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Dowgate Capital

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This research is for publication only to UK persons who are authorised persons under the Financial Services and Markets Act 2000 and to Professional customers. This research is not for Retail customers.

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    Dowgate Capital “Dowgate” is authorised and regulated by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 146274) and is a member of the London Stock Exchange. Dowgate’s research is for information only purposes and should not be regarded as an offer or solicitation to buy or sell securities or other instruments mentioned in it. The cost of Dowgate’s research on individual companies is paid for by our corporate clients. This research is for publication only to UK persons who are authorised persons under the Financial Services and Markets Act 2000 and to Professional customers. This research is not for Retail customers.

    Some professional investors, who are subject to MiFID II rules, may be unclear about the status of Dowgate Capital’s research, and specifically, whether it can be accepted without a commercial arrangement. The cost of Dowgate’s research is paid for by our corporate clients about whom we write and, as such, falls within the scope of ‘minor non-monetary benefits’, as defined in the Markets in Financial Instruments Directive II.