Capital Dynamics Asset Management's formal response to the accusations made by Laxey Partners

7/30/2019 Capital Dynamics Asset Management's formal response to the accusations made by Laxey Partners

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2/10

JMS@^MF NPBMD@JZ MZZK^ DMBMEKDKB^ZNB AGN `bnkskbnkbjk v `b~kffèkbjk v `b~keq`~p

=8~g

Hfooq& Sfmym H`qz~ Bm~òbu`nk& =8= Imfmb ^{b GZ Fkk& ;3333 L{mfm F{ds{q& Dmfmpz`m"

^kf bo 9 83:$13531=38& 1=35& 1=37"Kdm`f 9jnmdCjnmd"a`y

Ukaz`~k 9uuu"`jms`~mf"a`y

FMWKP SMQ^BKQZ KW^ @B AFMJL JNMD QKZSOBZK @B QKN

Zo ug`fz~ ~gk H{bn Dmbmekq qkjk`xkn m =:+ `bjqkmzk `b dmbmekdkb~ hkk& ~gk zgmqkoubkqz ~o {zk m ~kqd `b ~gk mbb{mf qksoq~& mj~{mffp foz~ >";+"

^g`z `z ugkqk ~gk H{bn Dmbmekqz mbn Zgmqkgofnkqz `b~kqkz~z n`xkqek" ^gk H{bnDmbmekqz lkp skqhoqdmbjk dkmz{qkdkb~ `z ~gk BMX& {sob ug`jg `~z dmbmekdkb~ hkk`z amzkn& ugkqkmz hoq Zgmqkgofnkqz& `~ `z ~gk zgmqk sq`jk ug`jg gmz z{hhkqkn m u`nkb`ben`zjo{b~"

Mem`b Fmwkp Smq~bkqz gmz n`z~oq~kn mff ~gk hmj~z ap hoj{z`be obfp ob ~gk xkqp zgoq~$~kqd& ~gk`q{bnkb`mafk mqkm oh kwskq~`zk"

Qkemqn`be ~gk h{bn dmbmekdkb~ hkkz& o{q jmfj{fm~òbz mqk jobz`z~kb~ mbn ~qmbzsmqkb~& mbn~gkp mqk sm`n o{~ ob m }{mq~kqfp amz`z& amzkn ob ~gk ake`bb`be BMX" ^gk mbb{mfdmbmekdkb~ hkkz sm`n ~o ~gk h{bn dmbmekq mqk ~gk z{d oh ~gk }{mq~kqfp hkkz" @b zodkpkmqz ~gk dmbmekdkb~ hkk eqou~g jo{fn ak gègkq ~gmb ~gm~ oh BMX mbn x`jk xkqzm" Sfkmzkqkhkq ~o ~gk ~mafk akfou hoq qkhkqkbjk"
mailto:[email protected]:[email protected]:[email protected]://www.icapital.biz/http://www.icapital.biz/http://www.icapital.biz/http://www.icapital.biz/mailto:[email protected]


3/10


=8~g





Zgmqkgofnkqz qkfp ob ~gk Aomqn oh ~gk`q Jodsmbp ~o mnnqkzz ~gk `zz{kz hmj`be ~gkd& ug`jg`b ~gk jmzk oh @JMS mqk& `b o{q x`ku& sqknod`bmb~fp joqsoqm~k eoxkqbmbjk qkfm~kn" Fmwkp gmzzsolkb ~o ~gk Jodsmbp ~o ~mlk mj~òb ob ~gk n`zjo{b~ ~o bo mssmqkb~ khhkj~" Fmwkp gmzkmqf`kq sqosozkn m Qkzof{~òb ~o ak ~mafkn m~ ~g`z MED qk}{kz~`be ~gk Aomqn ~o mnnqkzz ~gkskqz`z~kb~ n`zjo{b~ sqoafkd& a{~ ~g`z umz qkikj~kn ap ~gkd"

@b o{q x`ku& obk oh ~gk dm`b qkmzobz hoq ~gk n`zjo{b~ `b @JMS ~o kw`z~ m~ z{jg mb{bqkmzobmafk fkxkf `z ~gk fmjl oh m nkh`bkn sof`jp ~o nkmf u`~g ~gk skqz`z~kb~ mbn u`nkb`ben`zjo{b~" ^gk efoamf jfozkn kbn h{bn `bn{z~qp gmz oxkq ~gk fmz~ nkjmnk qkmf`zkn ~gm~ mz{az~mb~`mf n`zjo{b~ `z bo~ `b ~gk `b~kqkz~ oh `~z oubkqz ~gk zgmqkgofnkqz" @bj{dakb~ aomqnzefoamffp gmxk mnnqkzzkn ~gk `zz{k ap `bz~èm~`be m zkq`kz oh dkmz{qkz ug`jg gmxkjoffkj~`xkfp qkn{jkn ao~g ~gk mazof{~k n`zjo{b~ mbn n`zjo{b~ xofm~`f`~p"

U`~go{~ m~~kbn`be ~gk MEDz mbn KED& ~gkp qkmjgkn ~gk jobjf{zòb ~gm~ ~gkqk `z m fmjl oh mnkh`bkn sof`jp ~o nkmf u`~g ~gk skqz`z~kb~ mbn u`nkb`be n`zjo{b~" Fmwkp& e`xkb ~gk`q jfm`dknefoamf kwskq~`zk mbn lboufknek& gmz sqosozkn m Qkzof{~òb ~gm~ jmbbo~ ak ~mafkn" UgkbKxkfpb Go Fm` D`be bod`bm~kn Mbnqku Skeek& Fo Lol Lkk mbn Fou Bpms Gkbe mzn`qkj~oqz& ~gk aònm~m oh ~gk ~gqkk skqzobz ukqk bo~ m~~mjgkn" ^gk Aomqn oh `jms`~mf"a`y

Akqgmn gmn ~o qk}{kz~ hoq ~gk`q j{qq`j{f{d x`~mk"

Zgmqk a{pamjlz mqk obk oh ~gk dk~gonz kdsfopkn efoamffp" @b a{p`be amjl zgmqkz jgkmsfp&~gk Jodsmbp jmb kbgmbjk `~z BMX skq zgmqk hoq ~gk akbkh`~ oh mff Zgmqkgofnkqz" @b mnn`~òb& `~zgo{fn e`xk `bxkz~oqz jobh`nkbjk `b ~gk BMX& aooz~ ~gk nkdmbn hoq ~gk zgmqkz oh ~gkJodsmbp mbn {f~`dm~kfp gkfs ~o jfozk ~gk n`zjo{b~" ^gk Jodsmbp gmz jmzg amjl`be oh 00zkb/zgmqk mz m~ :=z~ M{e{z~ 13=1" Mzz{d`be ~g`z `z {bjgmbekn& ob :=z~ Oj~oakq 13=1& u`~g mdmqlk~ sq`jk oh QD1":/zgmqk mbn m BMX oh QD1"08/zgmqk& ~gk bk~ BMX oh ~gk bob jmzgsoq~hofò `z QD="05/zgmqk mem`bz~ m dmqlk~ xmf{m~òb bk~ oh jmzg oh QD=":=/zgmqk& m n`zjo{b~oh ::";+" Mz m xmf{k `bxkz~oq f`lk @JMS& ugm~ jo{fn ak m ak~~kq `bxkz~dkb~ ~gmb a{p`be po{qoub soq~hofò m~ z{jg m nkks n`zjo{b~? Uk akf`kxk ~gk Aomqn zgo{fn {zk mb mfqkmnp mxm`fmafkdk~gon ~o dmlk m z~mq~ ob ~mjlf`be ~gk skqz`z~kb~ mbn fmqek n`zjo{b~" Kxkb Umqqkb A{hhk~~&~gk xmf{k `bxkz~oq qofk donkf }{o~kn ap ~gk H{bn Dmbmekq& mnxojm~kz a{p`be amjl Akqlzg`qk

Gm~gmumpz oub zgmqkz `h ~gkp mqk jgkms kbo{eg" ô }{o~k hqod Umqqkb A{hhk~~ 13==Zgmqkgofnkq fk~~kq M~ o{q f`d`~ sq`jk oh ==3+ oh aool xmf{k& qks{qjgmzkz jfkmqfp `bjqkmzkAkqlzg`qkz skqzgmqk `b~q`bz`j xmf{k" Mbn ~gk doqk mbn ~gk jgkmskq uk a{p& ~gk eqkm~kq ~gkem`b hoq job~`b{`be zgmqkgofnkqz Mqk uk bo~ jgkms kbo{eg pk~?

@h Fmwkp Smq~bkqz gmn nobk ~gk`q godkuoql& ~gkp uo{fn gmxk lboub ~gm~ ~gk `zz{k oh zgmqka{pamjl mbn o~gkq `nkmz f`lk n`x`nkbn smpdkb~ ukqk xkqp kw~kbz`xkfp n`zj{zzkn mbnqkikj~kn ap ~gk zgmqkoubkqz" ^gk H{bn Dmbmekq gmn mfqkmnp zgoub ugp m zgmqk a{pamjlzjgkdk hoq m jfozkn$kbn h{bn `b ~gk Dmfmpz`mb job~kw~ uo{fn bo~ uoql" Uk uobnkq `h FmwkpSmq~bkqz gmn m~~kbnkn ~gk MEDz oh `jms`~mf"a`y Akqgmn"

@h zgmqk a{pamjl `z ~gk dme`j hoqd{fm& ugp `z `~ ~gm~ mh~kq ~gk J`~p oh Fobnob mbn Fmwkp

ao{eg~ =>+ oh @JMS zgmqkz& @JMSz n`zjo{b~ akjmdk u`nkq mbn u`nkq? Uk uobnkq gouf`d`~kn zgmqk a{pamjl jmb uoql" Oq n`n ~gk n`zjo{b~ akjodk u`nkq mbn u`nkq akjm{zk oh~gk`q a{p`be?


4/10


=8~g





@bnkskbnkbjk o h ~ gk Aomqn ( Joqsoqm ~k Eoxkqbmbjk @zz{kz9

^gk Jgm`qdmb& ^{bl{ ^mb Zq` Nm~o Zq` Mgdmn a`b ^{bl{ Pmgpm& `z bob `bnkskbnkb~akjm{zk oh g`z `bn`qkj~ zgmqkgofn`be `b Jms`~mf Npbmd`jz Mzzk~ Dmbmekdkb~ Z/A& ~gk H{bnDmbmekq oh ~gk Jodsmbp" Hqod =071 ~o =00:& gk umz Eqo{s JKO oh ~gk Z`dk Nmqap AgnEqo{s mbn {b~`f 1335& umz `~z Nks{~p Jgm`qdmb" Mb @bnkskbnkb~ N`qkj~oq& Dq" Nmx`n FooLkmb Akbe& z~mq~kn g`z jmqkkq u`~g Z`dk Nmqap Akqgmn `b =075 mbn fkh~ `b =005 mz ZkbòqFkemf Mnx`zkq" Mbo~gkq @BKN& ^{bl{ Man{f My`y a`b ^{bl{ @aqmg`d& umz m~ obk ~`dk& eqo{sn`qkj~oq oh Z`dk Nmqap F~n& ~gk kwmj~ skqòn hoq ug`jg gmz bo~ akkb zskj`h`kn"

Hoq ^{bl{ ^mb Zq` Nm~o Zq` Mgdmn a`b ^{bl{ Pmgmpm& ~gkp gmxk jobxkb`kb~fp fkh~ o{~ jq`~`jmf`bhoqdm~òb f`lk gk umz m N`qkj~oq oh Ambl Bkemqm Dmfmpz`m hqod =088 ~o =00; mbn ~gkJgm`qdmb oh ~gk Jkb~qmf Amblz M{n`~ Jodd`~~kk hqod =070 ~o =00;"

Hoq ^{bl{ Man{f My`y a`b ^{bl{ @aqmg`d ~gkp gmxk jobxkb`kb~fp fkh~ o{~ jq`~`jmf `bhoqdm~òbf`lk ~gk hmj~ ~gm~ gk ho{bnkn ~gk Dmfmpz`mb Jgms~kq oh ^qmbzsmqkbjp @b~kqbm~òbmf& ~gk efoamfjomf`~òb mem`bz~ joqq{s~òb mbn `b Hkaq{mqp 1338& ^{bl{ Man{f My`y A`b ^{bl{ @aqmg`d umzmsso`b~kn mz Zskj`mf Mnx`zkq ~o ~gk Zkjqk~mqp Ekbkqmf oh ~gk [b`~kn Bm~òbz mbn sòbkkqkn~gk kz~maf`zgdkb~ oh ~gk [B K~g`jz Ohh`jk"

Kxkfpb Go Fm` D`be& ~gk z`befk skqzob ugo bod`bm~kn Fou Bpms Gkbe& Fo Lol Lkk& mbnMbnqku Skeek& mfzo uoqlz mz m noj~oq `b m Z`dk Nmqap gozs`~mf" ^gkqkhoqk& `z Kxkfpb Go Fm`D`be qkfm~kn ~o ~gk j{qqkb~ Aomqn?

^{bl{ ^mb Zq` Nm~o Zq` Mgdmn a`b ^{bl{ Pmgmpm gmz mfumpz akkb ob ~gk Aomqn oh`jms`~mf"a`y Akqgmn" D`jgmkf Uobe& mbo~gkq hoqdkq n`qkj~oq oh Z`dk Nmqap& umz mfzo ob ~gkAomqn" M~ ~gm~ ~`dk ~gkqk ukqk obfp > Aomqn n`qkj~oqz" Hqod 133; ~o Oj~oakq 1337&`jms`~mf"a`y Akqgmn umz ~qmn`be m~ m skqz`z~kb~ sqkd`{d"

^gk sqkzkb~ jodsoz`~òb oh N`qkj~oqz uo{fn dkk~ ~gk qk}{`qkdkb~z oh ~gk A{qzm f`z~`be q{fkz&a{~ `b ~kqdz oh joqsoqm~k eoxkqbmbjk& `z `~ `nkmf? Zgo{fn o{q Aomqn ak h`ffkn ap m eqo{s ohN`qkj~oqz u`~g smz~ ~`kz ~o kmjg o~gkq?

Z`bjk `jms`~mf"a`y Akqgmn umz f`z~kn `b Oj~oakq 133;& `~ gmz bo~ ao{eg~ m z`befk zgmqk ohZ`dk Nmqap" @bz~kmn oh jfm`d`be eoon joqsoqm~k eoxkqbmbjk& mj~òbz zskml fo{nkq ~gmbuoqnz m~ Jms`~mf Npbmd`jz"

Ob =z~ Boxkdakq& ~gk Jodsmbp mbbo{bjkn ~gk ; mnn`~òbmf bod`bkkz hoq kfkj~òb mzN`qkj~oqz oh ~gk Jodsmbp m~ ~gk hoq~gjod`be MED"

Nq" P`b ^g`be Sgkk uoqlz m~ Z`dk Nmqap Dkn`jmf Jkb~qk Z{ambe Impm" Nm~o ^mb Mbe Dkbe `z ~gk kwJKO oh ~gk Hqmzkq mbn Bkmxk Gofn`bez Akqgmn 'H(B)" Mz oh

=1~g

Zks~kdakq 13=1& @JMS gofnz QD>=d uoq~g oh H(B& dml`be `~ ~gk >~g fmqekz~ soz`~òb `b`~z soq~hofò" Fou Bpms Gkbe `z =33+ `bnkskbnkb~ oh ~gk Jodsmbp mbn ~gk Z`dk Nmqap bk~uoql" Fo Lol Lkk `z =33+ `bnkskbnkb~ oh ~gk Jodsmbp mbn ~gk Z`dk Nmqap bk~uoql" Dq" Skeek `z =33+ `bnkskbnkb~ oh ~gk Jodsmbp mbn ~gk Z`dk Nmqap bk~uoql" Gk `z ~gkjoho{bnkq mbn m N`qkj~oq oh Fmwkp" ^gk`q sqoh`fkz mqk m~ ~gk kbn oh ~gk fk~~kq"


5/10


=8~g





H`qz~& Mbnqku Skeek& Fo Lol Lkk mbn Fou Bpms Gkbe gmxk mff akkb bod`bm~kn ap obkzmdk skqzob& ~gm~ `z& Kxkfpb Go Fm` D`be& ugo gofnz obfp ;3&333 zgmqkz"

Zkjobnfp& Mbnqku Skeek mbn Fo Lol Lkk gmxk akkb uoql`be ~oek~gkq `b ~gk smz~" Hoq`bz~mbjk& Mbnqku Skeek mbn Fo Lol Lkk ukqk bod`bm~kn mz n`qkj~oqz ~o [b`~kn

@b~kqbm~òbmf Zkj{q`~`kz F`d`~kn" Mbnqku Skeek umz msso`b~kn mz n`qkj~oq oh MdmbmgD`ffkb`m Akqgmn& `b ug`jg Fmwkp Smq~bkqz gkfn =;" >+ mbn Fo Lol Lkk gkfn =&>33&333zgmqkz oh Mdmbmg D`ffkb`m qkzskj~`xkfp"H{q~gkqdoqk& Fo Lol Lkk mbn Fou Bpms Gkbe ukqk kw$n`qkj~oqz oh ~gk MDJO [b`~knGofn`bez F~n& hoqdkqfp lboub mz E{oi`b Qkzo{qjkz mbn Imjl`b @b~kqbm~òbmf"

@b mnn`~òb& Kxkfpb Go& Fo Lol Lkk mbn Fou Bpms Gkbe mff m~~kbnkn Dk~gon`z~ Aopz Zjgoof"

Mbnqku Skeek gmz akkb bod`bm~kn mz Bob$@bnkskbnkb~ Bob$Kwkj{~`xk N`qkj~oq oh`jms`~mf"a`y Akqgmn" Fo Lol Lkk mbn Fou Bpms Gkbe ukqk ao~g bod`bm~kn mz @bnkskbnkb~BobKwkj{~`xk N`qkj~oq" Goukxkq& ~gk : oh ~gkd mqk mzzoj`m~kn u`~g kmjg o~gkq mbn mqkbod`bm~kn ap ~gk zmdk skqzob mbn gmxk akkb uoql`be ~oek~gkq `b ~gk smz~" Gou

`bnkskbnkb~ mqk Fo Lol Lkk mbn Fou Bpms Gkbe ?

Dox`be Hoqu mqn 9

Uk akf`kxk ~gm~ m Aomqn oh N`qkj~oqz zgo{fn aq`be hoqumqn sqosozmfz ~o kf`d`bm~k oqz{az~mb~`mffp bmqqou ~gk n`zjo{b~ ~gm~ ~gk zgmqkz oh ~gk Jodsmbp ~qmnk m~ qkfm~`xk ~o ~gk`qBMX" ^g`z `z m eqou`be sqoafkd hoq o{q Jodsmbp"

^gk Jodsmbp jo{fn& mz m d`b`d{d& jobz`nkq `dsfkdkb~`be m zgmqk a{pamjl zjgkdk `bmjjoqnmbjk u`~g ~gk sqox`zòbz oh Zkj~òb 85M oh ~gk Jodsmb`kz Mj~& =08; oh Dmfmpz`m& `boqnkq ~o e`xk `bxkz~oqz jobh`nkbjk mbn ~o aooz~ ~gk nkdmbn hoq ~gk zgmqkz oh ~gk Jodsmbp"Uk akf`kxk ~gm~ ~gk Aomqn zgo{fn jobj{qqkb~fp kbemek mnx`zoqz ~o qkzkmqjg o~gkq dk~gonz ~oskqdmbkb~fp qkdoxk ~gk z{az~mb~`mf n`zjo{b~ m~ ug`jg ~gk zgmqkz ~qmnk"

Uk gmxk foz~ o{q jobh`nkbjk `b ~gk ma`f`~p mbn jodd`~dkb~ oh ~gk Aomqn ~o mnnqkzz z{jg mb`dsoq~mb~ `zz{k"

Ugm~ Zgmqkgofnkqz n`nb~ ek~ m jgmbjk ~o mssqoxk umz m zjgkdk ~gm~ jo{fn mnnqkzz ~gkn`zjo{b~ `zz{k" ^g`z jo{fn ak po{q obfp jgmbjk ~o jgoozk ak~ukkb ~gk z~m~{z }{o mbn mjob~`b{kn n`zjo{b~ oq m jgmbek mbn ~gk zkmqjg hoq m zof{~òb ~o mnnqkzz ~gk n`zjo{b~"


6/10


=8~g





Jobjf{zòb9

Uk mqk fobe ~kqd `bxkz~oqz zkkl`be ~o qkz~oqk zgmqkgofnkq xmf{k mbn gmxk akkb `bxkz~`be`b ~gk fojmf dmqlk~ z`bjk 1331"

@h Fmwkp Smq~bkqz nokz bo~ umb~ ~o f`}{`nm~k ~gk H{bn& nokz ~g`z dkmb ~gm~ ~gkp umb~ ~odmbmek `jms`~mf"a`y Akqgmn mbn ek~ mff ~gk H{bn Dmbmekdkb~ hkkz? @h Mbnqku Skeek `z ~gkH{bn Dmbmekq oh `jms`~mf"a`y Akqgmn& Fmwkp Smq~bkqz ~qmjl qkjoqn mz zgoub ap ~gk`q ^kqqmJm~mfpz~ mbn Xmf{k Jm~mfpz~ H{bnz `z jkq~m`bfp uoqqp`be" Nokz ~g`z ~gkb mffou {z ~o foe`jmffpjobjf{nk ~gm~ gk u`ff f`}{`nm~k ~gk H{bn mbn ek~ mff ~gk jmzg hoq g`z o~gkq H{bnz? Gou uo{fn~g`z ekf u`~g ~gk`q jfm`d oh ak`be m fobe$~kqd `bxkz~oq?

Uk mqk m z~qobe akf`kxkq `b ~gk `dsoq~mbjk oh gèg mbn sqoskq z~mbnmqnz oh joqsoqm~keoxkqbmbjk"

Fk~ ~gk hmj~z zskml hoq ~gkdzkfxkz"

\=T" ^gk ambl`be qke{fm~oq hqod Zu`~ykqfmbn jobn{j~kn jq`d`bmf mnd`b`z~qm~`xk `bxkz~èm~òbmem`bz~ Fmwkp `b 1337 mbn gmn ~o smp qksmqm~òb oh = d`ffòb Zu`zz hqmbjz"\1T" Fmwkp gmz kbemekn `b kds~p xo~`be oxkq dmbp pkmqz" Kds~p xo~`be `z m sqmj~`jk ~gm~ `zjob~qmqp ~o ~gk amz`j sq`bj`sfkz oh fmu mbn mffouz m skqzob ~o ma{zk m jodsmbpz xo~`beqèg~z" Kds~p xo~`be `z ~gk sqmj~`zk oh mj}{`q`be xo~`be qèg~z u`~go{~ oub`be ~gk zgmqkz&dm`bfp ~gqo{eg z~ojl aoqqou`be& ug`jg qkz{f~z `b ~gk ~q{k oubkqzg`s ak`be g`nnkb"\:T" ^gk Zkj{q`~`kz mbn Kwjgmbek Jodd`zzòb 'ZKJ) oh ~gk [Z ho{bn ~gm~ Fmwkp gmnxòfm~kn mb ZKJ q{fk"\>T" Mbnqku Skeekz uoqnz mqk `bjobz`z~kb~ u`~g g`z mj~òbz" @b g`z d{f~`sfk$pkmq am~~fkmem`bz~ ZEW$f`z~kn [b`~kn @b~kqbm~òbmf Zkj{q`~`kz F~n '[@Z)& ug`jg `z lboub ~o ak smq~ oh ~gk[OA z~mafk& gk mnd`~~kn `b M{e{z~ 13== ~gm~ g`z so`b~ `b am~~f`be Ukk Jgo Pmu `z ~o lkks~g`z nkam~k eo`be" @z gk dmbme`be g`z jf`kb~z h{bnz oq `z gk dmbme`be nkam~kz mbn g`zskqzobmf keoz?

Uk akf`kxk ~gk jgmbekz `b ~gk Aomqn uo{fn ak `b ~gk akz~ `b~kqkz~z oh mff zgmqkgofnkqz" ^gk n`zjo{b~ ~gm~ ~gk zgmqkz oh ~gk Jodsmbp ~qmnk m~ qkfm~`xk ~o ~gk`q BMX z`dsfp qkhfkj~z~gk ukml `bxkz~oq zkb~`dkb~ `b ~gk Jodsmbp"

^gk n`zjo{b~ `z n{k ~o : hmj~oqz9

Obk& ~gk BMX oh @JMS gmz z{qekn& ~gmblz ~o ~gk sm~`kbjk mbn n`zj`sf`bk oh ~gk H{bnDmbmekq `b dmbme`be ~gk H{bn amzkn ob m fobe$~kqd fobe xmf{k `bxkz~`be z~pfk"

^gkqk mqk ~uo hmj~oqz& ug`jg mqk ~kdsoqmqp `b bm~{qk"

ûo& `z `~ ~gk ukml zkb~`dkb~ `b ~gk H{bn? Oq `z ~gk zkb~`dkb~ ekbkqmffp xkqp ukml mff oxkq~gk uoqfn? ^gk Z~qm`~z ^`dkz @bn{z~q`mf `bnkw& ~gk Zgmbegm` Jodsoz`~k `bnkw& ~gk GmbeZkbe @bnkw mbn ~gk MZW133 mqk hoq kwmdsfk mff ~qmn`be ump akfou ~gk`q 1335 skmlz" Zo& mqk~gkzk ukml `bn`jkz qkhfkj~`be ~gk ukml `bxkz~oq zkb~`dkb~ `b Z`bemsoqk& Jg`bm& Gobe Lobembn M{z~qmf`m& ug`jg gmxk akkb ~gk doz~ xàqmb~ kjobod`kz efoamffp oq mqk `bxkz~oqzekbkqmffp i{z~ jobjkqbkn oxkq ~gk efoamf kjobodp?


7/10


=8~g






8/10


=8~g





^gqkk& ~gk sof`~`jmf zjkbk `b Dmfmpz`m z`bjk ~gk z{qsq`z`be 1337 kfkj~òb qkz{f~z gmz akkb{bzk~~f`be" Dmbp kxkb~z gmxk ~mlkb sfmjk ~gm~ gmxk bo~ job~qà{~kn ~o a{`fn`be `bxkz~oqjobh`nkbjk"

O{q Aomqn zgo{fn qkzkmqjg ~gk dkmbz ~o skqdmbkb~fp qkdoxk ~gk n`zjo{b~ ~o BMX ug`jgo{q zgmqkz ~qmnk m~& mbn aq`be hoqumqn sqosozmfz ~o kbmj~ ~gozk qkjoddkbnm~òb hoq~gu`~g"

@~ uo{fn jkq~m`bfp ak doz~ `b~kqkz~`be ~o zkkl hqod Fmwkp Smq~bkqz ~gk`q `nkmz ~oskqdmbkb~fp qkdoxk ~gk n`zjo{b~ ~o BMX u`~go{~ ~o~mffp f`}{`nm~`be `jms`~mf"a`y Akqgmn"

Uk akf`kxk ~gm~ ap `b~qon{j`be bku N`qkj~oqz& ~gk n`zsmq`~p ak~ukkb ~gk j{qqkb~ zgmqk sq`jkmbn BMX u`ff ak mnnqkzzkn ~o ~gk akbkh`~ oh mff"

Ug`fk Mbnqku Skeek& Fmwkp Smq~bkqz mbn mzzoj`m~kz eo mqo{bn m~~mjl`be o~gkq jodsmb`kzmbn H{bnz& ~gk`q oub H{bnz kwskq`kbjk ~gk zmdk `zz{k& kwjks~ ~o m uoqzk kw~kb~" Fool m~Fmwkpz oub ~qmjl qkjoqn"

^kqqm Jm~mfpz~ H{bn Skqhoqdmbjk Z`bjk @bjks~òb

Sq`jk $;:"=>+BMX $17"17+

H^ZK Akbjgdmql $0"11+


9/10


10/10


=8~g





akbkh`~ hqod xmf{k `bxkz~`be" @bxkz~`be `b po{q H{bn mffouz ~gk soukqoh jodso{bn`be ~o uoql hoq po{" @h uk z{jjkkn `b mjg`kx`be ~g`z& ukuo{fn gmxk mfzo zgoub ~gm~ zkqò{z fobe$~kqd `bxkz~`be `b A{qzmZkj{q`~`kz jmb ohhkq z{skqòq qk~{qbz"

Uk gmxk mfumpz mj~kn u`~g ~gk {bnkqz~mbn`be ~gm~ o{q `bxkz~oqz ~q{z~ {z u`~g ~gk`q gmqn$kmqbkn dobkp" Uk xkqp d{jg xmf{k ~g`z ~q{z~& ~g{z uk gmxk s{~ `b o{q akz~ khhoq~z mbn gmxk

dmnk dmbp zmjq`h`jkz ~o sqo~kj~ ~gk`q `b~kqkz~z" @~ zmnnkbz {z nkksfp ~gm~ zodk uo{fn ~g`bl

o~gkqu`zk"

^gkqk mqk dmbp `bz~mbjkz oh gou uk gmxk zjq`dskn mbn zmxkn ob kwskbzkz akjm{zk uk

umb~& mz d{jg mz sozzàfk& hoq doz~ oh o{q zgmqkoubkqz `bxkz~kn dob`kz ~o eo h{ffp `b~o

~gk`q `bxkz~dkb~z& mbn bo~ `b~o ~gk joz~z `bj{qqkn hqod dmbme`be ~gk H{bn" ^gkqk gmxk akkb

kwskbzkz oh oxkq QD:33&333 ob dmqlk~`be mbn sqodo~òb kxkb~z fkmn`be {s ~o ~gk 133;

@SO oh ~gk H{bn< goukxkq& uk gmxk bo~ jgmqekn mbp oh ~gkzk kwskbzkz ~o ~gk H{bn& kxkb

~go{eg uk jo{fn gmxk nobk zo fkemffp mbn ~gkzk kwskbzkz ukqk aoqbk n`qkj~fp ap Jms`~mf

Npbmd`jz& ~gk H{bn Dmbmekq" Uk gmxk akkb nkksfp jodd`~~kn ~o sqo~kj~`be o{q

zgmqkoubkqz `b~kqkz~& ~o ~gk kw~kb~ ~gm~ ~gk H{bn Dmbmekq n`n bo~ jgmqek ~gk QD ="7 d`ffòb

~gm~ uk jo{fn fkemffp jgmqek hoq ~gk sfmjkdkb~ hkkz oh ~gk H{bn `b 133;" ^g`z `z ~gk qkmzob

ugp {sob `bjks~òb& o{q BMX umz `ddkn`m~kfp {s ap 1+ mh~kq o{q @SO" Obk oh o{q fm~k

`bxkz~oqz zm`n ~g`z oh {z ~gm~ uk mqk =+ hkkz& mbn 00+ `b~keq`~p"

Hqod ~gk ake`bb`be& mff oh o{q mbb{mf qksoq~z mbn @SO sqozskj~{z mqk sq`b~kn `b afmjl mbn

ug`~k" Ugp? Po{ dmp mzl" ^gk sq`b~`be oh z{jg bkjkzzmqp dm~kq`mf joz~ dobkp& mbn uk mqk

jobzjò{z oh ~gk kwskbzkz ~gm~ mqk `bj{qqkn& kxkb ~go{eg ~gkzk joz~ zmx`bez no bo~ akbkh`~

~gk H{bn Dmbmekq m~ mff& mz mff oh ~gkzk kwskbzkz uo{fn jodk hqod ~gk H{bn" ^gk kwskbzkz

`bj{qqkn hoq h{fh`ff`be ~gk xkqamf sqod`zk dmnk `b ~gk 1330 KED gmxk ~o~mffkn doqk ~gmbQD="3 d`ffòb mbn bo~ m jkb~ `z jfm`dkn hqod ~gk H{bn" ^gkzk mqk a{~ m hku oh ~gk dmbp

zmjq`h`jkz ~gm~ uk gmxk dmnk zofkfp hoq ~gk akbkh`~ oh o{q zgmqkoubkqz"

Mz dkb~òbkn& `~ sm`bz {z ~gm~ bo~ obfp no o{q khhoq~z eo {bmssqkj`m~kn& zodk skosfk

}{kz~òb o{q `b~keq`~p mbn k~g`jz" Uk gmxk mfumpz mj~kn `b o{q zgmqkoubkqz akz~ `b~kqkz~z&

mbn bo~ obfp no uk mj~ `b ~gk`q `b~kqkz~z& uk eo ~gk kw~qm d`fk ~o kbz{qk ~gm~ ~gkp ek~ ~gk

akz~" @~ `z ~gqo{eg gmqn uoql& zmjq`h`jkz& mbn `b~keq`~p ~gm~ uk gmxk kmqbkn o{q `bxkz~oqz

~q{z~& a{`fn {s `jms`~mf"a`y Akqgmn mbn uk no bo~ ~mlk ~g`z qkzsobzà`f`~p fèg~fp"

^q{z~uoq~g`bkzz mbn `b~keq`~p mqk `b o{q NBM"

^MB ^KBE AOO

JMS@^MF NPBMD@JZ MZZK^ DMBMEKDKB^ ZNB AGN

5 BOXKDAKQ 13=1

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Capital Dynamics Asset Management's formal response to the accusations made by Laxey Partners