID”) to the prohibition on dealing ahead of the dissemination of investment research.
3.5. Nau is the employer of the investment analysts responsible for the content of Research Information and these investment analysts are resident outside of the USA and are not associated persons of any US regulated broker-dealer. The investment analysts are therefore not required to satisfy the regulatory licensing requirements of FINRA, or otherwise comply with US rules or regulations.

4. RISK WARNINGS

4.1. The Website Information is for information only and does not constitute or form part of an offer to sell or the solicitation of an offer to buy or sell any securities or any advisory or management service in any jurisdiction. It does not constitute a personal recommendation.
4.2. You are advised not to rely on any of the Website Information in the process of making a fully informed investment decision. Instead, you are urged to base investment decisions upon a thorough investigation and to obtain all necessary professional advice; you must satisfy yourself that any dealing is appropriate in the light of your own understanding, appraisal of risk and reward, objectives, experience, and financial and operational resources.
4.3. Past performance data or forecasts contained in the Website Information is no indication of future performance and nothing on this website should be interpreted to state or imply otherwise. The value of investments may fall as well as rise and investors may not get back the full amount invested.
4.4. If a financial instrument is denominated in a currency other that an investor’s currency, changes in exchange rates may adversely affect the price or value of, or the income derived from the financial instrument. You assume all foreign exchange risks.

5. ACCURACY AND LIABILITY

5.1. Although the Website Information is obtained or compiled from sources we believe to be reliable, we cannot and do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose.
5.2. All statements, opinions, estimates and projections contained in the Website Information are made as of the date on the face of the relevant information and are not held out as applicable thereafter; they are, however, subject to change without notice. Prices and availability of financial instruments are indicative only and are also subject to change without notice. Nau has no obligation to update, modify or amend the Website Information after the publication date, but reserves the right to change the Website Information at any time.
5.3. The Website Information is not intended to be used as the sole basis for investment decisions, nor should it be construed as investment, tax, or legal advice designed to meet the particular needs of an individual investor. Additionally, the Website Information is provided “AS IS” and “AS AVAILABLE”. The Website Information is presented without warranty of any kind, either express or implied, including without limitation of any warranties concerning the availability, reliability, accuracy, completeness, timeliness or sequencing of the Website Information or its merchantability and fitness for a particular purpose or the content, products or services available on or via the website.
5.4. In no event shall Nau, its affiliates, directors or employees be liable for any indirect, incidental, special, punitive or consequential loss or damage (including, without limitation, damage for loss of data, business or profits) arising out of or in connection with these terms and conditions, the website, the Website Information, the inability to use the website or any products, services or content purchased, obtained or stored in or from the website, whether based on contract, tort, strict liability or otherwise, even if Nau has been advised of the possibility of such damages, and notwithstanding the failure of the essential purpose of any remedy. Without limiting the foregoing provisions of this paragraph, these limitations also apply to any third party claims against you. Nau will not be responsible for any loss or damage that could result from interception by third parties of any information available on this website.
5.5. As a condition of accessing and using the Website Information, you agree to indemnify, defend and hold harmless Nau, its affiliates and licensors, and the officers, members, directors, delegates, partners, employees, and agents of Nau and its affiliates and licensors, from and against any and all claims, liabilities, damages, losses or expenses, including legal fees and costs, arising out of or in any way connected with your access to or use of this website and the Website Information contained herein by or through you.

6. HYPERLINKS

6.1. This website may contain hyperlinks that have not been reviewed and are provided for information only. Should you leave this website via a hyperlink contained in this website and view content that is not provided by us, you shall do so at your own risk; by clicking on such a hyperlink you will leave this website and the regulatory protections that attach to certain pages herein.
6.2. We provide hyperlinks only as a convenience and without liability. The ability to link to another website and the fact that a link exists does not mean that we endorse or guarantee such website, the website sponsor or the website contents. In addition, be aware that when you leave this website you will be subject to the terms of use and privacy policies of the website you are visiting. If you are in any doubt about these terms and conditions, you should consult an appropriate professional adviser.

7. COPYRIGHT

7.1. Unless otherwise stated, the Website Information is subject to copyright with all rights reserved. It is being circulated by Nau on a confidential basis.
7.2. You are entitled to view, copy and print documents from this website solely for your own use, provided that you do not remove any copyright or other proprietary notices. The Website Information may not otherwise be reproduced, copied, transmitted, disclosed, distributed or otherwise communicated in whole or in part to any other party by you for any purpose or incorporated into another database, document or other materials without our prior written consent. You may not sell, publish, reproduce, sublicense, assign, modify or change any portion of this website or any content and Website Information without our prior written consent.
7.3. It is your responsibility to ensure that your computer is virus protected. We accept no responsibility for any loss suffered as a result of accessing or downloading information from this website.

8. GOVERNING LAW AND DISPUTE RESOLUTION

8.1. This website is established in England and these terms and conditions shall be governed by the laws of England and Wales.
8.2. If any dispute or difference arises out of or in connection with this website which the parties are unable to resolve by negotiation (“Dispute”), the parties shall seek to resolve the Dispute amicably by using the following procedure:
(a) The parties shall submit the Dispute to a neutral advisor appointed by agreement between the parties to assist them in resolving the Dispute. Either party may give written notice to the other describing the nature of the Dispute, requiring the Dispute to be submitted to such a neutral advisor and proposing the names of up to three suitable persons to be appointed. If no such person is appointed by agreement between the parties within 14 days after such notice is given (or, if no such notice is given, within 28 days after the Dispute has arisen) either party may request the Centre for Dispute Resolution to appoint a neutral advisor (“Mediator”).
(b) The parties shall, with the assistance of the Mediator, seek to resolve the Dispute by using an Alternative Dispute Resolution (“ADR”) procedure between the parties or, in default of such agreement, established by the Mediator.
(c) If the parties accept any recommendations made by the Mediator or otherwise reach agreement as to the resolution of the Dispute, such agreement shall be recorded in writing and signed by the parties (and, if applicable, the neutral advisor) whereupon it shall become binding by the parties.
(d) If the Dispute has not been resolved to the satisfaction of both parties within 60 days after the appointment of the Mediator; or either party fails or refuses to agree to or participate in the ADR procedure; or, in the event the Dispute is not resolved within 90 days after it has arisen then the Dispute shall be referred to arbitration in accordance with the provisions of clause 8.2(e).
(e) Any dispute or difference between the parties in connection with this Agreement which is referred to arbitration, shall be referred to a sole arbitrator (“Arbitrator”):
(i) The arbitration shall be held in London.
(ii) The Arbitrator shall be appointed by the parties or, failing agreement, by the Chairman for the time being of the London Stock Exchange.
(iii) The procedure shall be agreed by the parties or, failing agreement, determined by the Arbitrator.
(f) If either party fails to comply with any procedural order made by the Arbitrator, the Arbitrator shall have power to proceed in the absence of that party and deliver the Award.
(g) In the event that the Dispute is referred to arbitration:
(i) Any Mediator involved in the ADR procedure shall not, unless the parties jointly agree otherwise in writing, take any part in the arbitration or any other related proceedings, whether as an Arbitrator, witness or otherwise and no aspect of the ADR procedure, including any recommendations made by him in connection with the ADR procedure, shall be relied upon by either party without the consent of the other Party and the neutral advisor.
(ii) Neither party shall make use of nor rely upon information supplied or arguments raised by the other party in the ADR procedure.
(h) The costs and fees of the Mediator, the ADR service provider and any neutral venue shall be borne equally by the parties who shall bear their own costs of all other aspects of the ADR procedure. However, nothing in this clause shall prevent the Arbitrator, should he think fit, from making the costs and expenses of the ADR the subject of an Order in the arbitration.

9. Nau and its affiliates, including employees, may own, buy or sell securities mentioned herein.

10. Nau accepts no responsibility whatever for any failure to observe the foregoing.