Important Notice – Marketing Communication: This document has been issued by
Seneca Partners Limited who are authorised and regulated by the Financial Conduct
Authority.
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| ONSIDE WINTER 2016
Seneca refers to Seneca Partners Limited, Seneca Investments Limited, Seneca
Investment Managers Limited and Acceleris Capital Limited. It also refers to
associated companies of the brand who do not perform investment business under
the Financial Services and Markets Act 2000. The information in this document
does not constitute advice or a personal recommendation and you should not make
any investment decisions on the basis of it. This document is for the information
of the recipient only and should not be reproduced, copied or made available
to others. This document does not take into account the particular investment
objectives, financial situations or needs of individual clients. You are advised to
contact your investment adviser as to the suitability of each investment, for your
own circumstances and before taking any action. Taxation treatment depends on
the circumstances of each individual and may be subject to change. This document
has been prepared with all reasonable care and is not knowingly misleading in
whole or in part. The information herein has been obtained from sources which we
consider to be reliable but its accuracy and completeness cannot be guaranteed.
Directors, staff and clients may have a position or engage in transactions in any
securities mentioned. No responsibility is taken for any losses, including, without
limitation, any consequential loss, which may be incurred by clients acting upon the
contents of this document. The opinions and conclusions given are those of Seneca
Partners Limited and are subject to change without notice. In addition, it should be
remembered that past performance is not necessarily a guide to future performance
and the value of an investment and any income from it can fall as well as rise in
value, therefore your capital is always at risk and you may not get back the amount
originally invested. Shares in smaller companies tend to be traded less frequently
and in smaller amounts than those of larger companies, this can make the timing of
sales and purchases more difficult. Clients should be aware that companies whose
shares are traded on an unregulated market for example the Alternative Investment
Market (AIM) carry a higher degree of risk than companies whose shares are listed
on a regulated market for example the London Stock Exchange (LSE). Unquoted
shares are by their nature illiquid and may not be sold easily and may not be sold
for value. This document is classified as being “non-independent” Investment
Research and is a marketing communication as defined by the FCA’s Conduct of
Business Rule 12.3. It has not been prepared in accordance with legal requirements
designed to promote the independence of investment research and is not subject
to any prohibition on dealing ahead of the dissemination of investment research.
Seneca Partners Limited and Seneca Investment Managers Limited are Authorised
and Regulated by the Financial Conduct Authority. Acceleris Capital Limited and
Seneca Investments Limited are Appointed Representatives of Seneca Partners
Limited. Seneca Partners Limited’s registered office is at 12 The Parks, Haydock,
WA12 0JQ.