This Site is not intended for any use which would be contrary to local law or regulation. No portion of this Site is directed at you if Panmure Gordon is prohibited by any law of any jurisdiction from making the information on this Site available to you. No portion of this Site constitutes investment, legal or other advice nor is it to be relied upon in making an investment decision. No portion of this Site constitutes an offer or an invitation to make an offer to sell securities or other investments or to provide investment services of any description.

E-mail messages may not be secure and may be intercepted by third parties. If you send us an e-mail containing confidential information about you, you agree that you do so at your own risk and that you hold the Panmure Group harmless from any loss that you may suffer as a result.

UK Regulatory Information: Except where expressly otherwise stated, this Site is communicated in the UK by Panmure Gordon which is authorised and regulated by the Financial Services Authority ("FSA"). Panmure Gordon is a member of the London Stock Exchange.

Local Regulatory Restrictions: Panmure Gordon advertises and offers its services and products only in jurisdictions where it is allowed to do so. Not all securities, products or services described on this Site are available everywhere or to everyone.

This website should not be regarded as an offer or solicitation to conduct investment business, as defined by the Financial Services and Markets Act 2000, in any jurisdiction other than the United Kingdom. Investors who are resident in or citizens of countries other than the United Kingdom may be subject to local restrictions. The investments mentioned on this website may not be suitable for all recipients or be appropriate for their personal circumstances, if in any doubt advice should be sought from a suitably qualified investment adviser.

The value of the securities and income derived therefrom can fall and past performance is not necessarily a guide to future performance. Investors may lose their initial investment. The value of securities denominated in foreign currency may fall as a result of exchange rate movements. When we comment on AIM or OFEX shares you should be aware that because the rules for these markets are less demanding than for those of the Official List of the London Stock Exchange the risks are higher, there is a higher risk of losing the money you have invested, the marketability of these shares can be restricted, you may have difficulty in selling your shares and there is often a big difference between the buying and selling price so that if you have to sell them immediately after purchase you may get back much less than you paid for them.

A Panmure Gordon company, its directors or employees may have interests in the securities and may add to or dispose of such securities from time to time. A Panmure Gordon & Co. company may have provided corporate finance advice, other investment or professional services to the issuer of the securities. The information on this website is believed to be correct but cannot be guaranteed. Opinions constitute our judgement as of this date and are subject to change without warning.

The trade mark PANMURE GORDON & CO, PANMURE GORDON and DURLACHER are proprietary to Panmure Gordon, and is the subject of a number of registered trade marks and trade mark applications held by Panmure Gordon. All rights reserved. Trade marks, service marks, company names and logos appearing on this Site that are not the property of Panmure Gordon are the property of their respective owners.

You acknowledge that this Site contains information, data, software, photographs, graphs, videos, typefaces, graphics, music, sounds, and other material (collectively "Content") which is protected by copyright and other intellectual property rights proprietary to Panmure Gordon and its licensors. If no specific restrictions are displayed, you may make copies of selected portions of the Content, provided that the copies are made only for your personal use. Subject to specific restrictions that may govern specific portions of the Site, Panmure Gordon grants to you the right to download and copy selected portions of the Site (but not the entire Site) for your legitimate and legal internal business purposes, provided that you maintain all of the Panmure Gordon notices, such as all legal notices and disclaimers, copyright notices, trade mark legends, or other proprietary rights notices. Except as provided in the preceding sentence or as expressly permitted by applicable law, if at all, you may not upload, post, reproduce, publish, transmit or distribute in any way Content protected by copyright, or other proprietary right, without obtaining permission of the owner of the copyright or other propriety right. In addition to the foregoing, use of any software Content shall be governed by the software license agreement applicable to such software. You may not modify, remove, delete, augment, add to, publish, transmit, participate in the transfer or sale of, create derivative works from, or in any way exploit any of the Content, in whole or in part.

Panmure Gordon provides the Site only for your convenience. No member of the Panmure Group or its affiliates, partners or representatives warrant that the Site will be uninterrupted or error-free; nor do they make any warranty as to the results that may be obtained from the use of the Site.

The Site is provided without warranties or other assurances of any kind, either expressed or implied, including but not limited to warranties, conditions or terms as to merchantability, satisfactory quality, or fitness for a particular purpose.

To the fullest extent permitted by law, neither the Panmure Group nor any other party involved in creating, producing, or distributing the Site shall be liable for any direct, indirect, incidental, special, or consequential loss or damages that result from the use of or inability to use the Site, including but not limited to interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission, or any failure of performance, whether or not resulting from force majeure, communications failure, theft, destruction, or unauthorized access to the Panmure Group's records, programs, or services.

Nothing herein shall operate to exclude any liability for fraud or for death or personal injury caused by negligence.

Should you leave this Site via a link contained herein, and view content on any site that is not provided by the Panmure Group, you do so at your own risk. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed by the Panmure Group. The Panmure Group is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in any such site, or for any such site's policies in relation to the use or processing of personal data. The Panmure Group makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.

Panmure Gordon reserves the right to cooperate fully with any investigation by local, state or provincial, national, and international police, regulatory authorities and other officials, and reserves the right to disclose any personal data (including personal or private electronic communication transmitted on the Site) to such officials to the extent requested by them in connection with any such investigation, or as otherwise required by law or regulation.

For further information regarding privacy issues write to:
Panmure Gordon & Co. plc
Moorgate Hall
155 Moorgate
London EC2M 6XB

Panmure Gordon may terminate or suspend your access to all or part of the Site, without notice, for any conduct that Panmure Gordon, in its sole discretion, believes is in violation of any applicable law or is harmful to the interests of another person, the Panmure Group, or its affiliates, partners, or other representatives.