Procensus Limited is authorised and regulated in the UK by the UK Financial Conduct Authority (Firm Reference Number 776222). The content within this website has been approved by Procensus Limited and any content is being issued pursuant to Article 16 (1) of the Financial Services and Markets Act (Financial Promotion Order 2005). Unless otherwise stated, this website is a marketing communication and is aimed only at professional investors and not retail investors as defined by the Regulators. This website is intended to be viewed by clients of Procensus only.

Unless otherwise stated, Partners, as listed on the website, are to portray strategic relationships with Procensus and are not to imply any sort of ownership, control or responsibility on the part of either party. Use of any Partners logo's, branding, trademark or materials is done so with the consent of each of the Partners, shall remain the sole property of their respective owners and use of them does not imply any affiliation, endorsement, guarantee of privacy or accuracy of the content, by them, inclusive of any links provided to the Partners website from Procensus or associated with those websites. Procensus may provide links or pointers to information created and maintained by other public and/or private organizations. When redirecting to another organizations site, they are solely for your information and convenience, but Procensus does not endorse, control nor is responsible for the content, links, privacy policy, or security policy of that website and therefore does not accept any liability for the use of the links and clients of Procensus do so at their own risk.

Information on this Website:

The information on this Website is directed only at, and made available only to, persons who are "eligible counterparties", "professional clients", "institutional investors" and "professional investors" as defined by the FCA, rules or by persons to whom it may otherwise be lawfully distributed in different jurisdictions. This Website should not be accessed by or relied on by any other person. Retail clients through whatever media receive this material should note that the services of Procensus are not available to them and should not rely on the material herein to make an investment decision. The result of such act will not hold Procensus liable for any loss thus incurred as Procensus is not registered/ authorised/ licensed to deal with retail clients and will not enter into any contractual agreement/ arrangement with retail clients for the services provided by Procensus. Nothing contained on this site constitutes investment advice and the information and opinions contained on this site is to be used solely for informational purposes, and should not be regarded as an offer, or a solicitation of an offer to buy or sell a security, financial instrument or service discussed herein. The material included herein has not been reviewed by any of the Regulators and does not represent any official recommendation from the Regulators. Past performance is not a guide to future performance or returns and no representation or warranty, express or implied, is made regarding future performance or returns. Information contained on this site does not constitute, and should not be considered tax or legal advice and users should consult with their independent legal or tax advisors. In exchange for using this website, the user agrees to hold Procensus and all of its affiliates harmless against all claims for damages or otherwise arising from the decisions the user makes based on such information.


Communications with Procensus Limited may be made by telephone +44 (0) 208 050 1979 or in writing to Gannons, 21-22 Jockey's Fields, London, WC1R 4BW.

You acknowledge that the Internet is not a totally reliable and secure medium of communication. Communications may transmit computer viruses and may not be secure or without error when shared across systems. These errors or inaccuracies may occur without the knowledge of the intended recipient or author. Procensus accepts no liability for the security or confidentiality of information transmitted in this way and any such transmission shall be at your risk. Procensus may from time to time send you promotional and other information about its products or services. If you would rather not receive the above information, email Procensus on the contact details above.

Restricted access sections of the Website:

Application to receive access to any "restricted access" pages of the Website may only be made on the terms set out in this Legal Notice. You will not be entitled to use such services unless and until you have accepted this Legal Notice and the Terms of Business and you have thus received from Procensus a personal username and password, your use of this restricted site will be used as your acceptance to the terms within this Legal Notice The information contained on the restricted access sections of this Website is confidential and may not be communicated by you to any other persons.

Procensus undertakes to comply with the data protection principles/Acts of the various jurisdictions in which it operates with respect to its use of information relating to individuals. Except in the proper performance of our duties (including such necessary disclosure to any person to whom we have properly delegated any of our functions, powers, authorities, duties and discretions), neither party hereto shall use or disclose to any person any information relating to the business, assets, finance or other affairs of a confidential nature of the other party and each party shall use its reasonable endeavors to prevent any such disclosure as aforesaid, provided that nothing within this clause shall prevent a party disclosing confidential information where information is provided and or shared between Procensus and its affiliates and where required by any Applicable Laws or by the rules of any regulatory body applicable to the parties from time to time.

Where such content is published on behalf of a Procensus Partner, the content is similarly deemed the regulatory responsibility of that Partner and you are therefore advised that all legal disclaimers and disclosures provided by the Partner are applicable as if the Partner published such content directly themselves. As Procensus distributes content on behalf of many Partners, our disclaimers and disclosures cannot specifically cover each entities obligations. As such, Procensus does not account for, nor comment on, its Partners regulatory status, policies, processes, procedures and/or disclaimers and disclosures within its own and advises Clients to review such via the Partners publically available content (inclusive of website). Furthermore, if you have comments or concerns about any content in which we disseminated on behalf of the Partner, you are advised their contact details (such as legal/compliance) should be provided for on their website.

All Procensus and Partner publications, unless specifically indicated otherwise, shall be deemed the publications of their respective owners and under copyright of the respective owner. Material contained on this site may not, in whole or in part be copied, transmitted or distributed to any other party without the express written permission of Procensus (or the Partner of Procensus where such is published on their behalf) . User names and passwords which may be provided to you are confidential (between Procensus and yourself) and no one other than the intended user is authorized to use such user name or password. You are strongly advised to change your password from time to time. You must contact Procensus immediately if you suspect that your username or password has been disclosed to, or obtained by, a third party or that its integrity is threatened.


The information compiled displayed by Procensus is the property of either Procensus or one of its Partners, or its licensors and may not be used except as authorized by or pursuant to this Legal Notice. Whilst certain software may be made available to you from time to time via the Website, you are licensed to use such software on a non-exclusive basis only for the purposes specified. You are not permitted to use such software for any other purposes and may not redistribute, sell, decompile, reverse engineer, disassemble or otherwise deal with such software.

Procensus and each Partners name, trademarks and logos appearing on this and affiliated websites are, unless indicated otherwise, the trademarks/ copyright of each respective owner. All intellectual property rights in and to the Websites are expressly reserved to each party or (as the case may be) an organization which has licensed the name to reproduce the same and accordingly none of the trade marks may be reproduced by you without the express prior consent of each individual party.

Liability for Loss:

Procensus nor any of affiliates shall be liable for any direct or indirect, incidental or consequential loss or damage (including, but not limited to, loss of profits, revenue or goodwill) arising from the use, inability to use, interruption or non-availability of the Website or any part of the research materials published on the Website or otherwise for any loss of data on transmission, howsoever caused. Whilst the material published on the Website is believed to be reliable and accurate, it is not independently verified. Accordingly, no representation or warranty is made or given by Procensus, its affiliates, its Partners its members, officers, agents or employees as to the accuracy or completeness of the same and no such person shall have liability for any inaccuracy in, or omission from, such materials, save, however, that there shall not be excluded any liability for direct loss, costs or expenses caused by the willful default, negligence or fraud of Procensus or its employees. This is without prejudice to any duty or liability under other applicable regulatory rules.

Procensus shall have no liability or responsibility for any loss or damage incurred or suffered by you in the event of any breakdown, failure or malfunction of any telecommunications or computer services or systems. Neither Procensus, its affiliates, its Partners nor its members, employees, officers or agents accepts any responsibility for the accuracy of any information contained within any sites provided by third parties who at any time have links to or from the Website.

Access to this Website:

Access to the Website is not open to persons resident in, or citizens of any territory or jurisdiction where, to allow such access would require any registration, filing, application for any license or approval or other steps to be taken by Procensus in order to comply with local laws or other regulatory requirements in such territory. It is your responsibility to inform yourself about applicable legal or other regulatory requirements in the territory in which you are resident or of which you are a citizen. You represent and warrant that allowing you access to the Website, and the acceptance of this Legal Notice by you, will not infringe any laws or other regulatory requirements or impose upon Procensus any obligations or duty. If you are in any doubt about your status or compliance with the laws and regulations of any applicable territory, you must seek professional advice.

This Legal Notice, along with your use and access of this site shall be governed by and shall be construed in accordance with the laws of the governing jurisdiction for which the entity with whom you legally contract and Services are provided. You also agree that any process, judgment or other document in relation to any action or proceeding arising out of this Agreement or any transaction between us shall sufficiently be served if delivered to any place of business which you from time to time maintain. You hereby waive any claim that such suit or proceeding brought in the courts has been brought in an inconvenient forum.

If at any time any provision of this Legal Notice (in whole or in part) is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction (including, but not limited to, the relevant rules and regulations of any regulatory authority) neither the legality, validity or enforceability of the remainder of such clause or the remaining clauses of this Legal Notice nor the legality, validity or enforceability of such clause under the law of any other jurisdiction, shall in any way be affected or impaired.

Procensus may vary any of the terms of this Legal Notice at any time by updating the version of the Legal Notice set out on the Website. The variation shall take effect upon the first occasion thereafter upon which any attempt is made by you to access the Website.

This legal notice shall be governed by and construed in accordance with the laws of United Kingdom. This website is designed for the user's own use and by accessing this website you agree to the terms and conditions herein. If you do not agree to be bound by and comply with these terms, do not use this site. © Procensus Limited. All rights reserved. No part may be reproduced or distributed in any manner without the written permission of Procensus. Procensus specifically prohibits redistribution via the Internet or otherwise, and accepts no liability whatsoever for the actions of third parties in this respect.