
Researches By Industrials
The US automobile sector is saturated with well-established players such as Ford (F), Honda (HMC), and Chevrolet (GM). However, amidst the competition, one company distinguishes itself – Tesla Motors (TSLA). Tesla, led by CEO Elon Musk, gained prominence in 2012 with the launch of its flagship vehicle, the Model S.
Topic: Industrials , Technology , FATANG
Publication Type: Articles , ETP and Industry
Tesla's China Strategy Impacts Stock Prices
14 December, 2023 | GraniteShares
The US automobile sector is saturated with well-established players such as Ford (F), Honda (HMC), and Chevrolet (GM). However, amidst the competition, one company distinguishes itself – Tesla Motors (TSLA). Tesla, led by CEO Elon Musk, gained prominence in 2012 with the launch of its flagship vehicle, the Model S.
The development of autonomous driving is being fueled by Tesla's Artificial Intelligence (AI) and autonomy technologies. Tesla intends to revolutionise transportation by enabling vehicles to drive without human intervention with its Autopilot systemand ongoing development of Full Self-Driving (FSD) services. While FSD aims for complete autonomy, the Autopilot system uses a combination of sensors, cameras, and AI algorithms to assist with driving responsibilities. The data gathered from the car's sensors is processed by Tesla's AI technology, which enables the car to perceive its surroundings and make judgements based on actual driving scenarios.
Topic: Industrials , Technology , FATANG
Publication Type: ETP and Industry , Single stock research
Tesla's Autonomy & AI Tech with Stock ETPs
12 July, 2023 | GraniteShares
The development of autonomous driving is being fueled by Tesla's Artificial Intelligence (AI) and autonomy technologies. Tesla intends to revolutionise transportation by enabling vehicles to drive without human intervention with its Autopilot systemand ongoing development of Full Self-Driving (FSD) services. While FSD aims for complete autonomy, the Autopilot system uses a combination of sensors, cameras, and AI algorithms to assist with driving responsibilities. The data gathered from the car's sensors is processed by Tesla's AI technology, which enables the car to perceive its surroundings and make judgements based on actual driving scenarios.
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT ROLLS ROYCE DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20230331
Topic: Industrials
Publication Type: Regulatory News
3SRR - NOTICE OF AMENDMENT OF MRA 20230331
31 March, 2023 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT ROLLS ROYCE DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20230331
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT UBER DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20230331
Topic: Industrials
Publication Type: Regulatory News
3SUB - NOTICE OF AMENDMENT OF MRA 20230331
31 March, 2023 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT UBER DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20230331
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG NIO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20230331
Topic: Industrials
Publication Type: Regulatory News
3LNI - NOTICE OF AMENDMENT OF MRA 20230331
31 March, 2023 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG NIO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20230331
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT AMD DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20230331
Topic: Industrials
Publication Type: Regulatory News
3SAM - NOTICE OF AMENDMENT OF MRA 20230331
31 March, 2023 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT AMD DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20230331
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT NVIDIA DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF CONDOLIDATION OF SECURITIES 20230331
Topic: Industrials , Technology
Publication Type: Regulatory News
3SNV - NOTICE OF AMENDMENT OF MRA 20230331
31 March, 2023 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT NVIDIA DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF CONDOLIDATION OF SECURITIES 20230331
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT RIO TINTO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF CONDOLIDATION OF SECURITIES 20230116
Topic: Industrials
Publication Type: Regulatory News
3SRI - 1st security holder notice of consolidation
16 March, 2023 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT RIO TINTO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF CONDOLIDATION OF SECURITIES 20230116
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT GLECNORE DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF CONDOLIDATION OF SECURITIES 20230316
Topic: Industrials
Publication Type: Regulatory News
3SGL - 1st security holder notice of consolidation
16 March, 2023 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT GLECNORE DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF CONDOLIDATION OF SECURITIES 20230316
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT MICROSTRATEGY DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT
Topic: Telecoms , Financials , Basic Materials , Energy , Industrials , Technology
Publication Type: Regulatory News
3SMI - NOTICE OF AMENDMENT OF MRA 20221109
09 November, 2022 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT MICROSTRATEGY DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG FACEBOOK DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT
Topic: Telecoms , Industrials , Technology
Publication Type: Regulatory News
3LFB - NOTICE OF AMENDMENT OF MRA 20221109
09 November, 2022 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG FACEBOOK DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG VOLKWAGEN DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT
Topic: Energy , Industrials
Publication Type: Regulatory News
3LVW - NOTICE OF AMENDMENT OF MRA 20221109
09 November, 2022 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG VOLKWAGEN DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG NIO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT
Topic: Energy , Industrials , Technology
Publication Type: Regulatory News
3LNI - NOTICE OF AMENDMENT OF MRA 20221109
09 November, 2022 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG NIO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT MODERNA DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT( 12 August 2022)
Topic: Industrials
Publication Type: Regulatory News
3SMO - NOTICE OF AMENDMENT OF MRA 20220819
15 August, 2022 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT MODERNA DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT( 12 August 2022)
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT TESLA DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT (12 August 2022)
Topic: Industrials
Publication Type: Regulatory News
3STS - NOTICE OF AMENDMENT OF MRA 20220815
15 August, 2022 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT TESLA DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT (12 August 2022)
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG ALIBABA DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT (12 August 2022 )
Topic: Industrials , Technology
Publication Type: Regulatory News
3LAA - NOTICE OF AMENDMENT OF MRA 20220815
15 August, 2022 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG ALIBABA DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT (12 August 2022 )
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT NIO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT (12 August 2022)
Topic: Industrials
Publication Type: Regulatory News
3SNI - NOTICE OF AMENDMENT OF MRA 20220815
15 August, 2022 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT NIO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT (12 August 2022)
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG UBER DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20220518
Topic: Industrials
Publication Type: Regulatory News
3LUB - NOTICE OF AMENDMENT OF MRA 20220519
19 May, 2022 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG UBER DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20220518
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG NIO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20220519
Topic: Industrials
Publication Type: Regulatory News
3LNI - NOTICE OF AMENDMENT OF MRA 20220519
19 May, 2022 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG NIO DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20220519
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT BAE SYSTEMS DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20220519
Topic: Industrials
3SBA - NOTICE OF AMENDMENT OF MRA 20220519
19 May, 2022 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X SHORT BAE SYSTEMS DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20220519
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG ROLLS-ROYCE DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20220518
Topic: Industrials
Publication Type: Regulatory News
3LRR - NOTICE OF AMENDMENT OF MRA 20220518
18 May, 2022 | GraniteShares
GRANITESHARES FINANCIAL PLC (the “Issuer”) GRANITESHARES 3X LONG ROLLS-ROYCE DAILY ETP SECURITIES (the “ETP Securities”) NOTICE OF AMENDMENT OF MINIMUM REDEMPTION AMOUNT 20220518
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
Topic: Industrials
Publication Type: Regulatory News
3LMO - NOTICE OF AMENDMENT OF MRA 20220310
10 March, 2022 | GraniteShares
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
Topic: Industrials
Publication Type: Regulatory News
3LNF - NOTICE OF AMENDMENT OF MRA 20220310
10 March, 2022 | GraniteShares
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
Topic: Industrials
Publication Type: Regulatory News
3LNI - NOTICE OF AMENDMENT OF MRA 20220310
10 March, 2022 | GraniteShares
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
Topic: Industrials
Publication Type: Regulatory News
3LPA - NOTICE OF AMENDMENT OF MRA 20220310
10 March, 2022 | GraniteShares
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser
Topic: Industrials
Publication Type: Regulatory News
3LPP - NOTICE OF AMENDMENT OF MRA 20220310
10 March, 2022 | GraniteShares
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
Topic: Industrials
Publication Type: Regulatory News
3LSQ - NOTICE OF AMENDMENT OF MRA 20220310
10 March, 2022 | GraniteShares
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
Topic: Industrials
Publication Type: Regulatory News
3STS - NOTICE OF AMENDMENT OF MRA 20201120
20 November, 2020 | GraniteShares
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
Topic: Industrials
Publication Type: Regulatory News
3SUB - NOTICE OF AMENDMENT OF MRA 20201120
20 November, 2020 | GraniteShares
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
As a result of the sharp rise in the share price of Rolls-Royce Holdings Plc on 9th and 10th November 2020, the Value per ETP Security for the GraniteShares 3x Short Rolls-Royce Daily ETP (3SRR) fell below 200% of the Minimum Redemption Amount on two consecutive Scheduled Valuation Days. In application of Condition 8 (d) (vii)[1] such an occurrence has resulted in an Early Redemption Event, notice of which has been given to Securityholders by GraniteShares Financial Plc (the “Issuer”) through an RNS announcement.
Topic: Industrials
Publication Type: Articles
Early Termination of 3SRR ETP Due to Rolls-Royce Volatility
12 November, 2020 | GraniteShares
As a result of the sharp rise in the share price of Rolls-Royce Holdings Plc on 9th and 10th November 2020, the Value per ETP Security for the GraniteShares 3x Short Rolls-Royce Daily ETP (3SRR) fell below 200% of the Minimum Redemption Amount on two consecutive Scheduled Valuation Days. In application of Condition 8 (d) (vii)[1] such an occurrence has resulted in an Early Redemption Event, notice of which has been given to Securityholders by GraniteShares Financial Plc (the “Issuer”) through an RNS announcement.
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
Topic: Industrials
Publication Type: Regulatory News
3LBP NOTICE OF AMENDMENT OF MRA 04112020
11 November, 2020 | GraniteShares
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
Topic: Industrials
Publication Type: Regulatory News
3SRD NOTICE OF AMENDMENT OF MRA 04112020
11 November, 2020 | GraniteShares
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
GraniteShares 3x Short Rolls-Royce Daily ETP is a collateralised, Exchange-Traded Product (ETP).
The ETP tracks, excluding fees and other adjustments, the performance of the Solactive Daily Leveraged 3x Short Rolls-Royce Holdings plc Index that seeks to provide -3 times the daily performance of Rolls-Royce Holdings plc shares (the Index).
In order to prevent the security from finishing worthless during a given trading day, the index has a stop loss mechanism that is activated when the underlying security moves by more than 16.67%.
On 9 November, the Rolls-Royce share price moved significantly, up by 100% during the day at one point, which resulted in the stop loss mechanism being triggered three times during the course of the day.
Topic: Industrials
Publication Type: Articles
Important Information – 3SRR
11 November, 2020 | GraniteShares
GraniteShares 3x Short Rolls-Royce Daily ETP is a collateralised, Exchange-Traded Product (ETP).
The ETP tracks, excluding fees and other adjustments, the performance of the Solactive Daily Leveraged 3x Short Rolls-Royce Holdings plc Index that seeks to provide -3 times the daily performance of Rolls-Royce Holdings plc shares (the Index).
In order to prevent the security from finishing worthless during a given trading day, the index has a stop loss mechanism that is activated when the underlying security moves by more than 16.67%.
On 9 November, the Rolls-Royce share price moved significantly, up by 100% during the day at one point, which resulted in the stop loss mechanism being triggered three times during the course of the day.
The Value per ETP for the GraniteShares 3x Short Rolls-Royce Daily ETP has been less than 200% of the Minimum Redemption Amount on two consecutive Scheduled Valuation Days.
Topic: Industrials
Publication Type: Articles
3SRR – Early Redemption Event
10 November, 2020 | GraniteShares
The Value per ETP for the GraniteShares 3x Short Rolls-Royce Daily ETP has been less than 200% of the Minimum Redemption Amount on two consecutive Scheduled Valuation Days.
As part of its recapitalisation, Rolls-Royce is preparing to raise cash through a rights issue. Subject to shareholder approval at the General Meeting on 27 October 2020, Rolls-Royce’s shares will start trading ex-rights on 28 October 2020 (the ex-date).
Topic: Industrials
Publication Type: Articles
Rolls-Royce ETP values
30 October, 2020 | GraniteShares
As part of its recapitalisation, Rolls-Royce is preparing to raise cash through a rights issue. Subject to shareholder approval at the General Meeting on 27 October 2020, Rolls-Royce’s shares will start trading ex-rights on 28 October 2020 (the ex-date).
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.
Topic: Industrials
Publication Type: Regulatory News
3SRR - NOTICE OF AMENDMENT OF MRA 20201030
30 October, 2020 | GraniteShares
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about what action you should take, you are recommended to consult your independent financial adviser.