Warning to Shareholders

Over the last year many companies have become aware that their shareholders have received unsolicited phone calls or correspondence concerning investment matters. These are typically from overseas based 'brokers' who target UK shareholders offering to sell them what often turn out to be worthless or high risk shares in US or UK investments or offers to purchase their shares at inflated prices on the pretext that the company is going to be bid for. Shareholders are typically persuaded to enter into 'performance' contracts, guarantees or bonds, at a cost, to ensure they will proceed. The shares are never purchased and any amounts paid for the 'guarantees' are never recovered. They can be very persistent and extremely persuasive and a 2006 survey by the Financial Services Authority (FSA) has reported that the average amount lost by investors is around £20,000. It is not just the novice investor that has been duped in this way; many of the victims had been successfully investing for several years. Shareholders are advised to be very wary of any unsolicited advice, offers to buy shares at a discount or offers of free reports into the company.

If you receive any unsolicited investment advice:

  • Make sure you get the correct name of the person and organisation.
  • Check that they are properly authorised by the FSA before getting involved. You can check at www.fsa.gov.uk
  • The FSA also maintains on its website a list of unauthorised overseas firms who are targeting, or have targeted, UK investor and any approach from such organizations should be reported to the FSA so that this list can be kept up to date and any other appropriate action can be considered. If you deal with an unauthorised firm, you would not be eligible to receive payment under the Financial Services Compensation Scheme. The FSA can be contacted by completing an online form at www.fsa.gov.uk/pages/doing/regulated/law/alerts/overseas.shtml.
  • Inform our Registrar's Compliance Department on 0870 6003970.

Details of any share dealing facilities that the company endorses will be included in company mailings. More detailed information on this or similar activity can be found on the FSA website www.moneymadeclear.fsa.gov.uk

Without limitation, any and all information contained in these pages does not constitute an offer for sale or an invitation to subscribe for, or the solicitation of an offer to buy or subscribe for shares of the capital of the Company in any jurisdiction where such an offer or solicitation to or by any national, resident or citizen of such countries is unlawful and is not for distribution in or into the United States, Canada, Japan, Australia or South Africa or their respective territories or possessions.

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