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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Jpmorgan Global Convertibles Income Fund Limited | LSE:JGCI | London | Ordinary Share | GG00B96SW597 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 85.00 | 87.80 | 88.60 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMJGCI
RNS Number : 8578Z
JPMorgan Glbl Con Inc Fnd Ltd
17 March 2017
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN GLOBAL CONVERTIBLES INCOME FUND LIMITED
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS
ED 31 DECEMBER 2016CHAIRMAN'S STATEMENT
Dear Shareholder
In the half year ended 31st December 2016 the total return on the Company's net assets was 4.4% compared with 4.9% for the Company's reference index, the Bloomberg Barclays Global Convertibles Credit Rate Sensitive Index (hedged into Sterling). The total return to shareholders was 7.2%, as the discount of the share price to net asset value ('NAV') narrowed.
Investment Performance
Over the past year to 18 months the portfolio had become increasingly bond like, driven in part by the Manager's positive view on credit but also caution over a number of political and macro risks. This bond-like positioning was positive for the portfolio in 2016 as a whole, but led to the flat performance in the final quarter of 2016. As global growth gained further traction, bringing enhanced prospects for equity markets, the Manager has repositioned the portfolio in recent months away from bond-like convertibles towards more balanced convertibles. These offer a greater exposure to improving equity markets, particularly in the US at a time when US economic growth and reflation expectations have taken hold. The Board believes these improving economic conditions are a positive backdrop for convertibles; an asset class that has typically been highly correlated with equity and credit markets. A more detailed analysis of the performance of the portfolio is set out in the Investment Managers' Report.
Dividends
The Company's objective is to provide investors with an attractive and consistent level of dividend income together with the potential for some modest capital growth in sterling terms over the medium term. During the half year ended 31st December 2016 one quarterly dividend totalling 1.125 pence per share was declared and paid. A second quarterly dividend of 1.125 pence per share was declared on 14th February 2016 and will be paid on 30th March 2017.
In the absence of unforeseen circumstances, the Board will seek to maintain the targeted annual dividend of 4.5 pence per share, resulting in a yield of 4.9% on the share price prevailing at the end of the period. Sterling interest rates remain stubbornly low and, given the uncertainties around Brexit, appear to have little obvious catalyst to rise materially in the next couple of years. As a result, the Board believes that the Company's yield should remain attractive to a wide range of shareholders, particularly when compared to many other income generating vehicles which have a significantly higher risk profile.
Managing the Discount
Whilst an attractive yield and a modicum of steady growth are very important, we acknowledge that an equally important consideration for shareholders is that the share price should remain as stable as possible relative to intrinsic value. Accordingly, the Board is committed to using a buyback programme should the discount widen disproportionately and persistently. In the 6 months to 31st December 2016 the share price fluctuated between a discount to NAV of 4.9% and 11.9%, with the shares trading at a discount of 6.1% at the time of publication. During the period, the Company bought back a small number of shares, providing a modest uplift to NAV.
The Board is highly alert to the current level of discount and, should discount volatility increase or the discount become persistent beyond 5%, the Board has a number of tools available to address the issue including an active share repurchase programme.
Outlook
With the possible exception of the UK, global economic growth is likely to continue to accelerate in 2017, supporting cyclical assets at the expense of more interest rate-sensitive exposures. The Company's global orientation and recent, greater equity sensitivity should ensure that the portfolio is well placed to capture these tailwinds to returns. Similarly, the relatively low levels of fixed income duration inherent in convertibles and the Company's fully hedged exposure back into sterling should ensure that we avoid the worst of the any potential buffeting from global markets. These characteristics should ensure that the Company remains an attractive and relevant investment in shareholders' portfolios.
Simon Miller
Chairman 17th March 2017
INVESTMENT MANAGERS' REPORT
Performance Review
In the six months to the end of December 2016, we took significant steps to reposition the portfolio following the strong performance we have seen since February 2016.
The returns we have generated since then were driven primarily by a significant tightening in credit spreads. Whilst we believe that current economic conditions should remain supportive for credit, we think the credit markets have moved from being attractively valued at the beginning of the year to fairly priced at best by the end of the year. With spreads at historically tight levels, we believe the risks are increasingly skewed to the downside, with the potential for any market shock to lead to a widening of credit spreads.
To guard against this risk, we reduced the Company's exposure to credit-sensitive names that lacked any company-specific catalysts for further credit improvement. Whilst we do not foresee any specific catalyst for the widening of credit spreads we believe that these issuers, which had produced attractive returns over the course of 2016, no longer represented good value.
In contrast, we continue to find value in companies trading at higher yields with opportunities to improve their credit profile. We believe that these companies will be better protected from any general repricing in credit markets, as we expect returns to come from company-specific factors to a greater extent than market-wide shifts in credit prices. We have therefore maintained the yield on the portfolio by increasing our exposure to these companies, even as we took profit on positions that we considered to be more exposed to 'credit beta'.
With credit spreads currently at tight levels and the outlook for duration-sensitive assets uncertain at best, we believe equity markets represent the best source of return in the current market. In line with this conviction, we repositioned the Company over the final quarter of 2016; reducing our exposure to bond-like convertibles and those exposed to real estate, while increasing the allocation to balanced convertibles offering greater exposure to the equity market. This increased the Company's modelled equity sensitivity from 15.5% at the end of June 2016 to 22.6% at the end of December 2016. While this increase in equity sensitivity was significant, these changes take the portfolio's equity sensitivity no higher than we saw in the company's portfolio at launch in June 2013.
Despite this shift from bond-like credit exposed issuers towards more balanced convertibles, the yield on the portfolio stood at 4.5% at the end of 2016. Furthermore, the positions we added to increase our equity market exposure were acquired at prices that ensure a positive yield to maturity; meaning these bonds provide participation in any rise in the equity price of the issuer whilst also making a contribution to the yield generated by the portfolio.
While maintaining the diversification of the portfolio, which we consider to be important as a means of reducing the Company's reliance on a particular source of yield, we have looked to introduce a more cyclical tilt to the Company's positioning, reflecting our view that economic growth is likely to remain strong.
In particular, we reduced the Company's allocation to real estate over the past six months in favour of increased exposure to the industrial, basic material, and energy sectors. Our increased comfort in allocating to the energy sector (which at 7.4% remains relatively low in the context of the overall portfolio) is driven in large part by the actions taken by OPEC to control the supply of oil in order to address the imbalance between supply and demand.
While we believe that the prospect of offsetting production in the US is likely to preclude a significant advance in the oil price, we are confident that OPEC's commitment will help to ensure that the worst is now behind the sector. This has given us increased confidence in exploring attractively priced opportunities to build exposure to companies that are profitable and have the prospect of improving credit characteristics at an oil price in the mid-US$50s.
The Company has utilised moderate gearing on a tactical basis over the past six months. We believe that selective use of this facility enables us to tactically add exposure, particularly in the event of a drawdown in credit markets, since this would provide an opportunity to increase exposure to securities with an attractive hold-to-maturity yield.
Outlook
The Company has entered 2017 with a renewed commitment to provide an attractive income from the convertibles market. We believe that the portfolio's increased allocation to balanced convertibles will help to ensure that its performance in 2017 is further differentiated from non-convertible fixed income.
We consider the movements in the fixed-income markets in the final quarter of 2016 as indicative of a longer-term movement away from a 'lower for longer' interest rate environment. While the result of the US presidential election may have accelerated this repricing, improvements in economic growth and the recovery of inflation expectations were already underway prior to November 2016. Significantly, this gives us confidence that the positive investment environment for risk assets, such as convertibles and equities, is not solely reliant on President Trump enacting market-friendly policies. Indeed, we see an unpredictable President who has spoken at length about turning the US inward as a key risk for 2017.
Continued strength in economic data and expectations for higher inflation suggest an environment that is likely to be positive for equity and high yield credit markets, while introducing downside risks to longer-dated exposures. We see this as a positive backdrop for convertibles, which have typically been highly correlated with equity and credit markets, while their short-dated maturity (the expected life of the portfolio is a little over three years) puts a natural cap on the extent to which they may suffer from higher rates.
Whilst this environment should be supportive of credit, we see little room for further tightening of credit spreads following the strong moves since February 2016, and so we take a cautious view on outlook for this component of return. We see equity markets as the most likely beneficiary in this environment, and have used the opportunity following strong performance in 2016 to position the portfolio accordingly.
The portfolio's holdings are generally short-dated, and the average price of our holdings remains below par value. Combined with an attractive yield of 4.5%, we believe that this ensures the portfolio retains its defensive characteristics in a year where we see significant potential for increased volatility.
Antony Vallee
Natalia Bucci
Robin Dunmall
Investment Managers 17th March 2017
INTERIM MANAGEMENT REPORT-
The Company is required to make the following disclosures in its interim report.
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company fall into the following broad categories: investment and strategy; foreign currency; accounting; corporate governance and shareholder relations; operational and financial. Information on each of these areas is given in the Business Review within the 2016 Annual Report and Accounts.
Related Party Transactions
During the half year to 31st December 2016, no new agreements were entered into with related parties which have materially affected the financial position or the performance of the Company.
Going Concern
The Directors believe, having considered the Company's investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and, more specifically, that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operation existence for at least 12 months from the date of the approval of this half yearly financial report. For these reasons, they consider there is reasonable evidence to adopt the going concern basis in preparing the accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the interim financial report has been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as at 31st December 2016, as required by the UK Listing Authority Disclosure and Transparency Rules 4.2.4R; and
(ii) the interim report includes a fair review of the information required by 4.2.7R (important events that have occurred since inception, their impact on these financial statements and a description of the principal risks facing the Company) and 4.2.8R (related party transactions since inception that have materially affected the financial position or performance of the Company) of the UK Listing Authority Disclosure and Transparency Rules.
In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently; -- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business;
and the Directors confirm that they have done so.
For and on behalf of the Board
Simon Miller
Chairman 17th March 2017
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31ST DECEMBER 2016
(Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st December 31st December 30th June 2016 2016 20151 Revenue Capital Total Revenue Capital Total Revenue Capital Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------------ -------- --------- --------- -------- ---------- --------- -------- ---------- --------- Investments held at fair value through profit and loss: Gains on investments held at fair value through profit or loss - 15,187 15,187 - 857 857 - 19,778 19,778 Income from investments 5,296 - 5,296 5,293 - 5,293 10,791 - 10,791 ------------------ -------- --------- --------- -------- ---------- --------- -------- ---------- --------- Gains/(losses) on financial instruments: Realised losses on close out of futures and options contracts - (231) (231) - (1,389) (1,389) - (761) (761) Unrealised losses on futures and options contracts - - - - (258) (258) - (41) (41) Realised foreign currency losses on foreign currency contracts - (6,091) (6,091) - (6,003) (6,003) - (18,697) (18,697) Unrealised foreign currency losses on foreign currency contracts - (4,000) (4,000) - (4,207) (4,207) - (9,075) (9,075) Realised foreign currency gains/(losses) - 355 355 - 28 28 - (21) (21) Unrealised foreign currency losses - (1,225) (1,225) - (544) (544) - (1,935) (1,935) Other income 18 - 18 34 - 34 59 - 59 ------------------ -------- --------- --------- -------- ---------- --------- -------- ---------- --------- Total income/(loss) 5,314 3,995 9,309 5,327 (11,516) (6,189) 10,850 (10,752) 98 Management fee (471) (254) (725) (529) (285) (814) (1,012) (545) (1,557) Other administrative expenses (222) - (222) (258) - (258) (545) - (545) ------------------ -------- --------- --------- -------- ---------- --------- -------- ---------- --------- Profit/(loss) before finance costs and taxation 4,621 3,741 8,362 4,540 (11,801) (7,261) 9,293 (11,297) (2,004) Finance costs (96) (51) (147) (66) (36) (102) (149) (81) (230) ------------------ -------- --------- --------- -------- ---------- --------- -------- ---------- --------- Profit/(loss) before taxation 4,525 3,690 8,215 4,474 (11,837) (7,363) 9,144 (11,378) (2,234) Taxation (110) - (110) (171) - (171) (369) - (369) ------------------ -------- --------- --------- -------- ---------- --------- -------- ---------- --------- Net profit/(loss) 4,415 3,690 8,105 4,303 (11,837) (7,534) 8,775 (11,378) (2,603) ------------------ -------- --------- --------- -------- ---------- --------- -------- ---------- --------- Earnings/(loss) per share (note 4) 2.26p 1.89p 4.15p 1.96p (5.40)p (3.44)p 4.13p (5.35)p (1.22)p
1 The 31st December 2015 figures have been amended in line with the change in presentation to liquid assets from Non current assets to Cash equivalents.
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31ST DECEMBER 2016
Share Capital Revenue capital reserve reserve Total GBP'000 GBP'000 GBP'000 GBP'000 ------------------------------------- --------- ---------- --------- ---------- Six months ended 31st December 2016 (Unaudited) At 30th June 2016 217,368 (28,794) 64 188,638 Repurchase of shares into Treasury - (104) - (104) Net profit for the period - 3,690 4,415 8,105 Dividends paid in the period - - (4,390) (4,390) ------------------------------------- --------- ---------- --------- ---------- At 31st December 2016 217,368 (25,208) 89 192,249 ------------------------------------- --------- ---------- --------- ---------- Six months ended 31st December 2015 (Unaudited) At 30th June 2015 220,020 1,480 811 222,311 Repurchase of shares into Treasury - (605) - (605) Net (loss)/profit for the period - (11,837) 4,303 (7,534) Dividends paid in the period - - (4,928) (4,928) ------------------------------------- --------- ---------- --------- ---------- At 31st December 2015 220,020 (10,962) 186 209,244 ------------------------------------- --------- ---------- --------- ---------- Year ended 30th June 2016 (Audited) At 30th June 2015 220,020 1,480 811 222,311 Shares bought back and cancelled (1,052) - - (1,052) Repurchase of shares into Treasury - (20,496) - (20,496) Cancellation of shares in Treasury (1,600) 1,600 - - Net (loss)/profit for the year - (11,378) 8,775 (2,603) Dividends paid in the year - - (9,522) (9,522) ------------------------------------- --------- ---------- --------- ---------- At 30th June 2016 217,368 (28,794) 64 188,638 ------------------------------------- --------- ---------- --------- ----------
STATEMENT OF FINANCIAL POSITION
AT 31ST DECEMBER 2016
(Unaudited) (Unaudited) (Audited) 31st December 31st December 30th June 2016 2015 2016 GBP'000 GBP'000 GBP'000 ---------------------------------- -------------- -------------- ---------- Non current assets Investments held at fair value through profit or loss 202,866 216,722 201,127 Current assets Derivative financial assets 130 346 506 Trade and other receivables 1,291 1,105 9,628 Cash and cash equivalents1 8,445 12,811 3,020 Cash held as Broker - 582 169 ---------------------------------- -------------- -------------- ---------- 9,866 14,844 13,323 Current liabilities Derivative financial liabilities (4,130) (4,592) (9,622) Trade and other payables (16,353) (4,161) (1,229) ---------------------------------- -------------- -------------- ---------- Net current (liabilities)/assets (10,617) 6,091 2,472 ---------------------------------- -------------- -------------- ---------- Total assets less current liabilities 192,249 222,813 203,599 Creditors: amounts falling due after more than one year - (13,569) (14,961) ---------------------------------- -------------- -------------- ---------- Net assets 192,249 209,244 188,638 ---------------------------------- -------------- -------------- ---------- Amounts attributable to equity holders Share capital 217,368 220,020 217,368 Capital reserve (25,208) (10,962) (28,794) Revenue reserve 89 186 64 ---------------------------------- -------------- -------------- ---------- Total equity shareholders' funds 192,249 209,244 188,638 ---------------------------------- -------------- -------------- ---------- Net asset value per share (note 5) 98.6p 95.6p 96.6p
1 This line item combines the two lines of 'Investments in liquidity funds held at fair value through profit or loss' and 'Cash and short term deposits' in the financial statements for the period ended 31st December 2015 into one.
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31ST DECEMBER 2016
(Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 31st December 31st December 30th June 2016 20151 2016 GBP'000 GBP'000 GBP'000 ----------------------------------- -------------- -------------- ----------- Operating activities Gain/(loss) before taxation 8,215 (7,363) (2,234) Deduct dividends received (353) (578) (1,229) Deduct investment income - interest (4,943) (4,715) (9,562) Deduct bank interest received (18) (34) (59) Add back interest paid 147 102 230 Deduct gains on investments held at fair value through profit or loss (15,187) (857) (19,778) (Increase)/decrease in unrealised gains on foreign currency contracts (5,075) 10,135 15,003 (Increase)/decrease in unrealised gains on future and option contracts (41) 341 343 Decrease in cash held as collateral by Brokers for futures 169 546 959 Increase in unrealised losses on foreign currency 1,225 544 1,935 Effect of decrease/(increase) in trade and other receivables 3 (2) (5) Effect of (decrease)/increase trade and other payables (36) 22 62 ----------------------------------- -------------- -------------- ----------- Net cash outflow from operating activities before interest, taxation and dividends (15,894) (1,859) (14,335) ----------------------------------- -------------- -------------- ----------- Taxation (110) (171) (369) Interest paid (134) (102) (170) Dividends received 380 590 1,237 Investment income - interest 2,781 3,919 6,797 Bank interest received 18 34 59 ----------------------------------- -------------- -------------- ----------- Net cash (outflow)/inflow from operating activities after interest, taxation and dividends (12,959) 2,411 (6,781) ----------------------------------- -------------- -------------- ----------- Investing Activities Purchases of investments held at fair value through profit or loss (122,761) (136,337) (217,215) Sales of investments held at fair value through profit or loss 145,639 141,340 247,156 ----------------------------------- -------------- -------------- ----------- Net cash inflow from investing activities 22,878 5,003 29,941 ----------------------------------- -------------- -------------- ----------- Financing activities Repurchase of shares into Treasury (104) (605) (20,496) Shares bought back and cancelled - - (1,052) Dividends paid (4,390) (4,928) (9,522) Drawdown of loan - 13,026 13,026 ----------------------------------- -------------- -------------- ----------- Net cash (outflow)/inflow from financing activities (4,494) 7,493 (18,044) ----------------------------------- -------------- -------------- ----------- Increase in cash and cash equivalents 5,425 14,907 5,116 Cash and cash equivalents at the start of the period/year 3,020 (2,096) (2,096) ----------------------------------- -------------- -------------- ----------- Cash and cash equivalents at the end of the period/year 8,445 12,811 3,020 ----------------------------------- -------------- -------------- -----------
1 The 31st December 2015 figures have been amended in line with the change in presentation to liquidity assets from Non current assets to Cash equivalents.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31ST DECEMBER 2016
1. Financial statements
The information contained within the financial statements in this half year report has not been audited or reviewed by the Company's auditors.
2. Accounting policies
The Company's financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS'), which comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'), the International Accounting Standards and Standing Interpretations Committee and interpretations approved by the International Accounting Standards Committee ('IASC') that remain in effect and to the extent that they have been adopted by the European Union ('EU').
The same accounting policies and methods of compensation are followed in these financial statements as compared with the most recent annual financial statements.
Where presentational evidence set out in the Statement of Recommended Practice (the 'SORP') issued by the Association of Investment Companies in November 2014 is consistent with the requirement of IFRS, the financial statements have been prepared on a basis compliant with the recommendation of SORP.
All of the Company's operations are of a continuing nature.
The financial statements have been prepared on a going concern basis.
3. Dividend paid
(Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 31st December 31st December 30th June 2016 2015 2016 GBP'000 GBP'000 GBP'000 ----------------------------- -------------- -------------- ----------- 2016 fourth interim dividend 1.125p (2015: 1.125p) 2,196 2,464 2,464 2017 first interim dividend of 1.125p (2016: 1.125p) 2,194 2,464 2,464 2016 second interim dividend of 1.125p - - 2,355 2016 third interim dividend of 1.125p - - 2,239 ----------------------------- -------------- -------------- ----------- Total dividends paid in the period/year 4,390 4,928 9,522 ----------------------------- -------------- -------------- -----------
A second interim dividend of 1.125p per share, has been declared payable in respect of the six months ended 31st December 2016.
4. Earnings/(loss) per share
(Unaudited) (Unaudited) (Audited) Six months Six months Year ended ended ended 31st December 31st December 30th June 2016 2015 2016 GBP'000 GBP'000 GBP'000 ------------------------- -------------- -------------- ------------ Earnings/(loss) per share is based on the following: Revenue return 4,415 4,303 8,775 Capital return/(loss) 3,690 (11,837) (11,378) ------------------------- -------------- -------------- ------------ Total return/(loss) 8,105 (7,534) (2,603) ------------------------- -------------- -------------- ------------ Weighted average number of shares in issue during the period/year 195,165,095 219,277,482 212,639,947 Revenue return per share 2.26p 1.96p 4.13p Capital return/(loss) per share 1.89p (5.40)p (5.35)p ------------------------- -------------- -------------- ------------ Total return/(loss) per share 4.15p (3.44)p (1.22)p ------------------------- -------------- -------------- ------------
5. Net asset value per share
(Unaudited) (Unaudited) (Audited) 31st December 31st December 30th June 2016 2015 2016 --------------------- -------------- -------------- ------------ Shareholders' funds (GBP'000) 192,249 209,244 188,638 Number of shares in issue 195,072,770 218,983,482 195,187,705 Net asset value per share 98.6p 95.6p 96.6p --------------------- -------------- -------------- ------------
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement
JPMORGAN FUNDS LIMITED
ENDS
A copy of the half year report will be submitted to the National Storage Mechanism and will be available shortly for inspection at www.morningstar.co.uk/uk/NSM
The half year report will also be available shortly on the Company's website at www.jpmconvertiblesincome.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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