Additional Regulatory Disclosures
Investment Research Disclosures
Peter Rose
Peter Rose has 20 years experience in equities as a resources analyst, most recently having spent 11 years with Deutsche Bank in Australia. Prior to this he spent three years with Prudential Bache and five years with James Capel. Peter's industry experience includes 16 years as a metallurgist, three years with De Beers in South Africa and eight years in the uranium industry, five of which were spent at the Ranger Uranium mine. Peter holds a BSc degree in Applied Mineral Science from Leeds University UK and a Bachelor of Commerce from the University of South Africa. Peter is also a member of the Institute of Mining & Metallurgy and a chartered engineer.
+44 (0)207 936 5246
Peter.Rose@fdcap.com
Lionel Therond
Lionel has worked at Fox-Davies since April 2009. Prior to this, he had 13 years experience as an investor atJPMorgan Asset Management and had previously spent 10 years in the Oil&Gas industry at Shell. Lionel graduatedin Geology and Geophysics (MSc) before gaining an MBA at Insead; he is also a CFA charterholder.
+44(0)20 79365244
Lionel.therond@fdcap.com
Investment analyst certification
This investment research is issued under the regulatory oversight of Fox-Davies Capital Limited and in accordance with the requirements of the FSA’s rules.
Each Investment Analyst of Fox-Davies Capital Limited whose name appears as the Author of this Investment Research hereby certifies that the recommendations and opinions expressed in the Investment Research accurately reflect the Investment Analyst’s personal, independent and objective views about any and all of the Designated Investments or Relevant Issuers discussed herein that are within such Investment Analyst’s coverage universe.
Fox-Davies Capital Limited provides professional independent research services and all Analysts are free to determine which assignments they accept, and they are free to decline to publish any research notes if their views change.
Risk Qualifier:
SPECULATIVE: Stocks bear significantly higher risk that typically cannot be valued by normal fundamental criteria. Investments in the stock may result in material loss.
Research Disclosure Legend:
Description
1 The relevant issuer currently is, or in the past 12 months was, a client of Fox-Davies Capital Limited. During this period, Fox-Davies Capital Limited provided the following services to the relevant issuer:
A. investment banking services.
B. non-investment banking securities-related services.
C. non-securities related services.
2 In the past 12 months, Fox-Davies Capital Limited have received compensation for Corporate Finance/Investment Banking services from the relevant issuer.
3 In the past 12 months, Fox-Davies Capital Limited have been lead manager, co-lead manager or co-manager of a public offering of securities of the relevant issuer or any publicly disclosed offer of securities of the relevant issuer or in any related derivatives.
4 Fox-Davies Capital Limited acts as corporate broker for the relevant issuer and/or Fox-Davies Capital Limited may have an agreement with the relevant issuer relating to the provision of Corporate Finance/Investment Banking services.
5 Fox-Davies Capital Limited is a market maker or liquidity provider in the securities of the relevant issuer or in any related derivatives.
6 In the past 12 months, Fox-Davies Capital Limited, its partners, officers, directors, or any authoring analyst involved in the preparation of this investment research has provided services to the relevant issuer for remuneration, other than normal course investment advisory or trade execution services.
7 Fox-Davies Capital Limited intends to seek or expects to receive compensation for Corporate Finance/Investment Banking services from the relevant issuer in the next six months.
8 The authoring analyst, a member of the authoring analyst's household, or any individual directly involved in the preparation of this investment research, has a long position in the shares or derivatives, or has any other financial interest in the relevant issuer, the value of which increases as the value of the underlying equity increases.
9 The authoring analyst, a member of the authoring analyst's household, or any individual directly involved in the preparation of this investment research, has a short position in the shares or derivatives, or has any other financial interest in the relevant issuer, the value of which decreases as the value of the underlying equity decreases.
10 Those persons identified as the author(s) of this investment research, or any individual involved in the preparation of this investment research, have purchased/received shares in the relevant issuer prior to a public offering of those shares, and such person's name and details are disclosed above.
11 A partner, director, officer, employee or agent of Fox-Davies Capital Limited or a member of his/her household, is an officer, or director, or serves as an advisor or board member of the relevant issuer and/or one of its subsidiaries, and such person's name is disclosed above.
12 As of the month end immediately preceding the date of publication of this investment research, or the prior month end if publication is within 10 days following a month end, Fox-Davies Capital Limited, in the aggregate, beneficially owned 1% or more of any class of the total issued share capital or other common equity securities of the relevant issuer or held any other financial interests in the relevant issuer which are significant in relation to the investment research (as disclosed above).
13 As of the month end immediately preceding the date of publication of this investment research, or the prior month end if publication is within 10 days following a month end, the relevant issuer owned 1% or more of any class of the total issued share capital in Fox-Davies Capital Limited.
14 Other specific disclosures as described above.
About Fox-Davies Capital Limited
The authoring analysts who are responsible for the preparation of this investment research are employed by Fox-Davies Capital Limited, a securities broker-dealer with principal offices located in London (UK).
Fox-Davies Capital Limited has been advising and raising funds for the natural resource sector since February 2001. The firm specialises in assisting international resource companies gain access to the UK, European and North American capital markets and has a substantial background in emerging markets particularly in Africa, Asia, Russia and the CIS, raising over US$250mn in 2007.
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Managing Conflicts of Interest
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The authoring analysts who are responsible for the preparation of this investment research have received (or will receive) compensation based upon (among other factors) the Corporate Finance/Investment Banking revenues and general profits of Fox-Davies Capital Limited as a whole. However, such authoring analysts have not received, and will not receive, compensation that is directly based upon or linked to one or more specific Corporate Finance/Investment Banking activities or transactions, or to recommendations contained in the investment research.
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Content of the research
The information contained in this investment research has been compiled by Fox-Davies Capital Limited from sources believed to be reliable, but (with the exception of the information about Fox-Davies Capital Limited) no representation or warranty, express or implied, is made by Fox-Davies Capital Limited or any other person as to its fairness, accuracy, completeness or correctness. Fox-Davies Capital Limited has not independently verified the facts, assumptions, and estimates contained herein. Please note that unless otherwise stated, the share price used in this publication is taken at the close of business for the previous business day.
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