Limitations and Disclaimer


Important Information

First NZ Capital Securities Limited (FNZCS), at our discretion, provide services including, but not limited to, news and information services. By accessing this site, you agree to be bound by the following conditions of use. If you do not agree, or if the stipulation below prohibits you from accessing and using the site, you must not continue to access or use the site.


The information and services available on or through this site are not intended to be published or made available to any person in any jurisdiction where doing so would result in contravention of applicable laws or regulations. Accordingly, if it is prohibited to make such information or services available in your jurisdiction or to you (by reason of your nationality, residence or otherwise) it is not directed at you. Before proceeding, users of this site must satisfy themselves that the laws of their own country allow them to access the information and services on this site. By proceeding to review and use this site you will be confirming that you have done so.

Investment Risk Warning and Disclosures

The investment services, products and any opinions, views or recommendations made or referred to on this site are provided for general information purposes only. To the extent that any such information, opinions, views and recommendations constitute advice, they do not take into account any person’s particular financial situation or goals and, accordingly, do not constitute personalised financial advice under the Financial Advisers Act 2008, nor do they constitute advice of a legal, tax, accounting or other nature to any person. We therefore recommend that investors seek advice from their usual adviser before taking any action. Before investing, you should make yourself aware of the investment risks.

All investment involves risk. The price, value and income derived from investments may fluctuate in that values can go down as well as up and investors may get back less than originally invested. Past performance is not indicative of future results. Where an investment is denominated in a foreign currency, changes in rates of exchange may have an adverse effect on the value, price or income of the investment. Reference to taxation or the impact of taxation does not constitute tax advice. The rules on and bases of taxation can change. The value of any tax reliefs will depend on individual circumstances. You should consult your tax adviser in order to understand the impact of investment decisions on your tax position.

FNZCS, its employees and persons associated with FNZCS may (i) hold securities mentioned on this site (or related securities) as principal for their own account, (ii) have provided investment advice or investment services in relation to such securities within the last twelve months, and (iii) have other financial interests, including as a shareholder of FNZCS, in the matters mentioned. Investors should assume that FNZCS, its related companies and affiliated persons and CREDIT stet, with whom First NZ Capital has a strategic alliance, does and seeks to do investment banking business with companies covered in its research reports.

Data, Information and Services

The data and Information on this site is provided in good faith and has been obtained from sources which we believe to be reliable and accurate but its accuracy and completeness is not guaranteed. We are not responsible for the accuracy of the information contained on the site provided by third parties. The data and information is provided “as is” and is subject to change without notice. FNZCS is under no obligation if it becomes aware of any change or inaccuracy.

To the fullest extent permitted by law, no liability or responsibility is accepted for any loss or damage arising out of the use of or reliance on the information or services provided on this site including without limitation, any loss of profit or any other damage, direct or consequential. Information, opinions, views and estimates provided reflect a judgment at the date of preparation by FNZCS and are subject to change without notice. Investment research may include material sourced from Credit Suisse Group and its affiliates (collectively “CSG”). CSG shall have no liability to FNZCS or clients or prospective clients of FNZCS or any other person in relation to such research material.

Certain data, information and services on or available through this site may be outside the control of FNZCS or provided by a third party. FNZCS is not responsible or liable for their content or for any delays, interruptions or errors in the provision of such data, information or services. Certain data and information accessible on or available through this site is the intellectual property of the relevant news and information services providers or other third parties that provide such data and information to the relevant service provider, or to FNZCS. The data and information is protected by copyright and other intellectual property laws and all ownership rights remain with the information service provider or the third party or FNZCS, as the case may be.

Where the information consists of pricing or performance data, the data contained therein has been obtained from sources believed reliable. Data computations are not guaranteed by any information service provider, third party or FNZCS and may not be complete. Neither any information service provider, third party or FNZCS give any warranties, express or implied, as to the accuracy, adequacy, quality or fitness, timeliness, non-infringement, title, of any information for a particular purpose or use and all such warranties are expressly excluded to the fullest extent that such warranties may be excluded by law. You bear all risk from any use or results of using any information. You are responsible for validating the integrity of any information received over the Internet.

This site and certain data and/or information on, or accessible through, this site or certain services provided by or through this site, may become unavailable at any time without notice. FNZCS accepts no liability whatsoever to you or any other person for any loss or other consequence arising from or otherwise arising in connection with (i) any inaccuracy, incompleteness, incorrectness in, or delays, interruptions, errors or omissions in the delivery of the data, information or services or any other information or services supplied to you through this site or under the terms of any agreement with FNZCS, or (ii) any decision made or not made or action taken by you or any other person in reliance upon the data, information or services.

Transmission may be subject to arbitrary delays beyond our control, which may delay the provision of our services. You acknowledge that no information service provider, third party nor FNZCS will be liable to you or any third party for any losses arising from such delay.

In no event will any information provider, third party or FNZCS be liable for any consequential loss including but not limited to special, incidental, direct or indirect damages resulting from delay or loss of use of our services. FNZCS is not responsible for any damage to your computer, software, modem, telephone or other property resulting from your use of our services.

You may only use the data and information retrieved from this site for your own and non-commercial use. Copying and distribution of any of the contents of this site is strictly forbidden.

S&P Dow Jones Indices Terms and Conditions

The S&P/NZX 50 Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by First NZ Capital Securities Ltd. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by First NZ Capital Securities Ltd. First NZ Capital Securities Ltd’s product is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P/NZX 50 Index.

First NZ Capital Securities Limited is an NZX Firm.

A Disclosure Statement is available on request, free of charge.

First NZ Capital Securities Limited: Level 14, 171 Featherston Street, Wellington 6140


All electronic messages, attachments and linked documents are confidential and intended for the named recipient’s use only. If you are not the intended recipient (i) do not copy, disclose or use the contents in any way, (ii) please let us know by return email immediately then destroy the message, and any hard copies of the message, and any attachments. The sender of such messages is not responsible for any changes made to the messages and/or any attachments and/or connection linkages to the Internet referred to in these messages after they have been sent. Unless otherwise stated, any pricing information given in these messages and/or attachments and/or linked documents is indicative only, is subject to change and does not constitute an offer to buy or sell securities or derivatives at any price quoted. Unless set out in a contract note any reference to the terms of executed transactions should be treated as preliminary only and subject to separate written notification. Where reference is made to investment research information, views and recommendations including any attachments and/or linked documents (“Research”), the Research is provided for general information purposes only. To the extent that Research constitutes advice, it does not take into account any person’s particular financial situation or goals and, accordingly, does not constitute personalised advice under the Financial Advisers Act 2008, nor does it constitute advice of a legal, tax, accounting or other nature to any person. The basis of the provision of Research is set out in the relevant disclaimer. When giving you personalised advice or providing a discretionary investment service your FNZC adviser takes account of information provided by you about your particular financial circumstances, needs and risk profile (“Financial Situation”). In your best interests, it is important that you inform your adviser promptly of any changes to your Financial Situation. If the information provided is inaccurate, incomplete or out of date then we (and your adviser) must warn you that any advice provided, or discretion exercised, by your FNZC adviser may be based on that information, and your adviser will be limited in his or her ability to make recommendations, or exercise discretions in a manner, that are specific and suitable to you. If in doubt, contact your adviser.