Ruling GAFTA notice clause.

Soufflet Negoce SA -v- Fedcominvest Europe SARL [2014]

Important ruling on time of receipt of notices given under GAFTA Notices Clause

In December 2010 a dispute arose between the parties as to the interpretation of the Notices Clause in the GAFTA 64 Form. The relevant wording of the Clause was:

'In case of resales/repurchases all notices shall be served without delay by sellers on their respective buyers or vice versa, and any notice received after 1600 hours on a business day shall be deemed to have been received on the business day following.'

The original delivery period under the contract was 10 November to 10 December 2010. The last day was a Friday and it was common ground that the next business day following the last day of the delivery period on which any notice claiming extension under Clause 8 had to be served was Monday 13 December. Buyers Fedcominvest tendered a notice claiming extension at 17:09 on 13 December.

Sellers Soufflet argued that because of the above provision of the Notices Clause, Fedcominvest's notice, tendered after 16:00 hours on 13 December, was deemed received on 14 December. It had therefore been tendered too late to claim extension.

Fedcominvest maintained that the 16:00 hour cut-off applied only in the case of resales/repurchases. Fedcominvest were buying FOB and selling CIF: this was therefore not a case of resale or repurchase and, accordingly, Fedcominvest had until midnight on 13 December to claim extension.

The First Tier Tribunal and the Board of Appeal agreed with Fedcominvest. Soufflet appealed to the High Court on a point of law, asking:

'In clause 19 of GAFTA 64, do the words "any notice received after 1600 hours on a business day shall be deemed to have been received on the business day following" apply to all contracts or only in case of resales/repurchases.'

In his judgment of 18 July 2014, Mr Justice Eder found that these words 'do not apply to all contracts but only in case of resales/repurchases'. He therefore upheld the Board of Appeal's award in favour of Fedcominvest.

Soufflet have decided not to appeal the judgment.

This judgment will be of interest to the trade, given the widespread use of the GAFTA Notices Clause in trade contracts. Any parties who do not wish this judgment to apply, will now need to ensure that specific wording in their contracts addresses the issue of when a notice is deemed to have been received.

A brief note on the evolution of the GAFTA Notices Clause

The interpretation of the Notices Clause by the GAFTA tribunals and the judge may come as a surprise to those who have been using GAFTA contracts since before 2003. A radical change in the Notices Clause took place in that year. In 2000, for example, the relevant part of the Notices Clause had read:

'Any notice received after 16:00 hours on a business day shall be deemed to have been received on the business day following. In case of resales all notices shall be passed on without delay by Buyers to their respective Sellers or vice versa.'

However, in 2003, the wording changed fundamentally to the wording set out at the start of this article. It was Fedcominvest's view that the pre-2003 wording had reflected Soufflet's interpretation of the clause, but that in 2003 there had been a conscious and deliberate change, and that the new wording reflected Fedcominvest's interpretation.

Associate

Edward Hicks

Telephone

+44 (0)20 7280 9132

Email

edward.hicks@hilldickinson.com

Partner

Andrew Meads

Telephone

+44 (0)20 7280 9201

Email

andrew.meads@hilldickinson.com

 

HAMMERSMITH Marketing Ltd -- Grain Trading
-------------------------
Representation Office:
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Phone: 33.9.7044.4881 Mobile: 33.6.8068.4564
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Email:.. tradegroup@hammersmith.biz,
.......................................................
Corporate Office: Centre of Commerce 200B, 1 Bay St.,
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Court Ruling GAFTA extension clause

Necessity is not the mother of extension

A very recent decision of the Commercial Court places what many will consider to be an unwelcome interpretation on the Extension Clause commonly seen in standard form GAFTA FOB contracts.

Nidera BV -v- Venus International Free Zone for Trading and Marine Services S.A.E. [2014] EWHC 2013 (Comm) was an appeal by Nidera to the Commercial Court under s.69 of the Arbitration Act 1996. Nidera asserted that the GAFTA Board of Appeal had made an error of law. The central point under appeal was: can the buyer invoke Clause 8 of GAFTA 49 where the vessel has already been presented in readiness to load within the delivery period under Clause 6 of GAFTA 49?

The factual background was:

• Nidera were the sellers and Venus the buyers. The contract was for the sale of 30,000MT of Ukrainian corn for delivery FOB at one Black Sea or Ukrainian port, at seller's option, between 16 and 31 October 2010. The contract incorporated GAFTA 49, a standard form contract for the sale of goods from Central and Eastern Europe on FOB terms.
• Nidera declared a Ukrainian port and Venus presented the carrying vessel in readiness to load on 15 October.
• Meanwhile, the Ukrainian Government passed wide-ranging export restrictions covering corn among other commodities, which were published on 19 October. Quotas were set and a detailed licence application procedure was published on 27 October. It was impossible for Nidera to obtain a licence - and so ship the goods - by the end of the delivery period.
• Immediately prior to the end of the delivery period, Venus claimed an extension of the delivery period, which they said extended that period by 21 days. Nidera responded by stating that Venus was not entitled to the extension, because its vessel had arrived and been presented. Consequently, Nidera stated that the delivery period had expired on 31 October and that delivery had been prevented by events falling within the Prohibition Clause contained in GAFTA 49, so that the contract was cancelled. Venus said that this was a repudiatory breach of the contract and after some further exchanges Venus terminated the contract. Venus then claimed damages from Nidera in GAFTA arbitration.

Clause 6 of GAFTA 49, which sets the delivery period, states: 'Delivery during […] at Buyers' call. […] Provided the vessel is presented at the loading port in readiness to load within the delivery period, Sellers shall if necessary complete loading after the delivery period, and carrying charges shall not apply.'

Clause 8 of GAFTA 49 – the Extension Clause – provides: 'The contract period of delivery shall be extended by a period of not more than 21 consecutive days, provided that Buyers serve notice claiming extension not later than the next business day following the last day of the delivery period. In this event Sellers shall carry the goods for Buyers' account, unless the vessel presents in readiness to load within the contractual delivery period. […] Should Buyers fail to present a vessel in readiness to load under the extension period, Sellers shall have the option of declaring Buyers to be in default […]'

In the arbitration, Venus argued that the right to claim an extension was unqualified. If they were right, it would mean that Nidera had been wrong to rely on prohibition before 21 November, because their action in stating that the contract was cancelled before the extended delivery period had expired would have been a repudiation of the contract. Nidera argued that on a true construction of GAFTA 49, particularly by reading clauses 6 and 8 together, it was clear that the right to claim an extension only existed if the vessel would not be, or had not been, presented in readiness to load by the last day of the delivery period. This, Nidera said, was made clearer still by the allocation of financial responsibility set out in the clauses, dependent on the arrival date of the vessel. Both parties made commercial arguments to support their competing constructions of the GAFTA form.

The GAFTA Board of Appeal agreed with Venus. Nidera then brought its appeal before the Commercial Court. In that court, Walker J. also agreed with Venus' interpretation of the Extension Clause.

The decision is one that demands careful attention. Because the Arbitration Act 1996 provides that only the trial judge can give permission to appeal to the Court of Appeal and because Walker J. declined to do so, the Court of Appeal will not be examining the matter in this instance. Sellers and buyers on GAFTA FOB forms containing the above extension clause must therefore bear this judgment in mind. It means that a buyer may extend the delivery period even if he has put in his vessel and even if the seller has brought forward his goods to meet that vessel. It would also allow, under Clause 6, a vessel to be substituted after the expiry of the original delivery period provided that an extension had been claimed. In that situation, one need only consider how the question of demurrage might be argued to appreciate that there is scope for the decision to lead to disputes under FOB contracts on GAFTA terms. Sellers under these contracts would be well advised to consider inserting a term stating that there is to be no extension if the vessel has been presented in readiness to load within the delivery period.

Partner

Andrew Meads

Telephone

+44 (0)20 7280 9201

Email

andrew.meads@hilldickinson.com

 

 

HAMMERSMITH Marketing Ltd -- Grain Trading
-------------------------
Representation Office:
13+220 Quartier La Galine, St. Remy de Provence, France 13210
Phone: 33.9.7044.4881 Mobile: 33.6.8068.4564
Fax: 33.4.5774.7575 SKYPE:........bacon39A
WWW:.hammersmithltd.blogspot.com
Email:.. tradegroup@hammersmith.biz,
.......................................................
Corporate Office: Centre of Commerce 200B, 1 Bay St.,
PO Box N-3944, Nassau, Bahamas

Weekly report -- July 26, 2014

 

Hammersmith Marketing Ltd - Grain Trading

 

WEEKLY FEED GRAIN AND PROTEIN REPORT   July 26, 2014

 

Representative Office: +33.9.7044.4881   Mobile: +33.6.8068.4564    Fax: +33.4.5774.7575

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Corporate Head Office: Suite 200B, Centre of Commerce, One Bay Street,

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SECTION 1:  FEED GRAINS -- VEGETABLE AND ANIMAL PROTEIN

 

Experts on the corn market in the US are saying that the farmers are going to have to start making serious sales and shipments of their old crop corn in order to make room for the new crop coming in a couple of months. All this corn coming into the physical market is weighing heavily on prices and should certainly keep current corn prices from moving higher.

 

The thing with the corn prices is that once it looks like prices have hit the bottom or if there is a decent weather scare then prices could certainly take a good run higher – all it will take is the fear of higher prices to get some export buyers back in the corn market.

 

It is interesting to note that almost all of the private forecasting services in the USA are estimating corn yields at a higher level than the last USDA forecast. Reuters came out with their yield forecast this week and are looking at numbers about 3% higher than the USDA. While 3% may not sound like much it a good chunk of corn when you consider the total size of the USA corn crop.

 

For now, the weather still looks great for corn all the forecasts are for more and more corn --- looks like not too many reasons for corn prices to move higher in the short term.

 

On the soybean side of things, we had higher prices this week for old crop soybeans with prices just a tad lower for new crop beans and meal. The higher soybean prices were due mostly to the August soybean futures contract coming up to first notice day and those futures trader who have to get out were all trying to get out and pushed futures prices higher.

 

Reuters came out with their soybean yield estimate this week, along with corn as mentioned above, but they didn't make much of a change in soybean yields – up 0.2 bushels per acre.

 

The feeling of the experts this week is that, like corn, there is not much reason for soybean or soymeal prices to move higher in the near term – there are just no good reasons for the market to be moving higher:  weather is great, yields are up, farmers are selling – what more could a buyer want.    

 

 

USA Crop condition report – July 21, 2014 – all in percentages

 

	Very poor	Poor	Fair	Good	Excellent
Wheat - spring	1	4	25	57	13
Corn	1	4	19	54	22
Soybeans	1	4	22	57	16
Sorghum	1	6	31	51	11
	Last week %	This week %	Last year %	5 year  %
Winter – wheat harvested	69	75	74	75

 

 

 

Estimated Bulk Grain freight in USD per m/t, basis heavy grains 

 

US Gulf to Europe: 60/70,000 (10,000 disch)	$14.00	Steady	x
US Gulf to Spain: 30,000 m/t(5,000 disch)	$26/27.00	Steady	x
US Gulf to Egypt: Panamax(6,000 disch)	$24/25.00	Steady	x
US Gulf other Med: 25,000 MT(3,000 disch)	$32/33.00	Steady	x
US Gulf Israel: 50,000 MT	$26/27.00	Steady	x
US Gulf Morocco: 25,000(3,000 disch)	$30/31.00	Steady	x
US Gulf Nigeria: 30,000 m/t	$43/44.00	Up $2.00	x
US Gulf Turkey: 50,000	$27/28.00	Steady	x
US Gulf Yemen 35/45.000	$42/43.00	Steady	x
US Gulf Japan: Panamax(10,000 disch)	$41/42.00	Up $1.00	x
US Gulf China: Panamax(8,000 disch)	$41/42.00	Up $1.00	x
US PNW Asia: 35/45,000 m/t	$32/34.00	Steady	x
US PNW Japan: 50,000+ m/t(10,000 disch)	$24/25.00	Up $1.00	x
US PNW China: 50,000+ m/t(8,000 d1sch)	$23/24.00	Up $1.00	x
France/Germany to Algeria: 30,000 m/t(3,000 disch)	$21.00	Down $1.00	x
France/Germany to Morocco: 30,000 m/t(3,000 disch)	$22.00	Down $1.00	X
France/Germany to Yemen: 30,000 m/t	$39.00	Down $1.00	X
France/Germany to Egypt: 50,000 m/t(10,000 disch)	$19.00	Down $1.00	x
France/Germany to Jordan: 35/45,000 m/t(4,000 disch)	$24.00	Down $1.00	X
France/Germany to Saudi Arabia: 50/60,000	$31.00	Down $1.00	X
Argentina to Europe: 60,000 m/t	$19/20.00	Steady	x
Argentina to Egypt: 50,000 m/t(10,000 disch)	$29/30.00	Steady	x
Argentina to Algeria: 25/30,000 m/t(3,000 disch)	$31/32.00	Steady	x
Argentina to Morocco: 25,000 m/t(3,000 disch)	$28/29.00	Steady	x
Argentina to Saudi Arabia	$41.00	Steady	x
Argentina to South Africa 30,000 m/t(3,000 disch)	$29/30.00	Down $1.00	x
Argentina to Spain: 30,000 m/t	$30/31.00	Steady	x
Argentina to China: 50,000 m/t, with top-off	$40/42.00	Steady	x
Brazil to Algeria: 25,000 m/t	$30/31.00	Steady	x
Brazil to China: 55,000 m/t	$34/35.00	Steady	x
Brazil to Turkey/Egypt: 50,000 m/t	$24/25.00	Steady	x
Brazil to Morocco: 30,000 m/t	$30/31.00	Steady	x
Brazil to Europe	$25.00	Steady	x
Black Sea to Spain: 30,000 m/t(5,000 disch)	$15/16.00	Steady	x
Black Sea to Morocco: 30,000 m/t(3,000 disch)	$19/20.00	Steady	x
Black Sea to Tunisia/Algeria: 30,000(5,000 disch)	$17/18.00	Up $1.00	x
Black Sea to East Med: 30,000 m/t(3,000 disch)	$12/13.00	Steady	x
Black Sea to East Med: coaster	$35/37.00	Steady	x
Black Sea to Egypt: coaster 3,000 m/t	$45/47.00	Steady	x
Black Sea to Egypt: 40/50,000 m/t – (6,000 disch)	$11/12.00	Up $1.00	x
Black Sea to Saudi Arabia – Jeddah – 50k	$21/22.00	Steady	x
Baltic Dry Index	739	Up 7	X
Baltic Capesize Index	1193	Down 42	X
Baltic Panamax Index	606	Up 20	X
Baltic Supramax Index	679	Up 20	X
Baltic Handisize Index	357	Down 15	x

*** see sources note

 

 

 

FOB port or location specified. Prices in US$, in metric tons:

All shipments in bulk grain vessels unless stated otherwise

(NOLA is New Orleans, Louisiana, USA.)

 

Wheat, USA Soft Red Winter, NOLA	USD 236/255 Aug/Oct	x
Wheat, USA Hard Red Winter 12 protein	USD 293/307 Aug/Oct	x
Wheat, Ukraine 11.5 pro, 30,000+ m/t	USD 230/238 Aug/Sep	x
Wheat, Russia 12.5 pro, 30,000+ m/t	USD 240/246 Aug/Sep	x
Wheat, soft milling, France, Rouen port	USD 247/249 Aug/Sep	x
Wheat, milling, Argentina, upriver	USD 270/276 Dec/Jan 2015	x
Wheat, feed, Black Sea	USD 210/215 Aug/Sep	x
Wheat Bran, Black Sea	USD 200/205 Aug/Sep	x
Barley, France, Rouen port	USD 204/206 Aug/Sep	x
Barley, feed, Argentina, upriver	USD 220/225 Dec/Jan 2015	x
Barley, feed, Black Sea, 30,000+	USD 210/215 Aug/Sep	x
Barley, feed, USA Pacific Northwest	USD 280/285 Jul/Sep	x

 

Corn, FOB NOLA USA	USD 196/198 Aug/Oct	X
Corn, FOB USA Pacific northwest	USD 203/206 Aug/Oct	X
Corn, FOB Argentina port, upriver	USD 188/192 Aug/Oct	x
Corn, FOB Brazil port	USD 180/185 Aug/Oct	x
Corn, FOB Black Sea, 30,000+ m/t	USD 178/185 Oct/Nov new crop	X
Corn, FOB France	USD 223/231 Aug/Sep	X
Corn, FOB Romania	USD 198/205 Sep/Oct new crop	x
Sorghum, FOB Texas	USD  223/225 Aug/Sept	x
Sorghum, FOB Argentina port	USD  155/165 Aug/Oct	x

 

 

Soymeal,  48 protein, FOB NOLA	USD 5145>>485  Aug>>Oct	x
Soymeal, 48 protein, USA, Rotterdam	USD 565>>535 Aug>>Oct	x
Soymeal, Argentina, Rotterdam	USD 508>>497 Aug>>Oct	x
Soymeal, 47 pro, FOB Argentina	USD 460>>410 Aug>>Oct	x
Soymeal, 48 protein, Brazil, Rotterdam	USD 503>>490 Aug>>Oct	x
Soymeal, FOB Brazil	USD 460>>430 Aug>>Oct	x
Soymeal, 48 protein, India FOB	USD 600/620	x
Soybeans, FOB NOLA	USD 490>>450 Aug>>Oct	x
Soybeans, Argentina, FOB	USD 485>>445 Aug>>Oct	X
Soybeans, Brazil, FOB	USD 505>>460 Aug>>Oct	x
Soybeans, Rotterdam	USD 555>>540 Aug>>Oct	x
Soybeans, Black Sea	USD 450/470 Sep/Oct	x

*** see sources note

 

Corn Gluten Meal, USA FOB NOLA	USD   705/720 m/t  Aug/Oct	x
Corn Gluten Feed, USA FOB NOLA	USD   178/185 m/t  Aug/Oct	x
DDGS corn, 35 profat, USA FOB NOLA	USD   186/190 m/t Aug/Oct	X
DDGS corn, 35 profat, USA CNF Asia	USD   260/265 m/t Aug/Oct	x
DDGS corn, France, at producer	USD   315/321 m/t Sep/Oct	x
DDGS corn, Rotterdam	USD   312/318 m/t Sep/Oct	x
DDGS wheat, France, at producer	USD   318/325 m/t Sep/Oct	x

*** see sources note

 

The major news story in the corn by-product markets this week is the new requirement from China for a USDA issued DDGS certificate certifying that shipments are "free from" MIR162 corn. Unfortunately this type of certification is not available from the USDA in the US. The USDA does not check export shipments for any GMO traits since this is not one of their responsibilities. Exports can be analyzed by independent labs but this is not what China requires.

 

There are probably a significant number of shipments of DDGS enroute to China that will be affected by this new requirement and it is expected that there will be some rerouting of shipments.

 

For buyers of US DDGS, the situation in China has caused additional weakness in the DDGS export prices and there has been an increase in inquiries and export orders from other DDGS importing countries.  Of course, as is to be expected, buyers are tending to bid below current selling prices as they feel that they are in a strong position with China out of the equation.

 

There is not much to say this week regarding corn gluten meal and corn gluten feed as their prices seem to be moving in plus/minus 5% range with no further rush to lower price levels. Perhaps we are at the low for the season on these two items or they may just be sitting idle waiting for the next exciting move in corn and protein prices.

 

 

Container shipments, minimum 200 m/t

 

Argentina Meat & Bone meal, 45 protein    Argentina poultry meal, 57/60 protein	USD 480/490 m/t CNF Asia  USD 630/640 m/t CNF Asia
Paraguay Meat &Bone meal, 45 protein	USD 410/430 m/t CNF Asia
European MBM 50 protein    European Feathermeal, 75 protein    European poultry meal	USD 435/440 m/t CNF Asia  USD 725/730 m/t CNF Asia  No offers
Australian MBM 45 protein    Australian MBM 50 protein    Australian Feathermeal, 80 protein    Australian Poultry Meal, pet food	USD 595/615 m/t CNF Asia  USD 645/665 m/t CNF Asia  USD 840/850 m/t CNF Asia  USD 1050/1070 m/t CNF Asia
USA Meat & Bone meal, 50 protein    USA Feathermeal, 80 protein    USA Poultry Meal, feed grade    USA Poultry Meal, pet food grade	USD 680/700 m/t CNF Asia  USD 890/910 m/t CNF Asia  USD 775/790 m/t CNF Asia  USD 1030/1060 m/t CNF Asia

*** see sources note

 

 

The following indications are at producer's factory, ex-works in bulk

 

Meat and bone meal, USA, 50 protein	USD 530/550 m/t
Feathermeal  80 protein USA	USD 720/740 m/t
Poultry meal  57 protein, Eastern USA	USD 680/700 m/t

*** see sources note

 

There seems to be very little to say this week about the animal protein market. On the export side many of the main importing markets have been slow due to Ramadan, which ends this weekend, and will continue slow for the next few days as the post Ramadan holidays close many buying offices for a few days.

 

Meat and bone meal and feathermeal export prices were steady on the week but there was a jump in poultry meal prices from all origins as demand seems to be outstripping supply for the time being.

 

 

Experts in the USA are saying that animal protein prices are going to have difficulty in moving higher in light of the very weak vegetable protein prices. There is also the feeling that very low priced export DDGS could steal away some of the demand – both in the export and domestic USA market. So, like almost everything else, it looks like higher prices are not to be expected at present.

   

 

SECTION 2 --- FISHMEAL COMMENTS AND PRICES: PERUVIAN

 

There were a few small changes in fishmeal prices from Peru this week with the higher grades softening just a little – down USD 10 or 20 m/t – and the very low end dropping by about USD 10 m/t but overall not too exciting for price changes.

 

In Peru the topic seems to be whether the Northern fishing season will be extended by a couple of weeks into august but no word as yet. Next week is National holiday week in Peru so all of the country will be closed for about three days during the week which will certainly reduce the catch as the fishing vessels stay in port for the last two or three days of the quota period.

 

According to trade reports from Peru, there is limited chance that China will be a large buyer until there is more weakness in prices. The trade seems to feel that China may get interested if prices can slide about USD 50 m/t lower, which could probably be possible if there is no buying interest in the market.

 

The producers do have 100,000+ m/t of fishmeal, so they are not really overstocked but some smaller producers may decide to drop their prices a tad in order to keep their inventory at a manageable level.

 

For now it seems to look like there could be some further weakness in fishmeal prices but the weakness will only extend until a major buyer decides to jump into the market and cover their needs.   

 

 

Peru Fishing Season Weekly update – July 18, 2014

 

Season	Zone		Quota	Caught	%	Remaining	%
1st	North/Central		2,530,000	1,641,300	64.9	888,700	35.1
1st	South		234,300	11,000	4.7	223,300	95.3

@Andes Connections

 

European fishmeal prices – FOB North German port.

 

Type	Protein %	Price per m/t USD
Herring fishmeal	72 protein	1,960
Danish fishmeal	64 protein	1,730
Peru fishmeal	64 protein	1,800
Chile fishmeal	65 protein	1,820
Iceland fishmeal	70 protein	1,940

@Commodity3

 

 

 

 

PERU "INDICATION" FISHMEAL PRICES:

 

ALL PRICES SHOWN ARE IN CONTAINER, ON VESSEL, AT ORIGIN --- US DOLLARS

Minimum shipment of 200 m/t for fishmeal

 

Specification	Price per m/t FOB vessel Peru port
65 protein	1720/1730 m/t
65/66 protein	1750/1760 m/t
67 protein standard steam	1800/1820 m/t
67 protein SD 150  TVN	1820/1840 m/t
67 protein SD 120 TVN	1840/1860 m/t
67 protein SD 1000 hist, 120 TVN	1860/1880 m/t
68 protein SD 500 hist, 120 TVN	1880/1900 m/t
Fish oil, crude bulk	1900/2000
Fish oil, crude drums	2100/2200
Fish oil, flexi tank	2050/2150
Fish oil, Omega 3: 28%EPA/DHA	2600/2800

*** see sources note

 

INFORMATION:  gtee = guarantee, TVN = total volatile nitrogen, hist = histamine,

FAQ = fair average quality (normally flame or hot air dried), SD = steam dried

           

*** sources for information for the Weekly Report:

US Grains Council  --- www.grains.org, International Grains Council – www.igc.int

US Wheat -- www.uswheat.org , France Agrimer – www.franceagrimer.fr

EU DG Agri -- ec.europa.eu/agriculture/index_fr.htm,  Commodity 3 -- http://www.commodity3.com/

Newedge Group -- www.newedge.com, The Jacobsen Report -- https://www.thejacobsen.com

MSI Ceres Peru -- http://www.msiceres.com, International Brokers Group S.A.C, Peru.

 

And many, many, many more

 

The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy. All references to prices are subject to change without notice.  Any opinions expressed herein are solely those of the author.  As such, they may differ in material respects from those of, or expressed or published by or on behalf of, Hammersmith Marketing Ltd or its officers, directors, employees or affiliates

 

Copyright © 2014 Wayne S. Bacon