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AIM Journal Sponsor GENERAL NEWS Barkby Pub Focus Avenir Registrars Is the New Sponsor of Share Index (Up 14.9%)

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AIM Journal Sponsor GENERAL NEWS Barkby Pub Focus Avenir Registrars Is the New Sponsor of Share Index (Up 14.9%) JANUARY 2020 THE ONLINE MONTHLY FOR THE ALTERNATIVE INVESTMENT MARKET JOURNAL In this issue Avenir becomes AIM Journal sponsor GENERAL NEWS Barkby pub focus Avenir Registrars is the new sponsor of Share index (up 14.9%). 02 AIM Journal and this comes at a time The FTSE AIM UK 50 index outdid them when the performance of AIM is starting all, with an 18.3% gain over last year. to pick up. Silence Therapeutics, Dart Group and ADVISERS Avenir has a range of cost-effective, Learning Technologies Group were the New admission fixed-price services that is ideal for best performers in that index. Redde and 03 Nomads smaller companies. It is the new boy on IQE were the two worst performers of the block, which means that it does not the eight constituents with a lower share have the inefficient legacy systems of its price at the end of the year. NEWS older rivals. High levels of automation This is not something that would Ramsdens on a roll using specifically developed software have been expected earlier in the 04 mean the costs of servicing clients can year when AIM was lagging the Main be reduced. Find out more on page 8. Market in performance terms. The weak The FTSE AIM All-Share index increased comparatives at the end of 2018 certainly DIVIDENDS by 11.6% in 2019, which is not far behind help the year-on -year performance of the performance of the FTSE 100 index AIM, but there was also a significant Winkworth builds 07 income (an increase of 12.1%) and the FTSE All- recovery in the fourth quarter of 2019. EXPERT VIEW Avenir Breedon asset buy 08 introduction Aggregates supplier Breedon is acquiring earnings per share in 2021, because the the UK assets of Cemex for £155m in TUPE consultation process means that FEATURE cash, plus the assumption of £23m of the deal will not be completed until TellYourStory lease liabilities, taking the total cost the spring of 2020. On top of that there 09 enhances IR to £178m. The assets will generate could be at least £2m of cost savings in additional cash and boost earnings in the third year of ownership. FEATURE their first full year. The cash to pay for the assets will The assets include ready-mix concrete come from bank debt and pro forma AIM ends year on operations, aggregates quarries and net debt will reach £400m. Even before 10 high asphalt plants located in central the deal, Breedon was expected to Scotland, northern England, East Anglia make a pre-tax profit of £114m in and south Wales. In 2018, they made 2020. It will have 170 million tonnes STATISTICS EBITDA of £23m on revenues of £178m, of reserves and resources, which will Market indices and although the outcome in 2019 could be last more than 27 years at the present 11 statistics slightly lower. The deal should add 5% to extraction levels. general news Pub focus for Barkby eEnergy reverse New executive chairman Charles also acquired the right to invest in Dickson intends to focus on two private companies: Transcend growing the pub interests of Barkby Packaging, which has a contract Energy efficiency services provider Group following the reversal of to supply McDonalds with paper eLight Group has used Alexander his family interests into the former straws, and VivoPlex, which has Mining as a shell to join AIM. It NEX Growth Market company. His developed a medical device for has changed its name to eEnergy father built up the Yates Wine Lodge fertility monitoring. Group. The company provides business and floated it in 1994. Barkby already owned luxury used light-as-a-service, where there is Barkby is negotiating the vehicles dealership Centurian and no upfront cost to its commercial acquisition of The Star Inn in the group appears to have a wide customers when they switch Sparsholt, Oxfordshire and that spread of interests. Workshop fits to LED lighting. The monthly would take the gastropub estate into the hospitality focus and it will cost is less than the previous to seven. Dickson believes that supply coffee to the group pubs. lighting costs because there choosing and managing properties The property expertise will also be can be savings of up to 80%. is important for pub companies and useful in the pubs business. The loss-making eLight business he is optimistic about the prospects There was a consolidation of 193 generated revenues of €4.47m for gastropubs. existing shares into 74 new shares. in just over 12 months to June Barkby paid £30.6m in shares and Barkby joined AIM on 7 January 2019. The management plan is to cash for the Dickson businesses and trading commenced at 28.5p, acquire other energy efficiency that includes Workshop Coffee, compared with a placing price of services and energy management which operates four coffee shops 30p. The placing raised £4.4m after providers. A placing raised £2.2m and is a wholesaler of speciality expenses, and there is a bridging (£1.34m after expenses) at 7.5p coffee, and a commercial property facility of £3.5m. There is £2m a share. That price is set after a development business. Barkby earmarked for investing in VivoPlex. 300-for-one share consolidation. Open Orphan broadens range Rare and orphan drugs consulting hVIVO, which adds to the existing group to AIM is set for 20 January. services provider Open Orphan is expertise in rare and orphan drugs. Open Orphan is currently seeking creating a broader pharma services Pro forma revenues for the to raise up to £10m through a business through the all-share enlarged group are £23.1m, proposed placing, of which £2.5m acquisition of hVIVO. The two although that is based on 2018 is underwritten. companies have complementary figures, so it is not up to date. The Open Orphan continues to skills and sector expertise and existing management of hVIVO has develop its orphan drug genomics there will be cost savings to help already restructured the business platform. This collates and the business move into profit. and reduced annualised overheads, analyses valuable genetic data. Both companies have reported which will eventually be £11m Management wants to build up significant losses in previous years. lower than in 2017. the largest database of rare disease Open Orphan currently The bid is 2.47 Open Orphan patients in Europe. Open Orphan outsources some operations, shares for each hVIVO share. At offers to host patient data for which could be handled by hVIVO. the time of the bid this valued patient advocacy groups, which For example, hVIVO can offer each hVIVO share at 15.56p and earn a share of any revenues laboratory services. This also means the capitalisation of the combined earned from selling access to that group resources can be better group was £28.5m. The bid has pharma companies. Early adopters utilised. Respiratory and infectious already gone unconditional and have already signed up for the diseases are the specialist area for the readmission of the enlarged Genomic Health DataBank. 2 January 2020 advisers Cenkos and Numis top flotation adviser table Cenkos Securities and Numis predecessor the Unlisted Securities raised £121.1m, which was nearly a Securities were the most active Market, as well as from the Main quarter of the total money raised. nominated advisers in terms of Market. These did not tend to raise Cenkos raised £103m in total and last year’s AIM flotations. Each of money. Also, the companies joining Numis raised £28.6m. them was nominated adviser to AIM were much smaller and did not Promotional products company three admissions. Arden Partners, raise as much. Pebble Group was a client of Grant Peel Hunt, Stifel Nicolaus and WH The figures are made up of new Thornton, N+1 Plus brought serviced Ireland each took that role on two companies, reversals and moves offices software provider Essensys admissions. from the Main Market. Last year, to AIM, oil and gas shell Longboat There were 23 new admissions to there were eleven completely newly Energy was a client of Stifel Nicolaus, AIM in 2019, which was well down quoted companies coming to AIM and bars operator Loungers was on previous years. The previous low and five that moved from the Main floated by Altium. Distribution was 2009 when there 36 flotations, Market. SDX Energy purely changed Finance Capital was spun out of AIM- which raised £740m of new money its domicile to the UK and was then quoted TruFin, so it is not always – excluding sales of existing shares. readmitted. classed as a new AIM company, and That is more than the £489m raised Cenkos floated pharma data Macquarie was nominated adviser. last year. analytics company Diaceutics, In 2002, £490m was raised by bricks distributor Brickability and Wealth management services 160 companies, while in 1999 102 MJ Hudson, a provider of support provider Harwood Wealth companies raised £333.7m. In services to the financial sector. Management is recommending a fact, 1996 was the only year in the Numis floated forex services 145p a share cash bid. Shareholders nineties when more money was provider Argentex and healthcare can opt to take a combination of raised by new issues than in 2019. technology company Induction cash and securities. Harwood floated To put that in perspective, in the Healthcare, while its third new as a consolidator in the sector and early years there were companies admission was Chaarat Gold, which believes that it requires greater switching from the London Stock was a reversal. financial backing to make further Exchange’s matched bargains Healthcare services provider progress.
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