No information set out or referred
to in this research report shall form the basis of any contract. The issue of
this research report shall not be deemed to be any form of binding offer or
commitment on the part of GP Bullhound LLP. This research report is provided
for use by the intended recipient for information purposes only. It is prepared
on the basis that the recipients are sophisticated investors with a high degree
of financial sophistication and knowledge. This research report and any of its
information is not intended for use by private or retail investors in the UK or
any other jurisdiction.
This research report does not
provide personalized advice or recommendations of any kind. You, as the
recipient of this research report, acknowledge and agree that no person has nor
is held out as having any authority to give any statement, warranty, representation,
or undertaking on behalf of GP Bullhound LLP in connection with the contents of
this research report. Although the information contained in this research
report has been prepared in good faith, no representation or warranty, express
or implied, is or will be made and no responsibility or liability is or will be
accepted by GP Bullhound LLP. In
particular, but without prejudice to the
generality of the foregoing, no representation or warranty is given as to the
accuracy, completeness or reasonableness of any projections, targets, estimates
or forecasts contained in this research report or in such other written or oral
information that may be provided by GP Bullhound LLP. The information in this
research report may be subject to change at any time without notice.
GP Bullhound LLP is under no
obligation to provide you with any such updated information. All liability is
expressly excluded to the fullest extent permitted by law. Without prejudice to
the generality of the foregoing, no party shall have any claim for innocent or
negligent misrepresentation based upon any statement in this research report or
any representation made in relation thereto. Liability (if it would otherwise
but for this paragraph have arisen) for death or personal injury caused by the
negligence (as defined in Section 65 of the Consumer Rights Act 2015) of GP
Bullhound LLP, or any of its respective affiliates, agents or employees, is not
hereby excluded nor is damage caused by their fraud or fraudulent
misrepresentation.
This research report should not be
construed in any circumstances as an offer to sell or solicitation of any offer
to buy any security or other financial instrument, nor shall they, or the fact
of the distribution, form the basis of, or be relied upon in connection with,
any contract relating to such action. The information contained in this
research report has no regard for the specific investment objectives, financial
situation or needs of any specific entity and is not a personal recommendation
to anyone. Persons reading this research report should make their own
investment decisions based upon their own financial objectives and financial
resources and, if in any doubt, should seek advice from an investment advisor.
Past performance of securities is
not necessarily a guide to future performance and the value of securities may
fall as well as rise. In particular, investments
in the technology sector may be subject to frequent fluctuations. The
information contained in this research report is based on materials and sources
that are believed to be reliable; however, they have not been independently
verified and are not guaranteed as being accurate. The information contained in
this research report is not intended to be a complete statement or summary of
any securities, markets, reports or developments referred to herein.
This research report may contain
forward-looking statements, which involve risks and uncertainties.
Forward-looking information is provided for illustrative purposes only and is
not intended to serve as, and must not be relied upon as a guarantee, an assurance,
a prediction or a definitive statement of fact or probability. Actual events
and circumstances are difficult or impossible to predict and may differ from
assumptions.
Any and all
opinions expressed are current opinions as of the date appearing on the
documents included in this research report. The information contained in this
research report should not be relied upon as being an independent or impartial
view of the subject matter and for the purposes of the rules and guidance of
the Financial Conduct Authority (“the FCA”) this research report is a marketing
communication and a financial promotion. Accordingly, its contents have not
been prepared in accordance with legal requirements designed to promote the
independence of investment research and it is not subject to any prohibition on
dealing ahead of the dissemination of investment research. The individuals who
prepared the information contained in this research report may be involved in
providing other financial services to the company or companies referenced in
this research report or to other companies who might be said to be competitors
of the company or companies referenced in this research report. As a result,
both GP Bullhound LLP and the individual members, directors, officers and/ or
employees who prepared the information contained in this research report may
have responsibilities that conflict with the interests of the persons who
access this research report.
GP Bullhound LLP and/or connected
persons may, from time to time, have positions in, make a market in and/ or
effect transactions in any investment or related investment mentioned in this
research report and may provide financial services to the issuers of such
investments. The information contained in this research report
or any copy of part thereof should not be accessed by a person in any
jurisdictions where its access may be restricted by law and persons into whose
possession the information in this research report comes should inform
themselves about, and observe, any such restrictions. Access of the information
contained in this research report in any such jurisdictions may constitute a
violation of UK or US securities law, or the law of any such other
jurisdictions. Neither the whole nor any part of the information contained in
this research report may be duplicated in any form or by any means. Neither
should the information contained in this research report, or any part thereof,
be redistributed or disclosed to anyone without the prior consent of GP
Bullhound LLP. GP Bullhound LLP and/or its associated undertakings may from
time-to-time provide investment advice or other services to, or solicit such
business from, any of the companies referred to in the information contained in
this research report.
Accordingly, information may be
available to GP Bullhound LLP that is not reflected in this material and GP
Bullhound LLP may have acted upon or used the information prior to or
immediately following its publication. In addition, GP Bullhound LLP, the members,
directors, officers and/or employees thereof and/or any connected persons may
have an interest in the securities, warrants, futures, options, derivatives or
other financial instrument of any of the companies referred to in this research
report and may from time-to-time add or dispose of such interests. GP Bullhound
LLP is a limited liability partnership registered in England and Wales,
registered number OC352636, and is authorised and regulated by the Financial
Conduct Authority. Any reference to a partner in relation to GP Bullhound LLP
is to a member of GP Bullhound LLP or an employee with equivalent standing and
qualifications. A list of the members of GP Bullhound LLP is available for
inspection at its registered office, 52 Jermyn Street, London SW1Y 6LX.
For US persons: This research
report is distributed to US persons by GP Bullhound Inc. a broker-dealer
registered with the SEC and a member of the FINRA. GP Bullhound Inc. is an
affiliate of GP Bullhound LLP. All investments bear certain material risks that
should be considered in consultation with an investors financial, legal and tax
advisors. GP Bullhound Inc. engages in private placement and mergers and
acquisitions advisory activities with clients and counterparties in the
Technology and CleanTech sectors.
In the last 12 months, GP
Bullhound LLP or an affiliate is
or has been engaged as an advisor to and received compensation from, or has
invested in the following companies mentioned in this report: Avito, Believe, Discord, Duckduckgo,
Facebook, Glovo, Interactive Investor, Jobandtalent, Klarna, Leovegas, MariaDB,
Paypal, Ravenpack, Revolut, Signavio, Slack, Spotify, Tradeshift, Uber, Unity,
Vivino, and Wallapop.