Important Risk Warnings and Disclaimers
This report was prepared, approved, published and distributed by FBN Capital Limited (“FBN Capital”), a company located outside of the United States (a “non-US Group Company”). FBN Capital Limited is regulated by the Securities and Exchange Commission in Nigeria (SEC). Reception of this publication does not make you a client or provide you with the protections afforded to clients of FBN Capital Limited.
This report is distributed in the U.S. by Enclave Capital LLC, a U.S. registered broker dealer, on behalf of FBN Securities Limited, a wholly owned subsidiary of FBN Capital Limited, only to major U.S. institutional investors (as defined in Rule 15a-6 under the U.S. Securities Exchange Act of 1934 (the “Exchange Act”)) pursuant to the exemption in Rule 15a-6 and any transaction effected by a U.S. customer in the securities described in this report must be effected through Enclave Capital LLC (19 West 44th Street, suite 1700, New York, NY 10036).
Neither the report nor any analyst who prepared or approved the report is subject to U.S. legal requirements or the Financial Industry Regulatory Authority, Inc. (“FINRA”) or other regulatory requirements pertaining to research reports or research analysts. No non-US Group Company is registered as a broker-dealer under the Exchange Act or is a member of the Financial Industry Regulatory Authority, Inc. or any other U.S. self-regulatory organization.
The information has been compiled or arrived from sources believed to be reliable and in good faith, but no representation or warranty, express or implied is made as to their accuracy, completeness or correctness. FBN Capital Limited has not verified the factual accuracy, assumptions, calculations or completeness of the information. Accordingly, FBN Capital Limited accepts no liability whatsoever for any direct or consequential loss or damage arising from (i) the use of this communication (ii) reliance of any information contained herein, (iii) any error, omission or inaccuracy in any such Information or (iv) any action resulting there from. FBN Capital Limited provides the information for the purpose of the intended recipient’s analysis and review. Accordingly you are advised to verify the factual accuracy, assumptions, calculations or completeness of the information.
FBN Capital is a subsidiary of FBN Holdings Plc. FBN Capital or any other subsidiary of FBN Holdings may make market or deal in the shares mentioned in this report. One or more persons of FBN Capital Limited or its affiliates may, from time to time, have a long or short position in any of the securities mentioned herein and may buy or sell those securities or options thereon either for their own account or on behalf of their clients. FBN Capital or other subsidiaries of FBN Holdings may also take proprietary trading positions in the shares of companies discussed in this publication, and may receive remuneration for the publication of its research and for other services. FBN Capital Limited or its affiliates may, to the extent permitted by law, act upon, or use the above material or the conclusions stated above or the research or analysis on which they are based before the material is published to recipients and from time to time provide investment banking, investment management or other services for, or solicit to seek to obtain investment banking, or other securities business from, any entity referred to in this report.
Accordingly, this document may not be considered as free from bias. Additional information may be available to FBN Capital or FBN Holdings which is not discussed in this report. Further disclosure regarding FBN Capital’s policy regarding potential conflicts of interest in the context of investment research and FBN Capital’s policy on disclosure and conflicts in general are available on request.
© FBN Capital Limited 2014. All rights reserved.
FBN Capital Limited
An FBN Holdings Company
16 Keffi Street,
Off Awolowo Road