DISCLAIMER: This research report has been prepared and distributed by the authors under Cresce Capital. This is ‘non-independent’ research and hence a marketing communication under the Financial Conduct Authority (“FCA”) Conduct of Business Rules.  It is not investment research and has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and is also not subject to any prohibition on dealing ahead of the dissemination of investment research.  Notwithstanding this, Cresce CapitaL has procedures in place to manage conflicts of interest, arising in the production of research, including prohibiting dealing ahead and Chinese Walls.

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This research report is designed for information purposes only. Neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives. Investors should consider this research report as only a single factor in making their investment decision. It is issued on the basis that Cresce Capital is not acting in a fiduciary capacity. Cresce Capital does not provide individually tailored investment advice in this research report and it does not constitute a ‘personnel recommendation’ as defined in the Glossary of the FCA’s Handbook. This research report is therefore, issued without regard to the recipient’s specific investment objectives and the value of any security, or the income derived from it, may fluctuate.

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