RE: Sale1 Nov 2020 14:18
Purchaseatthetop
Please can you justify your statement in (1) at 13.10 that "ACF report was paid for by EUA so they are not independent. Take it with a pinch of salt."
The fact that they were paid by EUA does not render them non- independent.
PER PAGE 23 OF THE AFC REPORT DATED 3 FEBRUARY 2020 - CLEARLY DEFINED INDEPENDENT ETHIC
"INDEPENDENCE & DISTRIBUTION
ACF Equity Research Ltd is a provider of issuer-pays research with a clearly defined independent ethic. ACF produces
accurate, clear, focused research aimed at a professional investment audience. ACF has excellent distribution capabilities
and always aims to provide access without restriction to the widest professional audience. ACF offers a range of additional
services to support its clients."
See below extract from their company site from which you will note that they are an INDEPENDENT INVESTMENT RESEARCH organisation to help investors in capital markets.
" Our aim is to improve your company’s liquidity through best in class global equity research and top 10 ranked services, excellent global distribution and access to professional and retail investors. ACF Equity Research was founded to improve capital markets for all by addressing the need for liquidity in the global listed micro, small (AiM) and mid-cap, large cap and private market segments.
ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.
ACF Equity Research is an independent investment research company specialising in the highest specification independent equity research for corporate clients.
We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.
Our independent investment research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.
We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.
Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications. ".