This publication is exclusively intended for Professional Clients and Eligible Counter parties (according to MiFID classification). This material was prepared by Avalon Capital Partners Limited ‘Avalon’ which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA) under ref 769800. It does not constitute investment research or a research recommendation. Consequently, this material has not been prepared in accordance with legal and regulatory guidelines relating to investment research, as defined under COBS 12 (FCA Rules) and under Articles 313-25 to 28 (AMF rules), or in accordance with legal requirements designed to promote the independence of investment research. It is not subject to any prohibition on dealing ahead of the dissemination of investment research.
This document is for the use of the addressees only and is not intended for nor should be disseminated to Retail Customers as defined in Directive 2004/39/EC. Avalon may at its discretion distribute this document to any other person to whom it could lawfully be distributed by an unauthorised person and without its content being approved by an authorised person. This document has been prepared using sources believed to be reliable, however we do not represent it is accurate or complete. Neither Avalon, nor any of its partners, members, employees or any affiliated company accepts liability for any loss arising from the use of this document or its contents. It is provided for informational purposes only and does not constitute an offer to sell or a solicitation to buy any security or other financial instrument.
While we endeavour to update on a reasonable basis the information and opinions contained herein, there may be regulatory, compliance or other reasons that prevent us from doing so. The opinions, forecasts, assumptions, estimates, derived valuations and target price(s) contained in this material are as of the date indicated and are subject to change at any time without prior notice. This communication does not constitute a personal recommendation and the investments referred to may not be suitable for the specific investment objectives, financial situation or individual needs of recipients and should not be relied upon in substitution for the exercise of independent judgement. Past performance is not necessarily a guide to future performance and an investor may not get back the amount originally invested.
The stated price of any securities mentioned herein is not a representation that any transaction can be effected at this price. This document is approved for communication by Avalon in EEA market professionals who have registered with Avalon to receive such information. Unless otherwise stated, Avalon owns the intellectual property rights and any other rights in all material contained in this document. No part of this document may be modified, photocopied or duplicated in any form by any means or redistributed, transmitted, published or derivative works created from this document without the prior consent of Avalon. By accepting this document you agree that you have read the above disclosure and to be bound by the foregoing limitations / restrictions.