text
- Avior Research (Pty) Ltd, its directors and employees do not engage in corporate finance activities nor do they provide advisory or sponsoring broker services to any issuers mentioned in this report or any other issuer.
- Certification by each of the authors of this report:
- I hereby certify that the views as expressed in this document are an accurate representation of my personal views on the stock or sector as covered and reported on by me herein. I furthermore certify that no part of my compensation was, is or will be related, directly or indirectly, to the specific recommendations or views as expressed in this document.
- Neither the information nor any opinion expressed in this report constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives related to such securities.
- Avior Research has endeavoured to ensure the accuracy of the information contained in this report, but cannot warrant its timelines accuracy, completeness relevance or validity. We expressly disclaim any warranties or claims of fitness for use of this report for advisory, investment purposes or investment service purposes by either the intended recipient or any other party.
- This report is prepared for general circulation and is circulated for general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report.
- It does not purport to offer investment advice. Investors should consult their advisors and seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements and expectations regarding future prospects may not be realized. Investors should note that income from such securities, if any, may fluctuate and that each security's price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not necessarily a guide to future performance. The behaviour of the rand and other exchange rates may affect the value, price or income of the shares mentioned in this report. In addition, investors in depositary receipts backed by securities discussed in this report, whose values are influenced by the currency of the underlying security, effectively assume currency risk.
- The publication by Avior of this report does not imply or constitute a commitment to update or keep current any information in this report. Avior does not undertake to update this report or to make available data that arise post the publication of this report. The publication of this report does not imply the disclosure of all information that is available to Avior. Further information may be made available on request
- Avior Research is a registered South African company (Reg No 2005/006914/07). Investors should be aware of the laws and regulations pertaining to listed South African instruments before contemplating investment in such instruments.
- Investors should also be aware of the laws and regulations pertinent to their domicile when contemplating transactions in securities discussed in this report. Securities discussed in this report may or may not have been registered under the US Securities laws or any other laws pertaining to the investors domicile.
- The contents of this report are copyright and recipients should not reproduce or disseminate any content or findings of this report without the express permission of Avior Research.