From the GVC Trading Update:
GVC and Playtech plc ("Playtech") are in discussions to update the existing services agreement between the two companies, in order to secure a long-term mutually beneficial relationship. This would allow Playtech access to new significant brands, revenue streams and secure long term revenues, whilst providing GVC operational flexibility to realise its synergies plan. In the meantime, GVC will continue to honour the existing Playtech contract and maintain the positive working relationship.
They had a good stake in Labrokes from what I recall as well so that has proved a good investment and potentially brings them closer to BBC. I have been adding and am very pleased, We'll soon be back above £10 with the founder overhang less than it ever was. Upwards and onwards, cash generation is king.
T. Rowe Price Associates, Inc. doubled holding form 5% to 10%. Signifcance? NB Morgan Stanley have been reducing their shareholding slowly recently. Possibly cross-link.
On another front, their has not been much activity on the M&A front recently. I dont know whether the recent broker forecasts which still say that the target is well above the current SP - they say 930-1070 - and it is generally a buy are the be believed. They have tuended to talk up the share for quite some time with a biggish gap between current and target. However, they have a war chest of around 750-800m Euros - made up of free cash and readily saleable investments (in companies like Plus 500 which they should have bought at 400p in 2015 and now stand at 1100p). Shareholders are probably getting a bit weary of Playtech losing its way a bit. It used to stand head and shoulders above others. Now after losing 2 opportunities in 2015, Plus 500 and anothr in Ireland, they have had significant losses in Asia/Malaysia and the Sun Bingo has been a disaster. Not like this company at all. However, I keep the faith, and await the next sunrise! But soon please!
Hardboy and any holders -
Ive been holding here for a while but in retrospect should have taken some profits at the £10ish top.
PTEC sell the software that runs the apps for the big UK gambling Co's sports betting offerings eg ladbroke/coral, betfred, paddypower, bet365, skybet. They also have on line casino and gaming software companies across European regulated markets. They have invested heavily in 'omnichannel' and 'single wallet' products for in game betting etc and they do the controversial FOBT machines. The slide presentation for the 17 interims gives an overview.
Teddi Saggi has sold off a large part of his previous large stake to buy Camden Market.
The 'below expectations' profit warning this week has some links to the Sun Bingo contract as well as trouble in the 'unregulated' markets in Asia. It isnt totally clear where profit comes from on the 'unregulated' side but PTEC operate via licences out of the Phillipines but may indirectly have problems in Malaysia and China. http://www.freemalaysiatoday.com/category/nation/2017/10/24/zahid-change-in-laws-needed-to-curb-online-gambling/ startfwww://www.theguardian.com/business/2017/nov/02/playtech-sun-bingo-fobts-profit-warning
''The company attributes the majority of the downgrade to "a recent slowdown in certain parts of Asia" due to recent changing market conditions. While the statement does not specify the cause, we have spoken to the company and understand this largely relates to its Asia business ex-China. Asia is c.40% of Playtech's gaming business, and we estimate China is the majority of this (around 33% of gaming revenue). It says that it had expected that activity would return to normalised levels in a relatively short timeframe, but it is now not expecting any significant improvement in 2017. The company also highlights continued challenges with the Sun Bingo contract, which may amount to ~5m greater losses than our previous estimate of 20m of losses. Although Asian revenue concentration is a known risk, and to some extent reflected in the significant valuation discount (60-70%) to its closest peers, this is clearly a very disappointing update, and the opacity of the situation will heighten investor concerns around the Asian business, particularly in the wake of the selldown of its founder and majority shareholder. We see Playtech as a well positioned business in a structural growth industry and our recent work detailed the sustainability of organic growth in its developed markets (which the statement says remained strong), but this will provide little comfort until greater clarity is achieved. We rate the stock Overweight with a 1400p price target.''
Presumably they will be off to Riga on the capital markets trip!
PTEC also run a Financials division which is growing (includes CFH, tradetech and recently acquired ACM ).
Overall, my impression is that they have strong IP advantages and any in-house software team would struggle to match their products. Also, on-line gaming & gambling (especially the in-match betting) is still growing as mobile phones get to do more fancy things. The fintech products give more diversification.
DYOR etc SG
I agree with your sentiment. Overreaction. Just looking at other shares this morning, Lonmin after a structural review is wondering whether it has enough money to continue in business! The shares have fallen by a mere 20% or so. Playtech come out with this statement and they get a 25% hit. As you say, a good time to add. It is just a question of looking at what silly price the shares may fall to to offer the best opportunity!
It looks as if you were lucky to just be looking, and had not actually taken the plunge. However, potentially today's activity may have made the shares oversold, and worthy of a speculative punt, to take advantage of any recovery.
Your comment re 13 vs 17 Countries; It seems that one web-page has the error, since other places show 17 as per the Annual Report. For example see the following, and scroll down the page a little.
Some of the information you were looking for appears to be included in the Annual Report. Page 88 shows the major shareholding, page 82 addresses TSR (Total shareholder return), and pages 119/120 gives some information of geographic spread of revenues and assets. With respect to currencies, I think that this is related to the Country of operation, with all the data being converted back to Euros for their reporting. It seems that the Company does not enter into currency hedging transactions (see pages 150/151 of the Annual Report)
I agree that the Director's do not seem to hold many shares, and they also do not appear to be granting themselves massive amounts of options. Whilst it would be nice to see them having more of an interest in the Company, I do not see this as a large negative factor.
I also agree that the accuracy of the Calendar and dividend data could be improved, although I would not really conclude that the Company does not pay their Clients much care. This may impact Shareholders but does not really affect Clients, however, since I do not use their services I cannot judge if similar deficiencies exist within the Client facing segments of the website. If they were to be there then that would indeed be slightly worrying.
I've done a bit more research. The low share holdings by directors is one concern. The inadequacy of the website is another - Companies which care about their shareholders keep their website up to date and accurate. The interims say they have operations in 17 countries. The website says 13. As the interims are a couple of months old, do I conclude they have pulled out of 4 countries, or that they can't be bothered to update their website?
The forward Financial Calendar is blank, Companies usually know what month scheduled reports and AGM are given, so there is no excuse for having it blank, and looking at past events, there is no mention of the Interim results, dividend dates, even the AGM. It really is poor.
I like to see break down of the countries where turnover is generated, and what currencies they operate in. Does anyone have a handle on this?
Under dividend information they have not even got the last dividend paid.
They do not seem to have details of major shareholders.
I've no idea what a TSR Chart is (though that may be more to do with my lack of knowledge.)
My research is not helped by iii's fundamentals page where the table is labelled GBP, but the figures are actually . I've e mailed iii to tell them, so let's see how long it takes them to rectify it.
If they pay as much care to their clients as they do their website, then they are not going to last long.
I shouldn't be negative on a company just because of its website inadequacies, but I am getting a feeling of slipshod attitudes.
I've just started having a look at Playtech after an article I read over the weekend (I think it was a Morningstar Article.)
When looking at the gaming sector it is difficult to pick between the service providers, but if you can't work out which miner to buy you buy the company which supplies the picks & shovels, so I like the niche PTEC is in.
One of the concerns I have is that the directors don't seem to have much skin in the game - their holdings of shares is pretty poor, and no doubt most of that was acquired via options etc.
I need to look in a lot more detail yet, but I'd be grateful for any comments from people who have followed this for longer than me.
And after the results and a somewhat cautious outlook from the board, I've decided perhaps these aren't for me. The 6 week experience cost me £80 but think there are better opportunities elsewhere. GLA that still hold...
Not quite sure why this has happened. This is old news, and is a reflection of the Secondary Placement in June. This was the announcement then - see final para - and the % announced today represents the same % then - 6.3%. Perhaps there is the fear that the SP will fall further if Brickington sells out altogether. Certainly when I went ot the AGM recently, the management were very bullish and were looking forward to an SP of £10+. It did reach those heights, and the broker forecast on Stockopedia is over £13, with 11 brokers split on action - 3 buys and 8 strong buys now. very tempted to stock up again, as I did on several earlier dips.
RNS today - 24th July.
Further to the announcement on 26 June 2017 regarding a proposal by Brickington Trading Limited ("Brickington") to sell 32.0 million ordinary shares in Playtech plc ("Playtech" or the "Company"), the Company announces that it has been notified that Brickington has sold 36.5 million ordinary shares at a price of 924 pence per ordinary share (the "Placing").
The Company understands that due to strong investor demand, Brickington agreed with the Bookrunners to increase the size of the Placing to 36.5 million ordinary shares, representing approximately 11.5 per cent. of the issued share capital of the Company. The Placing is expected to settle on a T+2 basis, on 29 June 2017. The Company is not party to the Placing and will not receive any proceeds from the Placing.
Following the Placing, Brickington retains a beneficial interest in approximately 20.1 million ordinary shares, representing approximately 6.3 per cent. of the voting rights of the Company. Brickington has agreed not to dispose of any further Playtech shares for a period of at least 180 days, subject to the consent of UBS Limited ("UBS") as well as customary exceptions.
Bought an initial 800 shares at 954p today. Looking to build a stake in these over the coming months. Looks a decent opportunity to get in ahead of the update at the end of August. GLA that are holding..,
2016 Annual report p88 317M shares in issue as at end Jan 2017
Morgan Stanley (3.80%) 12,070,148
Fidelity (3.63%) 11,505,382
DNB Asset Mgt (3.39%) 10,769,638
Legal & General ( 3.11%) 9,880,740
Vanguard 6.5M according to FT
April RNS T Rowe Price (5%) 15.9M
There have also been CFDs, swaps and convertible bonds listed but all in all only about one third of shares with 'institutional investors' as significant holdings. Unclear who is picking up all these shares apart from Boussard & Gavaudan who listed 5% as CFD.
Still very good insitutional demand, even at this higher price compared with previous sell-offs. 36.5m versus the 32m which was the target sale.
One of the issues I have with the management is that it is difficult to know who are the institutional investors. The FD told me that it is difficult to keep up an accurate list and therefore they dont put the standard list with over 3% shareholding that you find on many company websites and which I find quite helpful.
Yes, not so much of a buying opportunity this time. Difference between 925p and the current 962p makes it more of a hold wiht the expectation of more to come in terms of the SP. Should be back over 1000p again quite soon.
36.5M shares sold @ 924p. Brickington still hold 20.1M shares (6.5%).
Previous placing price was 872.5p (13M) and the one before that 725p (45M).
The SP may drop below the placing price briefly but it has previously rallied to higher levels quite quickly....will watch and see
Playtech, has reached 1000p. They lost 2 principal acquisitions - Plus 500 and Ava Trade Ltd - at the end of 2015 because of regulatory issues but they have come on from there with bolt-on acquisitions and organisational developments within the company. They still have a significant cashpile to go out for more. I attended their AGM recently, met the management and was quietly impressed. They are good, very good, at what they do! From Stockopedia, broker's target price 17% higher than currently, and this company doesnt often disappoint. There have been a couple of major sales by a very large shareholder. The first one frightened me, the second one I saw as a buying opportunity and it has paid off handsomely.
I am also pleased to say another of my favourite holdings, SP hits 500p. I expect it to go on from here, especially because I look forward to Leonoff, the CEO, coming in with another acquisition sooner rather than later. With the organisational changes he made recentlly, he has freed himself up to go looking.
One of few PIs at the AGM yesterday.
Accompanied by positive trading statement.
Very good opportunity to meet the management, and their advisors. Able to have discussions with the Financial Director (former head of investor relations), ,new head of Financials division (former Financial Director for some years) and the current head of investor relations. I have every confidence in this company. On the gaming side, they are without peers. On the Financials side, they have developed a platform with a USP which should enable them to take business from their currently bigger counterparts, Plus 500 and IG Index.
As a company they have shown themselves able to grow organically, and to make selective takeovers and incorporate them seamlessly into their organisation. Much of the credit must go to the CEO, Mor Weizer who I was also able to meet and have a brief discussion. He has built up a formidable company and a team to carry on the job.
When there was the big share sell off by one of the major shareholders, I was nervous and disappointed at te move n the SP. On the second occasion, I correctly regarded it as a temporary blip, I suffered a short term paper loss and took the opportuntiy to add significantly to my holdings and jt has paid off handsomely.. Now the SP is pushing £10 and the Stockopedia broker target is well over £13 so I look forreard to it going higher. I am considering adding to my stake.
Also, the sell off's by the major shareholder means that many more institutional investors are involved and I believe this is good for the private investor.
That news was announced a couple of days ago SG. Pretty decent news in that we now have two recent purchases by ii's, 13M at 872.5 and another 38.7M at 850p. So solid support going forward at those levels.
Brickington (beneficial owner is Teddy Saggi) have sold 13M shares @ 872.5p ''following a direct and unsolicited inbound enquiry to Brickington by Boussard & Gavaudan Investment Management LLP''.
Today B&G - a hedge fund declare 15.9M shares held as CFD and some convertible bonds.
Teddy says he's focusing on London office property but still owns 56.5M shares (17.8%)
Instead of the big bang acquisitions like Plus 500 - which may of course have been opportunistic after the latter's problrms, they seem to be going for a series of bolt on units where theyhave existing relationships. I was disappointed that the price fell so sharply after the placing at 850p, but should have had the confidence to add to my holding when the price fell below 800p. C'est la vie. Now we seem to be back on track towards 1000p - intil the next sell off! (though I see the price target on Stockopedia is £13+). Juicy.
At the current SP, and the size of this acquisition, maybe leave it at a weak buy rather than a strong one? Not a weak share by any means!
Pike, no, the reflection in the share price occurs on ex-divi date, not on the payment date. All companies offering CFD products where hit today following FCA regulatory news. However PTEC have subsequently announced that they will not be affected along with announcing a 6m buyback program.
They have also confirmed in-line expections for results. See today's RNS.
How much do you think Teddy knew about the crackdown of CFDs? This is a 180 degree turn since the WMH bid days as he appears to be reducing his holding as quickly as possible. Are there any more "surprises" waiting?
In March 2014 a previous secondary placing was oversubscribed with Brickington releasing 45M shares at 725. SP had been above 800p and it then trailed down towards 600p over the next 2 months before progressive rise again.
This time round Teddy Saggi/Brickington have waited to get the special divi and are again selling into a recent rise in the SP so the drop may continue until future positive news.
Im never clear about how these things work but institutional demand will push the price back up in the end.
Interestingly, shorts had recently gone up to around 2.5%: http://shorttracker.co.uk/company/IM00B7S9G985/all
Im still holding as PTEC are still the main supplier of software for big gaming/sportbetting names and are diversifying into financial software products as well.
Its worth looking through the slides of the recent investor presentation http://playtech-ir.production.investis.com/~/media/Files/P/Playtech-IR/results-reports-webcasts/2016/playtech-investor-and-analyst-day-nov-2016-v3.pdf
Good luck all
Major shareholder reduces holding with a large placement with institutions at a discount - 850p vs 920pish. Then placement increased because institutions presumbaly very hungry for this very attractive stock. Broker forecast pre all this well in excess of 1000p.
Yesterday we see a fall below 850p, and today another fall to around 810p. Not easy to understand since the insitutions will be expecting to get their money back plus plus.
Ah well, ours is not to understand! Very strong hold or top up for the brave at this discounted price..
As is, the company is quite undervalued http://bit.ly/2a4NtER, the long-term value is way over 1000p, but what may bring down the intrinsic value is the ongoing acquisitive growth strategy, which can result in the company shelling out too much cash for goodwill
"UK regulators have scuppered LSE:PTEC:Playtech's planned acquisition of LSE:PLUS:Plus500. The internet gambling technology firm had agreed to pay 400p a share, or Â£460 million, for the Israeli CFD broker, but it's become clear that steps being ..."
<b>Analysts Recent Ratings Updates for Playtech PLC (PTEC)
Posted by Max Byerly on Sep 24th, 2015</b>
Several brokerages have updated their recommendations and price targets on shares of Playtech PLC (LON: PTEC) in the last few weeks:
9/22/2015 Playtech PLC had its buy rating reaffirmed by analysts at Goodbody Stockbrokers Ltd.
9/21/2015 Playtech PLC had its outperform rating reaffirmed by analysts at BNP Paribas. They now have a GBX 1,240 ($19.25) price target on the stock.
9/21/2015 Playtech PLC had its buy rating reaffirmed by analysts at Canaccord Genuity. They now have a GBX 1,065 ($16.53) price target on the stock.
9/8/2015 Playtech PLC had its buy rating reaffirmed by analysts at Investec.
9/4/2015 Playtech PLC had its buy rating reaffirmed by analysts at Citigroup Inc.. They now have a GBX 1,125 ($17.47) price target on the stock.
8/28/2015 Playtech PLC had its neutral rating reaffirmed by analysts at Credit Suisse. They now have a GBX 800 ($12.42) price target on the stock.
8/27/2015 Playtech PLC had its buy rating reaffirmed by analysts at Shore Capital.
8/25/2015 Playtech PLC had its buy rating reaffirmed by analysts at Deutsche Bank. They now have a GBX 1,040 ($16.15) price target on the stock.
8/24/2015 Playtech PLC had its buy rating reaffirmed by analysts at Nomura.
8/24/2015 Playtech PLC had its buy rating reaffirmed by analysts at Canaccord Genuity. They now have a GBX 1,065 ($16.53) price target on the stock, up previously from GBX 950 ($14.75).
8/11/2015 Playtech PLC had its price target raised by analysts at Nomura from GBX 994 ($15.43) to GBX 1,035 ($16.07). They now have a buy rating on the stock.
8/10/2015 Playtech PLC had its buy rating reaffirmed by analysts at Investec.
8/7/2015 Playtech PLC had its buy rating reaffirmed by analysts at Citigroup Inc.. They now have a GBX 1,125 ($17.47) price target on the stock.
7/31/2015 Playtech PLC had its restricted rating reaffirmed by analysts at Canaccord Genuity.
7/27/2015 Playtech PLC had its buy rating reaffirmed by analysts at Citigroup Inc.. They now have a GBX 1,125 ($17.47) price target on the stock.
Shares of Playtech PLC (LON:PTEC) opened at 848.50 on Thursday. The stocks market cap is GBX 2.74 billion. The companys 50-day moving average price is GBX 875.01 and its 200-day moving average price is GBX 837.98. Playtech PLC has a 52-week low of GBX 585.99 and a 52-week high of GBX 936.00.
Playtech plc, formerly Playtech Limited, is an Isle of Man-based online gaming and sports betting software supplier. The Company, along with its subsidiaries, develops unified software platforms for the online and land-based gambling industry, targeting online and land-based operators. The Company operates six product groupings: Casino, Services, Bingo, Sport, Poker and Videobet. Playtechs gaming applications, such as online casino, poker and other P2P games, bingo, mobile, live gaming, land-based kiosk networks, land-based terminal and fixed-odds games are inter-compatible and can be incorporated as standalone applications, accessed and funded by the operators players through the same user account and managed by the operator by means of a single management interface. Playtech Software Limited, OU Playtech (LON:PTEC), Video B Holding Limited, Techplay S.A. Software Limited are few of companys wholly-owned subsidiaries.
Aug 27 (Reuters) Playtech Plc , the online gaming and betting software provider founded by Israeli billionaire Teddy Sagi, is still hungry for acquisitions even after having spent over $1 billion this year on its foray into forex trading.
Isle of Man-based Playtech has made three acquisition with the aim of carving a niche in currency trading, while the gambling industry consolidates to combat higher taxes and tougher regulation in Britain.
"We definitely intend to continue considering certain additional M&A opportunities going forward, for both gaming and online CFD trading," Chief Executive Mor Weizer told Reuters.
CFD, or contract-for-difference, trading allow a buyer to trade without actually owning the underlying asset.
Playtech earlier this year put skin in the forex trading market, where the sudden removal of a long-held ceiling on the Swiss franc in January has spurred M&A activity.
The company bought a majority stake in TradeFx and then strengthened its hand by then snapping up Plus500 Ltd and Ava Trade.
It funded the first two deals with cash and secured a 200 million euro revolving credit facility at the time of the third. Its has since then secured an additional 40 million euro unsecured facility to fund growth initiatives.
"I think given the size and position of Playtech, we can afford to do larger acquisitions," said Weizer, who has led Playtech for more than eight years.
He declined name possible targets or a price or even when the company would make an acquisition.
Playtech, which has a market value of about 2.9 billion pounds ($4.3 billion), had cash and cash equivalents of 780.3 million euros ($881 million) as of June end.
Betfair Group Plc and Irish rival Paddy Power Plc , both licensees of Playtech, on Wednesday agreed to a 5 billion pound merger, to stake a claim to leadership of Britain's online gambling market. ...
Playtech said the deal would boost its prospects as the 2.3 billion pound wager by its customer Ladbrokes to combine with bookmaker Gala Coral had done. ...
"We definitely see a further opportunity for Playtech to further extend and support companies in the process of their merging," Weizer said.
Ladbrokes, on announcing its merger, bought out partner Playtech from a digital marketing service deal. Playtech, which should benefit from the larger footprint of the merged entity, has taken a 9.7 percent stake in Ladbrokes.
Playtech's stock was down 1.8 percent at 875 pence at 1123 GMT on the London Stock Exchange. Up to Wednesday's close, it has rise 12 percent since its first acquisition in April. ($1 = 0.6460 pounds) ($1 = 0.8856 euros)
(Editing by Anupama Dwivedi and Savio D'Souza) (([email protected]; within UK +44 20 7542 1810, outside UK +91 80 6749 1136; Reuters Messaging: [email protected])
<b>Playtech interim profit jumps 19%
Thu, 27 August 2015</b>
Playtech interim profit jumps 19%
(ShareCast News) - Playtech posted a 19% rise in adjusted first-half net profit as revenues increased amid growth across its businesses.
For the six months ended 30 June, adjusted net profit came in at 115m from 96.8m in the first half of last year, on revenue of 286m, up 33% from 214.4m.
The gaming and trading software group, which is buying contracts-for-difference trading platform Plus500 and Ava Trade, lifted its interim dividend by 8% to 9.6cents.
It said it saw strong, broad-based growth across regions and products from both new and existing business and its strategy of focusing on regulated and soon-to-be regulated markets continues to drive growth.
Chairman Alan Jackson said: "We have completed a series of strategic acquisitions to create and enhance our new Financials division, a high-growth and regulated industry, and our continued operational delivery across all business segments has translated into a strong financial performance across all key metrics, with revenues up by a third in the half year.
"Our Gaming business continues to go from strength to strength with our strategy of focussing on regulated markets driving growth. Our pipeline remains strong, with significant opportunities across all geographies, as customers seek to benefit from our market-leading omni-channel offering and our best-of-breed products in each and every product category."
<b>Shore Capital said: "Overall, this is a solid update with the revenue performance strong and commentary around the Financials division encouraging. We have a 'buy' stance on the stock with fair value approaching £10 per share valuing the Gaming division of long-term revenue annual growth of 8-10% and Financials at cost."</b>
In a separate statement, Playtech announced the appointment of Paul Hewitt as a non-executive director of the company with immediate effect. Hewitt's recent executive responsibilities have included being the deputy group chief executive and chief financial officer of the Co-operative Group from 2003 to 2007 and finance and IT director of the RAC from 1999 to 2003.
<b>BRIEF Playtech H1 revenue rises 33 pct to 286 mln euros
Aug 27 (Reuters) Playtech Plc</b>
H1 revenue rose 33 percent to 286 million eur
Interim results for six months ended 30 june 2015
Revenues eur 286 mln versus eur 214.4 mln +33 pct
Adjusted EBITDA eur 112.9 mln versus eur 97.6 mln +16%
Plus500 and Ava trade acquisitions expected to complete by end of September, subject to regulatory approval
Average daily revenue in gaming division for first 55 days of Q3 2015: - up 15 pct on Q3 2014 which benefitted from impact of 2014 world cup
In first 55 days of Q3 2015, markets limited enjoyed a strong performance with CFD customers up 19 pct against same period in 2014; and first time depositors (FTDS) for CFDS up 12 pct
Performance and momentum provides management with confidence in continued strong growth for remainder of 2015 and beyond
Source text for Eikon: ... Further company coverage: PTEC.L
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