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AIM Journal General News Flexible Essensys Centralnic JUNE 2019 THE ONLINE MONTHLY FOR THE ALTERNATIVE INVESTMENT MARKET JOURNAL In this issue Impax enters AIM 50 index GENERAL NEWS Impax Asset Management Group has been Petroleum. Gaming machine platforms Flexible Essensys promoted to the FTSE AIM UK 50 index in supplier Quixant has been hit by uncertain 02 the second quarterly review of 2019. The levels of demand for its products and cleantech-focused investment manager the share price has fallen, even though is replacing recruitment and training directors have bought shares. ADVISERS company Staffline, which has been beset by The reserve list still includes wealth AFH growth accounting and trading problems. manager Mattioli Woods, finance provider 03 accelerates Impax reported a 15% increase in assets Morses Club, gold producer Pan African under management to £13.3bn in the Resources, lawyer Knights Group and rail quarter to March 2019. The reserve list optimisation software supplier Tracsis. The NEWS includes fashion brand Joules, which was new companies added are IMImobile, San Telford strategy on the list last time, as well as Ceres Power, Leon Energy, Bioventix, Judges Scientific 04 switch Brooks Macdonald, Horizon Discovery and and Telit Communications, where the share Premier Asset Management. price has recovered in the past quarter Ceres Power has been promoted to following the sale of its automotive division. NEWS the FTSE AIM 100 index, along with Formerly AIM-quoted PPHEHotel litigation funder Manolete Partners and Group has been promoted to the FTSE Audioboom income 06 growth Jadestone Energy Inc, which is also quoted 250, while business parks investment on the TSX Venture Exchange. They are company Sirius Real Estate remains on replacing Staffline, Quixant and Savannah the reserve list. DIVIDENDS Anglo Asian 07 payout Science Frontier FEATURE Smart audio and digital radio technology Science took an initial stake in Frontier at Bad for Real Good developer Frontier Smart Technologies has 12.5p a share and has bought more shares 08 rebuffed a bid from fellow AIM company since the approach was rejected. These Science Group, but this has not stopped were acquired for 25p or 30p each and FEATURE the latter building up a significant stake in take the stake to 28.3%. Herald Investment Frontier. Management has sold its 11.57% stake Woodford AIM Science offered to acquire the whole and AXA has also disposed of its entire 09 exposure company via a cash bid of 30p a share, but shareholding. M&G owns 19.5% of Frontier. the proposal met with a negative response Frontier says that it expects to generate from the target’s board, which felt that a revenues of $36.6m this year, down from STATISTICS number of the conditions were not in the $41.8m in 2018, and it will continue to lose Market indices and interests of shareholders. The Science offer money. Net debt was $3.9m at the end of 11 statistics has been withdrawn. April 2019. HubInvest publishes AIM Journal www.hubinvest.com general news Flexible Essensys CentralNic Flexible workspace software supplier Essensys has two products: expands Essensys got off to a good start Connect and Operate. These when it joined AIM on 29 May. A help clients to improve return Domain names registration and placing at 151p a share raised £12m on investment and operational services provider CentralNic has after expenses and the share price efficiency. Connect was launched conditionally agreed to acquire ended the first week of trading in 2010 and it includes software, Sydney-based TPP Wholesale, which at 182.5p. The global flexible essensysCloud, which is the only is a similar business in Australasia, workspace market is expected to cloud-based service focused on for A$24m. TPP has 840,000 domains achieve a compound annual growth the sector, and Marketplace, which under management. In 2018, TPP rate of 21% up until 2022 and gives clients direct access to services. generated revenues of A$17m and Essensys has a strong position in the Operate is enterprise resource EBITDA of A$3.9m. Total integration market. planning software. costs of A$1.8m are expected Commercial landlords are Essensys has been trading since over the next couple of years. The converting ordinary office space 2006 and has grown organically TPP deal should be immediately into flexible workspace and this and via acquisitions. Founder Mark earnings enhancing this year and in provides new potential customers Furness sold 6.59 million shares in the 2020, even before any cost savings. for Essensys. Recent focus has been placing, but he still owns 43.4% of CentralNic intends to raise €50m on expanding in the US and part the company. through a four-year senior secured of the cash raised will go towards The business has consistently non-convertible bond issue. The accelerating this growth. Essensys generated cash from operations. cash will be used to finance the had 260 customers in the UK and The latest interims show revenues acquisition and repay existing US at the end of July 2018 and that growing from £7.78m to £9.59m and borrowings. The TPP acquisition is is expected to rise to 357 customers a £275,000 loss was turned into an expected to be completed by the by July. underlying pre-tax profit of £503,000. end of June. AIM acquisition activity May has been a particularly which values the software consulting services provider Tetra active one for international company at £13.1m. EU Supply Tech has made a 55p a share bidders for AIM companies. The joined AIM in 2013 when it raised offer. This bid is recommended, targets include FTSE AIM 100 £5m at 22.6p a share. Mercell which is no surprise give the poor index constituent SafeCharge believes that there will be cross- performance of WYG. International. selling opportunities and the TSX Venture Exchange company SafeCharge is recommending combined group will be one of Hunt Mining Corp is offering 10.76 a $5.55 (436p) a share cash offer the main e-tendering software shares for each share in Patagonia from fellow payment services companies in Europe. Mercell is Gold, valuing it at £17.2m. The bid provider Nuvei Corporation, focused on the Nordic and Baltic is recommended, and Patagonia valuing the company at £699m. regions and EU Supply will help it shareholders will own 80% of The final dividend of 7.22p a share to grow in the rest of Europe. the enlarged company. Hunt will also be paid. The international Sweden-based activist investor is producing silver and gold in payments processor joined AIM AB Traction has proved it is an Argentina and Patagonia has assets five years ago at 162p a share. investor to watch. Fully listed in the same region. Patagonia Nuvei has a strong market position Waterman was taken over after AB was demerged from Brancote, in North America and SafeCharge Traction took a stake. The same which was one of the original ten provides scale in Europe. has happened to construction and companies on AIM, and it is the EU Supply is recommending professional services provider WYG, last link to the origins of the junior an 18.25p a share bid by Mercell, where US-based, international market. 2 June 2019 HubInvest publishes AIM Journal HubInvest publishes AIM Journal www.hubinvest.com www.hubinvest.com advisers AFH set to more than double profit Wealth management firm AFH They will make a more substantial profitable in the first quarter. Market Financial Group reported strong contribution in the second half. share of 3.7% was higher than the figures for the six months to April A pre-tax profit of £17.7m, up from 3.54% in the first quarter of 2018, but 2019 and the full year should be £7.9m, is estimated for the year to lower than the 3.9% for the fourth even better. October 2019. That would equate quarter of 2018. AFH increased interim revenues to an underlying EBITDA margin of This period is prior to the by 61% to £36.6m and underlying 22.6% and there should be a small announcement that Share is taking earnings per share were 49% higher margin improvement in 2019-20, on an active book of accounts to 14.9p. Funds under management when a pre-tax profit of £20.8m is covering nearly 20,000 customers totalled £5.4bn and that is expected forecast. and more than £750m of assets from to nearly double within five years. JP Morgan Asset Management. The The five-year target for revenues Share, the owner of the Share transfer of these accounts is not is £140m and underlying EBITDA Centre broking business, says that it expected to start until September margin of 25%. increased first-quarter revenues even anyway. The interim results will be AFH continues to acquire IFA though the number of trades on the published on 8 August. firms, with four in the first half, London Stock Exchange in the first Last month, Interactive Investor and they are becoming larger and quarter of 2019 was 27% lower than approached Share about a possible more significant to the group. in the same quarter last year. bid and there were discussions Management is also seeking Commission and fee revenues between the two parties, but to acquire other advisory and were 2% ahead of the first quarter Interactive Investor decided not to wealth management businesses. last year and this compares with a go ahead with an offer. Discussions The interims include a limited 3% decline for the peer group of could resume if the Share board contribution from recent purchases. private client brokers. Share was approves. ADVISER CHANGES - MAY 2019 COMPANY NEW BROKER OLD BROKER NEW NOMAD OLD NOMAD DATE Abcam Numis/JP Morgan JP Morgan/Peel Hunt JP Morgan Cazenove JP Morgan Cazenove 01/05/19
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