Wrap Text
Announcement of Offer Price
QUILTER PLC
(previously, Old Mutual Wealth Management Limited)
Incorporated under the Companies Act 1985 with registered number 06404270
and re-registered as a public limited company under the Companies Act 2006)
ISIN CODE: GB00BDCXV269
JSE SHARE CODE: QLT
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA,
CANADA, JAPAN OR AUSTRALIA OR ANY OTHER JURISDICTION WHERE TO DO SO
MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF
SUCH JURISDICTION
This announcement is an advertisement and not a prospectus and investors should not
purchase or subscribe for the ordinary shares of £0.07 each in the capital of Quilter plc
referred to in this announcement (the “Ordinary Shares”) except on the basis of information
in the prospectus dated 20 April 2018 (the “Prospectus”), the supplementary prospectus
dated 30 April 2018 (the “Q1 Results Supplement”), the supplementary prospectus dated
11 June 2018 (the “Price Range Supplement”) and the pricing statement dated 25 June
2018 (the “Pricing Statement”) published by Quilter plc in connection with the proposed
offer and admission of its Ordinary Shares to the premium listing segment of the Official List
of the Financial Conduct Authority and to trading on the London Stock Exchange plc’s main
market for listed securities and the main board of the JSE Limited (“Admission”). Copies of
the Prospectus, the Q1 Results Supplement, the Price Range Supplement and the Pricing
Statement are available on the Company’s website at https://www.quilter.com/investor-
relations/, and from the Company’s registered office: Millennium Bridge House, 2 Lambeth
Hill, London EC4V 4AJ.
25 June 2018
QUILTER PLC
Announcement of Offer Price
Quilter plc (the “Company” or “Quilter”) today announces the successful pricing of its initial
public offering (the “Offer”) at 145 pence per Ordinary Share (the “Offer Price”). Based on
the Offer Price, the market capitalisation of the Company at Admission will be approximately
£2,758 million.
Paul Feeney, Chief Executive Officer of Quilter, said:
“Today is an important milestone in the history of our business and I am immensely proud of
what we have achieved. We are delighted to be in a position to list as a standalone business
and are excited by the opportunities ahead of us.
“We are making good progress towards our vision of becoming the UK’s leading wealth
management business. Our proven multi-channel business model is delivering value for our
customers, advisers and shareholders. Having established leading positions across one of the
largest wealth management markets in the world, and it is a structural growth market, I
believe we have great momentum to build on our success and a bright future ahead.”
Offer Highlights
• The Offer Price has been set at 145 pence per Ordinary Share. For investors purchasing
Ordinary Shares in South Africa, the Offer Price has been converted into South African
rand at today’s WM/Reuters 5:00 a.m. (London) FX fixing rates, resulting in an Offer
Price for investors in South Africa of 25.88 South African rand per Ordinary Share.
• Admission to the premium listing segment of the Official List and to trading on the
main market for listed securities of the London Stock Exchange and the
commencement of unconditional dealings on the London Stock Exchange under the
ticker symbol “QLT” is expected to take place at 8:00 a.m. (London) today.
• Admission to and commencement of unconditional dealings on the main board of the
JSE Limited under the abbreviated name “Quilter”, Alpha code “QLT” is expected to
take place at 9:00 a.m. (South Africa) today.
• The Offer comprises 165,010,507 existing Ordinary Shares (the “Offer Shares”) (prior
to the exercise of the Over-allotment Option, as defined below) to be sold by Old
Mutual plc (the “Selling Shareholder”), representing 8.7% of the 1,902,251,098
Ordinary Shares that will be in issue at Admission.
• As stabilising managers on behalf of the syndicate, Merrill Lynch International and
Merrill Lynch South Africa Proprietary Limited have been granted an over-allotment
option by the Selling Shareholder, exercisable by no later than thirty days from today,
over up to 16,501,050 existing Ordinary Shares in aggregate, representing 10% of the
Offer Shares (the “Over-allotment Option”). If the Over-allotment Option is
exercised in full, a further 16,501,050 existing Ordinary Shares will be sold by the
Selling Shareholder.
• In addition, conditional on Admission, the Selling Shareholder will sell 1,002,064
existing Ordinary Shares to certain non-executive directors of the Selling Shareholder
and the non-executive directors of the Company, pursuant to the NED Share Purchase
Agreement and the SID Share Purchase Agreement (as defined in the Prospectus and
the Price Range Supplement).
• The Selling Shareholder has also distributed 1,647,349,451 existing Ordinary Shares,
representing 86.6% of the Company’s issued share capital on Admission, to holders of
ordinary shares in the capital of the Selling Shareholder, pursuant to the first scheme
of arrangement of the Selling Shareholder under Part 26 of the Companies Act 2006
(as described in the circular published by the Selling Shareholder dated 20 April 2018).
• Immediately following Admission, assuming no exercise of the Over-allotment Option,
the Selling Shareholder will therefore own 16,501,050 Ordinary Shares (representing
0.9% of the Company’s issued share capital on Admission). If the Over-allotment
Option is exercised in full, the Selling Shareholder will have no remaining interest in
Ordinary Shares.
• Immediately following Admission, the Directors, the Prospective Director (whose
appointment will take effect from Admission, currently expected to occur at 8:00 a.m.
(London) today), the Senior Managers and the persons connected with them (as such
terms are defined in the Prospectus and the Price Range Supplement) will own
approximately 0.53% of the Ordinary Shares.
• Immediately following Admission, the Directors, the Prospective Director and the
Senior Managers will have the following direct and indirect interests in Ordinary Shares
(all of which are beneficial or are interests of a person connected with a Director,
Prospective Director or Senior Manager) (as such terms are defined in the Prospectus
and the Price Range Supplement):
Number of Ordinary
Shares in which
he/she will be Percentage of issued
interested Ordinary Share capital
immediately following immediately following
Name Admission (1) Admission (1)
Non-Executive Directors/
Prospective Director (2)
Glyn Jones ....................... 537,872 0.028%
Rosie Harris...................... 17,241 0.001%
Moira Kilcoyne .................. 34,482 0.002%
Jon Little .......................... 20,689 0.001%
George Reid ..................... 20,689 0.001%
Cathy Turner .................... 68,965 0.004%
Ruth Markland (2)............... 20,689 0.001%
Executive Directors
Paul Feeney ..................... 1,420,617 0.075%
Tim Tookey ...................... 2,314,531 0.122%
Senior Managers
Mark Satchel .................... 807,448 0.042%
Martin Baines ................... 1,141,361 0.060%
Steven Braudo .................. 732,853 0.039%
Matt Burton ...................... 238,381 0.013%
Paul Hucknall.................... 614,877 0.032%
Steven Levin .................... 643,822 0.034%
Paul Simpson.................... 627,083 0.033%
Andy Thompson ............... 636,830 0.033%
Iain Wright ....................... 248,852 0.013%
(1) Excludes any long-term incentive plan awards and awards of restricted share units under the new Quilter
Performance Share Plan to be made on or shortly following Admission.
(2) As announced by the Company on 11 June 2018, the appointment of the Prospective Director, Ruth Markland,
will take effect from Admission, currently expected to occur at 8:00 a.m. (London) today, 25 June 2018.
• In so far as it is known to the Company as at the date of this announcement, the
following persons will, on Admission, be directly or indirectly interested (within the
meaning of the Companies Act 2006) in 3% or more of the Company’s issued Ordinary
Share capital:
Number of Ordinary Percentage of issued
Name Shares Ordinary Share capital
Public Investment
Corporation of the
Republic of South Africa .... 178,530,827 9.4%
Coronation Asset
Management (Pty) Limited. 100,659,452 5.3%
BlackRock Inc. .................. 99,224,618 5.2%
Norges Bank..................... 57,317,584 3.0%
Enquiries:
Quilter I nvestor Relations
John-Paul Crutchley +44 20 7002 7016
Joint Global Coordinators and Joint B ook runners
BofA Merrill Lynch +44 20 7628 1000
Tim Waddell
James Fleming
Tony White
Fraser Allan
Goldman Sachs International +44 20 7774 1000
John Rafter
Richard Cormack
James Lucas
James A Kelly
JP Morgan Cazenove +44 20 7742 4000
Conor Hillery
Edward Squire
Barry Meyers
Anna Franekova
Joint Bookrunner
BNP PARIBAS +44 20 7595 2078
Guy Marks
Ray Barrett
Lead M anager
Avior Capital Markets +27 21 440 5983
Kevin Mattison
JSE Sponsor
Merrill Lynch South Africa +27 11 305 5555
Justin Bothner
Thembeka Mgoduso
M edia enquiries
Quilter +44 20 7 778 9550
Vee Montebello
Camarco +44 20 3757 4985
Geoffrey Pelham-Lane
Aprio (South Africa) +27 11 880 0037
Julian Gwillim
About Quilter
Quilter is a leading wealth management business in the UK and internationally, helping to
create prosperity for the generations of today and tomorrow.
On a ‘go forward basis’, Quilter oversees £ 111.6 billion in customer investments (as at 31
March 2018).
It has an adviser and customer offering spanning: financial advice; investment platforms;
multi-asset investment solutions; and discretionary fund management.
The business is comprised of two segments: Wealth Platforms and Advice and Wealth
Management.
Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International,
including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance
business.
Advice and Wealth Management encompasses the financial planning network, Intrinsic;
Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter
Cheviot; and Old Mutual Wealth’s multi-asset investment solutions business.
The Quilter businesses will be re-branded to Quilter over a period of approximately two years
following separation from Old Mutual:
• Intrinsic to Quilter Financial Planning
• Private Client Advisers to Quilter Private Client Advisers
• The Multi-Asset business to Quilter Investors
• The UK Platform to Quilter Wealth Solutions
• The International business to Quilter International
• The Heritage life assurance business to Quilter Life Assurance
• Quilter Cheviot will retain its name.
On 19 December 2017, Old Mutual Wealth announced that it has agreed to sell its Single
Strategy asset management business to the Single Strategy Management team and funds
managed by TA Associates. The proposed transaction is subject to customary closing
conditions, although all required regulatory approvals have now been received. Satisfaction of
the remaining conditions precedent and the completion of the transaction is progressing in
line with plans.
DISCLAIMERS
The contents of this announcement, which have been prepared by and are the sole responsibility of
Quilter plc (the “Company”), have been approved by J.P. Morgan Securities plc for the purposes of
section 21(2)(b) of the Financial Services and Markets Act 2000, as amended (“FSMA”).
The information contained in this announcement is for background purposes only and does not purport
to be full or complete. No reliance may be placed by any person for any purpose on the information
contained in this announcement or its accuracy, fairness or completeness.
This announcement is not for publication or distribution, directly or indirectly, in or into the United
States. The distribution of this announcement may be restricted by law in certain jurisdictions and
persons into whose possession any document, or other information referred to herein, comes should
inform themselves about and observe any such restriction. Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such jurisdiction.
This announcement is not an offer to sell, or a solicitation of an offer to purchase, securities in the
United States, Australia, Canada or Japan or in any other jurisdiction in which such offer or solicitation
is unlawful. The securities to which this announcement relates have not been and will not be registered
under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States
except pursuant to an exemption from, or in a transaction not subject to, the registration requirements
of the Securities Act. Subject to certain exceptions, the securities referred to herein may not be offered
or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or
citizen of Australia, Canada or Japan. There will be no public offering of the securities in the United
States, Australia, Canada, Japan or elsewhere.
This announcement does not constitute or form a part of any offer or solicitation or advertisement to
purchase and/or subscribe for Securities in South Africa, including an offer to the public for the sale of,
or subscription for, or the solicitation or advertisement of an offer to buy and/or subscribe for, shares
as defined in the South African Companies Act, No. 71 of 2008 (as amended) or otherwise (the “Act”)
and will not be distributed to any person in South Africa in any manner that could be construed as an
offer to the public in terms of the Act. This announcement does not constitute a prospectus registered
and/or issued in terms of the Act. Nothing in this announcement should be viewed, or construed, as
“advice”, as that term is used in the South African Financial Markets Act, No. 19 of 2012, as amended,
and/or Financial Advisory and Intermediary Services Act, No. 37 of 2002, as amended.
This announcement is distributed in any member state of the European Economic Area which applies
Directive 2003/71/EC (such Directive, together with any amendments thereto including Directive
2010/73/EU, the “Prospectus Directive”) only to those persons who are qualified investors for the
purposes of the Prospectus Directive in such member state, and such other persons as these materials
may be addressed to on legal grounds, and no person that is not a relevant person or qualified investor
may act or rely on this document or any of its contents.
Any purchase of the ordinary shares of £0.07 each in the capital of the Company (the “Shares”) in
respect of the Company’s initial public offering (the “Global Offer”) should be made solely on the basis
of the information contained in the prospectus published by the Company on 20 April 2018 (the
“Prospectus”), the supplementary prospectus published by the Company on 30 April 2018 (the “Q1
Results Supplement”), the supplementary prospectus published by the Company on 11 June 2018
(the “Price Range Supplement”) and the pricing statement published by the Company on 25 June
2018 (the “Pricing Statement”) and in any other prospectus supplements to be issued by the
Company in connection with the Global Offer. The date of Admission may be influenced by things such
as market conditions. There is no guarantee that Admission will occur and you should not base your
financial decisions on Quilter plc’s intentions in relation to Admission at this stage. Acquiring
investments to which this announcement relates may expose an investor to a significant risk of losing
all of the amount invested. Persons considering making such investments should consult an authorised
person specialising in advising on such investments. This announcement does not constitute a
recommendation concerning the Shares. The value of shares can decrease as well as increase.
Potential investors should consult a professional advisor as to the suitability of the Shares for the person
concerned.
This announcement may include statements that are, or may be deemed to be, “forward-looking
statements”. These forward-looking statements may be identified by the use of forward-looking
terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”,
“intends”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions.
Forward-looking statements may and often do differ materially from actual results. Any forward-looking
statements reflect the Company’s current view with respect to future events and are subject to risks
relating to future events and other risks, uncertainties and assumptions relating to the Company and
its group’s business, results of operations, financial position, liquidity, prospects, growth or strategies.
Forward-looking statements speak only as of the date they are made. Each of the Banks (as defined
below) and their respective affiliates expressly disclaims any obligation or undertaking to update, review
or revise any forward looking statement contained in this announcement whether as a result of new
information, future developments or otherwise.
Each of Merrill Lynch International, Goldman Sachs International, J.P. Morgan Securities plc (which
conducts its UK investment banking activities under the marketing name J.P. Morgan Cazenove)
(together, the “Joint Global Coordinators”), is authorised by the Prudential Regulation Authority and
regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation
Authority. BNP PARIBAS (and together with the Joint Global Coordinators, the “Joint Bookrunners”)
is lead supervised by the European Central Bank (“ECB”) and the Autorité de Contrôle Prudentiel et de
Résolution (“ACPR”). BNP Paribas London Branch is authorised by the ECB, the ACPR and the PRA and
subject to limited regulation by the FCA and PRA. Avior Capital Markets (Pty) Limited (the “Lead
Manager” and together with the Joint Bookrunners, the “Underwriters”) is authorised by the
Johannesburg Stock Exchange in South Africa. Merrill Lynch South Africa Proprietary Limited (“Merrill
Lynch SA”) is regulated by the Johannesburg Stock Exchange, the South African Reserve Bank and
the Financial Services Board of South Africa. Each of the Underwriters and Merrill Lynch SA (together,
the “Banks”) is acting exclusively for the Company and no one else in connection with Admission and
the Global Offer. None of the Banks will regard any other person (whether or not a recipient of this
announcement) as a client in relation to the Global Offer and will not be responsible to anyone other
than the Company for providing the protections afforded to their respective clients or for the giving of
advice in relation to the Global Offer, the contents of this announcement or any transaction, matter, or
arrangement referred to herein.
In connection with the Global Offer, each of the Banks and any of their respective affiliates, may take
up a portion of the Shares in the Global Offer as a principal position and in that capacity may retain,
purchase or sell for its own account such securities and any Shares or related investments and may
offer or sell such Shares or other investments otherwise than in connection with the Global Offer.
Accordingly, references in the Prospectus, Q1 Results Supplement and/or the Price Range Supplement
to Shares being offered or placed should be read as including any offering or placement of Shares to
any of the Banks or any of their respective affiliates acting in such capacity. In addition certain of the
Banks or their affiliates may enter into financing arrangements (including swaps or contracts for
differences) with investors in connection with which the Banks and any of their affiliates may from time
to time acquire, hold or dispose of Shares. None of the Banks intend to disclose the extent of any such
investment or transactions otherwise than in accordance with any legal or regulatory obligation to do
so.
In connection with the Global Offer, Merrill Lynch International and/or Merrill Lynch SA, as the context
requires (the “Stabilising Manager”), or any of its agents, may (but will be under no obligation to),
to the extent permitted by applicable law, over-allot Shares or effect other transactions with a view to
supporting the market price of the Shares at a higher level than that which might otherwise prevail in
the open market. The Stabilising Manager is not required to enter into such transactions and such
transactions may be effected on any securities market, over-the-counter market, stock exchange or
otherwise and may be undertaken at any time during the period commencing on the date of the
commencement of dealings of the Shares on the London Stock Exchange plc and ending no later than
the 30th calendar day thereafter. However, there will be no obligation on the Stabilising Manager or
any of its agents to effect stabilising transactions and there is no assurance that stabilising transactions
will be undertaken. Such stabilisation, if commenced, may be discontinued at any time without prior
notice. In no event will measures be taken to stabilise the market price of the Shares above the offer
price set in respect of the Global Offer (the “Offer Price”). Except as required by law or regulation,
neither the Stabilising Manager nor any of its agents intends to disclose the extent of any over
allotments made and/or stabilisation transactions conducted in relation to the Global Offer.
In connection with the Global Offer, the Stabilising Manager may, for stabilisation purposes, over-allot
Shares up to a maximum of 10% of the total number of Shares comprised in the Global Offer (the
“Over-allotment Shares”). For the purposes of allowing the Stabilising Manager to cover short
positions resulting from any such overallotments and/or from sales of Shares effected by it during the
stabilising period, it is expected that the Selling Shareholder will grant the Stabilising Manager an over-
allotment option pursuant to which the Stabilising Manager may purchase or procure purchasers for
additional Shares up to a maximum of 10% of the total number of Shares comprised in the Global Offer
at the Offer Price (the “Over-allotment Option”). The Over-allotment Option will be exercisable in
whole or in part, upon notice by the Stabilising Manager, at any time on or before the 30th calendar
day after the commencement of dealings of the Shares on the London Stock Exchange plc. Any Over-
allotment Shares made available pursuant to the Over-allotment Option will rank pari passu in all
respects with the Shares, including for all dividends and other distributions declared, made or paid on
the Shares, will be purchased on the same terms and conditions as the Shares being issued or sold in
the Global Offer and will form a single class for all purposes with the other Shares.
None of the Banks nor any of their respective affiliates accepts any responsibility whatsoever for the
contents of this announcement including its accuracy, completeness and verification or for any other
statement made or purported to be made by it, or on its behalf, in connection with the Company, the
Shares or the Global Offer, and nothing contained in this announcement is, or shall be relied upon as,
a promise or representation in this respect, whether as to the past or the future. Accordingly, apart
from the responsibilities and liabilities, if any, which may be imposed on the Banks by FSMA or the
regulatory regime established thereunder, each of the Banks and each of their respective affiliates
disclaim, to the fullest extent permitted by applicable law, all and any liability whether arising in tort,
delict, contract or otherwise which they might otherwise be found to have in respect of this
announcement or any such statement. No representation or warranty express or implied, is made by
any of the Banks or any of their respective affiliates as to the accuracy, completeness, verification or
sufficiency of the information set out in this announcement, and nothing in this announcement will be
relied upon as a promise or representation in this respect, whether or not to the past or future.
This announcement, the Prospectus, the Q1 Results Supplement, the Price Range Supplement and the
Pricing Statement do not constitute or form part of any offer or invitation to sell or issue, or any
solicitation of any offer to purchase or subscribe for, any securities other than the securities to which it
relates or any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe
for, such securities by any person in any circumstances in which such offer or solicitation is unlawful.
Any investor should only rely on the information in the Prospectus, the Q1 Results Supplement, the
Price Range Supplement, the Pricing Statement and in any other prospectus supplements to be issued
by the Company in connection with the Global Offer. None of the Company, the Selling Shareholder (as
defined in the Prospectus), the Banks or any of their respective representatives, is making any
representation other than those contained in the Prospectus, the Q1 Results Supplement, the Price
Range Supplement, the Pricing Statement and in any other prospectus supplements to be issued by
the Company in connection with the Global Offer and, if given or made, such information or
representations must not be relied on as having been so authorised. Neither the delivery of the
Prospectus, the Q1 Results Supplement, the Price Range Supplement, the Pricing Statement nor any
other prospectus supplements to be issued by the Company in connection with the Global Offer nor
Admission nor any subsequent subscription or sale shall, under any circumstances, create any
implication that there has been no change in the affairs of the Company set forth in these documents
or that the information in them are correct as of any date subsequent to the date thereof. The contents
of the Prospectus, the Q1 Results Supplement, the Price Range Supplement, the Pricing Statement and
any other prospectus supplements to be issued by the Company in connection with the Global Offer
should not be construed as legal, business, financial or tax advice. None of the Company, the Selling
Shareholder, the Banks or any of their respective representatives, is making any representation to any
prospective investor regarding the legality of an investment in the Shares by such prospective investor
under the laws applicable to such prospective investor. Each prospective investor should consult his,
her or their own legal, business, financial or tax advisers for advice.
Information to Distributors
Solely for the purposes of the product governance requirements contained within: (a) EU Directive
2014/65/EU on markets in financial instruments, as amended (“MiFID II”); (b) Articles 9 and 10 of
Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing
measures (together, the “MiFID II Product Governance Requirements”), and disclaiming all and
any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes
of the Product Governance Requirements) may otherwise have with respect thereto, the Shares have
been subject to a product approval process, which has determined that the Shares are: (i) compatible
with an end target market of retail investors and investors who meet the criteria of professional clients
and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all
distribution channels as are permitted by MiFID II (the “Target Market Assessment”).
Notwithstanding the Target Market Assessment, distributors should note that: the price of the Shares
may decline and investors could lose all or part of their investment; the Shares offer no guaranteed
income and no capital protection; and an investment in the Shares is compatible only with investors
who do not need a guaranteed income or capital protection, who (either alone or in conjunction with
an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an
investment and who have sufficient resources to be able to bear any losses that may result therefrom.
The Target Market Assessment is without prejudice to the requirements of any contractual, legal or
regulatory selling restrictions in relation to the Global Offer. Furthermore, it is noted that,
notwithstanding the Target Market Assessment, the Underwriters will only procure investors who meet
the criteria of professional clients and eligible counterparties.
For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of
suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or
group of investors to invest in, or purchase, or take any other action whatsoever with respect to the
Shares.
Each distributor is responsible for undertaking its own target market assessment in respect of the
Shares and determining appropriate distribution channels.
Date: 25/06/2018 08:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
