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The research recommendations contained hereon are intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Services Authority and are not directed at Retail Clients. Retail Clients should take professional advice before reading and/or acting on any information that is prepared for Professional Clients and Eligible Counterparties.

The research on this web site contains Investment recommendations of both a general and specific nature. The research has been prepared by the broker with all reasonable care and is not knowingly misleading in whole or in part. The information herein is obtained from sources which are considered to be reliable but the accuracy and completeness cannot be guaranteed. The opinions and conclusions given herein are those of broker and are subject to change without notice. Clients are advised that the broker and/or its directors and employees may have already acted upon the recommendations contained herein or made use of all information on which they are based. The broker is or may be providing, or has or may have provided within the previous 12 months, significant advice or investment services in relation to some of the investments concerned or related investments. Recommendations may or may not be suitable for individual clients and some securities carry a greater risk than others. Clients are advised to contact their investment advisor as to the suitability of each recommendation for their own circumstances before taking any action. No responsibility is taken for any losses, including, without limitation, any consequential loss, which may be incurred by clients acting upon such recommendations. Investors who are resident in or citizens of countries other than the United Kingdom may be subject to local restrictions. The value of securities and the income from them may fluctuate. It should be remembered that past performance is not necessarily a guide to future performance. Shares in smaller companies tend to be traded less frequently and in smaller amounts that those of larger companies, this can make the timing of sales and purchases more difficult. Clients should be aware that companies whose shares are traded on an unregulated market for example the Alternative Investment Market (AIM) carry a higher degree of risk than companies whose shares are listed on a regulated market for example the London Stock Exchange (LSE).

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  • Annual Report 2009
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