Important Research Disclosures
Disclosures for Davy Research
Each research analyst primarily responsible for the content of this research report certifies that : (1) the views expressed in this research report accurately reflect his or her personal views about any or all of the subject securities or issuers referred to in this report and (2) no part of his or her compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report.
Regulatory and other important information
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Share ownership policy
Davy allows analysts to own shares in companies they issue recommendations on, subject to strict compliance with our internal rules regarding own-account trading by staff members.
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We are satisfied that our internal policy on share ownership does not compromise the objectivity of analysts in issuing recommendations.
Conflicts of interest
Our conflicts of interest management policy is available at www.davy.ie/ConflictsOfInterest.
Davy acts as stockbroker to Aminex; Bank of Ireland; C&C; CRH; Dalata Hotel Group; DCC; Flutter Entertainment; Glanbia; Glenveagh Properties; Great Western MIning; Greencoat Renewables; Hostelworld; IRES REIT; Kenmare; Kerry Group; Malin Corporation; Mincon; Norish; Open Orphan; Origin Enterprises; Ormonde Mining; Ovoca Bio; permanent tsb Group; Petroneft; Providence; Ryanair; Smurfit Kappa Group; Tullow Oil; Uniphar and VR Education Holdings.
The remuneration of the analyst(s) who prepared this report is based on various factors including company profitability, which may be affected to some extent by revenues derived from investment banking.
Davy may have acted, in the past 12 months, as lead manager/co-lead manager of a publicly disclosed offer of the securities in certain companies included in this report. Details are available at www.davy.ie/RegulatoryDisclosures.
Investors should be aware that Davy may have provided investment banking services to, and received compensation from, certain companies included in this report in the past 12 months or may provide such services in the future. The term investment banking services includes acting as broker as well as the provision of corporate finance services such as underwriting and managing or advising on a public offer. Details are available at www.davy.ie/RegulatoryDisclosures.
Davy may have a shareholding in certain companies included in this report which exceeds 5% of their total issued share capital. Details are available at www.davy.ie/RegulatoryDisclosures. These shareholdings include proprietary positions and discretionary holdings. This disclosure represents the position of Davy as of close of business on the Friday preceding issue of this report.
From time to time, Davy may hold a long or short position exceeding 0.5% of the total issued share capital of securities referred to in a report. Where this is the case, it will be disclosed in the relevant report. Details are available at www.davy.ie/RegulatoryDisclosures.
Other important disclosures
A description of this company is available at www.davy.ie/RegulatoryDisclosures.
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All prices used in this report are as of close on the previous trading day unless otherwise indicated.
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The data contained in this research note have been compiled by our independent analysts, based on a combination of publicly-available information and the analysts assumptions and modelling. Further information is available upon request.
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Distribution of research to clients of Davy Securities in the US
Davy Securities distributes third-party research produced by its affiliate, J&E Davy.
Davy Securities is regulated by the Central Bank of Ireland. Davy Securities is a member of FINRA and SIPC.
Davy Securities does not act as a market-maker.
Davy Securities or an affiliate holds a proprietary position and/or controls on a discretionary basis more than 1% of the total issued share capital of Norish, Providence and Uniphar.
An affiliate of Davy Securities may have acted, in the past 12 months, as lead manager/co-lead manager of a publicly disclosed offer of the securities in certain companies included in this report.
Investors should be aware that Davy Securities or an affiliate may have provided investment banking or non-investment-banking services to, and received compensation from, certain companies included in this report in the past 12 months or may provide such services in the next three months. The term investment banking services includes acting as broker as well as the provision of corporate finance services such as underwriting and managing or advising on a public offer. Details are available at www.davy.ie/RegulatoryDisclosures.
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