Morning View – Ncondezi Energy and more…

Ncondezi Energy (AIM:NCCL) 3.35p, mkt cap £14.7m – Project update

Ncondezi Energy has provided a progress report on its plans for the development of an  integrated 300MW coal fired power plant in Mozambique.

SP Angel . Morning View . Friday 19 06 20

New demand for steel in China drives iron ore higher

MiFID II exempt information – see disclaimer below 

KEFI Minerals * (LON:KEFI) – Tulu Kapi project finance on track for Oct/20 closure and full construction start in Q1/21

Ncondezi Energy (AIM:NCCL) – Project update

Norilsk Nickel (LON:MNOD) – Strategic withdrawal from Australia to focus on Russia

Petropavlovsk (LON:POG) – Secondary listing in Moscow

Versarien (AIM:VRS) – New non-executive Chairman appointed


Iron ore and steel prices rise in Chin driven by new local and national infrastructure projects

China is restoring and ramping up growth in its economy through the funding of new local and national infrastructure projects.

New demand for rebar, hot-rolled coil and stainless steel is driving domestic Chinese prices higher

We expect many related base metals and other commodity price to follow.


Coronavirus – medical experts claim to have brought the Beijing Coronavirus outbreak under control

Johnson & Johnson in talks with governments on possible COVID-19 vaccine

New Coronavirus outbreaks in Beijing, Germany and the US are a concern though no unexpected

The UK The National Institute for Health and Care Excellence, announced a ‘rapid evidence review’ looking into the connection between Vitamin D and COVID-19 mortality rates.

Very low infection rates in Zambia potentially indicate that the nation’s extensive BCG vaccination program may be serving to protect the population. This is backed up by data from local mining companies which have been rigorously testing their employees and management.

Staff at third UK meat factory tests positive for Coronavirus

The factory serves KFC, M&A, ASDA and others (Daily Mail)

Government to allow holidays in Wales from July 6th for self contained accommodation – you never knew a caravan in Pontypridd could be so attractive

Airbridges may be announced today to European destinations from 4th July, probably to France, Spain, Portugal and Greece.

Ireland, new Pub rules restrict drinkers to two hours including food – There is going to be some very fast drinking going on!

Stimulus funding (government announcements)

$304bn – China Ministry of Finance has issued Rmb550bn (US$77bn) of special purpose debt

+ another Rmb1,600bn (US$226bn) is available for issue before the year end. Much of this will be for housing and connecting infrastructure

$140bn – China PBOC buying CNY1tn of bank loans issued by local lenders to small firms this week in an effort to ease the flow of credit.

$56bn – The PBOC also announced a Rmb400bn ($56bn) purchase loan program to boost available credit by supporting bank loans to small businesses.

$1.55tn – China – Bloomberg estimates a ‘fiscal impulse of more than 11% of nominal GDP’ which was estimated at US$14.14tn

We have previously assumed China at $909m comprised $344bn of China stimulus + $565bn in special bonds for infrastructure by local authorities

$2tn – US fiscal package approved by Congress. US may add $0.6t state aid for mortgage markets and travel industries

The House passed a $484bn aid package to rescue small small businesses, hospitals ($75bn) and coronavirus testing ($25bn).

$2tn US – Trump looking at $2tn infrastructure fund

$700bn – US + Fed rate cut to 0-0.25% last night. The $700bn QE to buy Treasuries and mortgage-backed securities.

US Fed may soon start buying in up to $750 billion of corporate debt and ETFs

US Fed has flooded all markets with dollar liquidity through repo and swap lines.

US$1.02tn – Japan – BoJ injecting US$1.02tn into the economy through a variety of programmes. (will check if this is in addition to the Y117tn stimulus announced)

US$1.1tn – 117tn-yen stimulus, funded partly by a second extra budget, will be on top of another 117tn package already rolled out takes total spending in Japan at 234tn yen ($2.18tr) – 40% of Japans GDP.  Japan to issue Y31.9tn in government bonds. 

$825bn (€750bn) EU – European Commission aid package yesterday aimed at supporting EU nations hit by the pandemic.

This is an expansion on the previous $543bn (€500bn ) EU Crisis Recovery fund backed France and Germany + $963bn (€750bn) ECB scraps limits on sovereign bond purchases. ECB PEPP buying running at around €250bn

EU Finance Ministers have so far failed to agree on a strategy to mitigate the economic impact of the pandemic.

The pandemic emergency purchase programme (PEPP) and asset purchase programme (APP) have been reiterated with a cap of €750bn and €120bn, respectively.

The bank is reported to have used €100bn of the PEPP so far.

$825bn (€756bn) Germany – Bundestag approved €156bn in extra borrowing and ~€600bn in emergency funds

$298bn Japan parliament passed ¥31.9tn ($298bn) second extra budget today to help struggling economy.

¥117tn stimulus programme + ¥10tn as a coronavirus reserve fund

$934bn (£745bn) – UK Bank of England injects another £100bn ($125bn)

$387bn (€304bn) France, $200bn (€200bn) Spain, $214bn (A$320bn) Australia – RBA ready to buy bonds again.

US$260bn – India representing 10% of GDP.

$62bn – South Korea – The government unveiled a 76tn won ($62bn) “New Deal” aimed at supporting the economy amid the pandemic focused on creating jobs and new industries through 2025. South Korea – New Deal will create jobs and foster new industries like 5G.

$13.3bn – Saudi Arabia central bank will inject 50bn riyals ($13.3bn) into the banking system on top of US$43.7bn already pledged

$78bn (C$107bn) Canada, $32bn, Singapore, $22.6bn India, $19.3bn HK, $13.7bn South Korea, $10bn Switzerland, $8.4bn Italy, $7bn NZ, $3.5bn Ireland, $2bn Taiwan, Philippines further $26bn proposed, Indonesia – adding $43bn,  Thailand creating a corporate bond fund.

South African buys ZAR10.2bn (US$119m) government bonds in May. Argentina to default on $10bn of dollar debt issued till the end of the year.

$1,000bn – IMF available + $12bn World Bank,

>15.9tn – Total stimulus reported. Figures may include some political double counting and some funds may not be spent


Recent interviews:

Gold sector interview with interactive investor

IG TV interview on Mining Sector prospects with SP Angel analyst.


MiFID II exempt information – see disclaimer below


Dow Jones Industrials




Nikkei 225




HK Hang Seng




Shanghai Composite






China plans to step up purchases of US farm goods 

Foreign direct investment fell 3.8%ytd in May and -6.1% yoy

China is planning to step up purchases of US farm goods to comply with the Phase-1 trade deal following the talks in Hawaii this week, Bloomberg reports. 

The world’s top soybean importer intends to step up buying of everything including soybeans, corn and ethanol after purchases fell behind due to coronavirus disruptions. 


EU – Euro Zone Current Account Balance EUR 14.4bn for April vs 27.4bn previously

new car registrations fell 52.3%yoy in May vs -76.3% in April

Sweden – Unemployment rose to 9% in May vs 8.2% in April

European banks take up €1.5tn of low-interest ECB loans.

EU plans to impose full customs controls and checks on goods from the UK starting next year


UK – Bank of England injects another £100bn ($125bn) to protect fragile economic recovery

BoE leaves rates unchanged

CPI rose to 0.5% in May vs 0.8% in April

CPI is 0% yoy in May vs -0.2% in April

PPI inputs rose 0.3% (-5.5%), yoy -10% (-10.2%),

PPI outputs declined 0.3% (-0.8%), yoy -1.5% (-0.7%).


US – Fed’s Bullard – Economic Recovery Seen Faster 2008-09 Crisis Recovery, But Depends On The Virus

Fed’s Mester reckons it could take a year or two for the US economy to return to pre-pandemic levels, with the gross domestic product declining by 6% in 2020 and the unemployment rate still around 9% by year’s end (Reuters)

US Treasury yields fall further on prospects for slower recovery from the Coronavirus

US housing starts rose 4.3% in May at 0.97m units vs -26.4% at 0.934m units in April

Building permits rose 14.4% to 1.22m units in May vs -21.4% at 1.066m units in April

Jobless claims rose to 1.542m in May vs 1.508m in April

Philadelphia Feb index recovered +27.5 for June vs -43.1 in May highlighting the strength of the US recovery so far

US rmployers hired a record 2.5m workers in May as businesses reopened

US unemployment remains at some 29m


Australia – Unemployment rose to 7.1% in May vs 6.4% in April

Employment fell 227.7k vs -607k in April

Participation rate of 62.9% in May vs 63.5% in April


Lower oil prices are helping the global recovery as rising inventories hold oil prices down

400 workers tested positive for the coronavirus at an abattoir in Germany (Reuters)


Robinhood App and website attracted 20,000-50,000 new users per day according (Bloomberg)

The App was created by the founder in his spare time at university in Indiana, US at the age of 21.

The system uses stock ownership data for insights into retain investor holdings and trading.


Thailand – Domestic car sales fall 54.12% YoY

Car sales in Thailand fell for the twelfth straight month in May, down 54.12% from a year earlier to 40,418 vehicles. 


UK – Government debt exceeds 100% of GDP for first time since 1963

Borrowing stood at £55.2bn last month as spending surged and tax revenue plunged, the Office for National Statistics said on Friday. 

This latest figure brings the total borrowed since the start of April to £103.7bn, the biggest two-month total on record (Bloomberg). 

The increase reflects the cost of the Chancellor’s interventions to help prop up the economy, including paying wages for almost 12m jobs and more stimulus including tax breaks. 

The money owed to the holders of gilts, national savings and creditors of Network Rail- exceeded £2tr for the first time ever in May (FT). 

The figures show the level of public borrowing to be on course to end the financial year about £300bn in the red, twice as bad as the worst year in the GFC and about 15% of national income.


Dollar heading for best weekly gain in a month 

A resurgence in coronavirus cases, mainly in China and Germany, has knocked confidence in a rapid economic recovery and drove investors to the safety of USD (FX Street). 

The dollar index is trading near a two-week high and has gained about 0.3% for the week (Reuters). 


Baltic index sees best day ever as vessel rates surge

The Baltic Exchange’s main sea freight index saw its largest single-day percentage rise on Thursday. 

The Baltic dry index, which tracks rates for ships carrying bulk commodities, rose 22.6% to 1,527- its highest since the 10th of December. 

The Baltic Capesize index jumped 49.6% to 3,672- its highest since the 25th of September (Reuters). 


India – China cut roads into Himalayan mountain and may have dammed river (Reuters)

Hindu festival cancelled for first time in 284 years



US$1.1215/eur vs 1.1242/eur yesterday.  Yen 106.90/$ vs 107.20/$.  SAr 17.403/$ vs 17.225/$.  $1.243/gbp vs $1.252/gbp.  0.686/aud vs 0.687/aud.  CNY 7.076/$ vs 7.078/$.


Commodity News

Precious metals:         

Gold US$1,739/oz vs US$1,735/oz yesterday – Gold rangebound this week on virus concerns and dollar strength 

Gold prices edged higher on Friday morning, as demand was supported by concerns over a second wave of Covid-19 infections. 

Spot gold rose 0.2% to $1,726/oz this whilst US gold futures also rose 0.2% to $1,735/oz earlier this morning (Reuters). 

The price of gold has fallen 0.3% so far this week, as concerns over a Covid-19 second wave have been countered by dollar strength and economic recovery hopes.

   Gold ETFs 100.9moz vs US$100.9moz yesterday

Platinum US$821/oz vs US$823/oz yesterday

Palladium US$1,922/oz vs US$1,945/oz yesterday

Silver US$17.59/oz vs US$17.62/oz yesterday


Base metals:  

Copper US$ 5,799/t vs US$5,770/t yesterday – China refined copper output rose 13.3%mom (853kt) to 3.97mt up 2.7% YTD (China Bureau of Statistics)

Refined zinc output rose +4.5% to 514kt or up 9.1% to 2.53mt YTD  

Refined lead rose +17.1% to 506kt or +1% 2.21mt YTD.

Aluminium US$ 1,586/t vs US$1,607/t yesterday – India may impose anti-dumping duties on aluminium products from China (NewsRise)

Nickel US$ 12,760/t vs US$12,900/t yesterday

Global nickel use in passenger vehicles was just under 3,000-tonnes in April vs with av global nickel usage of 178,000 tonnes per month in Q1 (FastmarketsMB)

Zinc US$ 2,037/t vs US$2,019/t yesterday

Lead US$ 1,796/t vs US$1,778/t yesterday

Tin US$ 17,180/t vs US$16,990/t yesterday – PT Timah expect sales to fall 18.8% to 55,000t  vs 67,700t in 2019



Oil US$42.2bbl vs US$40.8/bbl yesterday

Natural Gas US$1.650/mmbtu vs US$1.640/mmbtu yesterday

Uranium US$33.15/lb vs US$33.15/lb yesterday



Iron ore 62% Fe spot (cfr Tianjin) US$103.05/t vs US$102.75/t – Iron ore prices continue to rise in China as demand for steel rises

Iron ore carrier scuttled at sea with 125,000t of iron ore still onboard

The Stellar Banner ran aground off the coast of São Luís, Brazil with 270,000t of iron ore on board

The salvage crew managed to recover 145,000t of iron ore before towing the ship into deeper water for sinking

The sinking of the ship may provide scientists with some interesting data on the impact of iron ore in the deep water environment

We believe iron is good for algal growth in surface waters which is also good for carbon capture and for feeding plankton and other organisms.

Iranian Mar-May iron ore production falls 2% YoY

Iran produced 7.96mt of iron ore in the first two months of the Iranian calendar (March 20- May 20)- 2% lower than the same period last year. 

Similarly, the monthly iron ore concentrate output during the second month of this year has fallen 2% to 4.16mt. 

Iran produced 47.31mt of iron ore in the previous Iranian calendar year (ending March 19), a 4% rise compared to the year before (Hellenic Shipping News). 

Chinese steel rebar 25mm US$525.7/t vs US$525.7/t – Steel prices rise in China

Rebar, hot-rolled coil and stainless steel prices are all rising on new demand for regional and national construction projects in China.

Thermal coal (1st year forward cif ARA) US$54.0/t vs US$54.0/t

Coking coal swap Australia FOB US$114.5/t vs US$114.5/t



Cobalt LME 3m US$28,850/t vs US$29,000/t

NdPr Rare Earth Oxide (China) US$40,423/t vs US$40,423/t – Chinese terbium and dysprosium prices rise week-on-week

State-owned China Southern Rare Earth Group has raised the weekly listed prices for several rare earth oxides, including dysprosium oxide and terbium oxide (SMM News). 

The price of terbium oxide rose 150,000 yuan/t to 4.45m yuan/t whilst dysprosium oxide was priced at 1.95m yuan/t- up 30,000 yuan/t from a week ago. 

Lithium carbonate 99% (China) US$4,868/t vs US$4,868/t

Ferro Vanadium 80% FOB (China) US$29.5/kg vs US$29.5/kg

Antimony Trioxide 99.5% EU (China) US$5.0/kg vs US$5.0/kg

Tungsten APT European US$215-225/mtu vs US$215-225/mtu

Graphite flake 94% C, -100 mesh, fob China US$460/t vs US$460/t

Graphite spherical 99.95% C, 15 microns, fob China US$2,350/t vs US$2,350/t


Battery News

High toughness ceramics could be achieved using graphene

Brown University researchers have used graphene to improve the toughness and safety of solid electrolyte. (Phys org)

Solid electrolytes often fracture and corrode other parts of the battery. Ceramics might be a solution, but they are brittle. (New Atlas)

The researchers made tiny platelets of graphene oxide, mixed with a powder of LATP (a ceramic) and heated the mixture to form a ceramic-graphene composite.

Mechanical testing showed a two-fold increase in toughness (ability to withstand cracking) whilst the right amount graphene did not interfere with the electrical properties of the material.

The results show nanocomposites could make solid electrolytes safer and usable in everyday applications.

The study was published in the journal Matter.


Umicore plant to manufacture cathode materials

Umicore will begin construction of a cathode materials plant in Nysa, Poland, with deliveries due to start from late 2020.

The plant will use proprietary production technologies to manufacture cathode materials for the European automotive market.

The plant is part of a €660m program announced by Umicore earlier this year.

The first phase of the facility has been part financed by the European Investment Bank who agreed a €125m loan agreement with Umicore earlier this week.

The Company penned a multi-year supply agreement for NMC cathode materials to serve LG Chem in September 2019. The supply agreement took effect form 2020 and outlines 125,000 metric tonnes to be delivered over several years.

Once completed the site at Nysa will supply Umicore’s battery cell and automotive customers. 

Ford to install hands-free option in its new electric Mustang Mach-E vehicle (Bloomberg)

We have to wonder if anyone buying a Mustang will ever want to take their hands off the wheel.


Company News

KEFI Minerals * (LON:KEFI) 0.98p, Mkt Cap £18m – Tulu Kapi project finance on track for Oct/20 closure and full construction start in Q1/21

The Company provided a general update on Tulu Kapi development project as well as financing discussions.

The team highlighted Tulu Kapi remained on track for project finance closure in October 2020, full construction in Q1/21 and the start of gold production in 2022.

No cases of coronavirus have been reported in the Tulu Kapi district to date.

With regards to the situation in the country, the Ethiopian Parliament extended the deadline for the next elections by up to 12 months to August 2021 last week amid the global coronavirus pandemic.

Development wise, the team is reporting that the road to new host lands for Tulu Kapi residents is currently being built ahead of the resettlement start.

Security has been significantly expanded in the Mine License Area and in the surrounding district.

Following geotechnical drilling completed in Q1/20 and updated processing plant fabricators’ prices received, principal contractors Lycopodium updated process plant Front-End-Engineering-and-Design.

The team has narrowed down capital cost estimates and opted for a straightforward bank debt as opposed to previously considered infrastructure bond that in turn yielded significant savings reducing funding needs to $221m, down from $242m.

Development capita cost of $221m includes processing infrastructure expenses ($110m), mining infrastructure ($27m), off-site infrastructure ($20m), owners’ costs ($45m) and interest during construction and other finance effects ($19m).

Adjusting for all updated input costs, the Company estimates Tulu Kapi (open pit + underground) to generate NPV8% (after tax) of $363m/£290m at $1,600/oz gold price ($163m/£131m for planned KEFI 45% interest in the project).

Open pit only scenario for ~140kozpa over eight years and AISC of $856-884/oz generates 45% IRR at the $1,600/oz gold price

Funding sources include $111m in project equity (including subordinated debt and offtake-linked facilities) and $110m in senior secured infrastructure finance.

Regarding the latter, the Company signed a term sheet with two African development finance institutions (Eastern and Southern African Trade and Development Bank and Africa Finance Corporation).

Regarding the $111m project level equity, the Company is in discussions with ANS Mining regarding their participation in the project ($38m agreed previously) that is expected to be clarified this month.

The Company reports that partners to the project also discuss other sources of funding that involve local institutions and international mining-experienced investors and offtake specialists to close the funding and finalise the structure.

Conclusion: The Company updated project economics data highlighting attractive returns further supported by strong gold price environment ahead of agreeing the senior secured infrastructure loan and equity part of the funding with finance closure targeted for October 2020.

*SP Angel act as Nomad and Broker to KEFI Minerals


Ncondezi Energy (AIM:NCCL) 3.35p, mkt cap £14.7m – Project update

Ncondezi Energy has provided a progress report on its plans for the development of an  integrated 300MW coal fired power plant in Mozambique.

In agreement with Mozambique’s EDM, the company is progressing further studies including a transmission integration study and national power market outlook study which are expected to be completed during Q3 2020.

The company expects these studies to facilitate finalisation of the tariff agreement during H2 2020.

Ncondezi Energy is also expecting to conclude a ʺShareholders Agreement Term Sheet … in the coming weeksʺ and to sign an EPC (Engineering Procurement and Construction) contract during Q3 2020.

CEO, Henno Pengilly, explained that the further studies ʺshould verify certain technical assumptions and provide greater certainty around the business case for the Project alongside the tariff proposalʺ although he pointed out that the additional studies ʺare expected to add at least 2 monthe to the Project development programme moving the tariff agreement into H2 2020.ʺ

Conclusion: Further studies currently underway are expected to improve the business case for the development of a 300MW integrated coal-fired power plant in Mozambique. Although they will extend the timetable by approximately 2 months, overriding delays arising from the Covid19 pandemic should, in part, be used to complete the studies.


Norilsk Nickel (LON:MNODI) US$27.35, Mkt Cap US$34,639m – Strategic withdrawal from Australia to focus on Russia

Norilsk Nickel has announced that, subject to regulatory approvals, it is disposing of its interest in the Honeymoon Well nickel project in Western Australia to its partner, BHP, for an undisclosed amount.

ʺThe Project located in Western Australia encompasses Honeymoon Well, a greenfield nickel development, as well as Albion Downs North and Jericho Joint Ventures, both exploration projects where BHP currently owns the remaining 50% stake.ʺ

Norilsk Nickel explains that the strategic disposal of its last remaining Australian asset will ʺreinforce our focus on the development of our Tier-1 asset portfolio in Russiaʺ.


Petropavlovsk (LON:POG) 28.4p, Mkt Cap £927m – Secondary listing in Moscow

Petropavlovsk reports that it has formally applied for its shares to be listed on the Moscow Exchange in addition to retaining its primary listing in London.

The company explains that it expects its profile, liquidity and trading volumes to be enhanced by making its shares available to a more diverse group of investors some of whom are ʺnot currently present and, in some cases, unable to purchase shares in Londonʺ.

ʺThe Company will not be placing or issuing any new shares in connection with its application for a secondary listing and no action is required by the Company’s existing shareholdersʺ.

Conclusion: Petropavlovsk is seeking to diversify its shareholder base via a secondary listing in Moscow.


Versarien (AIM:VRS) 48p, Mkt cap £81m – New non-executive Chairman appointed

James Steward CBE has been appointed as the new non-executive Chairman at Versarien.

Stewart is currently Managing Partner of Menlo Partners LLP, an investment and advisory company which focusses on technology companies active in the UK and China.

James was formerly a partner at ECI Partners LLP a long established private equity fund managers, where he was involved in a wide range of investments. 

James also previously worked for Arthur Andersen’s management consultancy division and as investment director at Rothschild Ventures Limited.

Versarien continues to develop graphene for the testing and enhancement of a variety of applications ranging from batteries to wearable technology.

Graphene’s strength alongside its thermal and electrical conductivity means the material may well enhance many of the products where it is being incorporated.

*SP Angel act as nomad and broker to Versarien



John Meyer – [email protected] – 0203 470 0490

Simon Beardsmore – [email protected] – 0203 470 0484

Sergey Raevskiy –[email protected] – 0203 470 0474



Richard Parlons –[email protected] – 0203 470 0472

Abigail Wayne – [email protected] – 0203 470 0534

Rob Rees – [email protected] – 0203 470 0535


SP Angel                                                            

Prince Frederick House

35-39 Maddox Street London



*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.


Sources of commodity prices


Gold, Platinum, Palladium, Silver

BGNL (Bloomberg Generic Composite rate, London)

Gold ETFs, Steel


Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt


Oil Brent


Natural Gas, Uranium, Iron Ore


Thermal Coal

Bloomberg OTC Composite

Coking Coal




Lithium Carbonate, Ferro Vanadium, Antimony

Asian Metal


Metal Bulletin



This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.

This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.

This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.

This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).

SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins ([email protected]).

SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return of less than 15%

Source link

Add a Comment