Little Square Capital

Little Square Capital

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Disclaimers: Compliance and Security

This collection of disclaimers covers various aspects, including the disclaimer on our website, broadcast disclaimers for internet and TV content, disclaimers on news articles, and email disclaimers. It emphasises the importance of compliance with legal regulations, protection of personal information, and the provision of accurate information.

Little Square Capital Limited
Albany House Claremont Lane,
Esher, KT10 9FQ
United Kingdom

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www.littlesquarecapital.com

Little Square Capital Limited is authorised & regulated by the Financial Conduct Authority (FCA). Our FCA registration number is 942894.

Notice to Recipients:

The information contained in our website (the “Content”) has been prepared in accordance with English law. The Content may not satisfy the laws of any other country and some or all of the products and services described herein may not be available to residents of some countries. The Content is current at the date of publication but may be subject to change without notice.

We may provide your personal information to our affiliates and to firms that assist us in servicing your account, such as a counterparty. We may also disclose such information to service providers and financial institutions with which we have a formal agreement to provide services relating to our arrangements with you. We require third party service providers and financial institutions with which we have a formal agreement to provide services relating to our arrangements with you to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them. These sharing practices are consistent with applicable privacy and related laws, and in general, you may not limit our use of your personal information for these purposes under such laws. We may also share your personal information with non-affiliates (such as a government agency or regulatory authority) as required by applicable law.

The Content is not intended to constitute any offer to sell or the invitation or solicitation of an offer to buy any product or service by any company described or referred to in this website or by any subsidiary, holding company or affiliate of such company (all such companies hereafter collectively known as “Little Square”) and must not be relied upon in connection with any investment decision.

No Little Square Capital company or affiliate (whether individually or collectively) gives any representation or warranty as to the accuracy, reliability, or completeness of the Content nor as to the appropriateness of the Content for any use which any recipient may choose to make of it and accepts no responsibility for updating any part of the Content or for correcting any material error or omission which may become apparent after the Content has been displayed on this website. Except insofar as liability under any statute cannot be excluded, no member of Little Square Capital nor any of its and their directors, employees and consultants accept any liability (whether arising in contract, tort, negligence or otherwise) for any error, omission or misrepresentation in relation to the Content or for any loss, damage, cost or expense (whether direct, indirect, consequential or otherwise) suffered by the recipient of this Content or any other person as a result of any use of or reliance upon any Content or statement of any kind (including statements of fact or opinion) contained herein.

Should you have cause to complain, and you are not satisfied with our response to your complaint you may be able to refer it to the Financial Ombudsman Service (FOS), which can be contacted as follows;

The Financial Ombudsman Service
Exchange Tower,
London, E14 9SR

or contact them on 0800 023 4567 and 0300 123 9 123 or via www.financial-ombudsman.org.uk.

If you have any questions about this Disclaimer, please call (+44) 7917517859 or send us an email.

Disclaimers

This is a collection of disclaimers Little Square Capital uses across various media.

These disclaimers appears at the end of all our Internet videos or live-streamed events:

Responsibilities

This broadcast and its content are to be regarded as marketing material from Little Square Capital and must not be perceived as an investment recommendation or as an investment analysis. Nor should the content be considered investment advice adapted to the individual customer’s needs.

In cases where the broadcast deals with specific financial instruments, and any investment recommendations (normally distributed in the form of an investment analysis ahead of the broadcast), reference is made to Little Square Capital’s website (www.littlesquarecapital.com/resources/disclosures/research-disclosures) for information in accordance with Market Abuse Regulation (MAR). This website contains information about distributed investment recommendations and potential conflicts of interest. For the record, please note that the broadcast must not be taken as personal investment advice or  a personal investment recommendation.

The content of the broadcast is based on information from publicly available sources that Little Square Capital regards as reliable, but which have not been independently verified, consequently Little Square Capital gives no guarantee in relation to accuracy and completeness. All statements here reflect Little Square Capital’s assessments at the time of the transmission in question, and may subsequently be changed without further notice.

Confidentiality rules and internal rules limit information between different parts of Little Square Capital, and this may prevent employees of Little Square Capital from using or knowing information available in other parts of Little Square Capital which may be relevant to the recipient’s decision.

Little Square Capital accepts no responsibility for direct or indirect losses/costs that may arise from the use of information in this broadcast. The broadcast has been prepared by Little Square Capital for the purpose of providing information to investors.

Little Square Capital Limited (registration number 12442492), is subject to supervision by the Financial Conduct Authority (registration number 942894) of the United Kingdom.

Further information about Little Square Capital can be found at www.littlesquarecapital.com.

These disclaimers appears at the end of every document on our observations page where statements about investments, where in individual shares, or other asset classes, appear:

This document is confidential and proprietary to Little Square Capital (LSC). It may not be copied, distributed, published, or disclosed without LSC’s explicit consent. LSC and its affiliates make no representation or warranty, express or implied, as to the accuracy or completeness of the information herein. Views expressed are not necessarily those of LSC. This document does not constitute financial, legal, or tax advice. Little Square Capital is authorised and regulated by the Financial Conduct Authority (FCA). The information provided is for general informational purposes only and does not constitute investment advice. Investing involves risks. LSC does not guarantee the accuracy or reliability of any information presented herein. Investors should seek professional advice before making any investment decisions.

These disclaimers appears in our deal emails.

Little Square Capital Limited
Albany House Claremont Lane,
Esher, KT10 9FQ
United Kingdom
www.littlesquarecapital.com

Little Square Capital Ltd is a Private Limited Company with reg. no. 12442492. Little Square Capital Limited is authorised and regulated by the Financial Conduct Authority (FCA) with a firm reference number 942894. Registered office address: Albany House Claremont Lane, Esher, Surrey, KT10 9FQ, UK.

Disclaimer

The information contained in and accompanying this communication may be confidential, subject to legal privilege, or otherwise protected from disclosure under applicable law. No confidentiality or privilege is waived or lost by any transmission errors. This communication is intended solely for the intended recipient(s), and if you are not the intended recipient, of this communication, please delete and destroy all copies in your possession, notify the sender that you have received this communication in error, and note that any review or dissemination of, or the taking of any action in reliance on, this communication is expressly prohibited.

This e-mail, including any presentation, report or other material attached to it (the “Information”), must be seen as marketing material and not as an investment recommendation within the meaning of Regulation (EU) NO 596/2014 on market abuse (Market Abuse Regulation) and associated rules, implemented in the relevant jurisdiction.

The material in this marketing communication is not investment research, a personal investment advice, or a research recommendation, and has accordingly not been prepared in accordance with any requirements designed to promote the independence of investment research nor is it subject to any prohibition on dealing ahead of the dissemination of investment research or any rules regarding suitability.

Please see Little Square Capital’ website (https://www.littlesquarecapital.com/resources/disclosures/research-disclosures/) for research disclosure information in accordance with the Market Abuse Regulation (MAR). This website contains information about our published investment recommendations and potential conflicts of interest.

Little Square Capital Ltd is a Private Limited Company with reg. no. 12442492. Little Square Capital Limited is authorised and regulated by the Financial Conduct Authority (FCA) with a firm reference number 942894. Registered office address: Albany House Claremont Lane, Esher, Surrey, KT10 9FQ, UK.

In the United States:

The Information is being furnished upon request and is primarily intended for distribution to “Major U.S. Institutional Investors” within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act of 1934. Little Square Capital Ltd relies on exemption from U.S. broker-dealer registration under Rule 15a-6. Under Rule 15a-6, we are contacting you as a U.S. institutional investor. A U.S. institutional investor is, among other factors, defined as an entity who owns or controls (or, in the case of an investment adviser, has under management) more than $100 million in aggregate financial assets. If these circumstances no longer apply to your firm, please inform us via info@littlesquarecapital.com as soon as possible.

In Canada:

The Information has been distributed in reliance on the International Dealer Exemption pursuant to NI 31-103 section 8.18.

Please be advised that:
Little Square Capital’s Markets division (“Little Square Markets”) are not registered as a dealer in the local jurisdiction to make the trade. We provide our services in Canada as an exempt international dealer. The jurisdiction of Little Square Capital and Little Square Markets’ head office is England. There may be difficulty enforcing legal rights against Little Square Capital and Little Square Markets, because all or substantially all of their assets may be situated outside of Canada.

General

Little Square puts the security of the client at a high priority. Therefore, we have put efforts into ensuring that the message is error and virus-free. Unfortunately, the full security of the email cannot be ensured as, despite our efforts, the data included in emails could be infected, intercepted, or corrupted. Therefore, the recipient should check the email for threats with relevant software, as the sender does not accept liability for any damage inflicted by viewing the content of this email.

E-mail messages may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with without the knowledge of the sender or the intended recipient. Little Square Capital Limited makes no warranties in relation to these matters. Please note that Little Square Capital Limited reserves the right to intercept, monitor, and retain e-mail messages to and from its systems as permitted by applicable law. If you are not comfortable with the risks associated with e-mail messages, you may decide not to use e-mail to communicate with Little Square Capital Limited.

These disclaimers appear on electronic distributions of our research reports.

Little Square Capital’s equity research reports are freely made available to professional investors through our website and via other renowned distributors, like Thomson REUTERS and Bloomberg. Little Square  Capital’s research products may also be made available through electronic means as a convenience. Little Square Capital provides professional independent research services and all information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable.

To access all Little Square Capital’s research, you are entitled to receive in the timeliest manner, please liaise with your company contact or go to https://www.littlesquarecapital.com/resources/equity-research/

Corporate Disclosures:

Analysts’ compensation is determined based upon activities and services intended to benefit the investor clients of Little Square Capital and its affiliates (“the Firm”). Like all Firm employees, analysts receive compensation that is impacted by overall firm profitability, which includes revenues from, among other business units, Corporate Access, and Corporate Finance.

For important disclosures regarding the companies that are the subject of their research, including copies of historical disclosures, investors should contact Little Square Investment Research. Valuation and risk assessments can be found in the text of the most recent research note/report regarding the subject company.

Status of Little Square Capital’s research under MiFID II

Some professional investors, who are subject to the new MiFID II rules from 3rd January 2018, may be unclear about the status of Little Square Capital’s research and, specifically, whether it can be accepted without a commercial arrangement.

Little Square Capital is a specialist equity capital markets and advisory firm that provides marketing, capital raising, and corporate finance advisory services to corporate issuer clients. We do not provide any execution services or secondary markets trading services to buy-side investors or otherwise seek to earn commissions or fees from our buy-side clients. Therefore, the research we provide cannot give rise to an inducement.

All research materials produced by Little Square Capital fall into one of three categories:

• Research associated with new issuances (IPOs, private placements, rights issues, etc.) or other fundraising activity that we prepare on the instruction of an issuer client; or

• Industry-specific research that reflect the competitive position of our current and prospective clients, or

• Company-specific or thematic equity research that has been commissioned or paid for by an issuer client as part of an agreement between Little Square Capital and the issuer client or in our capacity as a retained advisor for the issuer client.

Together, we refer to these categories as “Issuer Sponsored Research.”

All Issuer Sponsored Research, and therefore all company specific research produced by Little Square Capital, is paid for by our corporate issuer clients. Moreover, such Issuer Sponsored Research is made generally and freely available to professional investors on our website and/or via research aggregation platforms.

Under COBS 2.3A.19 of the FCA Handbook, such Issuer Sponsored Research is expressly stated to fall within the scope of a minor non-monetary benefit. Therefore, investment managers can receive such research without payment and without breaching obligations relating to inducements and the receipt of investment research.

Little Square Capital does write industry pieces that do not attract any compensation from corporate issuers for the production of the research. In that case, Little Square Capital has not been retained by any corporate issuer to provide research on the industry or any of the companies within the industry. Little Square Capital is providing this research as a service to its clients and investors, and it is not intended to influence or affect any investment decisions. Little Square Capital has no conflicts of interest related to the industry or the companies within it that would impact the impartiality of the research.

The information in the research is based on publicly available sources believed to be reliable, but Little Square Capital cannot guarantee its accuracy or completeness. Little Square Capital does not endorse or recommend any particular investment in the industry or any of the companies within it, and investors should conduct their own due diligence before making any investment decisions.

Little Square Capital may use these unsponsored industry pieces to solicit interest from companies active in the industry to use our services and contract with us to provide equity research on them. Investors should be aware that Little Square may have a future financial interest in any companies that they solicit interest from and that research on those companies may be affected by this interest.

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