AIM MARKET UPDATE August 2017
Allenby Capital Limited is authorised and regulated by the Financial Conduct Authority (register no. 489795) and a member of the London Stock Exchange and NEX Growth Exchange Market
1 Information sourced from London Stock Exchange and Allenby Capital CONTENTS
]] Overview 3
]] New Admissions 4
]] Secondary Fundraises 19
]] Trading Volumes 24
]] AIM Market Overview 28
]] Main Market Overview 32
]] Allenby Capital Overview 33
2 OVERVIEW
The summer months were strong for AIM. decision to join AIM. 42% of funds raised AIM MARKET New and Secondary raisings The average monthly raise of £760m at IPO during 2017 have been for exiting (primary and secondary issues) was well shareholders, a larger share than the 28.7% oney raised m e above the £370m average raise of the first recorded in 2016. The 2017 figures have oney raised m urther five months. The year-to-date total amount been boosted by several large deals such as raised through the end of August of £4.17bn the owners of Eddie Stobart Group plc and is already approaching last year’s total of Strix Group plc taking money off the table at £4.77bn with four months of statistics still IPO - £271m and £190m respectively. to be recorded. Both new issues (+51% yoy) and secondary raisings (+41.5%) have been The collective market capitalisation of AIM strong compared to the same period through broke through £100bn in August for the first 2016. time since October 2007 and for the first
time the average market capitalisation of unds raised m We include vendor placings within our the 963 constituents broke the £100m mark, new issues statistics as we see them as an reaching £104.3m in August. important and relevant part of a company’s ul ul an Apr un an Apr un ct ct eb eb Sep Sep o ec o ec Aug Aug Aug ar ar ay ay
AIM MARKET Equity raisings since inception
oney raised m urther oney raised m e unds raised m oney raised m urther oney raised m e oney raised m otal
3 Information sourced from London Stock Exchange and Allenby Capital NEW ADMISSIONS
4 AUGUST 2017 - Number of AIM constituents falls to 963
The number of companies on AIM slipped AIM MARKET 2017 Net new admissions / departures by three over the summer to 963. The 26 new joiners were offset by 29 departures. Of the 26 new joiners, 18 were have their main operations in the UK. Of the 29 departures: ]] Two transferred to the Main market ]] Six were the subject of RTOs ]] Ten were acquired
]] Eight chose to delist ]] Three were forced to delist
anuary o e from ain arket o e from E Exchange Introductions Introductions Int I I Int to another market Listing transfer e erse akeo er Ac uired Chose to de list orced to de list Lack of omad Administration August ro th arket e admissions e admissions Int
5 Information sourced from London Stock Exchange and Allenby Capital NEW ADMISSIONS TO AIM SINCE INCEPTION
e oney aised
umber of Admissions
umber of Admissions e oney aised k
ear
6 Information sourced from London Stock Exchange and Allenby Capital ADMISSIONS TO AIM - June, July and August 2017
COUNTRY AMOUNT MARKET PERFORMANCE COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTION OF RAISED VALUE AT IPO/ SINCE JOINING OPERATION (£M) ADMISSION (£M) AIM
IPO & Touchstone Exploration Inc. is a Calgary based company engaged in the business of Touchstone 26 June Oil & Gas Placing acquiring interests in petroleum and natural gas rights, and the exploration, development, Trinidad & 1.45 8.67 18.97% Exploration Inc. 2017 Producers (dual list production and sale of petroleum and natural gas. Touchstone is currently active in Tobago TSX) onshore properties located in the Republic of Trinidad and Tobago.
Ethernity is a technology solutions provider that develops data network processing technology used in high end carrier ethernet applications across the telecom, mobile, security and data centre markets. The Company's core technology, which is protected by Technology five US patents and populated on programmable logic, improves efficiency and accelerates Ethernity Networks 29 June IPO & Hardware & data processing in the provision of data and network services, thereby reducing power Israel 15.00 47.96 22.14% Ltd 2017 Placing Equipment consumption and reducing the costs of maintaining network infrastructure by giving hardware systems the ability to add future-proof data processing functionality. The Company's software and firmware is already installed in over 400,000 systems globally in broadband access, mobile backhaul and Ethernet access applications.
Jangada Mines plc is a natural resources company developing South America's largest and most advanced platinum group metals ('PGM') project. The majority of the net proceeds of the fundraising will be used to progress minor additional resource and reserve drilling, 29 June IPO & Jangada Mines Mining a bulk metallurgy test study, and a scoping study to determine operation parameters and Brazil 2.25 11.60 -7.50% 2017 Placing likely financial model at the Company's Pedra Branca PGM Project ('the Project') in Brazil. The Project, previously owned by Anglo American Platinum, has benefited from extensive historical exploration and development expenditure to the tune of circa US$35 million.
Phoenix owns an 80% controlling and operating interest in the Empire Mine Project in Phoenix Global 29 June IPO & United Industrial Metals Idaho, USA, a historic brown-fields copper mine. The remaining 20% is held by ExGen, a 4.60 10.34 -6.25% Mining 2017 Placing Sates company listed on the TSX-V.
FFI is the world leader in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming product. FFI was founded in London in 1950 and is now headquartered in Los Angeles, with 11 offices globally including in London, Stockholm, Toronto, New York, Cape Town, Cologne and Shanghai. 30 June IPO & Over the last 67 years, FFI has provided the financiers of film and television productions United FFI Holdings General Financial 59.06 235.56 5.00% 2017 Placing with contracts providing assurance that such productions will be completed on time, on States budget and to a basic pre-agreed specification. Since 2008, FFI has issued completion contracts to all the leading financiers involved in the entertainment industry, unlocking funding for approximately 1,700 productions with gross production budgets estimated to be in excess of US$17 billion.
Priced as of 26/09/2017 7 Information sourced from London Stock Exchange and Allenby Capital ADMISSIONS TO AIM - June, July and August 2017, continued...
COUNTRY AMOUNT MARKET PERFORMANCE COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTION OF RAISED VALUE AT IPO/ SINCE JOINING OPERATION (£M) ADMISSION (£M) AIM
Diversified Gas & Oil Plc (DGO) owns and operates gas and oil producing wells in the United States. DGO’s head office is in Birmingham, Alabama and the Company’s operations are based in the neighbouring states of Pennsylvania, Ohio and West Virginia, which cover part Diversified Gas 03 July Oil & Gas Reverse of the largest and oldest hydrocarbon producing field in the US, known as the Appalachian United 19.60 101.19 7.50% & Oil Plc 2017 producers Takeover Basin. DGO listed on the AIM market in February 2017 having successfully raised $50 million, States in April 2017 DGO acquired an additional 1,300 producing wells and in July 2017, DGO was re-admitted to trading on AIM after the acquisition of 7,300 producing gas and oil wells from Titan Energy LLC, $35 million equity raising and $110 million financing.
The Global Yachting Group (GYG) was formed from the joint venture of two of the most prestigious global superyacht painting, service and supply companies, Pinmar and Rolling Stock. Today GYG operates six market leading brands and offers a comprehensive painting 05 July Industrial IPO & GYG Plc and supply service for the global superyacht sector. The Company has major bases across Spain 6.90 46.60 36.00% 2017 Transportation Placing Europe including Palma de Mallorca, Barcelona, La Rochelle, the UK, Germany and Monaco, and also Fort Lauderdale in Florida. The Company raised £6.9m on IPO to further expand the business. GYG hopes to pay a total dividend with a yield of around 6.4% after its first year.
Tatton Asset Management plc was founded by entrepreneur and current Chief Executive Officer, Paul Hogarth who had previously co-founded and developed the then largest IFA support services business in the UK, Bankhall. TAM offers on-platform only discretionary fund management, regulatory, compliance and business consulting services, as well as a whole Tatton Asset 06 July IPO & of market mortgage provision, to Directly Authorised financial advisers across the UK. This General Financial UK 35.02 70.50 16.03% Management Plc 2017 Placing is achieved through three operating divisions: Tatton Investment Management, Paradigm Partners and Paradigm Mortgage Services.These operating divisions provide support services, such as compliance and business advice, to help directly authorised firms respond to market and regulatory changes, as well as giving them access to discretionary fund management exclusively through fund platforms.
Nexus is a leading provider of essential infrastructure services to the UK housebuilding Nexus and commercial sectors. The Group comprises two separately managed and operated 11 July Construction & IPO & Infrastructure businesses: Tamdown, a provider of specialised infrastructure services; and UK 35.02 70.50 4.05% 2017 Materials Placing Plc TriConnex, which designs, installs and connects utility networks to properties on new residential and commercial developments.
Priced as of 26/09/2017 8 Information sourced from London Stock Exchange and Allenby Capital ADMISSIONS TO AIM - June, July and August 2017, continued...
COUNTRY AMOUNT MARKET PERFORMANCE COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTION OF RAISED VALUE AT IPO/ SINCE JOINING OPERATION (£M) ADMISSION (£M) AIM
Angling Direct Plc is the UK’s largest specialist fishing tackle retailer. It sells over 21,500 fishing tackle and related products including capital items, consumables, luggage and clothing through 15 Angling direct retail stores and online via its own website and other third-party websites. The Company also owns and sells fishing tackle products under its own Angling Direct 13 July IPO & brand ‘Advanta’. The company successfully raised £9.0 million at IPO with £7.4m gross for General Retailers UK 9.00 27.40 29.69% Plc 2017 Placing the Company and £1.6 million gross for the Selling Shareholders. The key drivers behind the IPO include: being able to facilitate expansion through new store openings and acquisitions of existing fishing tackle stores, enhanced market credibility, raising corporate profile and brand awareness, promotion and further development of own Advanta brand and to provide the Company with the opportunity to access additional capital at a later date.
Animalcare is a sustainable pan-European veterinary sales, marketing and product development company. The company has direct sales in seven countries and distributes to approximately 50 markets around the world. On 13th July 2017 Animalcare Group Plc completed the acquisition of Ecuphar NV. The acquisition was funded through a combination Animalcare 13 July Pharmaceuticals of the issue of £100.6m consideration shares to the vendors and a £34m cash payment RTO UK 30.00 214.19 6.43% Group Plc 2017 & Biotechnology satisfied in part through a placing of new shares at placing price of 350 pence per share, with the balance of £4.0 million funded by existing cash held by the Group. Animalcare and Ecuphar are highly complementary businesses as they have similar geographic markets, product portfolios and new product development pipelines and the acquisition is expected to provide enhanced scale and capabilities.
Arena Events Group Plc provides temporary event services, designing and delivering complete environments for sporting, commercial and cultural occasions around the world. The Group has recently worked in partnership with iconic events including the US Open Championship, Formula E, The Jockey Club, Korea’s Presidents Cup, the London 2012 and Rio 2016 Olympics Arena Events 25 July IPO & Travel & Leisure and Her Majesty the Queen’s 90th birthday celebrations. The Group raised approximately UK 59.27 63.10 9.09% Group Plc 2017 Placing £59.3m on IPO, with an additional £700,000 being raised for selling shareholders. £31m will be used to repay the Group's outstanding loan notes and loan note interest, and a further £13.2 million will be used to pay down senior debt.The remaining funds will be used to pursue organic or inorganic growth.
Priced as of 26/09/2017 9 Information sourced from London Stock Exchange and Allenby Capital ADMISSIONS TO AIM - June, July and August 2017, continued...
COUNTRY AMOUNT MARKET PERFORMANCE COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTION OF RAISED VALUE AT IPO/ SINCE JOINING OPERATION (£M) ADMISSION (£M) AIM
Greencoat Renewables is a recently incorporated Irish public limited company. The Company's objective is to build a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Greencoat Renewables is the first renewable energy infrastructure company to list on the Irish Stock Exchange, and the first Euro Greencoat 25 July IPO & Renewable Energy denominated renewable energy infrastructure company to list on the London Stock Exchange. Ireland 237.57 270.00 7.25% Renewables Plc 2017 Placing Following the success of the renewable infrastructure sector in the UK, the Company sees significant opportunities for near term growth and consolidation in the Irish wind generation market, and to acquire additional assets using, it is expected, a revolving credit facility and then returning to the equity markets in due course to refinance with further issuances.
i3 Energy is an oil and gas company with assets and operations in the United Kingdom. i3 Energy’s strategy is to focus on the development of discoveries located close to existing infrastructure and the exploitation of producing fields, whilst maintaining limited exploration 25 July Oil & Gas i3 Energy Plc Introduction exposure. i3 Energy’s core asset is the Liberator oil field discovered by well 13/23d-8 located UK 0.00 14.10 -44.55% 2017 producers in License P.1987, Block 13/23d in which it has a 100% operated interest. The company has historically been financed by the issue of loan notes. On admission approximately £3.5m of these converted to equity.
Harvey Nash is a global recruitment business with over 8,000 professionals in more than 40 offices across the USA, Europe, Asia and Australasia. The Company stated that it chose to move from the Main Market as "AIM will provide an environment more suited to the Group’s current size and strategic intent to enhance shareholder value by organic growth and Transfer acquisitive activity. The Group’s administrative and regulatory requirements will be simplified Harvey Nash 28 July Support Services from Main following Admission and enable the Group to execute strategic acquisitions more efficiently. UK 0.00 70.70 -9.51% Group Plc 2017 Market The Board believes that a transfer to AIM has the benefit of lower transactional costs, lower ongoing costs and simpler administration and regulatory requirements more appropriate to a company of Harvey Nash’s size, which will facilitate implementation of the Company’s plans for the next stage of its growth and will enable the strategy to be executed in a more efficient manner.
Quiz Plc is a distinctive fast fashion brand selling quality and value for money women’s occasion wear and dressy casual wear that is relevant to a wide age group. Founded in 1993, Quiz is headquartered in Glasgow and employs approximately 1,350 people in the UK and Ireland alone. The company has been able to grow rapidly into an international fashion 28 July IPO & brand with 300 standalone stores, concessions, franchise stores, wholesale partners and Quiz Plc General Retailers UK 102.70 226.10 11.18% 2017 Placing international online partners in 19 countries thanks to its fast, flexible supply chain and formula of style, quality, value and service. The Placing raised £102.7 million of gross proceeds: £92.1 million of gross proceeds for the Selling Shareholders; and £10.6 million of gross proceeds for the Company, which will primarily be used to accelerate its continued growth.
Priced as of 26/09/2017 10 Information sourced from London Stock Exchange and Allenby Capital ADMISSIONS TO AIM - June, July and August 2017, continued...
COUNTRY AMOUNT MARKET PERFORMANCE COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTION OF RAISED VALUE AT IPO/ SINCE JOINING OPERATION (£M) ADMISSION (£M) AIM
GetBusy is as a document management software business headquartered in Cambridge, UK and operating across the UK, US, Australia and New Zealand. The Group’s software provides its customers with a highly secure form of digital document distribution and has been designed with the flexibility to suit any business. This security and flexibility has resulted in the strong 04 uptake of the Group’s products, particularly amongst professional services organisations Software & United Getbusy Plc August Introduction such as accounting firms. The individual businesses that form the Group were, prior to the 0.00 13.70 6.01% Computer Services Kingdom 2017 Demerger, owned by Reckon Limited, an ASX listed technology group which reported revenues of A$97.8 million and an EBITDA of A$35.3 million in its 2016 financial year. Reckon is a specialist provider of accounting and practice management software services that have been used by over 800,000 SMEs. Reckon’s practice management software is used by the majority of the largest accounting practices in Australia and New Zealand.
Gordon Dadds Group plc is an acquisitive London based legal and professional services 04 business with a twin track consolidation model to integrate mid-market law firms under its Gordon Dadds Reverse United August Support Services Gordon Dadds brand, and to acquire smaller firms who continue to trade under their own 20.00 40.00 3.21% Group Plc Takeover Kingdom 2017 name via its Prolegal acquisition vehicle. Gordon Dadds came to market via the Reverse Takeover of AIM listed Work Group Plc.
PROACTIS is a global spend management solution provider which creates, sells and maintains spend management software that enables organisations to streamline, control and monitor all expenditure, other than payroll, and delivers bottom-line value, monetary savings and efficiencies through improved spend management. Proactis acquired Perfect 07 Proactis Software & Reverse Commerce for approximately £102m which constituted a reverse takeover. Perfect Commerce United August 70.00 152.90 8.18% Holdings Plc Computer Services Takeover develops and sells cloud-based, technology-led, spend management solutions for the public Kingdom 2017 and private sector markets. The Acquisition is consistent with PROACTIS’ growth strategy, which is designed to deliver a larger business that is capable of addressing a growing global market demand for spend management solutions. The acquisition was financed through the £70m placing proceeds, existing cash resources and debt facilities totalling £45m.
Strix is a global leader in the design, manufacture and supply of kettle safety controls and other components and devices involving water heating and temperature control, steam management and water filtration. Strix has a long track record of substantial profitability 08 Electronic IPO & with over £30 million of Adjusted EBITDA generated in each year and over £200 million of United Strix Group Plc August & Electrical 190.00 255.55 37.00% Placing debt repayments made since 2007. In the year ended 31 December 2016, Strix recorded an Kingdom 2017 Equipment Adjusted EBITDA of £33.3 million. The entire net proceeds of the Placing, in combination with the New Debt Facilities, will provide an exit for the Group’s current majority owner, AAC Capital, which has held a stake in the business since 2005.
Priced as of 26/09/2017 11 Information sourced from London Stock Exchange and Allenby Capital ADMISSIONS TO AIM - June, July and August 2017, continued...
COUNTRY AMOUNT MARKET PERFORMANCE COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTION OF RAISED VALUE AT IPO/ SINCE JOINING OPERATION (£M) ADMISSION (£M) AIM
Altus operates a disruptive ‘project generator’ business model in the mineral exploration sector. The Company is involved in the discovery, acquisition, development and monetisation of a diversified portfolio of mineral deposits in Africa. Having completed reconnaissance 10 exploration and defined targets, Altus’ business model is to attract joint venture partners to Altus Strategies IPO & August Mining fund what the Directors consider to be the highest risk phases of exploration which include Africa 1.11 10.70 0.00% Plc Placing 2017 drilling and resource definition, in return for an equity interest in the individual projects. The Directors believe that this approach provides the upside optionality of multiple juniors with the efficiency of a single management team, who have the necessary proven track record and the expertise to capitalise on early stage opportunities.
Andes Energia acquired Trefoil Holdings through the issue of shares in Andes Energia with the consideration constituting a reverse takeover. Trefoil Holdings owns, through a number of subsidiary companies, over 99.99 per cent. of the interests in an Argentine company, PETSA, 10 Phoenix Global Oil & Gas Reverse which has exploration and production oil and gas assets in the provinces of Mendoza, Santa August Argentina 0.00 1209.33 -3.08% Resources Plc Producers Takeover Cruz and Tierra del Fuego in Argentina. In 2016, PETSA’s assets produced an average of 8,811 2017 boepd net to its working interest from 19 concessions. The PETSA Group has certified net working interest 2P reserves of 45.5 million boe as at 31 December 2016 and certified net working interest 2C resources of 35.6 million boe as at 31 December 2016.
Verditek is a holding company in the clean technology sector with subsidiaries operating within what it considers are emergent and fast growing sectors including industrial treatment of solids, air purification, water de-odourisation, zero emission and low cost energy. The Company’s subsidiaries are involved in advanced solar photovoltaic, filtration and 10 absorption technologies specialising in providing environmental services, such as: A liquid IPO & United Verditek Plc August Alternative Energy gas absorption technology which could revolutionise global CO2 capture as well as other 2.75 16.89 -5.56% Placing Kingdom 2017 emission control technologies across numerous industries (oil and gas, cement and others); Two solar photovoltaic production lines based in San Marino. Verditek is in partnership with a specialist in solar technology development, Claudio Marati and his team; and A filtration de-odourisation technology already commercially proven in numerous countries that de- odourises waste water and other odours.
Priced as of 26/09/2017 12 Information sourced from London Stock Exchange and Allenby Capital ADMISSIONS TO AIM - June, July and August 2017, continued...
COUNTRY AMOUNT MARKET PERFORMANCE COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTION OF RAISED VALUE AT IPO/ SINCE JOINING OPERATION (£M) ADMISSION (£M) AIM
Xpediator is an integrated freight management business operating in the supply chain logistics and fulfilment sector across the UK and Europe with a particular focus on, and expertise in, CEE countries. The Group has three main business areas: 1. Freight forwarding services, trading under the Delamode brand, and specialising in connecting CEE countries 11 and the UK. 2. Logistics and warehousing which comprises: distribution hubs in the UK and Industrial IPO & United Xpediator Plc August southern Europe providing over 39,000 sqm of shared user space; pallet distribution services, 5.00 26.22 18.75% Transportation Placing Kingdom 2017 the Group is the master franchisee of a fast growing pallet distribution network in Romania which trades under the Pall-Ex brand; and the recently acquired EMT business which is based in London and specialises in fashion logistics.3. Transport services, trading under the Affinity brand, providing bundled fuel and toll cards, and financial and support services for hauliers in southern Europe.
Wilmcote Holdings plc has been established with the objective of creating value for its investors through the acquisition and subsequent development of target businesses in the downstream and specialty chemicals sector. The Company intends to acquire a platform 17 Non equity trading asset with an enterprise value in the region of £500 million to £2 billion. The Wilmcote IPO & United August Investment Directors believe that the opportunity exists to create significant shareholder value through 15.00 25.00 10.42% Holdings Plc Placing Kingdom 2017 Instruments a well-executed buy-and-build strategy in the identified sector. The Company is led by CEO Adrian Whitfield who has 35 years of industrial and international business experience. Adrian was previously CEO of Synthomer plc (previously called Yule Catto & Co plc), the FTSE 250 specialty polymer operator.
Priced as of 26/09/2017 13 Information sourced from London Stock Exchange and Allenby Capital GEOGRAPHICAL BREAKDOWN OF AIM’S 2017 NEW ENTRANTS Number of companies and amounts raised
Canada (1, £5.85m)
USA (4, £115.26m)
Ireland (1, 237.6m)
UK (34, £1283.02m)
Israel (1, £15m) Spain (1, £2.5m)
Africa (1, 1.1m) Italy (1, £2.5m)
Trinidad & Tobago (1, £1.45m)
Columbia (1)
Brazil (1, £2.25m)
Argentina (1)
14 Information sourced from London Stock Exchange and Allenby Capital 2017 AIM ADMISSIONS
There have been 49 admissions to AIM have raised £1,670m upon admission. in 2017. However, these have been offset The 2017 joiners had a combined market by 68 departures, giving a total number capitalization upon their respective of constituents (as at end of August) of admissions of £4.636bn giving an 963. As at end of August 2016 there were average market capitalisation of £94m. 1,007. The number of companies on AIM peaked in December 2007 at 1,694. 34 (or 71%) of the new joiners have their central operations based in the UK and 11 £937m was raised through the 26 admissions (or 23%) of the joiners are based outside of to AIM in June, July & August, giving an Europe. average raise of £36m – essentially in line with the 2017 monthly average (£35m). The average share price performance of IPO’s in 2017 is +7.6% (median +5.8%). The 49 companies that have joined AIM in 2017 (through to the end of August)
BREAKDOWN OF AIM’S 2017 NEW ENTRANTS BREAKDOWN OF THE £1,670M NEW MONEY RAISED IN 2017
asic aterials asic aterials Consumer oods echnology echnology Consumer oods Consumer Ser ices il as Consumer Ser ices etail il as ene ables etail
inancials inancials Support Ser ices ene ables Life Sciences Life Sciences Chemicals Support Ser ices Chemicals Construction aterials Industrials Construction aterials ining ining Industrials
15 Information sourced from London Stock Exchange and Allenby Capital 2017 VENDOR PLACINGS
We have calculated that since the beginning Placing. Throughout 2017, 12 (or 26%) of VENDOR PLACINGS 2017 of 2016, 36% of the funds raised upon the 46 new joiners that raised funds upon admission to AIM by new joiners are admission to AIM have included selling attributable to existing shareholders shareholders. Vendor placings in the year VENDOR PERFORMANCE DATE COMPANY VENDOR selling equity in their companies. Such so far amount to £707m (or 42.3%) of PLACING (£M) SINCE IPO ‘Vendors’ come in two broad groups: the total equity placed by new joiners. 25 April 2017 Eddie Stobart Logistics Plc BDAY Advisors, Stobart Group 270.87 -0.94% founding shareholders and/or management Eddie Stobart Logistics Plc contributed teams wishing to partially or fully cash £270.9m (or 38%) of this total amount. 08 August 2017 Strix Group Plc AAC Capital 190.00 37.50% Founders, management and in on their efforts made in building their 28 July 2017 Quiz Plc 92.10 10.25% businesses; and professional investing 10 of the 12 vendor groups have comprised related parties Founders, management and entities, notably Private Equity houses, founding shareholders, members of 06 July 2017 Tatton Asset Management 41.60 14.10% seeking to crystallise their investments. management and/or related parties. related parties Founders, management and In the period June – August 2017, 7 of The remaining vendor groups have also 11 July 2017 Nexus Infrastructure Plc 35.02 4.05% related parties the 21 companies that raised funds upon contained Private Equity houses and Founders, management and 30 June 2017 FFI Holdings 27.56 4.33% admission to AIM performed a Vendor Venture Capital funds. related parties Founders, management and 07 April 2017 Alpha FX Group Plc 17.00 143.62% related parties Founders, management and 11 April 2017 K3 Capital Group Plc 15.74 58.42% related parties NorthEdge Capital, Founders, 15 February Ramsdens Holdings Plc management and related 10.59 99.42% 2017 YTD VENDOR PLACINGS: £707M OF TOTAL £1,670M 2017 parties Founders, management and 18 May 2017 Velocity Composites 4.00 -2.94% related parties Founders, management and 13 July 2017 Angling Direct Plc 1.60 28.91% related parties Founders, management and 25 July 2017 Arena Events 0.70 6.36% related parties Average 33.6%
endor lacings m e Issues m
16 Information sourced from London Stock Exchange and Allenby Capital 2017 AIM ADMISSIONS Winners and losers
Country of Market Value on Money Issue Price Current Date Listed Issue type Company Subsector Performance Operation admission (£m) Raised (£m) (P) Price 07 April 2017 IPO & Placing Alpha FX Group Plc Investment Services UK 64.20 30.00 196.0 477.50 143.62% 15 February 2017 IPO & Placing Ramsdens Holdings Plc Consumer Finance UK 26.52 15.59 86.0 171.50 99.42% 11 April 2017 IPO & Placing K3 Capital Group Plc Business Support Services UK 40.10 17.84 95.0 150.50 58.42% Electronic & Electrical 08 August 2017 IPO & Placing Strix Group Plc UK 255.55 190.00 100.0 137.00 37.00% Equipment 05 July 2017 IPO & Placing GYG Plc Industrial Transportation Spain 46.60 6.90 100.0 136.00 36.00% 08 March 2017 Placing Re-admission Attraqt Group Plc Software UK 37.20 27.80 35.0 46.00 31.43% 13 July 2017 IPO & Placing Angling Direct Plc General Retailers UK 27.40 9.00 64.0 83.00 29.69% 05 April 2017 IPO & Placing Skinbiotherapeutics Plc Biotechnology UK 10.70 4.50 9.0 11.63 29.17% Technology Hardware & 29 June 2017 IPO & Placing Ethernity Networks Ltd Israel 47.96 15.00 140.0 171.00 22.14% Equipment Trinidad & 26 June 2017 IPO & Placing (dual list TSX) Touchstone Exploration Inc. Oil & Gas Producers 8.67 1.45 7.3 8.63 18.97% Tobago 11 August 2017 IPO & Placing Xpediator Plc Industrial Transportation UK 26.22 5.00 24.0 28.50 18.75% 08 February 2017 IPO & Placing Eco (Atlantic) Oil & Gas Ltd Exploration & Production Canada 18.92 5.09 16.0 18.75 17.19% 22 February 2017 IPO & Placing GBGI Ltd Life Insurance USA 130.40 32.00 150.0 175.00 16.67% 06 July 2017 IPO & Placing Tatton Asset Management Plc General Financial UK 87.20 51.60 156.0 181.00 16.03% 03 February 2017 IPO & Placing Diversified Gas & Oil Plc Exploration & Production UK 68.60 39.65 65.0 75.25 15.77% 28 July 2017 IPO & Placing Quiz Plc General Retailers UK 226.10 102.70 161.0 179.00 11.18% Non equity Investment 17 August 2017 IPO & Placing Wilmcote Holdings Plc UK 25.00 15.00 120.0 132.50 10.42% Instruments 25 July 2017 IPO & Placing Arena Events Group Plc Travel & Leisure UK 63.10 59.27 55.0 60.00 9.09% 07 August 2017 ReverseTakeover Proactis Holdings Plc Software & Computer Services UK 152.90 70.00 165.0 178.50 8.18% 03 July 2017 Reverse Takeover Diversified Gas & Oil Plc Oil & Gas producers USA 101.19 19.60 70.0 75.25 7.50% 25 July 2017 IPO & Placing Greencoat Renewables Plc Renewable Energy Ireland 270.00 237.57 1.0 1.073 7.25% Pharmaceuticals & 13 July 2017 RTO Animalcare Group Plc UK 214.19 30.00 350.0 372.50 6.43% Biotechnology 04 August 2017 Introduction Getbusy Plc Software & Computer Services UK 13.70 0.00 28.3 30.00 6.01% 03 May 2017 Reverse Takeover & Placing Escape Hunt Plc Recreational Services UK 27.30 14.00 135.0 143.00 5.93%
Priced as of 26/09/2017 17 Information sourced from London Stock Exchange and Allenby Capital 2017 AIM ADMISSIONS Winners and losers continued
Country of Market Value on Money Issue Price Current Date Listed Issue type Company Subsector Performance Operation admission (£m) Raised (£m) (P) Price 05 January 2017 Placing Re-admission SigmaRoc Building Materials & Fixtures UK 41.00 40.00 40.0 42.25 5.62% 30 June 2017 IPO & Placing FFI Holdings General Financial USA 235.56 59.06 150.0 157.50 5.00% 11 July 2017 IPO & Placing Nexus Infrastructure Plc Construction & Materials UK 70.50 35.02 185.0 192.50 4.05% 04 August 2017 ReverseTakeover Gordon Dadds Group Plc Support Services UK 40.00 20.00 140.0 144.50 3.21% 09 May 2017 Reverse Takeover & Placing Shearwater Group Plc Software UK 38.40 9.02 4.0 4.13 3.13% 18 May 2017 IPO & Placing Eve Sleep Durable Household Products UK 139.70 34.93 101.0 101.00 0.00% 10 August 2017 IPO & Placing Altus Strategies Plc Mining Africa 10.70 1.11 10.0 10.00 0.00% 25 April 2017 IPO & Placing Eddie Stobart Logistics Plc Transportation Services UK 572.70 392.87 160.0 158.50 -0.94% 18 May 2017 IPO & Placing Velocity Composities Plc Aerospace UK 30.43 12.28 85.0 82.50 -2.94% 11 April 2017 Reverse Takeover & Placing Franchise Brands Plc Specialised Consumer Services UK 52.10 20.00 67.0 65.00 -2.99% 10 August 2017 Reverse Takeover Phoenix Global Resources Plc Oil & Gas Producers Argentina 1209.33 0.00 65.0 63.00 -3.08% 10 August 2017 IPO & Placing Verditek Plc Alternative Energy UK 16.89 2.75 9.0 8.50 -5.56% 29 June 2017 IPO & Placing Phoenix Global mining Industrial Metals USA 10.34 4.60 4.0 3.75 -6.25% 29 June 2017 IPO & Placing Jangada Mines Mining Brazil 11.60 2.25 5.0 4.63 -7.50% 23 March 2017 Placing Re-admission Duke Royalty Limited Specialty Finance UK 23.32 15.00 40.0 36.50 -8.75% 28 July 2017 Transfer from Main Market Harvey Nash Group Plc Support Services UK 70.70 0.00 97.3 88.00 -9.51% 24 February 2017 IPO & Placing Saffron Energy Plc Exploration & Production Italy 7.69 2.50 5.0 3.88 -22.50% 03 May 2017 Reverse Takeover & Placing N4 Pharma Plc Pharmaceuticals UK 5.00 1.48 7.0 5.25 -25.00% 11 May 2017 Transfer from Main Market Lakehouse Plc Business Support Services UK 15.75 0.00 49.5 35.50 -28.28% 09 February 2017 Introduction Re-admission Nautilus Marine Services Plc Exploration & Production Columbia 5.24 0.00 14.5 10.25 -29.31% 06 March 2017 IPO & Placing Anglo African Oil & Gas Plc Exploration & Production UK 10.60 10.00 20.0 14.00 -30.00% 05 April 2017 IPO & Placing Integuman Plc Personal Products UK 8.25 2.25 5.0 2.78 -44.50% 25 July 2017 Introduction i3 Energy Plc Oil & Gas producers UK 14.10 0.00 55.0 30.50 -44.55% 23 May 2017 Transfer from Main Market & Placing Katoro Gold Plc Gold Mining UK 6.50 5.46 6.0 3.25 -45.83% Total 1,670.14 Average 7.6% Median 5.8%
18 Information sourced from London Stock Exchange and Allenby Capital SECONDARY FUNDRAISES
19 JUNE, JULY, AUGUST 2017 OVERVIEW
The summer months proved very fruitful in 2017. Alongside the equity raise the of the Company’s full fibre network in Draper Esprit plc (GROW.L, £233m) for secondary raises on AIM with a June company raised a further US$220million the UK, including: The expansion of Draper is a pan-European venture capital to August monthly average of £447m through a convertible bond offering. CityFibre’s fibre metro networks from company developing and investing in being raised against an average of £231m The funds, together with existing cash 42 UK towns and cities today to not less disruptive, high growth technology in the first five months of 2017. resources, are to be primarily used to than 50 towns and cities by 2020; The companies with global potential. It is one of Thus far, £2.5bn has been raised through fund capital expenditure in relation to the commencement of construction of Fibre the most active venture capital businesses the secondary market in 2017, 42% above development at the Company’s Lancaster to the Home (“FTTH”), addressing the in Europe, with approximately £500m of the comparable point in 2016. field, West of Shetland where First Oil is residential market, in five to ten UK towns assets under management. The primary targeted for the first half of 2019. and cities during 2018; and in support purpose of the £94m June placing was to Hurricane Energy plc (HUR.L, £544m) of the Company’s strategy to focus on raise further funds to enable the Company Hurricane Energy plc, the UK-based oil Cityfibre Infrastructure Hldgs plc wholesale fibre services and accelerate to continue to develop its strategy since and gas company focused on hydrocarbon (CITY.L, £337m) Cityfibre, a designer, the commercialisation of CityFibre’s IPO of investing in early and growth resources in naturally fractured basement builder, owner and operator of fibre optic fibre assets, the acquisition of Entanet stage digital businesses in order to deliver reservoirs, raised £234m in July which infrastructure in UK towns and cities, International Limited, a provider of attractive long term returns to investors. is the largest secondary raise on AIM raised £202m in July to fund the growth wholesale communications services.
FURTHER ISSUES HISTORICAL BREAKDOWN OF JUNE-AUGUST 2017 FUNDS RAISED
oney aised m umber of ransactions Alternati e Energy asic aterials tilities Consumer oods otal Industrials Consumer Ser ices elecommunications eneral inancial
oney aised m umber of ransactions echnology ealth Care
eal Estate - ining ul ul ul an Apr un an Apr un an Apr un ct ct eb eb eb Sep Sep o ec o ec Aug Aug Aug ar ar ar ay ay ay il as
20 Information sourced from London Stock Exchange and Allenby Capital ANALYSIS OF LARGEST SECONDARY ISSUES - June, July & August
DATE COMPANY SUBSECTOR COUNTRY OF OPERATION MONEY RAISED (£M) 24 July 2017 Hurricane Energy plc Exploration & Production United Kingdon 233.99 28 July 2017 Cityfibre Infrastructure Hldgs plc Fixed Line Telecommunications United Kingdon 201.84 20 June 2017 Draper Esprit plc Specialty Finance United Kingdon 94.00 23 August 2017 Horizon Discovery Group plc Biotechnology United Kingdon 80.00 01 August 2017 Proactis Holdings plc Software United Kingdon 70.00 20 July 2017 Accesso Technology Group plc Software United Kingdon 58.83 17 August 2017 Pacific Industrial & Logistics reit Industrial & Office REITs United Kingdon 53.00 12 June 2017 Boohoo.com plc Apparel Retailers United Kingdon 47.73 09 August 2017 Tissue Regenix Group plc Biotechnology United Kingdon 40.00 23 June 2017 Solgold plc Gold Mining Ecuador 32.34 25 August 2017 Fairfx Group plc Consumer Finance United Kingdon 27.70 28 July 2017 TP Group plc Industrial Machinery United Kingdon 21.85 23 June 2017 Motif Bio plc Biotechnology United Kingdon 20.00 03 August 2017 Frontier Developments plc Toys United Kingdon 17.72 14 June 2017 Eland Oil & Gas plc Exploration & Production Nigeria 15.15 06 July 2017 Premier Technical Services Grp plc Business Support Services United Kingdon 15.00 08 June 2017 1PM plc Specialty Finance United Kingdon 12.99 13 June 2017 Flowgroup plc Electrical Components & Equipment United Kingdon 11.06 23 June 2017 Shanta Gold ltd Gold Mining Tanzania 10.97 14 June 2017 Echo Energy plc Exploration & Production United Kingdon 10.00 31 July 2017 Marlowe plc Business Support Services United Kingdon 10.00 01 August 2017 Pantheon Resources plc Exploration & Production United States 9.55 05 July 2017 Redhall Group plc Business Support Services United Kingdom 9.54 27 July 2017 European Wealth Group Limited Specialty Finance United Kingdom 9.22 21 June 2017 Tri-Star Resources plc Nonferrous Metals United Kingdom 9.08 05 July 2017 K3 Business Technology Group plc Software United Kingdom 8.11 13 June 2017 Netscientific plc Medical Equipment United Kingdom 8.08 17 August 2017 Satellite Solutions Worldwide Group Internet United Kingdom 8.05 20 June 2017 Diversified Gas & Oil plc Exploration & Production United States 7.98 14 July 2017 Ironridge Resources Limited Steel Australia 7.23 13 June 2017 Eagle Eye Solutions Group plc Internet United Kingdom 6.00 15 August 2017 Asiamet Resources ltd General Mining Indonesia 6.00 07 August 2017 Draper Esprit plc Specialty Finance United Kingdom 6.00
21 Information sourced from London Stock Exchange, Allenby Capital 2017 AIM SECONDARY FUNDRAISINGS
A total of £2,497m has been raised in 2017 Of the 365, 155 were for a value equal to ANALYSIS OF 2017 FUND RAISINGS BY SIZE through secondary issues. This is 41% or less than £1m. Eight have been more higher than the total amount raised in the than £50.0m. corresponding period in 2016 (£1,763m). The Healthcare sector has been the largest There have been 365 secondary issues contributor to the £2,497m having raised so far in 2017 (≥100k), equating to an £441m (or 17.7%) of the amount. The Oil average raise of £6.8m. The average issue & Gas and Technology sectors have been size in FY 2016 amounted to £5.7m, in FY the second and third largest contributors 2015 £7.4m and in FY 2014 £5.6m. respectively.
umber of transactions Si e of raise m
BREAKDOWN OF THE £2,497M RAISED IN 2017 YTD LARGEST SECONDARY FUNDRAISINGS 2017
Alternati e Energy asic aterials DATE COMPANY SUB SECTOR MONEY RAISED (£M) tilities Consumer oods 24 July 2017 Hurricane Energy plc Exploration & Production 233.99 elecommunications Consumer Ser ices Fixed Line 28 July 2017 Cityfibre Infrastructure Hldgs plc 201.84 Telecommunications echnology inancials 20 June 2017 Draper Esprit plc Specialty Finance 94.00 23 August 2017 Horizon Discovery Group plc Biotechnology 80.00
eal Estate 01 August 2017 Proactis Holdings plc Software 70.00 20 July 2017 Accesso Technology Group plc Software 58.83 ealth Care 11 May 2017 GB Group Plc Computer Services 58.00 il as 14 March 2017 Purplebricks Group Real Estate Services 50.00
Industrials 04 April 2017 Igas Energy Plc Exploration & Production 48.57 Business Training & ining 20 March 2017 Learning Technologies Group Plc 46.50 Employment Agencies
22 Information sourced from London Stock Exchange and Allenby Capital GEOGRAPHICAL BREAKDOWN OF AIM’S 2017 SECONDARY FUNDRAISES Number of issues and amounts raised
Canada (6, £13.94m) Russia and CIS (5, £13.47m) USA (21, £81.75m) Central & Eastern Europe (10, £59.22m) UK (202, £2007.69m)
China, (8, £27.65m) Western Europe (20, £25.79m)
Asia Pacific (19, £21.19m) Caribbean (2, £2.80m)
India & Bangladesh (6, £14.01m)
Africa (36, £95.72m) Israel (2, £5.65m))
Latin America (11, £67.27m)
Australia (16, £65.06m)
23 Information sourced from London Stock Exchange and Allenby Capital TRADING VOLUMES
24 TRADING VOLUMES - Liquidity up to 2.08% in August
We believe that monthly trading value as a LIQUIDITY AT 2.08% IN AUGUST percentage of market capitalization helps give an indication as to the liquidity of an A erage olume individual stock. AIM stocks traded a median value of 2.08% of their market capitalisation in August, up from the median value 2.02% in July 2017. The average daily number of bargains struck in August, at 45,640 was slightly above the average daily amount in the first seven months of 2017 (at 44,615 bargains struck per day).
In terms of value, total trading on AIM amounted to £5,657m in August, an eb ar Apr ay un ul Aug an increase of 0.8% on July’s total (£5,613m). Per business day, this figure totals £257.1m. LIQUIDITY MOST CONCENTRATED IN AIM’S MICRO CAPS As usual, liquidity was most concentrated in the smaller end of AIM’s constituents.
kt Cap traded per month
arket Cap m
25 Information sourced from London Stock Exchange and Allenby Capital TRADING VOLUMES - Liquidity up to 2.08% in August, Continued…
Boohoo.com Plc (BOO.L, £2,605m), IQE Plc (IQE.L, £937m) the Cardiff based ASOS PLC (ASC.L, £4,728m), the online managed to knock ASOS off its usual top global supplier of advanced semiconductor fashion retailer for 20-somethings, was spot to be the most traded stock in August wafers was the second most traded AIM once again one of the most traded stock on with £430m worth of shares changing stock by value in August. The share price is AIM with £374m worth of shares changing hands. Boohoo.com is a UK online now just over 120p having been as low as hands in August. Over the course of 2017 fashion retailer targeting 16-24 year olds 26p within the last 12 months. so far, £5.1bn of ASOS shares have been which currently sells products into over traded, representing 11.7% of total trading 100 countries and has 2.3 million active on AIM. Meanwhile the amount traded in customers. August was 6.6% of the total trading on AIM in that month.
AUGUST’S MOST TRADED STOCKS BY VALUE AUGUST’S MOST LIQUID STOCKS ON A RELATIVE BASIS
MOST TRADED AIM STOCK TRADING VALUE (£M) MKT CAP (£M) VALUE/MKT CAP MOST TRADED AIM STOCK TRADING VALUE (£M) MKT CAP (£M) VALUE/MKT CAP Boohoo.Com Plc 430.35 2,605.91 16.5% Vinaland Ltd 12.75 1.92 665.5% IQE Plc 411.80 937.25 43.9% Greencoat Renewables Plc 5.65 2.88 196.5% ASOS Plc 374.33 4,727.97 7.9% Blur Group Plc 3.37 1.94 173.7% Fevertree Drinks Plc 357.34 2,841.84 12.6% Prophotonix 3.17 1.87 169.1% Telit Communications Plc 314.54 211.60 148.6% Telit Communications Plc 314.54 211.6 148.6% Plus500 Ltd 260.90 1,040.90 25.1% Andalas Energy And Power Plc 3.50 2.50 140.4% Burford Capital Limited 214.06 2,409.31 8.9% Yolo Leisure And Technology Plc 3.11 2.65 117.5% Purplebricks Group Plc 169.67 1,294.78 13.1% Sunrise Resources Plc 2.88 2.80 102.9% UK Oil & Gas Investments Plc 155.49 251.21 61.9% Xtract Resources Plc 5.47 6.23 87.8% Keywords Studios Plc 154.83 796.69 19.4% UK Oil & Gas Investments Plc 155.49 251.21 61.9%
26 Information sourced from London Stock Exchange and Allenby Capital TRADING VOLUMES - Historical Trading on AIM
Trading volumes have picked up steadily TOTAL TRADING TURNOVER VALUE since the lows of July 2013. In that month, the average daily number of bargains struck on AIM amounted to 18,752. In August onthly turno er alue m 2017, the average daily volume was 45,640 an increase of 143% on the July 2013 total. The market is still a long way from its highs of 2007, when £7.42bn was traded in June that year, with an average trade size during the month of £19,755. In August 2017, £5.65bn was traded, with an average trade size of £5,634. an an an an an an an an an an an an an an an an an Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep ay ay ay ay ay ay ay ay ay ay ay ay ay ay ay ay ay A combination of factors appears to have increased retail appetite for investing in AIM over the past few years. The improvement in the UK and indeed the global economy and the increased appetite amongst retail investors for direct equity investment have been of significance. The qualification of AIM stocks for inclusion BARGAINS BY NUMBER AND VALUE in tax free ISA wrappers appears to have spurred interest in the junior equity market; and this appetite seems to have been A erage daily number of bargains L S A erage alue per bargain S boosted by the increase in ISA allowances in the tax year 2014/2015 from £11,520 to £15,240. This figure has increased to £20,000 from April 2017.
A erage alue per bargain A erage daily number of bargains ul ul ul an un Apr an un Apr an un Apr an un Apr ct ct ct eb eb eb Sep Sep Sep o o o ec ec ec o Aug Aug Aug ar ar ar ay ay ay
27 Information sourced from London Stock Exchange and Allenby Capital AIM MARKET OVERVIEW
28 AN ANALYSIS OF AIM’S CONSTITUENTS
We feel that AIM is going through a the UK), and similarly the recovery of the AVERAGE MKT CAP SIZE cleansing process where small companies UK economy has been stronger than that of are leaving the market and being replaced many other economies. 33% of new joiners by larger companies of higher quality. to the market in 2012 were headquartered in The average market capitalisation of the UK; in 2013, this rose to 57%; for each AIM companies is currently £104m. As of 2014 and 2015 this figure was 67%, and of 31 August 2017, 219 AIM constituents in 2016 this was 78%. In 2017 34 (69%) of exceeded the £100m valuation mark. Eleven the new joiners have been UK based. companies were valued at greater than £1bn. Nevertheless, the market still hosts Over the past 36 months, AIM has businesses operating across a vast range slowly transferred into becoming more of geographies. 82 countries in total host
of a platform for UK based companies, as the central operations of at least one AIM A erage arket Cap m investors have shied away from Natural company, while many more play host to A erage arket Cap m Resources stocks (typically not located in non-core operations. an an an an an an an an an an an an an an an an an
MARKET CONSTITUENTS BY SECTOR (MKT CAP) AIM AVERAGE MKT CAP OF £104M, MEDIAN MKT CAP OF £27.6M
tilities Alternati e Energy elecoms asic aterials echnology Consumer oods eal Estate il as Consumer Ser ices
umber of companies ining Industrials
inancials ealth Care arket Cap m
29 Information sourced from London Stock Exchange and Allenby Capital AIM an international small cap market
TOTAL COMPANIES DOWN 43% FROM THE 2007 PEAK
International
umber of companies otal International Central perations Central perations
28% OF COMPANIES ARE INCORPORATED OUTSIDE OF THE UK BUT 35% OF COMPANIES HAVE THEIR MAIN OPERATIONS OVERSEAS
700 621 600 500 400 300 200
Number of companies 59 umber of companies 54 100 50 27 24 21 22 19 16 12 11 13 4 4 6 0 UK USA SA Italy Israel Israel China Africa ersey Cyprus Ireland inland ambia Canada Canada ermany alaysia ibraltar Australia Australia ermuda uernsey Singapore ong Isle of Man Isle of an Asia Paci c Middle East angladesh Luxembourg etherlands South Africa ritish irgin Latin America eli e ritish Other offshore Russia and CIS Western Europe alkand Islands Cayman Islands India & Bangladesh Location of assets Country of Incorporation
30 Information sourced from London Stock Exchange and Allenby Capital AIM’S LARGEST
COMPANY SUBSECTOR COUNTRY OF OPERATION MARKET CAPITALISATION £M ASOS Plc General Retailers UK 4,727.97 Fevertree Drinks Plc Beverages UK 2,841.84 Boohoo.Com Plc General Retailers UK 2,605.91 Burford Capital Limited General Financial UK 2,409.31 Hutchison China Meditech Ld Pharmaceuticals & Biotechnology China 2,309.53 Abcam Plc Pharmaceuticals & Biotechnology UK 2,176.35 Phoenix Global Resources Plc Oil & Gas Producers United States 1,432.93 Breedon Group Plc Construction & Materials UK 1,298.29 Purplebricks Group Plc Real Estate Investment & Services UK 1,294.78 Clinigen Group Plc Pharmaceuticals & Biotechnology UK 1,284.02 Plus500 Ltd General Financial Israel 1,040.90 RWS Holdings Plc Support Services UK 950.70 IQE Plc Technology Hardware & Equipment UK 937.25 James Halstead Plc Construction & Materials UK 931.72 CVS Group Plc General Retailers UK 864.75 Secure Income Reit Plc Real Estate Investment Trusts UK 846.07 Keywords Studios Plc Support Services Ireland 796.69 Dart Group Plc Travel & Leisure UK 766.44 Origin Enterprises Plc Food Producers Ireland 738.65 Indus Gas Ld Oil & Gas Producers India 713.60 Blue Prism Group Plc Software & Computer Services UK 712.93 Conviviality Plc Food & Drug Retailers UK 708.87 Datatec Ld Software & Computer Services South Africa 699.49 First Derivatives Plc Software & Computer Services UK 697.05 Scapa Group Plc Chemicals UK 689.74
Priced as of 28/09/2017 31 Information sourced from London Stock Exchange and Allenby Capital MAIN MARKET OVERVIEW
As with AIM, the Main market performed The year to date amount raised in secondary MAIN MARKET NEW AND SECONDARY RAISINGS strongly over the summer months. July in issues reached £8.4bn by the end of August, particular was healthy with the two largest ahead of the £7.15bn raised at this point last oney raised m e raises on the Main market this year taking year but still some way short of the FY 2016 oney raised m urther place. Sherborne Investors Ltd raised £700m total of £12.4bn. and Polyus PJSC (Gold mining) raised £433m. £3.7bn has been raised through the end of August by way of primary issues on the Main market against £3.5bn for the whole of 2016.
LARGEST PRIMARY RAISINGS 2017
DATE COMPANY NAME SUB SECTOR AMOUNT RAISED (£M) 12 July 2017 Sherborne Investors Ltd Equity Investment instruments £700.00 05 July 2017 Polyus PJSC Mining - Gold £432.98 27 Mar 2017 Biopharma Credit Plc Life Sciences £426.17 ul ul an Apr an Apr un an Apr un ct ct ct eb eb eb Sep Sep Sep o ec o ec o ec Aug Aug Aug ar ar ar ay ay 13 Mar 2017 Ocelot Partners Ltd Nonequity Investment Instruments £341.38 ay 31 May 2017 PRS Reit Plc Property £250.00 08 Aug 2017 Triple Point Social HSG REIT PLC Property £200.00 12 July 2017 Residential Secure Income Plc Residential Reits £180.00 EQUITY RAISING SINCE 1999 NEW ADMISSIONS TO MAIN MARKET SINCE 1999 oney raised m e oney raised m e oney raised m urther umber of Admissions unds raised m
ytd 32 Information sourced from London Stock Exchange and Allenby Capital ytd ALLENBY CAPITAL OVERVIEW
33 ALLENBY CAPITAL an AIM nomad & broker
UNITED KINGDOM NORTH AMERICA NORWAY FINLAND Access Intelligence Software Rose Petroleum Oil & Gas Kodal Minerals Mining (Phosphate) Karelian Mining (Diamonds) Aeorema* Media TekCapital Specialty Finance Audioboom Media RUSSIA Biome Technologies Chemicals Urals Energy Oil & Gas Boxhill Technologies Gaming Braveheart Financial Services ISRAEL Caledonian Trust UK Property MTI Wireless Edge Technology Cellcast Media The Character Group* Toys Servision CCTV Security Systems Cluff Natural Resources Natural Resources Crystal Amber Investment Fund DUBAI Feedback Medical Equipment Tejoori Investment Company Forbidden Technologies Technology Franchise Brands Consumer Services HONG KONG / CHINA Consumer Fulham Shore PCG Entertainment Gaming Discretionary Walcom Animal Feed Gfinity TMT Gotech Technology MYANMAR Infrastrata Gas Storage Myanmar Strategic Leisure Kellan Group Recruitment London Capital Group Spread Betting MALAYSIA Newmark Security Support Services CSF Group Data centres Palace Capital Commercial Property Mayair Support Services Panther Securities Property MobilityOne Support Services Pipehawk Industrial Engineering
Plastics Capital* Chemicals AUSTRALIA Media & Reach4Entertainment UNITED KINGDOM cont... IRELAND Cap-XX Technology Entertainment Trafalgar New Homes Construction Conroy Gold Mining (Gold) Stratmin Global Slingsby Engineering Mining TyraTech* Specialty Chemicals resources Spec. Inv. Properties Property Vela Technologies Investment Company Tau Capital General Financial Zenith Energy Natural Resources SPAIN SOUTH EAST ASIA Tavistock Investments* Financial Services Mirada Technology AAA Investment Company Totally Software Wishbone Mining (Gold)
* Broker only client 34 Information sourced from London Stock Exchange and Allenby Capital ALLENBY CAPITAL – one of the larger advisers on AIM
100 Number of AIM Nomad clients 88 90
80 70 70
57 60 55 49 50 46 45 41 39 38 40 33 33 32 32 29 29 27 30 25 23 22 22 19 19 20 16 15 14 13 9 10 6 5 4 1 0 SP Angel Stockdale nnCap Ltd Shore Capital Peel Hunt LLP Cairn Financial Panmure Gordon Numis Securities Cantor Fitzgerald Investec Bank Plc Cenkos Securities Grant Thornton UK Arden Partners plc Canaccord Genuity Beaumont Cornish Smith & Williamson RFC Ambrian Group W.H. Ireland Limited Zeus Capital Limited Jefferies International Stifel Nicolaus Europe ZAI Corporate Finance Macquarie Capital Ltd J. P. Morgan Securities Altium Capital Limited Nplus1 Singer Advisory Strand Hanson Limited Allenby Capital Limited Davy Corporate Finance Liberum Capital Limited SPARK Advisory Partners Northland Capital Partners
35 Information sourced from London Stock Exchange and Allenby Capital ALLENBY CAPITAL TRANSACTION RECORD
CLIENT SECTOR LOCATION TRANSACTION DATE ALLENBY CAPITAL’S ROLE Gfinity Gaming UK £7.0m fundraise Oct-17 Nomad & Broker Palace Capital Property UK Acquisition & £70.0m fundraise Oct-17 Nomad & joint Broker Myanmar Strategic Holdings Leisure Myanmar $4.2m fundraise Aug-17 Broker Plastics Capital Industrials UK £3.75m fundraise May-17 Joint Broker Gfinity Gaming UK £6.25m fundraise May-17 Nomad & Broker Franchise Brands Consumer Services UK £20.0m fundraise Mar-17 Nomad & Joint Broker Audioboom Media UK £4.0m fundraise Mar-17 Nomad & Broker Totally Healthcare IT UK £18.0m fundraise Mar-17 Nomad & Joint Broker Forbidden Technologies Technology UK £3.0m fundraise Dec-16 Nomad & Broker The Fulham Shore Consumer Discretionary UK £3.0m vendor placing Oct-16 Nomad & Broker Trucost Data provision UK £15.0m takeover Sep-16 Rule 3 Advisor Franchise Brands Consumer Services UK IPO & £3.5m fundraise Aug-16 Nomad & Broker Gfinity Gaming UK £3.7m fundraise Jul-16 Nomad & Broker Totally Healthcare IT UK Acquisition & £6.2m fundraise Mar-16 Nomad & Broker AFH Financial Financial Services UK £6.4m fundraise Dec-15 Nomad & Broker R4E Media & Entertainment UK/US £4.0m fundraise Dec-15 Nomad & Broker Tyratech Speciality Chemicals UK/USA £3.2m fundraise Nov-15 Broker K&C REIT Property UK IPO & £3.6m fundraise Jul-15 Nomad & Broker Cyan Group Technology UK £4.6m fundraise Jun-15 Nomad & Broker Character Group Leisure UK £6.4m Director placing Jun-15 Placing Agent Palace Capital Property UK Acquisition & £20.m fundraise May-15 Nomad & Joint Broker Rose Petroleum Oil & Gas USA £3.1m fundraise May-15 Nomad & Broker MayAir Air Filtration Singapore IPO & £16.2m fundraise May-15 Nomad The Fulham Shore Consumer Discretionary UK £4.75m fundraise Mar-15 Nomad & Broker Rose Petroleum Oil & Gas USA £3.5m fundraise Dec-14 Nomad & Broker Plastics Capital Industrials UK £5.0m fundraise Nov-14 Joint Broker Palace Capital Property UK Acquisition & £20.0m fundraise Aug-14 Nomad & Joint Broker TyraTech Speciality Chemicals UK/USA £3.5m fundraise Jul-14 Broker Manroy Plc Engineering UK £16.0m cash offer Jul-14 Nomad & Broker Rose Petroleum Oil & Gas USA £6.5m fundraise Jun-14 Nomad & Broker AFH Financial Financial Services UK IPO & £3m fundraise Jun-14 Nomad & Broker eProp Property UK £4.5m fundraise Mar-14 Placing Agent SyQic IPTV Media company UK IPO & £3.2m fundraise Dec-13 Nomad & Broker Palace Capital Property UK RTO & £23.5m fundraise Oct-13 Nomad & Joint Broker Myanmar Investments Int. Ltd. Investment Company Myanmar IPO & £3.4m fundraise Jun-13 Broker
36 Information sourced from London Stock Exchange and Allenby Capital ALLENBY CAPITAL TRANSACTION RECORD Continued...
CLIENT SECTOR LOCATION TRANSACTION DATE ALLENBY CAPITAL’S ROLE AAA Investment Company S.E. Asia IPO & £3.6m fundraise May-13 Nomad & Broker Camkids Retail China IPO & £6.5m fundraise Dec-12 Nomad & Broker Noventa Mining - Tantalum Mozambique £42.2m secured loan facility Nov-12 Nomad & Broker AFC Energy Fuel cells UK £8.7m fundraise Oct-12 Nomad Strategic Minerals Natural Resources Australia £3.1m fundraise May-12 Nomad & Broker Ilika Cleantech UK £4.9m fundraise Apr-12 Placing Agent Strategic Natural Resources Mining - Coal South Africa £8.2m fundraise Mar-12 Nomad & Broker MoneySwap FX Payment systems HK/China IPO & £3.05m fundraise Aug-11 Nomad Jellybook Investment company UK IPO & £11m fundraise Jun-11 Nomad & Broker AFC Energy Fuel cells UK £3.95m fundraise May-11 Nomad & Broker The Niche Group Natural Resources Turkey £14.0m fundraise Mar-11 Sub - Agent Atlantic Coal Natural Resources US £12.0m fundraise Feb-11 Nomad & Broker The Niche Group Natural Resources Turkey £11m fundraise Jan-11 Sub - Agent Urals Energy Oil & Gas Russia £6.0m fundraise Dec-10 Nomad & Broker
37 Information sourced from London Stock Exchange and Allenby Capital ALLENBY CAPITAL Contact details
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40 Information sourced from London Stock Exchange and Allenby Capital