January 2025
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This communication has been produced and completed by Research Partners AG and is being distributed by Panmure Liberum Limited and/or its affiliates outside of Switzerland on the date provided on the front of this report. Research Partners AG is incorporated in and operates under the laws of Switzerland with registered address Hottingerstrasse 12, CH-8032 Zurich (CHE-378.873.866). Panmure Liberum Limited (“Panmure Liberum”) is authorised and regulated by the Financial Conduct Authority (the “FCA”) (firm reference number 407321) and is a member of the London Stock Exchange with registered address Ropemaker Place, 25 Ropemaker Street, London EC2Y 9LY with telephone number 020 3100 2000. Panmure Liberum is a subsidiary of Panmure Liberum Group Limited (the “Group”). For more information regarding disclosures relevant to Panmure Liberum or the Group, please email [email protected].
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Distribution
In the UK
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EU Third-Party Disclaimer
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For US Investors
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Analyst Certification: The analyst(s) who prepared this communication hereby certifies that all of the views expressed in this communication accurately reflect his / her personal views about the subject securities or issuers. No part of his/her compensation was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this communication. Research analysts, and their households, are prohibited from dealing in the securities of a company which they cover in any manner. Panmure Liberum may make a market in the securities mentioned in the communication and may act as principal with regard to sales and purchases of this security. Panmure Liberum may have managed or co-managed a public offering of any of the securities mentioned in the past 12 months. Panmure Liberum may have received compensation for investment banking services from any of the companies mentioned in the past 12 months. Panmure Liberum may receive compensation for investment banking services from any of the companies mentioned within the next 3 months.
Panmure Liberum Inc. does not make a market on other securities mentioned in the communication. Panmure Liberum Inc. has not managed or co-managed a public offering of any of the securities mentioned in the past 12 months. Panmure Liberum Inc. has not received compensation for investment banking services from any of the companies mentioned in the past 12 months. Panmure Liberum Inc. neither expects to receive nor intends to seek compensation for investment banking services from any of the companies mentioned within the next 3 months.
For Canadian Investors
This information is not, and under no circumstances is to be construed as, an advertisement or a public offering of the securities described herein in Canada or any province or territory thereof. Under no circumstances is this information to be construed as an offer to sell securities or as a solicitation of an offer to buy securities in any jurisdiction of Canada. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the registration requirement in the relevant province or territory of Canada in which such offer or sale is made. This information is not, and under no circumstances is it to be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of any securities in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these materials, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence. If you are located in Canada, this information has been made available to you based on your representation that you are an “accredited investor” as such term is defined in National Instrument 45-106 Prospectus Exemptions and a “permitted client” as such term is defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Under no circumstances is the information contained herein to be construed as investment advice in any province or territory of Canada nor should it be construed as being tailored to the needs of the recipient. Canadian recipients are advised that Panmure Liberum Inc., its affiliates and its authorized agents are not responsible for, nor do they accept, any liability whatsoever for any direct or consequential loss arising from any use of this research communication or the information contained herein.
For Swiss Investors
This publication is intended to be distributed to professional investors in circumstances such that there is no public offer. This publication does not constitute a prospectus within the meaning of Articles 652a and 1156 of the Swiss Code of Obligations.
For Australian Investors
This communication is distributed in Australia by Panmure Liberum Limited which is exempt from the requirement to hold an Australian Financial Services Licence. This communication may only be distributed to a "Wholesale Client" (within the meaning of section 761G of the Corporations Act 2001 (Cth) (the “Act”) in reliance of subsection 6(1) of the ASIC Corporations (Foreign Financial Services Providers-Limited Connection) Instrument 2017/182. Panmure Liberum is regulated by the FCA under UK laws, which differ from Australian laws.
For South African Investors
In South Africa, Panmure Liberum Limited holds an exemption from the licensing requirement of the Financial Advisory and Intermediary Services Act, 2002 (as amended) and it is therefore not regulated in South Africa.
Other countries
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