Recent Presentations disclaimer

USER AGREEMENT 

BY SELECTING “I AGREE” AND ACCESSING THIS WEBSITE YOU REPRESENT AND CONFIRM THAT YOU HAVE READ THE DISCLAIMER BELOW AND UNDERSTAND THAT THE MATERIALS YOU ACCESS ARE NOT ADVICE OR RECOMMENDATIONS TO ENTER INTO ANY TRANSACTION AND THAT, IF IN THE UNITED KINGDOM OR A MEMBER STATE OF THE EUROPEAN ECONOMIC AREA, YOU ARE AN INSTITUTIONAL INVESTOR, A FINANCIAL INTERMEDIARY OR OTHER PERSON WHO MEETS THE DEFINITION OF A PROFESSIONAL CLIENT UNDER DIRECTIVE (EU) 65/2014 OR THE HANDBOOK OF THE FINANCIAL CONDUCT AUTHORITY. THIS PRESENTATION IS NOT (AND MAY NOT BE CONSTRUED TO BE) LEGAL, ACCOUNTING, TAX, INVESTMENT, FINANCIAL OR OTHER ADVICE. IF NECESSARY, YOU SHOULD OBTAIN SEPARATE INVESTMENT ADVICE IN CONNECTION WITH ANY MATTER DISCUSSED IN THE MATERIALS BEFORE ENGAGING IN ANY TRANSACTION REGARDING THE SECURITIES OF ANY ISSUER REFERRED TO IN THE MATERIALS YOU MAY ACCESS ON THIS WEBSITE. BY ACCESSING THESE MATERIALS YOU CONFIRM YOUR AGREEMENT OT THE TERMS OF USE OF THE PALLISER WEBSITE.   

DISCLAIMER

THESE MATERIALS HAVE BEEN ISSUED BY PALLISER CAPITAL (UK) LIMITED (“PALLISER UK”), WHICH IS A COMPANY REGISTERED IN ENGLAND AND WALES AND IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY OF THE UK (“FCA”). NOTHING WITHIN THIS PRESENTATION PROMOTES, OR IS INTENDED TO PROMOTE, AND MAY NOT BE CONSTRUED AS PROMOTING, ANY INVESTMENT SERVICE OR VEHICLE MANAGED OR ADVISED DIRECTLY OR INDIRECTLY BY PALLISER UK. 

THE VIEWS EXPRESSED HEREIN REPRESENT THE OPINIONS OF PALLISER UK AND ITS AFFILIATES (COLLECTIVELY, “PALLISER”) AS OF THE DATE HEREOF. PALLISER RESERVES THE RIGHT TO CHANGE OR MODIFY ANY OF ITS OPINIONS EXPRESSED HEREIN AT ANY TIME AND FOR ANY REASON AND EXPRESSLY DISCLAIMS ANY OBLIGATION TO CORRECT, UPDATE OR REVISE THE INFORMATION CONTAINED HEREIN OR TO OTHERWISE PROVIDE ANY ADDITIONAL OR UPDATED MATERIALS AT ANY TIME. 

THIS PRESENTATION IS FOR GENERAL DISCUSSION AND INFORMATIONAL PURPOSES ONLY, AND DOES NOT PURPORT TO BE COMPLETE AND ITS CONTENTS ARE NOT INTENDED TO BE AND DO NOT CONSTITUTE OR CONTAIN (A) AN OFFER, INDUCEMENT, RECOMMENDATION OR INVITATION TO BUY OR SELL, OR A SOLICITATION OF AN OFFER TO BUY OR SELL OR TO OTHERWISE ENGAGE IN ANY INVESTMENT BUSINESS OR PROVIDE OR RECEIVE ANY INVESTMENT SERVICES IN RESPECT OF, ANY SECURITY OR OTHER FINANCIAL INSTRUMENT AND NO LEGAL RELATIONS SHALL BE CREATED BY ITS ISSUE, (B) A SOLICITATION OF A PROXY WITHIN THE MEANING OF APPLICABLE LAWS, AND ACCORDINGLY, COMPANY SHAREHOLDERS ARE NOT BEING ASKED TO GIVE, WITHHOLD OR REVOKE A PROXY, (C) A “FINANCIAL PROMOTION” FOR THE PURPOSES OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 OF THE U.K. (AS AMENDED), (D) “INVESTMENT ADVICE” AS DEFINED BY THE U.K. FCA’S HANDBOOK OF RULES AND GUIDANCE (“FCA HANDBOOK”), (E) “INVESTMENT RESEARCH” AS DEFINED BY THE FCA HANDBOOK, (F) AN “INVESTMENT RECOMMENDATION” AS DEFINED BY REGULATION (EU) 596/2014 AND BY REGULATION (EU) 596/2014 AS IT FORMS PART OF U.K. DOMESTIC LAW BY VIRTUE OF SECTION 3 OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (“EUWA 2018”) INCLUDING AS AMENDED BY REGULATIONS ISSUED UNDER SECTION 8 OF EUWA 2018, OR (G) “FINANCIAL PRODUCT ADVICE” AS DEFINED IN THE CORPORATIONS ACT 2001 (CTH). NO INFORMATION CONTAINED HEREIN SHOULD BE CONSTRUED AS A RECOMMENDATION BY PALLISER. THESE MATERIALS ARE NOT A PROSPECTUS, DISCLOSURE DOCUMENT UNDER THE LAWS OF ANY JURISDICTION AND THE MATERIALS HAVE NOT BEEN LODGED WITH OR APPROVED BY ANY REGULATORY BODY. THESE MATERIALS ARE NOT INTENDED TO FORM THE BASIS OF ANY INVESTMENT DECISION OR SUGGEST AN INVESTMENT STRATEGY. THESE MATERIALS ARE NOT (AND MAY NOT BE CONSTRUED TO BE) LEGAL, ACCOUNTING, TAX, INVESTMENT, FINANCIAL OR OTHER ADVICE. 

NO INVESTMENT DECISION SHOULD BE MADE ON THE BASIS OF THESE MATERIALS AND NO RELIANCE PLACED ON THE INFORMATION SET OUT IN THESE MATERIALS. THESE MATERIALS HAVE BEEN PREPARED WITHOUT TAKING INTO ACCOUNT THE INVESTMENT OBJECTIVES, TAXATION SITUATION, FINANCIAL SITUATION OR NEEDS OF SPECIFIC INVESTORS. EACH PERSON ACCESSING THESE MATERIALS SHOULD REVIEW ALL DOCUMENTS AND MATERIALS RELEVANT TO ANY INVESTMENT DECISION REGARDING MATTERS DESCRIBED HEREIN AND SEEK APPROPRIATE INDEPENDENT ADVICE FROM THEIR OWN LEGAL COUNSEL AND TAX AND FINANCIAL ADVISERS BEFORE MAKING ANY INVESTMENT DECISIONS. THESE MATERIALS ARE NOT INTENDED FOR DISTRIBUTION TO, OR USE BY ANY PERSON OR ENTITY IN ANY JURISDICTION OR COUNTRY WHERE SUCH DISTRIBUTION OR USE WOULD BE CONTRARY TO LOCAL LAW OR REGULATION, AND IT IS THE RESPONSIBILITY OF ANY PERSON OR PERSONS ACCESSING OR IN POSSESSION OF THESE MATERIALS TO INFORM THEMSELVES OF, AND TO OBSERVE, ALL APPLICABLE LAWS AND REGULATIONS OF ANY RELEVANT JURISDICTION. IN PARTICULAR, THESE MATERIALS ARE NOT INTENDED AS MARKETING OF A FUND OR AN INVESTMENT SERVICE IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA FOR THE PURPOSES OF THE DIRECTIVE 2011/61/EU OR DIRECTIVE 2014/65/EU.

ALL OF THE INFORMATION CONTAINED HEREIN IS BASED ON PUBLICLY AVAILABLE INFORMATION AND ANY OTHER COMPANY MENTIONED HEREIN, INCLUDING PUBLIC FILINGS AND DISCLOSURES MADE BY THE RELEVANT COMPANY AND OTHER SOURCES, AS WELL AS PALLISER’S ANALYSIS OF SUCH PUBLICLY AVAILABLE INFORMATION. ANY AND ALL MARKET DATA CONTAINED OR REFERRED TO HEREIN IS AS OF THE DATE SET OUT IN THE RELEVANT MATERIALS UNLESS OTHERWISE STATED. PALLISER HAS RELIED UPON AND ASSUMED, WITHOUT INDEPENDENT VERIFICATION, THE RELIABILITY, ACCURACY AND COMPLETENESS OF ALL DATA AND INFORMATION AVAILABLE FROM PUBLIC SOURCES, AND NO REPRESENTATION OR WARRANTY, EXPRESSED OR IMPLIED, IS MADE AS TO ITS ACCURACY, CORRECTNESS, COMPLETENESS OR ADEQUACY. EACH RECIPIENT OF THIS PRESENTATION SHOULD MAKE ITS OWN ENQUIRIES AND INVESTIGATIONS REGARDING ALL INFORMATION IN THESE MATERIALS. YOU ARE SOLELY RESPONSIBLE FOR FORMING YOUR OWN OPINIONS AND CONCLUSIONS ON SUCH MATTERS AND THE MARKET AND FOR MAKING YOUR OWN INDEPENDENT ASSESSMENT OF THE INFORMATION IN THESE MATERIALS. PALLISER RECOGNIZES THAT THE RELEVANT COMPANY REFERRED TO IN THESE MATERIALS MAY POSSESS CONFIDENTIAL OR OTHERWISE NON-PUBLIC INFORMATION THAT COULD LEAD IT TO DISAGREE WITH PALLISER’S VIEWS AND/OR CONCLUSIONS AND THAT COULD ALTER THE OPINIONS OF PALLISER WERE SUCH INFORMATION KNOWN.

EXCEPT FOR THE HISTORICAL INFORMATION CONTAINED HEREIN, THE INFORMATION AND OPINIONS INCLUDED HEREIN MAY INCLUDE FORWARD-LOOKING STATEMENTS, INCLUDING ESTIMATES AND PROJECTIONS PREPARED WITH RESPECT TO, AMONG OTHER THINGS, THE COMPANY’S ANTICIPATED PERFORMANCE, THE VALUE OF THE COMPANY’S SECURITIES, DEBT OR ANY RELATED FINANCIAL INSTRUMENTS THAT ARE BASED UPON OR RELATE TO THE VALUE OF SECURITIES OF THE RELEVANT COMPANY (COLLECTIVELY, “COMPANY SECURITIES”), GENERAL ECONOMIC AND MARKET CONDITIONS AND OTHER FUTURE EVENTS. YOU SHOULD BE AWARE THAT ALL FORWARD-LOOKING STATEMENTS, ESTIMATES AND PROJECTIONS ARE INHERENTLY UNCERTAIN AND SUBJECT TO SIGNIFICANT ECONOMIC, COMPETITIVE, AND OTHER UNCERTAINTIES AND CONTINGENCIES AND HAVE BEEN INCLUDED SOLELY FOR ILLUSTRATIVE PURPOSES. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THE ESTIMATES, PROJECTIONS OR ASSUMPTIONS CONTAINED HEREIN DUE TO REASONS THAT MAY OR MAY NOT BE FORESEEABLE. THERE CAN BE NO ASSURANCE THAT THE COMPANY SECURITIES WILL TRADE AT THE PRICES THAT MAY BE SUGGESTED IN THESE MATERIALS, AND THERE CAN BE NO ASSURANCE THAT ANY ESTIMATE, PROJECTION OR ASSUMPTION IN THESE MATERIALS IS, OR WILL BE PROVEN, CORRECT. NOTHING IN THESE MATERIALS OR IN ANY RELATED MATERIALS IS A STATEMENT OF OR INDICATES OR IMPLIES ANY SPECIFIC OR PROBABLE VALUE OUTCOME FOR HOLDERS OF THE COMPANY’S SECURITIES IN ANY PARTICULAR CIRCUMSTANCE.

NO REPRESENTATION, WARRANTY OR UNDERTAKING, EXPRESS OR IMPLIED, IS GIVEN AND NO RESPONSIBILITY OR LIABILITY OR DUTY OF CARE IS OR WILL BE ACCEPTED BY PALLISER OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, OR ADVISERS (EACH A “PALLISER PERSON”) CONCERNING: (I) THIS PRESENTATION AND ITS CONTENTS, INCLUDING WHETHER THE INFORMATION AND OPINIONS CONTAINED HEREIN ARE ACCURATE, FAIR, COMPLETE OR CURRENT; (II) THE PROVISION OF ANY FURTHER INFORMATION, WHETHER BY WAY OF CORRECTION, UPDATE OR REVISION TO THE INFORMATION AND OPINIONS CONTAINED IN THIS PRESENTATION OR OTHERWISE TO THE RECIPIENT AFTER THE DATE OF THIS PRESENTATION; OR (III) THAT PALLISER’S INVESTMENT PROCESSES OR INVESTMENT OBJECTIVES WILL OR ARE LIKELY TO BE ACHIEVED OR SUCCESSFUL OR THAT PALLISER’S INVESTMENTS WILL MAKE ANY PROFIT OR WILL NOT SUSTAIN LOSSES. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. TO THE FULLEST EXTENT PERMITTED BY LAW, NONE OF THE PALLISER PERSONS WILL BE RESPONSIBLE FOR ANY LOSSES, WHETHER DIRECT, INDIRECT OR CONSEQUENTIAL, INCLUDING LOSS OF PROFITS, DAMAGES, COSTS, CLAIMS OR EXPENSES RELATING TO OR ARISING FROM THE RECIPIENT’S OR ANY PERSON’S RELIANCE ON THIS PRESENTATION. 

NO AGREEMENT, COMMITMENT, UNDERSTANDING OR OTHER LEGAL RELATIONSHIP EXISTS OR MAY BE DEEMED TO EXIST BETWEEN OR AMONG PALLISER AND ANY COMPANY REFERRED TO HEREIN, ANY RECIPIENT OF THIS PRESENTATION OR ANY OTHER PERSON BY VIRTUE OF FURNISHING THIS PRESENTATION. PALLISER IS NOT ACTING FOR OR ON BEHALF OF, AND IS NOT PROVIDING ANY ADVICE OR SERVICE TO, ANY RECIPIENT OF THIS PRESENTATION. PALLISER IS NOT RESPONSIBLE TO ANY PERSON FOR PROVIDING ADVICE IN RELATION TO THE SUBJECT MATTER OF THIS PRESENTATION. BEFORE DETERMINING ON ANY COURSE OF ACTION, ANY RECIPIENT SHOULD CONSIDER ANY ASSOCIATED RISKS AND CONSEQUENCES AND CONSULT WITH ITS OWN INDEPENDENT ADVISORS AS IT DEEMS NECESSARY.

THE PALLISER FUNDS MAY HAVE A DIRECT OR INDIRECT INVESTMENT IN THE COMPANY. PALLISER’S INTERESTS MAY CONSIST OF VARIOUS INTERESTS IN THE COMPANY OR ITS EQUITY OR DEBT SECURITIES, AND SUCH INTERESTS MAY INCLUDE DERIVATIVE INSTRUMENTS OR SHORT POSITIONS, WHICH MAY COMPRISE ALL OR SOME OF PALLISER’S INTERESTS IN THE COMPANY. PALLISER THEREFORE HAS A FINANCIAL INTEREST IN THE PROFITABILITY OF THE PALLISER FUNDS’ POSITIONS IN THE COMPANY. ACCORDINGLY PALLISER MAY HAVE CONFLICTS OF INTEREST AND THIS PRESENTATION SHOULD NOT BE REGARDED AS IMPARTIAL. NOTHING IN THIS PRESENTATION SHOULD BE TAKEN AS ANY INDICATION OF PALLISER’S OR THE PALLISER FUNDS’ CURRENT OR FUTURE TRADING OR VOTING INTENTIONS WHICH MAY CHANGE AT ANY TIME WITHOUT NOTICE TO ANY PERSON (OTHER THAN AS REQUIRED UNDER, OR IN COMPLIANCE WITH, APPLICABLE LAWS AND REGULATIONS). 

PALLISER INTENDS TO REVIEW ITS INVESTMENTS IN THE COMPANY ON A CONTINUING BASIS AND DEPENDING UPON VARIOUS FACTORS, INCLUDING WITHOUT LIMITATION, THE COMPANY’S FINANCIAL POSITION AND STRATEGIC DIRECTION, THE OUTCOME OF ANY DISCUSSIONS WITH THE COMPANY, OVERALL MARKET CONDITIONS, OTHER INVESTMENT OPPORTUNITIES AVAILABLE TO PALLISER, AND THE AVAILABILITY OF COMPANY SECURITIES AT PRICES THAT WOULD MAKE THE PURCHASE OR SALE OF COMPANY SECURITIES DESIRABLE. PALLISER IS IN THE BUSINESS OF INVESTING AND TRADING IN SECURITIES.  PALLISER MAY FROM TIME TO TIME (IN PRIVATE TRANSACTIONS OR IN THE OPEN MARKET) BUY, SELL, COVER, HEDGE OR OTHERWISE CHANGE THE FORM OR SUBSTANCE OF ANY OF THE INVESTMENTS MADE BY ANY VEHICLE MANAGED BY PALLISER (INCLUDING THE SECURITIES OF ANY COMPANY REFERRED TO HEREIN) TO ANY DEGREE IN ANY MANNER PERMITTED BY LAW AND EXPRESSLY DISCLAIMS ANY OBLIGATION TO NOTIFY OTHERS OF ANY SUCH CHANGES. PALLISER RESERVES THE RIGHT TO TAKE ANY ACTIONS AS IT MAY DEEM APPROPRIATE, INCLUDING BUT NOT LIMITED TO, COMMUNICATING WITH OTHER INVESTORS, SHAREHOLDERS, INDUSTRY PARTICIPANTS, EXPERTS AND/OR RELEVANT PARTIES WITH RESPECT TO ANY COMPANY REFERRED TO HEREIN.

PALLISER HAS NOT SOUGHT OR OBTAINED CONSENT FROM ANY THIRD PARTY TO USE ANY STATEMENTS OR INFORMATION CONTAINED HEREIN. ANY SUCH STATEMENTS OR INFORMATION SHOULD NOT BE VIEWED AS INDICATING THE SUPPORT OF SUCH THIRD PARTY FOR THE VIEWS EXPRESSED HEREIN. ALL TRADEMARKS AND TRADE NAMES USED HEREIN ARE THE EXCLUSIVE PROPERTY OF THEIR RESPECTIVE OWNERS.

THESE MATERIALS DO NOT PURPORT TO BE ALL-INCLUSIVE OR TO CONTAIN ALL OF THE INFORMATION THAT MAY BE RELEVANT TO AN EVALUATION OF THE COMPANIES REFERRED TO IN THESE MATERIALS, COMPANY SECURITIES OR THE MATTERS DESCRIBED HEREIN.