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The document accompanying this disclaimer and disclosure (Research Report) has been prepared and issued by Jon Robin Bishop, Authorised Representative (AR 001320067) (Author) of Chieftain Securities Pty Ltd (ACN 608 580 285, AFS license number 492850).

This Research Report is provided solely for use by ‘wholesale clients’ for the purposes of the Corporations Act 2001 (Cth) (Act), to whom Chieftain is authorised under its Australian Financial Services License (AFSL) to provide financial product advice. This Research Report is a private communication. This Research Report has been prepared on the basis that it will only be provided to person who is a ‘wholesale client’ for the purposes of the Act. It is not intended for person who are ‘retail clients’ for the purposes of the Act, public circulation or reproduction, whether in whole or in part, and must not be disclosed, reproduced, distributed or forwarded to any person, including any retail client, or published on any website, platform or other public medium, without Chieftain’s prior written consent. Chieftain accepts no responsibility to any person who receives this Research Report other than through distribution authorised by Chieftain’s AFSL. Any onward distribution without Chieftain’s prior written consent is unauthorised.

The Research Report is for informational purposes only. It contains general financial advice only and has been prepared without taking into account any person’s investment objectives, financial situation or needs. It does not constitute personal financial advice, legal advice, accounting advice or tax advice. Recipients should consider the appropriateness of the information contained within the Research Report having regard to their own objectives, financial situation and needs, and seek independent professional advice before making any investment decision.

Nothing in this Research Report is, and must not be construed as, an offer, invitation, solicitation or recommendation to apply for, acquire or dispose of any financial product or to engage in any transaction. Any decision to purchase securities in the Company referred to in the Research Report should be made on the basis of the recipient’s own inquiries and assessment of publicly available information, including any applicable offer document, prospectus or other disclosure document under which a security in the Company is offered.

The information in this Research Report has been obtained from sources believed to be reliable by Chieftain and the Author. However, neither the Author nor Chieftain (or its respective directors, officers, employees and consultants) have independently verified all such information contained in the Research Report, and accordingly no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, reliability or currency of the information, opinions or conclusions contained in this Research Report. Any views, opinions, estimates, forecasts, projections, valuations or conclusions expressed in this Research Report are those of the Author as at the date of the Research Report only and are subject to change without notice. The price and availability of financial products contained in the Research Report may also change without notice. Neither the Author nor Chieftain undertakes any obligation to update, revise or correct this Research Report after the date of distribution. To the maximum extent permitted by law, the Author, Chieftain (and its respective directors, officers, employees and consultants) disclaim all liability (whether arising in contract, in tort or otherwise) for any loss or damage arising directly, indirectly, consequentially or otherwise, suffered by recipients from any use of, or reliance on, this Research Report, including any error, omission or misstatement in it. Neither the Author nor Chieftain guarantee that the integrity of this Research Report has been maintained, is free from errors, virus interception or interference. A draft of this Research Report, or parts of it, may have been provided to the Company solely for factual verification and correction of factual inaccuracies.

Chieftain, the Author or their associates may hold interests in, trade in, or act as principal or agent in relation to securities or other financial products of issuers referred to in this Research Report, and may effect transactions that are not consistent with any view expressed in this Research Report. Chieftain may provide, and may in the future provide, corporate advisory, capital markets, dealer, broking or other financial services to the entity that is the subject of this Research Report and may receive fees for those services. Any such services are conducted separately from Chieftain’s research function. Chieftain also provides equity capital markets, corporate advisory, broking and other financial services to a range of clients, including companies which may be the subject of Chieftain research. Chieftain may provide such services to the Company and may receive fees for doing so.

Chieftain may from time to time be restricted from commenting on, referring to, or making recommendations in relation to certain issuers due to legal, regulatory or policy reasons. Where the component of a published trade idea is subject to a restriction, the trade idea will be removed from any list of open trade ideas included in the Research Report. Upon lifting of the restriction, the trade idea will either be reinstated in the open trade ideas list if the relevant Chieftain representative continues to support it or it will be officially closed.

 

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