AIM MARKET UPDATE September 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 13
]] Trading Volumes 18
]] AIM Market Overview 22
]] Main Market Overview 26
]] Allenby Capital Overview 28
2 OVERVIEW
After unusually strong summer months, decision to join AIM. Although none of AIM MARKET Total raisings AIM had a very quiet September – especially the IPOs in September included a vendor secondary issues. The £226m raised placing, 38% of funds raised at IPO during oney raised m e (primary and secondary issues) was well 2017 so far has been for exiting shareholders, 1400 oney raised m urther below the £521m average of the first eight larger share than the 28.7% recorded in 1200 months. Despite the slowdown the year-to- 2016. The 2017 figures have been boosted 1000 date total amount raised through the end of by several large deals such as the owners of September of £4.4bn is close to surpassing Eddie Stobart Group plc and Strix Group plc 800 2016’s full year total of £4.77bn with three taking money off the table at IPO - £271m 600 months of statistics still to be recorded. Both and £190m respectively. 400 new issues (+44.6% yoy) and secondary 200 raisings (+33.8% yoy) have been strong The collective market capitalisation of compared to the same period through 2016. AIM remained above the £100bn mark 0 6 7 6 6 6 7 7 7 5 6 6 7 5 5 7 7 5 6 6 6 6 7 6 7 5 6 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 in September and the average market - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 r r r r y y g v g g v ct ct an an ec ec p p Ju l We included vendor placings within our capitalisation of the 959 constituents set a Ju l o o J J u u u O O Ju n Ju n Sep Sep Feb Sep Feb A A D D M a M a A A N A N M a new issues statistics as we see them as an new high of £104.5m in September. M a important and relevant part of a company’s
AIM MARKET Funds Raised on Aim
18,000 16,000 Money raised £m Further 14,000 Money raised £m New 12,000
m) 10,000 ( £ 8,000 6,000 ra is e d 4,000
F unds 2,000 0 2017 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 ytd Money raised £m Further 25 302 350 318 600 1,338 535 486 1,000 1,880 2,481 5,734 9,603 3,214 4,861 5,738 3,661 2,218 2,738 2,962 3,984 3,290 2,550 Money raised £m New 71 521 342 268 334 1,754 593 490 1,095 2,776 6,461 9,944 6,581 1,108 740 1,219 608.8 703 1,251 2,938 1,344 1,475 1,844 Money raised £m Total 96 824 692 585 934 3,092 1,128 976 2,095 4,656 8,942 15,678 16,184 4,322 5,602 6,958 4,270 2,921 3,989 5,900 5,327 4,765 4,394
3 Information sourced from London Stock Exchange and Allenby Capital NEW ADMISSIONS
4 SEPTEMBER 2017 - Number of AIM constituents falls to 959
The number of companies on AIM slipped AIM MARKET 2017 Net new admissions / departures by four in September to 959. The 4 new joiners were offset by 8 departures. Of the 4 new joiners, all have their main operations in the UK. Of the 8 departures: ]] One was the subject of RTO ]] Two were aquired ]] One chose to delist
]] One was forced to delist ]] Two failed to appoint a NOMAD ]] One entered administration
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 September 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 - September 2017
COUNTRY AMOUNT MARKET PERFORMANCE Listing Current COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTION OF RAISED VALUE AT IPO/ SINCE JOINING price price OPERATION (£M) ADMISSION (£M) AIM
TAvingtrans is engaged in the provision of highly engineered products, components, systems and services to the energy, medical and traffic management industries worldwide. The Group is executing a ‘buy and build’ strategy in regulated engineering niche markets where its sees consolidation 1 September Industrial Reverse United Avingtrans Plc opportunities. The Group (an existing AIM listed company) rejoined the market following the reverse 0.00 75.20 -11.8% 245.50 216.5 2017 Engineering Takeover Kingdom takeover of another AIM listed company - Hayward Tyler Group (“HTG”). HTG design, engineers, manufactures and services performance-critical motor, pumping and power solutions across the global energy sector and hence fits with the Group acquisition strategy.
Destiny Pharma is a clinical stage biotechnology company focused on the development of novel anti-microbial drugs, which address the global problem of anti-microbial resistance (AMR). Destiny Pharma’s Vision is of an expanding range of anti-microbial drug products which operate within Destiny 4 September Pharmaceuticals & IPO & existing antibiotic markets but due to their unique features, open significant, new markets that are United 15.28 65.40 -15.3% 157.00 133 Pharma Plc 2017 Biotechnology Placing closed to traditional antibiotics due the existence or threat of antibiotic resistance. Its proprietary, Kingdom anti-microbial drug platform, the XF Drugs Series, act via an ultra-rapid action which kill bacteria (including antibiotic resistant strains) leaving the bacteria unable to mount a resistance response. The Company targeted a £13.5m raise at IPO but ended with demand for £15.3m.
appScatter is a B2B SaaS platform that allows clients to distribute and manage apps on multiple app stores. Additionally, the centralised platform enables app developers and publishers to manage and track performance of their own and competing apps across all of the app stores on the appScatter platform. After more than three years in research and development, appScatter has been revenue generating since January 2017. In addition to over 800 paying users as at 31 July appScatter 5 September Software & IPO & 2017, appScatter had, as at that same date, over 8,000 businesses and individuals, who have United 9.00 41.10 2.03% 65.00 66.5 Group Plc 2017 Computer services Placing registered their interest in using appScatter post launch via appScatter's self-service web portal. Kingdom appScatter's current registered users include app development houses and blue chip multinational media, banking, insurance, entertainment and aviation companies. Following Admission, appScatter intends to launch the public version of the appScatter platform, at which point the platform will be available to all, including the app developers and publishers worldwide that are already registered via the platform's self-service web portal.
The Company’s investment objective is to provide Shareholders with an attractive level of income together with the potential for capital growth by investing in a diversified portfolio of UK commercial property warehouse assets. The Company will hold a diversified portfolio of well-located freehold and long leasehold warehouse assets including warehouses in the industrial/Manufacturing, Storage and Distribution, Trade-counter and Retail Warehouse sub-sectors. There will be a preference for 20 Warehouse Real Estate IPO & multi-let estates and a strong focus on income-producing investments. The Company will invest United September 150.00 166.00 -0.50% 100.00 99.50 REIT Plc Investment Trusts Placing the net proceeds of the Issue into a diversified portfolio of UK warehouse assets located in urban Kingdom 2017 areas, including the Tilstone Property Portfolio (the “Portfolio”), a hand-picked seed portfolio of 27 freehold and long leasehold warehouse assets which it will acquire on Admission for £108.85 million. Warehouse REIT is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 per cent. for the year ending 31 March 2019, and a total return of at least 10 per cent, through a combination of dividends and NAV growth. The Company intends to adopt a progressive dividend policy.
Priced as of 26/10/2017 7 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, £5.1m)
USA (4, £ 115.3m)
Ireland ( 1 £237.6m)
UK (38, £1,457.3m)
Israel (1, £15.0m) Spain (1, £6.9m)
Africa (1, £1.1m) Italy (1, £2.5m)
Trinidad & Tobago (1, £1.5m)
Columbia (1)
Brazil (1, £2.3m)
Argentina (1)
8 Information sourced from London Stock Exchange and Allenby Capital 2017 AIM ADMISSIONS
There have been 52 admissions to AIM have raised £1,844m upon admission. in 2017. However, these have been offset The 2017 joiners had a combined market by 76 departures, giving a total number capitalization upon their respective of constituents (as at end of September) of admissions of £4.983bn giving an average 959. As at end of September 2016 there were market capitalisation of £94m. exactly 1,000. The number of companies on AIM peaked in December 2007 at 1,694. 38 (or 73%) of the new joiners have their central operations based in the UK and 11 £174m was raised through the 4 admissions (or 21%) of the joiners are based outside of to AIM in September, giving an average Europe. raise of £43.6m – ahead of the 2017 average (£36m). The average share price performance of IPO’s in 2017 is +9.3% (median +3.3%). The 52 companies that have joined AIM in 2017 (through to the end of September)
BREAKDOWN OF AIM’S 2017 NEW ENTRANTS BREAKDOWN OF THE £1,844M NEW MONEY RAISED IN 2017
, Basic Materials; 0% Basic Materials; 1 Technology; 7% Consumer Goods; 12% Consumer Goods; 3 Technology; 6 Oil and Gas; 4% Consumer Services; 2% Consumer Sevices; 2 Renewables; 13% Retail; 2
Financials;, 6 Retail; 6% Oil & Gas; 9
Financials; 11% Renewables; 2 Life Sciences; 4 Real Estate; 8% Real Estate; 1 Mining; 0% Chemicals;1 Support Service; 4 Support Services; 5% Industrials; ,8 Construction & Materials; 1 Chemicals; 1% Mining;, 2 Industrials; 26% Life Sciences; 3% Construction & Materials; 2%
9 Information sourced from London Stock Exchange and Allenby Capital 2017 VENDOR PLACINGS
We have calculated that since the beginning AIM have included selling shareholders. VENDOR PLACINGS 2017 of 2016, 34% of the funds raised upon Vendor placings in the year so far amount to admission to AIM by new joiners are £707m (or 38.3%) of the total equity placed attributable to existing shareholders selling by new joiners. Eddie Stobart Logistics Plc VENDOR PERFORMANCE DATE COMPANY VENDOR equity in their companies. Such ‘Vendors’ contributed £270.9m (or 38%) of this total PLACING (£M) SINCE IPO come in two broad groups: founding amount. 25 April 2017 Eddie Stobart Logistics Plc BDAY Advisors, Stobart Group 270.87 16.67% shareholders and/or management teams wishing to partially or fully cash in on their 10 of the 12 vendor groups have comprised 8 August 2017 Strix Group Plc AAC Capital 190.00 -14.14% Founders, management and efforts made in building their businesses; founding shareholders, members of 28 July 2017 Quiz Plc 92.10 -9.41% and professional investing entities, notably management and/or related parties. related parties Founders, management and Private Equity houses, seeking to crystallise The remaining vendor groups have also 6 July 2017 Tatton Asset Management 41.60 -15.29% their investments. contained Private Equity houses and related parties Founders, management and Venture Capital funds 11 July 2017 Nexus Infrastructure Plc 35.02 -5.00% related parties Throughout 2017, 12 (or 27%) of the 45 new Founders, management and 30 June 2017 FFI Holdings 27.56 11.43% joiners that raised funds upon admission to related parties Founders, management and 7 April 2017 Alpha FX Group Plc 17.00 151.28% related parties Founders, management and 11 April 2017 K3 Capital Group Plc 15.74 1.79% related parties NorthEdge Capital, Founders, 15 February Ramsdens Holdings Plc management and related 10.59 -11.11% 2017 YTD VENDOR PLACINGS: £707M OF TOTAL £1,844M 2017 parties Founders, management and 18 May 2017 Velocity Composites 4.00 -29.38% related parties Founders, management and 13 July 2017 Angling Direct Plc 1.60 100.58% related parties Founders, management and 25 July 2017 Arena Events 0.70 38.00% £1,137.6m 61.7% related parties , Average 19.6% £707.0m 38%
,
Vendor Placings (£m) New Issues (£m)
10 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 7 April 2017 IPO & Placing Alpha FX Group Plc Investment Services UK 64.20 30.00 196.0 492.50 151.28% Trinidad & 26 June 2017 IPO & Placing (dual list TSX) Touchstone Exploration Inc. Oil & Gas Producers 8.67 1.45 7.3 16.75 131.03% Tobago 15 February 2017 IPO & Placing Ramsdens Holdings Plc Consumer Finance UK 26.52 15.59 86.0 172.50 100.58% 4 August 2017 Introduction Getbusy Plc Software & Computer Services UK 13.70 0.00 28.3 41.50 46.64% 5 July 2017 IPO & Placing GYG Plc Industrial Transportation Spain 46.60 6.90 100.0 141.00 41.00% 11 April 2017 IPO & Placing K3 Capital Group Plc Business Support Services UK 40.10 17.84 95.0 132.00 38.95% Electronic & Electrical 8 August 2017 IPO & Placing Strix Group Plc UK 255.55 190.00 100.0 138.00 38.00% Equipment 8 February 2017 IPO & Placing Eco (Atlantic) Oil & Gas Ltd Exploration & Production Canada 18.92 5.09 16.0 21.25 32.81% 13 July 2017 IPO & Placing Angling Direct Plc General Retailers UK 27.40 9.00 64.0 82.50 28.91% 6 July 2017 IPO & Placing Tatton Asset Management Plc General Financial UK 87.20 51.60 156.0 198.50 27.24% 8 March 2017 Placing Re-admission Attraqt Group Plc Software UK 37.20 27.80 35.0 43.50 24.29% 3 February 2017 IPO & Placing Diversified Gas & Oil Plc Exploration & Production UK 68.60 39.65 65.0 78.00 20.00% 5 January 2017 Placing Re-admission SigmaRoc Building Materials & Fixtures UK 41.00 40.00 40.0 47.38 18.44% 11 August 2017 IPO & Placing Xpediator Plc Industrial Transportation UK 26.22 5.00 24.0 28.25 17.71% 5 April 2017 IPO & Placing Skinbiotherapeutics Plc Biotechnology UK 10.70 4.50 9.0 10.50 16.67% Technology Hardware & 29 June 2017 IPO & Placing Ethernity Networks Ltd Israel 47.96 15.00 140.0 162.50 16.07% Equipment 22 February 2017 IPO & Placing GBGI Ltd Life Insurance USA 130.40 32.00 150.0 174.00 16.00% 25 July 2017 IPO & Placing Arena Events Group Plc Travel & Leisure UK 63.10 59.27 55.0 61.50 11.82% 3 July 2017 Reverse Takeover Diversified Gas & Oil Plc Oil & Gas producers USA 101.19 19.60 70.0 78.00 11.43% 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 Greencoat Renewables Plc Renewable Energy Ireland 270.00 237.57 1.0 1.080 8.00% 11 July 2017 IPO & Placing Nexus Infrastructure Plc Construction & Materials UK 70.50 35.02 185.0 194.50 5.14% 23 March 2017 Placing Re-admission Duke Royalty Limited Specialty Finance UK 23.32 15.00 40.0 42.00 5.00% 30 June 2017 IPO & Placing FFI Holdings General Financial USA 235.56 59.06 150.0 157.50 5.00% 3 May 2017 Reverse Takeover & Placing Escape Hunt Plc Recreational Services UK 27.30 14.00 135.0 141.00 4.44% 28 July 2017 IPO & Placing Quiz Plc General Retailers UK 226.10 102.70 161.0 166.50 3.42% 29 June 2017 IPO & Placing Phoenix Global mining Industrial Metals USA 10.34 4.60 4.0 4.13 3.13% 28 July 2017 Transfer from Main Market Harvey Nash Group Plc Support Services UK 70.70 0.00 97.3 99.50 2.31% 5 September 2017 IPO & Placing appScatter Group Plc Software & Computer services UK 41.10 9.00 65.00 66.50 2.31%
Priced as of 26/10/2017 11 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 4 August 2017 ReverseTakeover Gordon Dadds Group Plc Support Services UK 40.00 20.00 140.0 142.50 1.79% 18 May 2017 IPO & Placing Velocity Composities Plc Aerospace UK 30.43 12.28 85.0 86.00 1.18% 20 September IPO & Placing Warehouse REIT Plc Real Estate Investment Trusts UK 166.00 150.00 100.00 99.50 -0.50% 2017 7 August 2017 ReverseTakeover Proactis Holdings Plc Software & Computer Services UK 152.90 70.00 165.0 163.50 -0.91% 25 April 2017 IPO & Placing Eddie Stobart Logistics Plc Transportation Services UK 572.70 392.87 160.0 156.00 -2.50% 29 June 2017 IPO & Placing Jangada Mines Mining Brazil 11.60 2.25 5.0 4.75 -5.00% Pharmaceuticals & 13 July 2017 RTO Animalcare Group Plc UK 214.19 30.00 350.0 327.50 -6.43% Biotechnology 11 April 2017 Reverse Takeover & Placing Franchise Brands Plc Specialised Consumer Services UK 52.10 20.00 67.0 62.00 -7.46% 9 May 2017 Reverse Takeover & Placing Shearwater Group Plc Software UK 38.40 9.02 4.0 3.63 -9.38% 18 May 2017 IPO & Placing Eve Sleep Durable Household Products UK 139.70 34.93 101.0 91.50 -9.41% 10 August 2017 IPO & Placing Verditek Plc Alternative Energy UK 16.89 2.75 9.0 8.00 -11.11% 1 September 2017 Reverse Takeover Avingtrans Plc Industrial Engineering UK 75.20 0.00 245.50 216.50 -11.81% 10 August 2017 IPO & Placing Altus Strategies Plc Mining Africa 10.70 1.11 10.0 8.75 -12.50% 24 February 2017 IPO & Placing Saffron Energy Plc Exploration & Production Italy 7.69 2.50 5.0 4.38 -12.50% 10 August 2017 Reverse Takeover Phoenix Global Resources Plc Oil & Gas Producers Argentina 1209.33 0.00 65.0 56.25 -13.46% 11 May 2017 Transfer from Main Market Lakehouse Plc Business Support Services UK 15.75 0.00 49.5 42.50 -14.14% Pharmaceuticals & 4 September 2017 IPO & Placing Destiny Pharma Plc UK 65.40 15.28 157.00 133.00 -15.29% Biotechnology 3 May 2017 Reverse Takeover & Placing N4 Pharma Plc Pharmaceuticals UK 5.00 1.48 7.0 5.50 -21.43% 6 March 2017 IPO & Placing Anglo African Oil & Gas Plc Exploration & Production UK 10.60 10.00 20.0 14.13 -29.38% 9 February 2017 Introduction Re-admission Nautilus Marine Services Plc Exploration & Production Columbia 5.24 0.00 14.5 9.75 -32.76% 23 May 2017 Transfer from Main Market & Placing Katoro Gold Plc Gold Mining UK 6.50 5.46 6.0 3.38 -43.75% 5 April 2017 IPO & Placing Integuman Plc Personal Products UK 8.25 2.25 5.0 2.73 -45.50% 25 July 2017 Introduction i3 Energy Plc Oil & Gas producers UK 14.10 0.00 55.0 25.00 -54.55% Total 1,844.42 Average 9.3% Median 3.3%
Priced as of 26/10/2017 12 Information sourced from London Stock Exchange and Allenby Capital SECONDARY FUNDRAISES
13 SEPTEMBER 2017 OVERVIEW
September was one of the quietest months existing or only inadequate therapies. to accelerate the Company’s exploration that Byotrol has a unique opportunity in on record for secondary raises with just Summit is conducting clinical programs and appraisal programme at its South the US, which the Directors estimate as £52.2m being raised which was well focused on the genetic disease Duchenne Disouq asset in Egypt and its development a $1bn addressable market. Depending below the 2017 average of £300m. muscular dystrophy and the infectious programme across its Moroccan acreage. on the structure of any commercial deal Thus far, £2.55bn has been raised through disease Clostridium difficile infection. that is agreed, the Directors believe that the secondary market in 2017, 34% above Byotrol Plc (BYOT.L, £16.6m). In the products could have on shelf presence the comparable point in 2016. Sdx Energy Inc. (SDX.L £102.6m). June 2017, Byotrol received US EPA in the US in H1 2018. The £5.0m raise SDX Energy Inc. (TSXV/AIM: SDX), registration for its proprietary germ- completed in September will be used to Summit Therapeutics Plc (SUMM.L, the North Africa focused oil and gas kill surface sanitiser which allows the help accelerate the Group’s growth plans £135m). Dual listed NASDAQ & AIM company, announced it had raised £7.6m Company to claim high performance and to drive sales in the EU and in the listed Summit raised £15.2m in September in September with certain existing cleaning and viricidal action along US following the recent EPA approval. through the issue of American Depositary institutional investors. The investment with such claims as “Anti-bacterial for The raise was done at an issue price Shares (“ADSs”) at US$12.0 per ADS. included a significant subscription by 24 hours” and “Eliminates >99.9% of representing a discount of approximately Summit is a biopharmaceutical company MEA Energy Investments Limited, an viruses”. The Directors are not aware of 14% to the closing mid-market price of focused on the discovery, development existing 15.6 per cent. Shareholder, taking any other cleaning or sanitising products Byotrol’s existing ordinary shares on the and commercialization of novel medicines its shareholding to 19.1 per cent. The net that can make 24 hour germ kill claims to day prior to the deal being announced. for indications for which there are no proceeds of the Fundraising will be used US consumer markets and as such believe
FURTHER ISSUES HISTORICAL BREAKDOWN OF SEPTEMBER 2017 FUNDS RAISED
Money Raised (£m) Number of Transactions Total Industrials; 3% Alternative Energy 0.9% Basic Materials; 10% 70 800 Technology 3%
60 700 Consumer Goods; 7% 600 50 Oil & Gas; 21% 500 Consumer Services; 7% 40 400 Number of Transactions 30
300 Money Raised (£m) 20 Mining; 9% General Financial; 9% 200
10 100
0 0 5 6 7 5 6 7 5 6 7 5 6 7 5 6 5 6 5 6 7 5 6 7 5 6 7 5 6 7 5 6 7 5 6 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1 1
1 1
r r r r r r y y y c t c t a n a n a n ec ec p p p ov ov Jul Jul Jul ug ug ug
J J J Health Care; 30% O O Jun Jun Jun Fe b Se p Fe b Se p Fe b Se p A A A D D M a M a M a A N A N A M a M a M a
14 Information sourced from London Stock Exchange and Allenby Capital ANALYSIS OF LARGEST SECONDARY ISSUES - September
DATE COMPANY SUBSECTOR COUNTRY OF OPERATION MONEY RAISED (£M) 19 September 2017 Summit Therapeutics Plc Pharmaceuticals United Kingdom 15.24 15 September 2017 Sdx Energy Inc. Exploration & Production Morocco, Egypt 7.58 5 September 2017 Byotrol Plc Specialty Chemicals United Kingdom 4.96 25 September 2017 Reabold Resources Plc Specialty Finance United Kingdom 3.96 15 September 2017 Agriterra Ld Farming, Fishing and Plantations Mozambique 3.32 28 September 2017 Rose Petroleum Plc Exploration & Production United States 2.40 27 September 2017 Vitesse Media Plc Publishing United Kingdom 2.15 21 September 2017 Milestone Group Plc Broadcasting & Entertainment United Kingdom 1.52 12 September 2017 Big Sofa Technologies Group Plc Software United Kingdom 1.50 14 September 2017 Galileo Resources Plc General Mining North America 1.17 28 September 2017 600 Group Plc Industrial Machinery United Kingdom 1.12 4 September 2017 Alba Mineral Resources Plc General Mining United Kingdom 1.07 28 September 2017 Blenheim Natural Resources Plc Specialty Finance United Kingdom 0.90 5 September 2017 Frontera Resources Corporation Exploration & Production Eastern Europe 0.75 14 September 2017 Prospex Oil And Gas Plc Gold Mining Eastern Europe 0.65 20 September 2017 Golden Saint Resources Ltd General Mining Africa 0.61 25 September 2017 Valirx Plc Biotechnology United Kingdom 0.50 1 September 2017 Andalas Energy And Power Plc Alternative Fuels Indonesia 0.47 12 September 2017 Richland Resources Ld General Mining Australia 0.45 26 September 2017 Concha Plc Clothing & Accessories United Kingdom 0.42 14 September 2017 Stellar Diamonds Plc Diamonds & Gemstones Sierra Leone 0.33 7 September 2017 Inspirit Energy Holdings Plc Building Materials & Fixtures United Kingdom 0.30 1 September 2017 Defenx Plc Software United Kingdom 0.25 27 September 2017 Pathfinder Minerals Plc General Mining Mozambique 0.21 14 September 2017 Ferrum Crescent Ld Steel Spain 0.19 11 September 2017 European Metals Holdings Limited Steel Czech Republic 0.16 12 September 2017 Mayan Energy Limited Exploration & Production Mexico 0.04
15 Information sourced from London Stock Exchange, Allenby Capital 2017 AIM SECONDARY FUNDRAISINGS
A total of £2,550m has been raised in 2017 Of the 392, 170 were for a value equal to through secondary issues. This is 33.8% or less than £1m. Eight have been more ANALYSIS OF 2017 FUND RAISINGS BY SIZE higher than the total amount raised in the than £50.0m. corresponding period in 2016 (£1,905m). 170 Size of raise (£m) 180 There have been 392 secondary issues The Healthcare sector has been the largest 160 so far in 2017 (≥100k), equating to an contributor to the £2,550m having raised 140 average raise of £6.5m. The average issue £457m (or 17.9%) of the amount. The Oil 120 size in FY 2016 amounted to £5.7m, in & Gas and Technology sectors have been FY2015 £7.4m and in FY 2014 £5.6m. the second and third largest contributors 100 respectively. 80 67 62 60 40 33 40 13 Number of transactions 20 6 2 0 0.10-1 1-2 2-5 5-10 10-25 25-50 50-100 100
BREAKDOWN OF THE £2,550M RAISED IN 2017 YTD LARGEST SECONDARY FUNDRAISINGS 2017
asic aterials DATE COMPANY SUB SECTOR MONEY RAISED (£M) Alternati e Energy tilities 24 July 2017 Hurricane Energy plc Exploration & Production 233.99 Consumer oods Fixed Line elecommunication 28 July 2017 Cityfibre Infrastructure Hldgs plc 201.84 Telecommunications Consumer Ser ices 20 June 2017 Draper Esprit plc Specialty Finance 94.00 echnology 23 August 2017 Horizon Discovery Group plc Biotechnology 80.00 inancials 1 August 2017 Proactis Holdings plc Software 70.00 20 July 2017 Accesso Technology Group plc Software 58.83 eal Estate 11 May 2017 GB Group Plc Computer Services 58.00 14 March 2017 Purplebricks Group Real Estate Services 50.00 ealth Care 4 April 2017 Igas Energy Plc Exploration & Production 48.57 Business Training & 20 March 2017 Learning Technologies Group Plc 46.50 il as Employment Agencies
Industrials ining
16 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 (23, £85.32m) Central & Eastern Europe (13, £60.78 m) UK (215, £2190.07m)
China, (8, £ 27.65m) Western Europe (21,£ 25.98 m)
Asia Pacific (20 £21.66m) Caribbean (2, £2.80m)
India & Bangladesh (6, £14.01m)
Africa (41,£ 107.77m) Israel (2, £5.65m))
Latin America (12, £ 62.31m)
Australia (17, £ 65.51m)
17 Information sourced from London Stock Exchange and Allenby Capital TRADING VOLUMES
18 TRADING VOLUMES - Liquidity up to 2.39% in September
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 2.39% of their market capitalisation in September, up from the median value 2.08% in August 2017. The average daily number of bargains struck in September, at 48,905 was above the average daily amount in the first eight months of 2017 (at 44,743 bargains struck per day In terms of value, total trading on AIM amounted to £6,382m in August, an increase of 12.8% on August’s total an eb ar Apr ay un ul Aug Sept (£5,657m). Per business day, this figure totals £304.0m As usual, liquidity was most concentrated LIQUIDITY MOST CONCENTRATED IN AIM’S MICRO CAPS in the smaller end of AIM’s constituents.
kt Cap traded per month
19 Information sourced from London Stock Exchange and Allenby Capital TRADING VOLUMES - Liquidity up to 2.39% in September Continued…
Boohoo.com Plc (BOO.L, £2,427m) 100 countries and has 2.3 million active AIM with £508m worth of shares changing IQE Plc (IQE.L, £1,025m), the Cardiff (BOO.L, £2,427m) managed to keep ASOS customers. Trading activity in the month was hands in September. Over the course of based global supplier of advanced off its usual top spot to be the most traded boosted by the release of the interim results 2017 so far, £5.6bn of ASOS shares have semiconductor wafers was the third stock for the second month running with on September 27. been traded, representing 11.3% of total most traded AIM stock by value in £825m worth of shares traded up from trading on AIM. Meanwhile the amount September. The share price is now back £430m in August. Boohoo.com is a UK ASOS PLC (ASC.L, £4,968m), the online traded in August was 6.6% of the total close to 150p having been as low as 26p online fashion retailer targeting 16-24 year fashion retailer for 20-somethings, was trading on AIM in that month. within the last 12 months. olds which currently sells products into over once again one of the most traded stock on
SEPTEMBER’S MOST TRADED STOCKS BY VALUE SEPTEMBER’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 825.21 2,427.97 34.0% Jersey Oil And Gas Plc 14.56 6.51 223.6% ASOS Plc 508.58 4,968.25 10.2% Nostra Terra Oil & Gas Company Plc 4.64 2.29 202.8% IQE Plc 444.60 855.65 52.0% Graphene Nanochem Plc 4.56 2.82 161.6% Fevertree Drinks Plc 299.23 2,520.32 11.9% Prospex Oil And Gas Plc 5.43 3.53 154.0% Purplebricks Group Plc 184.03 1,053.52 17.5% Summit Germany Limited 4.75 5.12 92.7% Plus500 Ltd 176.53 1,022.10 17.3% Anglo African Oil & Gas Plc 7.40 9.64 76.7% Blue Prism Group Plc 154.14 629.48 24.5% Quantum Pharma Plc 91.81 133.81 68.6% Abcam Plc 151.10 2,087.08 7.2% Nu-Oil And Gas Plc 7.90 12.25 64.5% Clinigen Group Plc 150.00 1,227.66 12.2% Frontera Resources Corporation 50.37 81.97 61.5% Telit Communications Plc 130.26 228.71 57.0% Empyrean Energy Plc 51.35 85.29 60.2%
20 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, 8,000 the average daily number of bargains Monthly turnover value £m struck on AIM amounted to 18,752. In 7,000 September 2017, the average daily volume was 48,905 an increase of 143% on the 6,000 July 2013 total. 5,000
The market is still a long way from its highs £m 4,000 of 2007, when £7.42bn was traded in June 3,000 that year, with an average trade size during the month of £19,755. In September 2017, 2,000 £6.382bn was traded, with an average trade size of £6,215. 1,000 0 A combination of factors appears to have 05 05 12 12 01 06 08 13 15 01 08 15 06 13 04 11 07 14 03 10 03 10 17 02 09 16 02 09 16 ------n n n t t t p p increased retail appetite for investing r r r b b c c y y y ul ul c c c e e a a a e e a a a e e pr pr un un J J ov ov a a a ug ug ug J J J J J O O O F S F S A A D D M M M A N A N A
in AIM over the past few years. The M M M 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; A erage daily number of bargains L S A erage alue per bargain S and this appetite seems to have been 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 03 07 11 03 07 13 17 04 08 12 16 - 15 - 13 - 17 - 01 - 05 - 09 ------15 - 11 - 01 - 05 - 09 - 14 - 02 - 06 - 10 - - - - n n n n n n n n n p p p p p p p p p y y y y y y y y a a a a a a a a a e e e e e e e e e a a a a a a a a J J J J J J J J J S S S S S S S S S M M M M M M M M
21 Information sourced from London Stock Exchange and Allenby Capital AIM MARKET OVERVIEW
22 AN ANALYSIS OF AIM’S CONSTITUENTS
We feel that AIM is going through a cleansing the UK), and similarly the recovery of the AVERAGE MKT CAP SIZE process where small companies are leaving UK economy has been stronger than that of the market and being replaced by larger many other economies. 33% of new joiners companies of higher quality. The average to the market in 2012 were headquartered in market capitalisation of AIM companies the UK; in 2013, this rose to 57%; for each is currently £104m. As of 31 August 2017, of 2014 and 2015 this figure was 67%, and 219 AIM constituents exceeded the £100m in 2016 this was 78%. In 2017 38 (73%) of valuation mark. Eleven companies were the new joiners have been UK based. 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
200 Utilities; 0% Alternative Enerfy; 0% 175 Technology; 12% Telecoms; 1% 168 Basic Materials; 2% 180 Consumer Goods; 10% 160 Real Estate; 5% 131 140 120 113 120 99 100 Oil & Gas; 6% Consumer Services; 18% 80 59 a ni es 50 60 m p 33 c o
Mining; 5% f 40 o 11 er 20
Industrials; 16% m b u 0 Financials; 12% N
Market Cap (£m) Health Care; 13%
23 Information sourced from London Stock Exchange and Allenby Capital AIM an international small cap market International UK TOTAL COMPANIES DOWN 43% FROM THE 2007 PEAK
1,800 1,600 1,400 1,200 1,000 800
Number of companies 600 400 200 00 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Total 121 252 308 312 347 524 629 704 754 1021 1399 1,634 1,694 1,550 1,293 1,195 1,143 1,096 1,092 1,104 1,044 982 959
International Central Operations 3 17 22 21 22 31 42 50 60 116 220 304 347 317 241 228 225 225 502 481 436 347 338
UK Central Operations 118 235 286 291 325 493 587 654 694 905 1,179 1330 1347 1233 1052 967 918 871 590 623 608 635 621
28% OF COMPANIES ARE INCORPORATED OUTSIDE OF THE UK BUT 35% OF COMPANIES HAVE THEIR MAIN OPERATIONS OVERSEAS
800 708 700 700 621 600 35 600 800 500 500 400 400 300 300 9 9 8 5 200 59 54 50 27 24 21 22 19 16 12 11 13 4 4 6 Number of companies 200 35 31 31 27 24 23 22 11 3 3 2 1 1 1 1 1 1 1 1 1 1 1 100 100 Number of companies 0 0 UK UK USA Italy USA Israel Jersey Israel Africa China Ireland Cyprus Zambia India & Canada Finland Canada Germany Gibraltar Australia Guernsey Australia Bermuda Malaysia Isle of Man Singapore Hong Kong Isle of Man Central and Asia Pacific Middle East Bangladesh Bangladesh Luxembourg Netherlands South Africa Latin America Other offshore Eastern Europe Russia and CIS Western Europe Cayman Islands Falkand Islands British Virgin Islands
Belize (British Honduras) Country of Incorporation Location of assets
24 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 4,968.2 Fevertree Drinks Plc Beverages UK 2,520.3 Hutchison China Meditech Ld Pharmaceuticals & Biotechnology China 2,444.7 Boohoo.Com Plc General Retailers UK 2,428.0 Burford Capital Limited General Financial UK 2,155.3 Abcam Plc Pharmaceuticals & Biotechnology UK 2,087.1 Phoenix Global Resources Plc Oil & Gas Producers United States 1,536.9 Breedon Group Plc Construction & Materials UK 1,229.6 Clinigen Group Plc Pharmaceuticals & Biotechnology UK 1,227.7 Purplebricks Group Plc Real Estate Investment & Services UK 1,053.5 Plus500 Ltd General Financial Israel 1,022.1 CVS Group Plc General Retailers UK 926.7 James Halstead Plc Construction & Materials UK 912.5 Rws Holdings Plc Support Services UK 910.0 Secure Income Reit Plc Real Estate Investment Trusts UK 864.5 Iqe Plc Technology Hardware & Equipment UK 855.6 Dart Group Plc Travel & Leisure UK 796.2 Keywords Studios Plc Support Services Ireland 774.9 First Derivatives Plc Software & Computer Services UK 758.7 Indus Gas Ld Oil & Gas Producers India 727.3 Origin Enterprises Plc Food Producers Ireland 724.8 Conviviality Plc Food & Drug Retailers UK 721.5 Datatec Ld Software & Computer Services South Africa 688.9 Scapa Group Plc Chemicals UK 678.5 Mulberry Group Plc Personal Goods UK 657.2
Priced as of 28/09/2017 25 Information sourced from London Stock Exchange and Allenby Capital MAIN MARKET OVERVIEW
26 MAIN MARKET OVERVIEW
September was a quiet month for IPOs on The year to date amount raised in secondary MAIN MARKET NEW AND SECONDARY RAISINGS the Main Market – after the strong activity issues reached £9.4bn by the end of £7,000.00 over the summer months which saw large September, ahead of the £7.75bn raised at transactions such as Sherborne Investors this point last year but still some way short Money raised £m New Ltd raising £700m and Polyus PJSC (Gold of the FY 2016 total of £12.4bn. £6,000.00 Money raised £m Further mining) raising £433m. £3.7bn has been raised through the end of September by £5,000.00 way of primary issues on the Main market against £3.5bn for the whole of 2016. £4,000.00
LARGEST PRIMARY RAISINGS 2017 £3,000.00
DATE COMPANY NAME SUB SECTOR AMOUNT RAISED (£M) £2,000.00 12 July 2017 Sherborne Investors Ltd Equity Investment instruments £700.00 5 July 2017 Polyus PJSC Mining - Gold £432.98 £1,000.00 27 March 2017 Biopharma Credit Plc Life Sciences £426.17 13 March 2017 Ocelot Partners Ltd Nonequity Investment Instruments £341.38 £0.00 31 May 2017 PRS Reit Plc Property £250.00 Jul-17 Jul-15 Jul-16 Jun-15 Jun-17 Apr-17 Jan-15 Apr-15 Oct-15 Jun-16 Jan-17 Oct-16 Oct-14 Feb-15 Jan-16 Apr-16 Feb-17 Feb-16 Sep-17 Aug-17 Dec-16 Sep-15 Nov-15 Dec-15 Mar-15 Sep-14 Dec-14 Sep-16 Mar-17 Nov-16 Nov-14 Aug-16 Mar-16 Aug-15 May-17 Aug-14 May-15 Tuesday, 8 May-16 Triple Point Social HSG REIT PLC Property £200.00 August 2017 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 Lorem ipsum d y t
1999 2000 2001 2002 2003 2004 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 27 Information sourced from London Stock Exchange and Allenby Capital ytd 2017 ALLENBY CAPITAL OVERVIEW
28 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 Interquest Recruitment Kellan Group Recruitment MALAYSIA London Capital Group Spread Betting CSF Group Data centres Newmark Security Support Services Mayair Support Services Palace Capital Commercial Property MobilityOne Support Services Panther Securities Property
Pipehawk Industrial Engineering AUSTRALIA Plastics Capital* Chemicals UNITED KINGDOM cont... IRELAND Cap-XX Technology Media & Conroy Gold Mining (Gold) Stratmin Global Reach4Entertainment Trafalgar New Homes Construction Mining Entertainment resources TyraTech* Specialty Chemicals Slingsby Engineering 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) Mali * Broker only client 29 Information sourced from London Stock Exchange and Allenby Capital Cora Gold Mining 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 finnCap 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
30 Information sourced from London Stock Exchange and Allenby Capital ALLENBY CAPITAL TRANSACTION RECORD
CLIENT SECTOR LOCATION TRANSACTION DATE ALLENBY CAPITAL’S ROLE Totally Healthcare IT UK £11m acquisition & RTO Oct-17 Nomad Gfinity Gaming UK £7.0m fundraise Oct-17 Nomad & Broker Palace Capital Property UK £70.0m fundraise & RTO Oct-17 Nomad & joint Broker Myanmar Strategic Holdings Leisure Myanmar IPO & $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 £20m fundraise & RTO 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 £20m fundraise & RTO 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
31 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
32 Information sourced from London Stock Exchange and Allenby Capital ALLENBY CAPITAL Contact details
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36 Information sourced from London Stock Exchange and Allenby Capital