Telephone : +27 11 415 4117
Call Centre (Online
Share Trading) : 0860 121 161
Fax Number : +27 11 631 0774
Email address : email@example.com
30 Baker Street, Rosebank, Johannesburg, 2196
P O BOX 61309
Republic of South Africa
- E-mail Disclaimer
- Disclaimer and Confidentiality Note (Research)
- Disclaimer and Confidentiality Note (Sales & Trading)
Disclaimer and Confidentiality Note
SBG Securities (Proprietary) Limited ("SBG Sec") is a wholly owned subsidiary of the Standard Bank Group Limited ("SB Group").
This e-mail, its attachments and any rights attached hereto are, unless the content clearly indicates otherwise, the property of SBG Sec. It is of a confidential, private and/or privileged in nature and is intended for the addressee only. Should you not be the addressee and receive this e-mail by mistake, kindly:
|(1)||notify the sender immediately;|
|(2)||refrain from perusing and storing the email on any database;|
|(3)||refrain from disseminating , disclosing or using the contents thereof in any way whatsoever. Views and opinions expressed in this e-mail are those of the sender unless clearly stated as those of SBG Sec or SB Group; and|
|(4)||delete this e-mail immediately.|
Your failure to comply with the aforementioned could be viewed as an unlawful interception of a communication and/or the infringement of a right to privacy, which could result in criminal and/or civil liability.
Neither SBG Sec, SB Group, nor the sender of this e-mail, accepts any liability whatsoever for any expenses, loss or damages howsoever incurred, or suffered, resulting or arising from, the use of this email and/or its attachments.
Neither SBG Sec, SB Group, nor the sender of this e-mail warrant the integrity of this e-mail or that it is free of any errors, viruses, interception or interference.
SBG Sec is a member of the JSE Limited
Disclaimer and Confidentiality Note (Research)
SBG Securities (Proprietary) Limited (“SBG Sec”) is the name of the Equities Trading Division of the Standard Bank Group (“SB”) operating under its Corporate and Investment banking Division (“CIB”).
This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject SBG Sec to any registration or licensing requirement within such jurisdiction. All material presented in this report, unless specifically indicated otherwise, is under copyright to SBG Sec. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of SBG Sec. All trademarks, service marks and logos used in this report are trademarks or service marks or registered trademarks or service marks of SBG Sec or its affiliates. The information, tools and material presented in this report are provided to you for information purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments. SBG Sec may not have taken any steps to ensure that the securities referred to in this report are suitable for any particular investor. SBG Sec will not treat recipients as its customers by virtue of their receiving the report. The investments or services contained or referred to in this report may not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt about such investments or investment services. Nothing in this report constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to your individual circumstances or otherwise constitutes a personal recommendation to you. SBG Sec does not offer advice on the tax consequences of investment and you are advised to contact an independent tax adviser. Please note in particular that the bases and levels of taxation may change.
SBG Sec believes the information and opinions in the Disclosure Appendix of this report are accurate and complete. Information and opinions presented in the other sections of the report were obtained or derived from sources SBG Sec believes are reliable, but SBG Sec makes no representations as to their accuracy or completeness. Additional information is available upon request. SBG Sec accepts no liability for loss arising from the use of the material presented in this report, except that this exclusion of liability does not apply to the extent that liability arises under specific statutes or regulations applicable to SBG Sec. This report is not to be relied upon in substitution for the exercise of independent judgment. SBG Sec may have issued, and may in the future issue, a trading call regarding this security. In addition, SBG Sec may have issued, and may in the future issue, other reports that are inconsistent with, and reach different conclusions from, the information presented in this report. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them and SBG Sec is under no obligation to ensure that such other reports are brought to the attention of any recipient of this report. SBG Sec is involved in many businesses that relate to companies mentioned in this report.
Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Information, opinions and estimates contained in this report reflect a judgment at its original date of publication by SBG Sec and are subject to change without notice. The price, value of and income from any of the securities or financial instruments mentioned in this report can fall as well as rise. The value of securities and financial instruments is subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of such securities or financial instruments. Investors in securities such as ADRs, the values of which are influenced by currency volatility, effectively assume this risk.
Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility, and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct their own investigation and analysis of the product and consult with their own professional advisers as to the risks involved in making such a purchase.
Some investments discussed in this report have a high level of volatility. High volatility investments may experience sudden and large falls in their value causing losses when that investment is realised. Those losses may equal your original investment. Indeed, in the case of some investments the potential losses may exceed the amount of initial investment, in such circumstances you may be required to pay more money to support those losses. Income yields from investments may fluctuate and, in consequence, initial capital paid to make the investment may be used as part of that income yield. Some investments may not be readily realisable and it may be difficult to sell or realise those investments, similarly it may prove difficult for you to obtain reliable information about the value, or risks, to which such an investment is exposed.
SBG Sec maintains information barriers between its Research Analysts and the rest of its and its shareholders business divisions, more specifically the Investment Banking business. SBG Sec’ analysts’, strategists’ and economists’ compensation is not linked to Investment Banking or Capital Markets transactions performed by SBG Sec or its shareholders. Facts and views presented in SBG Sec’ research have not been reviewed by, and may not reflect information known to, professionals in other SBG Sec or Standard Bank business areas, including investment banking personnel. This report may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the report refers to website material of SBG Sec and SB, SBG Sec has not reviewed the linked site and takes no responsibility for the content contained therein. Such address or hyperlink (including addresses or hyperlinks to SBG Sec or SB’s own website material) is provided solely for your convenience and information and the content of the linked site does not in any way form part of this document. Accessing such website or following such link through this report shall be at your own risk.
This report is issued and distributed in Europe by Standard Advisory London Limited , 20 Gresham Street, London EC2V 7JE which is authorised by the Financial Conduct Authority (“FCA”). This report is being distributed in Kenya by CfC Stanbic Bank Limited; in Nigeria by Stanbic IBTC; in Angola by Standard Bank de Angola S.A.; in China by Standard Resources (China) Limited; in Botswana by Stanbic Bank Botswana Limited; in Democratic Republic of Congo by Stanbic Bank Congo s.a.r.l.; in Ghana by Stanbic Bank Ghana Limited; in Hong Kong by Standard Advisory Asia Limited , Hong Kong Branch; in Isle of Man by Standard Bank Isle of Man Limited; in Jersey by Standard Bank Jersey Limited; in Madagascar by Union Commercial Bank S.A.; in Mozambique by Standard Bank s.a.r.l.; in Malawi by Standard Bank Limited; in Namibia by Standard Bank Namibia Limited; in Mauritius by Standard Bank (Mauritius) Limited; in Tanzania by Stanbic Bank Tanzania Limited; in Singapore by Standard Merchant Bank (Asia) Limited, Singapore Branch; in Swaziland by Standard Bank Swaziland Limited; in Zambia by Stanbic Bank Zambia Limited; in Zimbabwe by Stanbic Bank Zimbabwe Limited; in UAE by The Standard Bank of South Africa Limited, Dubai branch
In respect of the United States, this report is solely intended for distribution to US institutional investors that qualify as Major US Institutional Investors under Securities Exchange of 1934 Rule 15a-6. In jurisdictions where Standard Bank Group is not already registered or licensed to trade in securities, transactions will only be effected in accordance with applicable securities legislation, which will vary from jurisdiction to jurisdiction and may require that the trade be made in accordance with applicable exemptions from registration or licensing requirements.
All rights reserved. Any unauthorized use, duplication, redistribution or disclosure of this report (the “Product”), including, but not limited to, redistribution of the Product by electronic mail, posting of the Product on a website or page, and/or providing to a third party a link to the Product, is prohibited by law and will result in prosecution. The information contained in the Product is intended solely for the recipient and may not be further distributed by the recipient to any third party. Where included in this report, MSCI sourced information is the exclusive property of Morgan Stanley Capital International Inc. (MSCI). Without prior written permission of MSCI, this information and any other MSCI intellectual property may not be reproduced, redisseminated or used to create any financial products, including any indices. This information is provided on an "as is" basis. The user assumes the entire risk of any use made of this information. MSCI, its affiliates and any third party involved in, or related to, computing or compiling the information hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. MSCI, Morgan Stanley Capital International and the MSCI indexes are services marks of MSCI and its affiliates. SBG Securities Proprietary Limited (“SBG Sec”) accepts no liability whatsoever for the actions of third parties. The document may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the document refers to website material of SBG Sec, SBG Sec has not reviewed the linked site. Equally, except to the extent to which the document refers to website material of SBG Sec, SBG Sec takes no responsibility for, and makes no representations or warranties whatsoever as to, the data and information contained therein. Such address or hyperlink (including addresses or hyperlinks to website material of SBG Sec) is provided solely for your convenience and information and the content of the linked site does not in any way form part of this document. Accessing such website or following such link through the document or the website of SBG Sec shall be at your own risk and SBG Sec shall have no liability arising out of, or in connection with, any such referenced website.
Please note that this report was originally prepared by SBG Sec for distribution to SBG Sec and SB market professionals and institutional investor customers. Recipients who are not market professionals or institutional investor customers of these firms should seek the advice of their independent financial advisor prior to taking any investment decision based on this report or for any necessary explanation of its contents. This research may relate to investments or services of a person outside of the UK or to other matters which are not regulated by the PRA or in respect of which the protections of the PRA for private customers and/or the UK compensation scheme may not be available, and further details as to where this may be the case are available upon request in respect of this report.
US Investors wishing to effect a transaction in the securities featured or mentioned in this research report must deal directly through Standard New York Securities Inc. (USA) a registered broker-dealer.
SBG Sec is a member of the JSE Limited.
Copyright 2015 SBG Sec. All rights reserved.
Disclaimer and Confidentiality Note (Sales & Trading)
This material has been prepared by individual sales and/or trading personnel employed by SBG Securities (Proprietary) Limited ("SBG Sec") and not by the Equities Research department of SBG Sec. It is not investment research or a research recommendation nor should it be regarded as such. This material is provided for information purposes, is intended for your use only and does not constitute an invitation or an offer to subscribe for or purchase any of the products or services mentioned. The information provided is by no means intended to provide a sufficient basis on which to make an investment decision. It is intended only to provide observations and views of the said individual sales and/or trading personnel, which may be different from, or inconsistent with, the observations and views of SBG Sec analysts or other SBG Sec sales and/or trading personnel, or the proprietary positions of SBG Sec. Observations and views of the said salesperson or trader may change at any time without notice. Information and opinions presented in this material have been obtained or derived from sources believed by SBG Sec to be reliable, but SBG Sec makes no representation as to their accuracy or completeness thereof. SBG Sec accepts no liability for loss arising from the use of this material. This material is directed exclusively at SBG Sec's institutional investors. It is not intended for private individuals/customers and such persons should not rely on this material. Moreover, any investment or service to which this material may relate will not be made available by SBG Sec to such private individuals/customers. All valuations are subject to SBG Sec valuation terms. Information provided on trades executed with SBG Sec will not constitute an official confirmation of the trade details. The use or attempted use of the information and investment services provided by SBG Sec to residents of the United States of America, Canada, the United Kingdom, Australia, Singapore or Hong Kong , Australia, Japan, Bangladesh , India, Philippines , Korea, Singapore or Taiwan or in any other jurisdiction where to do so would be unlawful may be subject to requirements of registration and licensing of the distributor and, where the distributor does not meet these requirements, the information and investment services are not intended to be directed or available to the residents of the said countries.
SBG Sec is a member of the JSE Limited