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Publications by Global's Research Department are not, nor are they to be construed as, solicitations or recommendations to investors to purchase, sell or hold any of the securities referred to therein. Investors should consult their own broker(s) to determine the suitability of any such securities as they and the trading strategies incorporated into any trading recommendations will not be suitable to all investors.
The contents of any publication issued by Global's Research Department may not be reproduced in whole or in part without the prior written consent of Global Securities Corporation ("Global"). Copyright 2009; All rights reserved.
Global is a member of the Canadian Investor Protection Fund.
Website Disclosure
Dissemination Procedures: Global disseminates research reports in hardcopy and email format. These publications are released as concurrently as is possible, by adding the publication to Global's website, sending it to those Global clients who have requested it, and by distributing it to Global's investment advisors and certain financial media outlets.
Recommendation Rating System: Recommendations in research reports are specified in terms of either a "Buy", "Speculative Buy", "Hold", "Sell" or "Short-Sell". These terms mean
"Buy": Expected to outperform the reference index or industry sector on a total returns basis over the next 6-18 months.
"Speculative buy": The entire investment may be at risk. There is a chance for significant gains over the next 6-18 months, which must be weighted against the risk of total loss of investment in the security. Speculative investments are not suitable for many investors.
"Hold": Total returns are expected to be on par with the reference index or industry sector over the next 6-18 months.
"Sell": Total returns are expected to lag returns from the reference index or industry sector over the next 6-18 months. The rating may also be used to lock in gains when a stock trades at or near our price target.
"Short-sell": The security appears overvalued, and there may be a heightened risk of an abrupt price decline. There is a potential for significant positive returns from short-selling the security.
Global uses the S&P/TSX index as the reference index for Canadian securities and the S&P 500 index for US securities.
Distribution of Research Recommendations to view rating distribution please click link click here.
Recommendation Follow-up: Global will use reasonable efforts to update existing recommendations to take into account an issuer's financial information which may be released by the issuer subsequent to Global publishing a trade recommendation on that issuer's securities. As well, an existing Global recommendation will be updated or revised, if necessary, in cases where an issuer announces material information concerning its business or financial prospects.
Suspension or Discontinuance of Coverage: Global will indicate in the research section on its website if it decides to suspend or discontinue coverage of a particular issuer. The term "coverage" in this context means situations where Global has issued a research report in which a recommendation is made in respect of a specific security.
Trading Recommendation Limitations:The information contained in Global's research publications is drawn from sources believed to be reliable, but the accuracy or completeness is neither warranted nor guaranteed, nor in providing it does Global assume any responsibility or liability therefor. Any recommendations made in respect of particular securities are based on Global's assessment of a possible trading pattern for such securities and may not necessarily be based on a detailed review of the business or affairs of the issuer of those securities. Furthermore, as any such trading recommendations will only be a summary assessment, the information presented may not contain all the information which may be important to investors making their own investment decision in respect of these securities.
Distribution Limitation: Global's research publications are intended for distribution only in those jurisdictions where Global is registered to trade securities.
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