AIM MARKET UPDATE Q1 2020 - Allenby Capital
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AIM MARKET UPDATE Q1 2020 Allenby Capital Limited is authorised and regulated by the Financial Conduct Authority (register no. 489795) and a member of the London Stock Exchange and AQUIS Growth Market
CONTENTS
]] Overview 3
]] New Admissions 4
]] Further Fundraises 16
]] Trading Volumes 22
]] AIM Market Overview 26
]] Allenby Capital Overview 30
2OVERVIEW
The AIM market was hit hard by the impact year quarterly average of £911m, activity AIM MARKET Total raisings
of COVID-19 in Q1 this year, finishing the has ramped up markedly since the March 18
quarter with an overall value of £74.3bn, market low. From March 18 to the start of
down 28.7% from where it was on December the Easter weekend on April 9 over £450m of 1,400
Money Raised £m New
31st, 2019 (£104.2bn). However, the market further fundraises have been announced. 1,200
Funds raised (£m)
Money Raised £m Further
turmoil did not prevent equity being raised. 1,000
The fundraisings have however come at a 800
Total money raised (from both new and
price. Since March 18 the placings have been 600
further issues) in Q1 2020 was £1.01bn, flat
completed at a median 49% discount to the
on what was achieved in the comparative 400
February high share prices. Post the placings
period last year (Q1 2019: £1.01bn). Further 200
the share prices have rallied on average
issue activity was particular healthy post 0
+13% primarily, we believe, as the market
May-17
May-18
May-19
Aug-17
Mar-18
Mar-20
Aug-18
Mar-19
Aug-19
Sep-17
Nov-17
Dec-17
Sep-18
Nov-18
Dec-18
Sep-19
Nov-19
Dec-19
Feb-18
Feb-20
Feb-19
Apr-17
Jun-17
Oct-17
Jan-18
Apr-18
Jun-18
Oct-18
Jan-19
Apr-19
Jun-19
Oct-19
Jan-20
Jul-17
Jul-18
Jul-19
the mid March low as companies looked
takes comfort from the strengthened balance
to recapitalise balance sheets, activity has
sheets.
remained strong into April.
Other trends seen on AIM in Q1 include:
New issues had a solid start to the year with
i) Continued high levels of M&A activity as
six new joiners to AIM in the period, raising
a total of 11 deals were either successfully
a collective total of £181.m. The market
completed or announced in the period; and,
collapse has put new issues on hold and we
ii) increased liquidity driven in our view by
expect minimal IPO activity over the next
high levels of retail activity as the average
quarter.
trade size has been comparatively small.
In contrast, the secondary fundraise market
looks particularly healthy. £828m was raised
in Q1. Although down 9% from the two
AIM MARKET Funds Raised on Aim
16,000
Money Raised £m New
14,000 Money Raised £m Further
Funds raised (£m)
12,000
10,000
8,000
6,000
4,000
2,000
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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 4,721 3,942 3,348 829
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 2,412 2,013 649 181
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 7,132 5,955 3,997 1,010
3 Information sourced from London Stock Exchange and Allenby CapitalNEW ADMISSIONS 4
Q1 2020 - Number of AIM constituents down to 843
The number of companies on AIM AIM MARKET 2020 Net new admissions / departures
decreased to 843 by the end of Q1 2020. The
6 new joiners being offset by 26 departures.
875
AIM started 2020 with 863 constituents.
870 3 0 0 2
1 9
Four of the new joiners to AIM in Q1 have 1 0 1 0
865 863 0
the UK as their main country of operation.
The other two having main country of 860 10
operations of Ireland and Zambia. 855
Of the 26 departures in the three-month 850 4
period: 845 0 1 843
840
]] Nine were acquired
another market
Listing transferred to
Reverse Takeover
Acquired
Administration
March 31 2020
January 01 2020
Move from Main Market
Move from NEX
Re-admissions (UK)
Re-admissions (Int.)
Introductions (UK)
Introductions (Int.)
IPO (UK)
IPO (Int.)
Chose to de-list
Forced to de-list
Lack of Nomad
]] Ten chose to delist
]] Four was forced to delist
]] One entered administration
]] Two were subject to an RTO
5 Information sourced from London Stock Exchange and Allenby CapitalACQUISITIONS ON AIM
11 AIM companies have been acquired so far in decided to recommend the Redmile bid as it believed ACQUIROR TYPE
2020 or are currently being bid for. The average bid it provided the best solution to address Redx’s capital
premium when compared to the prior day’s close is requirements and place its business on a more secure
+45% with a range of +210% to -8%. Private Equity basis moving forward.
has made five of the acquisitions with the other six Private Equity, 5; 45%
being trade buyers. Harwood Wealth Management –8%. In December
2019, the board of Harwood Wealth Management
Comments recommended the offer from Hurst Point Topco
Redx Pharma Plc +210%. On March 13th, Redx Limited, a newly formed company indirectly owned
Pharma announced that it had received two separate by funds managed by Carlyle Group. The directors
acquisition offers, one from new shareholder believe that despite the discount, the offer represents Trade sale, 6; 55%
Redmile Group LLC and the second from former an attractive opportunity for shareholder to realise
suitor Yesod Bio-Sciences Ltd. This bidding war led their investment in what is “a challenging market
to Redmile Group offering 15.5p in cash for each environment.” The deal completed on March 10,
Redx Pharma share. Although only 0.5p higher 2020.
than the Yesod Biosciences offer, the Redx board
BID PREMIUM / (DISCOUNT)
275%
Bid Premium/(Discount)
225% Median 210%
175%
Median = 34%
125%
75% 59% 62%
35% 32% 34% 41%
25% 18% 14%
2%
easyHotel Plc*
Avesoro Resources
Amerisur Resources Plc
Agg. Micro Power Hldgs
Brady Plc
HVIVO Plc
Nasstar Plc
Harwood Wealth
Share Plc*
Redx Pharma Plc*
Haynes Publishing Group
-25% -8%
-75%
* Denotes yet to complete
6 Information sourced from London Stock Exchange and Allenby CapitalNEW ADMISSIONS TO AIM SINCE INCEPTION
12000 600
New Money Raised
Number of Admissions
10000 500
New Money Raised (£m)
Number of Admissions
8000 400
6000 300
4000 200
2000 100
0 0
Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
7 Information sourced from London Stock Exchange and Allenby CapitalADMISSIONS TO AIM - Q1 2020
MARKET
AMOUNT VALUE PERFORMANCE
ISSUE COUNTRY OF LISTING CURRENT
COMPANY DATE SUBSECTOR DESCRIPTION RAISED AT IPO/ SINCE JOINING
TYPE OPERATION PRICE PRICE
(£M) ADMISSION AIM
(£M)
The Barkby Group is the owner and operator of a portfolio of pubs and luxury car
dealerships across the UK. Previously listed on the Aquis Stock Exchange (formerly
known as NEX) the Company listed on AIM in January after completing a reverse
RTO and
takeover of the Dickson Controlled Entities Group ("Dickson"). Dickson operates
The Barkby Tuesday, 7 Travel & move from United
a commercial property development business with projects located in South East 5.00 40.6 -27.50% 30.00 21.75
Group Plc January 2020 Leisure Aquis Kingdom
England. It also owns Workshop Coffee which operates four coffee shops and also
Exchange
sells coffee and coffee related products on a wholesale basis. As per the terms of
the Acquisition, Dickson Controlled Entities Group will be awarded £30.6m through the
issue of new consideration shares on top of a cash sum of £0.75m.
eEnergy Group Plc, previously Alexander Mining Group, completed the reverse take-
over of eLight Ltd, a provider of cost-effective energy saving solutions which provides
eEnergy Group Thursday, 9 Support Reverse commercial customers with energy and cost reductions with no upfront investment. United
2.00 9.8 -23.33% 7.50 5.75
Plc January 2020 Services Takeover In conjunction with the takeover, the Company raised £2m, the proceeds of which are Kingdom
being used to expand the sales resource of the Company as well as furthering the
development of the eLight app.
In January, Open Orphan Plc, a Cinical Research Organisation with a focus on rare and
orphan drugs, announced the Reverse Takeover of hVIVO for an aggregate consideration
of £12.96m. The Company is headquartered in Dublin, Ireland and also has offices
Open Orphan Monday, 20 Health Care Reverse
in the UK, France, the Netherlands and Germany. Although no funds were raised Ireland 0.00 28.1 25.40% 6.30 7.90
Plc January 2020 Providers Takeover
immediately at the time of the RTO, £5.3m was raised in a secondary raising announced
January 31 at a price of 6.1p. The money is to be used to fund the growth and synergies
programme of the Group following completion of the merger of Open Orphan and hVIVO.
Priced as of 17/04/2020
8 Information sourced from London Stock Exchange and Allenby CapitalADMISSIONS TO AIM - Q1 2020
MARKET
AMOUNT VALUE PERFORMANCE
ISSUE COUNTRY OF LISTING CURRENT
COMPANY DATE SUBSECTOR DESCRIPTION RAISED AT IPO/ SINCE JOINING
TYPE OPERATION PRICE PRICE
(£M) ADMISSION AIM
(£M)
Gemfields Group, the supplier of responsibly sourced, coloured gemstones with operating mines
in Zambia and Mozambique, listed on AIM in February. In conjunction with being listed on AIM,
Gemfields Group Friday, 14 Precious Metals the Company is also traded on the Johannesburg Stock Exchange with a secondary listing on the
Introduction Zambia 0.00 133.08 -23.61% 10.80 8.3
Limited February 2020 and Mining Bermuda Stock Exchange. The directors believe that being listed on AIM will allow Gemfields access
to greater liquidity as well as international investors. The Company did not raise any money in
accordance with the listing.
Inspecs Group is a designer, manufacturer and distributor of eyewear frames with
a distribution network covering over 80 countries. Now the Company is listed, the board intendeds
Thursday, 27 to grow the Company both organically and through further acquisitions - as well as extending United
Inspecs Group Plc Personal Goods IPO & Placing 94.03 137.95 -16.67% 195.00 162.5
February 2020 it's manufacturing capacity. On top of the £23.5m new money raised on IPO, £70.53m was also Kingdom
raised via selling shareholders, with Harwood Capital LLP & Lombard Odier selling their stakes of
20.72% and 13.81% respectively.
FRP Advisory Group was founded in June 2010 when Jeremy Fench (now COO) & Geoff Rowley (now
CEO) led a management buyout of the Business Recovery Services division of Vantis Plc. Since
then, the Group has expanded its business offering, providing advisory services in Restructuring,
FRP Advisory Friday, 6 March Financial United
IPO & Placing Corporate Finance, Debt, Forensics and Pensions. For the year ended April 19, the Group achieved FY 80.0 190.00 35.63% 80.00 108.50
Group Plc 2020 Services Kingdom
revenue of £54.3m (up from £52.3m) and PBT of £24m (down from £26m). £20m was raised for the
Group at IPO and £60m for selling shareholders, all of the selling shareholders are partners in the
Group.
Priced as of 17/04/2020
9 Information sourced from London Stock Exchange and Allenby Capital2020 AIM ADMISSIONS – Market caps and amounts raised
Of the six new admissions to AIM so far in 2020:
]] The average market capitalisation on admission - £89.07m
]] The median market capitalisation on admission - £84.29m
]] The average raise on admission (including any vendor placing) - £30.17m
]] The median raise on admission (including any vendor placing) - £3.5m
MARKET CAP. SPREAD OF 2020 NEW ADMISSIONS AMOUNT RAISED ON ADMISSION 2020
3
3.5 2 2
3.0
3.0 2
Number of Companies
Number of companies
2.5
2.0 2
2.0 1 1
1.5 1
1.0
1.0
1
0.5
0 0 0 0 0 0
0 0
0-10 10-25 25-50 50-75 75-100 100-200 0 0-5 5-10 10-25 25-50 50-75 75-100
Market Cap on Admission (£m) Amount raised on Admission (£m)
10 Information sourced from London Stock Exchange and Allenby CapitalGEOGRAPHICAL BREAKDOWN OF AIM’S 2020 NEW ENTRANTS
Number of companies and amounts raised
Ireland (1, £0.0m) Africa (1, £0.0m)
UK (4, £181m)
11 Information sourced from London Stock Exchange and Allenby Capital2020 AIM ADMISSIONS
There have been six admissions to AIM in The Personal Goods sector raised the most
2020. This has been offset by 26 departures, money in Q1 through new issues with a total
giving a total number of constituents at the of £94m (all of which came through the IPO
end of March 2020 of 843 against the end of of Inspecs Group Plc).
December 2019 figure of 863. The number
of companies on AIM peaked in December 4 (or 67%) of the new joiners have their
2007 at 1,694. central operations based in the UK, with the
others being from Ireland and Zambia.
£181.0m has been raised through the six
admissions to AIM this year, giving an
average raise of £30.17m, slightly above the
2019 average of £29.5m.
BREAKDOWN OF AIM’S 2020 NEW ENTRANTS BREAKDOWN OF THE £181.0M NEW MONEY RAISED IN 2020 SO FAR
Leisure Goods 3%
Leisure Goods, 1 Financial Services, 1
Financial Services 44%
Personal Goods, 1 Mining, 1
Personal Goods 52%
Industrials, 1 Health Care Equipment
& Services, 1 Industrials 1%
12 Information sourced from London Stock Exchange and Allenby Capital2020 VENDOR PLACINGS
Since the beginning of 2017, 32% of the funds £130.5m (or 72%) of the total equity placed VENDOR PLACINGS 2020
raised upon admission to AIM by new joiners by new joiners. This is close to the total level
are attributable to existing shareholders of funds raised via vendor placings from all of VENDOR PLACING % OF TOTAL PERFORMANCE
DATE COMPANY VENDOR
selling equity in their companies. Such 2019 - £151.2m. This can be traced to the IPOs (£M) RAISE SINCE IPO
‘Vendors’ come in two broad groups: of both Inspecs Group Plc and FRP Advisory Founders, Management,
Thursday, 27
founding shareholders and/or management Group in which £70.5m and £60m was raised Inspecs Group Plc Investors (Lombard Odier, 70.53 75.0% -16.7%
February 2020
teams wishing to partially or fully cash in on for selling shareholders respectively. Harwood)
their efforts made in building their businesses; Friday, 6 FRP Advisory Group
Partners 60.00 75.0% 35.6%
and professional investing entities, notably Historically IPOs which included selling March 2020 Plc
Private Equity houses, seeking to crystallise shareholders have, on average, been the better Total 130.5
their investments. performing IPOs.
Average 9.5%
So far in 2020, two of the six new joiners
that have listed on AIM included selling Median 9.5%
shareholders. Vendor placings amounted to
2020 VENDOR PLACINGS: £130.53M OF TOTAL £181.03M
£50.5, 27.9%
Vendor Placings (£m) £130.53, 72.1%
New Issues (£m)
Priced as of 17/04/20
13 Information sourced from London Stock Exchange and Allenby Capital2020 AIM ADMISSIONS Winners and losers
Country of Market Value on Money Raised Issue Price Current
Date Listed Issue type Company Subsector Performance
Operation admission (£m) (£m) (P) Price
Friday, 6 March 20 IPO & Placing FRP Advisory Group Plc Financial Services United Kingdom 190.00 80.00 80.00 108.50 35.63%
Monday, 20 January 20 Reverse Takeover Open Orphan Plc Health Care Providers Ireland 28.10 0.00 6.30 7.90 25.40%
Thursday, 27 February 20 IPO & Placing Inspecs Group Personal Goods United Kingdom 137.95 94.03 195.00 162.50 -16.67%
Thursday, 9 January 20 Reverse Takeover Eenergy Group Plc Industrial Metals and Mining United Kingdom 9.80 2.00 7.50 5.75 -23.33%
Tuesday, 7 January 20 IPO & Placing The Barkby Group Plc Travel and Leisure United Kingdom 35.50 5.00 30.00 21.75 -27.50%
Friday, 14 February 20 Introduction Gemfields Group Limited Precious Metals & Mining Zambia 133.08 0.00 11.70 8.25 -29.49%
Total 181.0 Average -6.0%
Median -20.0%
Priced as of 17/04/20
14 Information sourced from London Stock Exchange and Allenby CapitalA LOOK BACK AT THE NEW JOINERS FROM 2019
Country of Market Value on Money Raised Issue Price Current
Date Listed Issue type Company Subsector Performance
Operation admission (£m) (£m) (P) Price
Thursday, 21 March 19 IPO & Placing Diaceutics Plc Healthcare Equip. & Services United Kingdom 52.88 20.75 76.00 140.00 84.21%
Friday, 28 June 19 Reverse Takeover Open Orphan Plc Healthcare Equip. & Services United Kingdom 14.20 4.50 5.60 7.90 41.07%
Tuesday, 25 June 19 IPO & Placing Argentex Plc Financial Services United Kingdom 120.00 46.46 106.00 140.00 32.08%
Thursday, 20 June 19 Reverse Takeover Totally Plc Healthcare Equip. & Services United Kingdom 18.48 9.74 10.00 11.25 12.50%
Thursday, 5 December 19 IPO & Placing The Pebble Group Plc Media United Kingdom 175.82 135.40 105.00 111.50 6.19%
Monday, 4 February 19 Reverse Takeover Chaarat Gold Holdings Mining Armenia 107.29 0.00 27.15 27.30 0.55%
Personal Care, Drug and Grocery
Wednesday, 17 July 19 IPO & Placing Uniphar Plc Ireland 279.90 123.10 1.15 1.15 0.00%
Stores
Wednesday, 29 May 19 IPO & Placing Essensys Plc Software & Computer Services United Kingdom 72.60 28.00 151.00 147.50 -2.32%
Thursday, 12 December 19 IPO & Placing MJ Hudson Group Plc Financial Services United Kingdom 97.64 31.36 57.00 49.50 -13.16%
Wednesday, 22 May 19 IPO & Placing Induction Healthcare Group Plc Healthcare Equip. & Services United Kingdom 34.10 16.58 115.00 98.50 -14.35%
Transfer from Main
Tuesday, 25 June 19 Alumasc Plc Construction & Materials United Kingdom 33.97 0.00 94.00 72.50 -22.87%
Market
Wednesday, 25 September 19 Reverse Takeover Amryt Pharma Plc Healthcare Equip. & Services United Kingdom 245.87 54.52 145.00 109.00 -24.83%
Transfer from Main
Monday, 4 February 19 Circassia Pharmaceuticals Plc Pharma & Biotech United Kingdom 140.07 0.00 37.90 26.10 -31.13%
Market
Thursday, 29 August 19 IPO & Placing Brickability Group Plc Construction & Materials United Kingdom 149.80 56.73 65.00 41.50 -36.15%
Thursday, 28 November 19 IPO & Placing Longboat Energy Plc Oil & Gas Producers United Kingdom 10.00 9.50 100.00 61.50 -38.50%
Transfer from Main
Monday, 30 September 19 Entertainment AI Plc Media United Kingdom 22.48 8.61 45.00 25.50 -43.33%
Market
Thursday, 28 February 19 Reverse Takeover Digitalbox Plc Media United Kingdom 12.64 1.02 14.00 6.75 -51.79%
Monday, 29 April 19 IPO & Placing Loungers Plc Travel & Leisure United Kingdom 185.00 83.25 200.00 92.50 -53.75%
Wednesday, 4 September 19 Reverse Takeover SEC S.P.A Plc Media United Kingdom 18.19 0.00 75.00 34.00 -54.67%
Distribution Finance Capital
Thursday, 9 May 19 Introducton Financial Services United Kingdom 96.00 19.83 90.00 39.20 -56.44%
Holdings Plc
Transfer from Main
Friday, 1 March 19 United Oil & Gas Plc Oil & Gas Producers Italy 14.17 0.00 4.10 1.53 -62.80%
Market
Transfer from Main
Friday, 7 June 19 Renold Plc Industrial Engineering United Kingdom 76.64 0.00 34.00 8.10 -76.18%
Market
Total 649.40 Average -18.4%
Priced as of17/04/20 Median -23.8%
15 Information sourced from London Stock Exchange and Allenby CapitalFURTHER FUNDRAISES 16
Q1 2020 OVERVIEW
Despite the market turmoil the Further issues IG Designs Group Plc (IGR.L, £518m) Hutchison China Meditech Ltd (HCM.L,
market had a resilient Q1 2020. In total, IG Designs Group is a designer, innovator £2.1bn) Hutchison China Meditech – the
£829m was raised via further issues, down and manufacturer of celebrations, gifting, third largest company on AIM – researches,
9% from the two year quarterly average of stationery and creative play products. In Q1, develops, manufactures and markets
£911m. the Company successfully raised a total of pharmaceutical products. In January, the
£120m. IG Designs group intends to use the Company announced that it had successfully
Urban Logistics REIT Plc (SHED.L, £247m)
funds to secure the acquisition of CSS, which raised £110m (through the issue of American
Urban Logistics REIT Plc, an investor in
was announced earlier in the year, to repay Depositary Shares (“ADS”). The Company
industrial and logistics properties, completed
CSS’ net debt and to fund the transaction intends to use the proceeds primarily to fund
the largest secondary in Q1. In February, the
expenses. its ongoing research and clinical development
Company announced that it had successfully
efforts and to expand its commercialisation
raised £136.2m via a placing, open offer and
capabilities.
subscription. The proceeds of the fundraise
will be used to acquire pipeline assets which
are already in advanced stage negotiations,
this includes three portfolios and 12 single
assets.
FURTHER ISSUES HISTORICAL BREAKDOWN OF THE £828.98M RAISED IN Q1 2020
80 1000
Money Raised (£m) Number of Transactions
900
70 Industrials 4.9% Basic Materials 2.7%
800 Technology 1.5% Alternative Energy 5.1%
60
Telecommunications 1.8% Electronic &
700
Support Services 6.5% Electrical Equipment 2.5%
50
600
Number of Transactions
Consumer Goods 19%
Money Raised (£m)
40 500 Real Estate 16.5%
400
30
Travel & Leisure 1.6%
300 Oil & Gas 3.5% Retail 0.6%
20
Mining 2% Media 0.4%
200
Financials 2.4%
10
100 Pharma & Biotech 28.2% H'Care Equipment & Services 0.8%
0 0
Apr 17
May 17
Jun 17
Jul 17
Aug 17
Sep 17
Oct 17
Nov 17
Dec 17
Jan 18
Feb 18
Mar 18
Apr 18
May 18
Jun 18
Jul 18
Aug 18
Sep 18
Oct 18
Nov 18
Dec 18
Jan 19
Feb 19
Mar 19
Apr 19
May 19
Jun 19
Jul 19
Aug 19
Sep 19
Oct 19
Nov 19
Dec 19
Jan 20
Feb 20
Mar 20
17 Information sourced from London Stock Exchange and Allenby CapitalANALYSIS OF LARGEST FURTHER ISSUES - Q1 -2020
DATE COMPANY SUBSECTOR COUNTRY OF OPERATION MONEY RAISED (£M)
Wednesday, 11 March 2020 Urban Logistics REIT Plc Industrial REITs United Kingdom 136.20
Friday, 24 January 2020 IG Design Group Plc Personal Products United Kingdom 120.00
Tuesday, 28 January 2020 Hutchison China Meditech Limited Pharmaceuticals China 110.00
Wednesday, 19 February 2020 Benchmark Holdings Plc Biotechnology United Kingdom 42.98
Tuesday, 11 February 2020 Midwich Group Plc Professional Business Support Services United Kingdom 39.72
Friday, 13 March 2020 Ceres Power Holdings Plc Alternative Fuels United Kingdom 38.04
Tuesday, 10 March 2020 4D Pharma Plc Pharmaceuticals United Kingdom 22.00
Tuesday, 24 March 2020 Hotel Chocolat Group Plc Food Products United Kingdom 22.00
Monday, 9 March 2020 Knights Group Holdings Plc Professional Business Support Services United Kingdom 20.00
Monday, 30 March 2020 Silence Therapeutics Plc Biotechnology Germany 17.41
Thursday, 26 March 2020 Ilika Plc Electrical Components United Kingdom 15.10
Monday, 3 February 2020 Renew Holdings Plc Engineering and Contracting Services United Kingdom 15.00
Thursday, 12 March 2020 Hornby Plc Toys United Kingdom 15.00
Tuesday, 4 February 2020 Ince Group Plc (THE) Professional Business Support Services United Kingdom 14.05
Thursday, 26 March 2020 Easyhotel Plc Hotels and Motels United Kingdom 11.00
Friday, 20 March 2020 Eden Research Plc Specialty Chemicals United Kingdom 10.39
Friday, 27 March 2020 EVR Holdings Plc Telecommunications Services United Kingdom 10.33
Wednesday, 26 February 2020 Touchstone Exploration Inc Oil: Crude Producers Trinidad and Tabago 9.00
Friday, 20 March 2020 Gresham House Plc Closed End Investments United Kingdom 8.00
Friday, 21 February 2020 Altus Strategies Plc General Mining Ethiopia 6.48
Friday, 27 March 2020 Diurnal Group Plc Biotechnology United Kingdom 6.40
Thursday, 26 March 2020 Versarien Plc Specialty Chemicals United Kingdom 6.00
Tuesday, 31 March 2020 Trackwise Designs Plc Electronic Components United Kingdom 5.87
Thursday, 30 January 2020 Agronomics Limited Biotechnology United States 5.50
Thursday, 6 February 2020 Open Orphan Plc Health Care Services Ireland 5.30
Wednesday, 4 March 200 Sosandar Plc Apparel Retailers United Kingdom 5.00
Friday, 28 February 2020 United Oil & Gas Plc Oil: Crude Producers Italy 4.77
18 Information sourced from London Stock Exchange, Allenby Capital2020 AIM FURTHER FUNDRAISINGS
There has been a total of 115 secondary raises The Pharmaceutical and Biotech sector was ANALYSIS OF 2020 FUND RAISINGS BY SIZE
(≥100k) on AIM in 2020, equating to an the largest contributor to the £828.98m raised
average raise of £7.55m. This compares with in Q1, having raised £233.23m (28.2%). The
the average issue size in 2019 of £6.45 and in Consumer Goods sector is second in terms 60.0
51
2018 of £7.9m. of total further money raised, having raised
50.0
Number of transactions
£157m (19%).
Of the 115, 51 were for a value equal to or less 40.0
than £1m. Two have been for £100m or more.
30.0
17 18
20.0 13
9
10.0 3 2 2
0
0.10-1 1-2 2-5 5-10 10-25 25-50 50-100 >100
Size of raise (£m)
BREAKDOWN OF THE £228.8 RAISED IN 2020 LARGEST FURTHER ISSUES 2020
MONEY RAISED
DATE COMPANY SUB SECTOR
Industrials 5% Basic Materials 2.7% (£M)
Technology 1% Alternative Energy 5% Wednesday, 11 March 2020 Urban Logistics REIT Plc Industrial REITs 136.2
Telecommunications 2% Electronic &
Electrical Equipment 2% Friday, 24 January 2020 IG Design Group Plc Personal Products 120.0
Support Services 7%
Hutchison China Meditech
Tuesday, 28 January 2020 Pharmaceuticals 110.0
Consumer Goods 19% Limited
Real Estate 16% Wednesday, 19 February 2020 Benchmark Holdings Plc Biotechnology 43.0
Professional Business
Travel & Leisure 2% Tuesday, 11 February 2020 Midwich Group Plc 39.7
Support Services
Oil & Gas 3% Retail 1%
Friday, 13 March 2020 Ceres Power Holdings Plc Alternative Fuels 38.0
Mining 2% Media 0%
Financials 2% Tuesday, 10 March 2020 4D Pharma Plc Pharmaceuticals 22.0
Pharma & Biotech 28% H'Care Equipment & Services 1%
Tuesday, 24 March 2020 Hotel Chocolat Group Plc Food Products 22.0
Professional Business
Monday, 9 March 2020 Knights Group Holdings Plc 20.0
Support Services
Monday, 30 March 2020 Silence Therapeutics Plc Biotechnology 17.4
19 Information sourced from London Stock Exchange and Allenby CapitalGEOGRAPHICAL BREAKDOWN OF AIM’S 2020 SECONDARY FUNDRAISES
Number of issues and amounts raised
Finland (1, £0.2m)
Ireland (3, £6.1m) Sweden (1, £0.3m)
Russia and CIS (3, £2.9m)
Canada (3, £0.8m)
USA (4, £10.6m) Germany (1, £17.4m)
Central & Eastern Europe
(2, £1.1m)
UK (62, £619.4m)
China (2, £164m)
Spain (1, £0.8m)
Central America (3, £10.2m) Asia Pacific (5, £2.6m)
Italy (1, £4.8m) Middle East (1, £0.3m)
Gibraltar (1, £0.2m) India & Bangladesh
(1, £0.2m)
Israel (1, £10.3m)
Africa (8, £10.4m)
South America (4, £5.8m)
Australia (6, £7m)
20 Information sourced from London Stock Exchange and Allenby Capital£450M RAISED ON AIM IN THE THREE WEEKS POST THE MARKET LOW ON MARCH 18
MONEY RAISED RAISE FEBRUARY 2020 PREMIUM/ PERFORMANCE
DATE DEAL ANNOUNCED COMPANY SUBSECTOR CURRENT PRICE
(£M) PRICE (P) HIGH (DISCOUNT) SINCE RAISE
Thursday, 19 March 2020 Tavistock Investments Plc Financial Services 0.65 2.00 2.00 0% 1.40 -30.0%
Friday, 20 March 2020 Hotel Chocolat Group Plc Food, Beverage and Tobacco 22.00 225.00 484.00 -54% 280.00 24.4%
Monday, 23 March 2020 AFC Energy Plc Alternative Fuels 1.40 10.00 33.50 -70% 15.20 52.0%
Monday, 23 March 2020 EVR Holdings Plc Telecommunications Services 10.33 3.75 5.35 -30% 3.85 2.7%
Monday, 23 March 2020 Versarien Plc Specialty Chemicals 6.00 40.00 65.50 -39% 51.00 27.5%
Wednesday, 25 March 2020 Silence Therapeutics Plc Biotechnology 17.41 407.00 470.00 -13% 448.00 10.1%
Wednesday, 25 March 2020 Star Phoenix Group Ltd Oil: Crude Producers 0.52 2.21 2.25 -2% 1.75 -20.8%
Thursday, 26 March 2020 Synairgen Plc Pharmaceuticals 3.83 35.00 17.90 96% 64.00 82.9%
Monday, 23 March 2020 Fireangel Safety Technology Group Plc Industrial Goods and Services 6.10 12.00 16.50 -27% 12.00 0.0%
Thursday, 26 March 2020 Arena Events Group Plc Travel & Leisure 9.50 10.00 25.50 -61% 9.00 -10.0%
Friday, 27 March 2020 City Pub Group PLc Travel & Leisure 22.00 50.00 195.58 -74% 75.00 50.0%
Friday, 27 March 2020 Arkle Resources Plc Basic Materials 0.25 0.50 1.45 -66% 0.50 0.0%
Friday, 27 March 2020 PCI-PAL Plc Industrial Goods and Services 5.00 30.00 46.00 -35% 29.00 -3.3%
Wednesday, 1 April 2020 ValiRx Plc Healthcare 0.20 3.50 10.63 -67% 4.00 14.3%
Thursday, 2 April 2020 Joules Group Plc Retail 15.00 80.00 188.50 -58% 81.00 1.3%
Thursday, 2 April 2020 Gfinity Plc e-sports 2.25 1.00 2.28 -56% 1.08 7.5%
Friday, 3 April 2020 All Active Asset Capital Plc Financial Services 1.26 1.00 0.40 150% 1.43 42.5%
Monday, 6 April 2020 Avacta Plc Healthcare 3.75 18.00 30.50 -41% 61.00 238.9%
Tuesday, 7 April 2020 Alpha FX Group Plc Financial Services 20.00 680.00 1,310.00 -48% 765.00 12.5%
Wednesday, 8 April 2020 ASOS Plc Retail 247.00 1,560.00 3,551.00 -56% 2,100.00 34.6%
Wednesday, 8 April 2020 Safestyle UK Plc Retail 8.50 17.00 58.00 -71% 24.00 41.2%
Wednesday, 8 April 2020 Everyman Media Group Plc Cinemas 17.50 100.00 228.00 -56% 120.00 20.0%
Wednesday, 8 April 2020 Concepta Plc Healthcare 1.90 0.80 1.60 -50% 1.30 62.5%
Thursday, 9 April 2020 IMImobile Plc Technology 15.00 300.00 421.00 -29% 299.00 -0.3%
Thursday, 9 April 2020 Bonhill Group Financial Services 2.50 5.00 28.50 -82% 6.00 20.0%
Thursday, 9 April 2020 Essensys Plc Technology 7.00 151.00 242.50 -38% 152.50 1.0%
Total 446.85 Median -49.0% Median -13.4%
Priced as of 21/04/20
21 Information sourced from London Stock Exchange and Allenby CapitalTRADING VOLUMES 22
TRADING VOLUMES - Liquidity averaging 3.55% in March 2020
We believe that monthly trading value as a LIQUIDITY AVERAGED 3.55% IN MARCH 2020
percentage of market capitalisation helps
give an indication as to the liquidity of an Average Volume (value traded/Mkt. Cap.)
individual stock. 4.5%
4.0%
AIM stocks traded a median value of 3.55%
of their market capitalisation in the month of
3.5%
March, this is a large increase on the 2.13% 3.0%
achieved in March 2019. This average is 2.5%
also significantly higher than the average of 2.0%
the last 5 years of 3.0%, with March clearly
1.5%
seeing greater levels of trading as a result of
the COVID-19 pandemic. 1.0%
0.5%
In terms of value, total trading on AIM 0.0%
amounted to £19.03bn from January to
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
March 2020, up 26.6% on Q1 2029. Per
business day, this figure equates to £298m.
Usually, liquidity on a relative basis is most LIQUIDITY MOST CONCENTRATED IN AIM’S MICRO CAPS
concentrated in the smaller end of AIM’s
6.0
constituents. In contrast, in Q1 2020 it was
the larger stocks which exhibited the most
4.85%
liquidity. 5.0
4.19%
% Mkt Cap traded per month
4.0 3.71%
3.50%
3.31%
3.17% 3.08%
3.0
2.0
1.0
0.0
0-2 2-5 5-10 10-25 25-50 50-100 >100
Market Cap (£m)
23 Information sourced from London Stock Exchange and Allenby CapitalTRADING VOLUMES - Liquidity averaging 3.55% in March 2020 continued…
Eddie Stobart Logistics (ESL.L, £42.4m) Novacyt S.A (NCYT.L, £82.8m) The Angus Energy (ANGS.L, £2.7m) Angus
Eddie Stobart Logistics Plc was the most liquid second most liquid stock in March on a Energy, an independent onshore oil and
stock in March 2020 on a relative basis. ESL relative basis was Novacyt S.A. – a specialist gas production and development company
recently became a cash shell upon selling 51% provider of clinical diagnostic tests. Due to with a portfolio of UK assets, was also very
of its stake in Greenwhitestar Acquisitions an increased demand of global testing for liquid in March this year. This liquidity
Limited, a wholly owned subsidiary of the COVID-19, Novacyt has seen enhanced can be traced to the announcement made
Group which in turn holds the Company’s levels of liquidity in its shares throughout from the Company regarding its Balcome
interests in the trading entities of the Group. Q1. This was further enhanced by a string of Oil Field Planning Application. In this, the
This disposal generated heightened liquidity announcements throughout March, in which Company highlights the Planning Officer’s
in the stock over the past quarter. Coupled the Company emphasised that it had received recommendation to the West Sussex County
with this, Eddie Stobart announced in March orders in Q1 representing approximately 18 Council Planning Committee to decline
that it had seen exceptional volumes in its months of total sales for the Company and Angus’ planning application. This revelation
services, previously only seen at Christmas that it was not experiencing any supply chain sent the Company’s share price down 27.1%.
time. ESL’s share price only moved a small issues. As a result of this positive news flow,
amount in the month, starting at 13.5p and Novacyt’s share price closed the month at a
closing the month at 11.2p. price of £1.965, up 144.7% from where it had
started March.
MARCH’S MOST TRADED STOCKS BY VALUE MARCH’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 Group Plc 447.1 2,228.6 20.1% Eddie Stobart Logistics Plc 52.20 42.4 123.1%
Asos Plc 426.5 1,003.3 42.5% Novacyt S.A. 96.14 82.8 116.2%
Fevertree Drinks Plc 285.4 1,407.5 20.3% Angus Energy Plc 2.93 2.7 107.8%
Dart Group Plc 246.3 820.4 30.0% Modern Water Plc 2.87 3.4 84.6%
Breedon Group Plc 194.7 1,137.7 17.1% Proactis Holdings Plc 11.43 15.7 72.7%
Abcam Plc 189.2 2,356.1 8.0% Synairgen Plc 51.76 73.4 70.5%
Burford Capital Limited 137.6 918.3 15.0% Tekcapital Plc 3.41 4.9 69.2%
Blue Prism Group Plc 136.5 928.5 14.7% Eve Sleep Plc 2.31 3.4 68.8%
Keywords Studios Plc 133.7 944.5 14.2% Genedrive Plc 6.01 9.8 61.5%
Team17 Group Plc 122.0 754.2 16.2% Accesso Technology Group Plc 30.29 51.2 59.2%
24 Information sourced from London Stock Exchange and Allenby CapitalTRADING VOLUMES - Historical Trading on AIM
Trading volumes increased dramatically in TOTAL TRADING TURNOVER VALUE
Q1 2020 as the Covid-19 pandemic increased
in severity. The trend seen in Q1 2020 was 8,000
however a continuation of long term trends
7,000
we have seen over recent years, notably an
increase in trades and a shrinking average 6,000
trade size. In our view this illustrates the 5,000
increasing influence of retail investors on the £m 4,000
AIM market.
3,000
2,000
In March 2020 £6.2bn was traded on AIM.
The average daily number of bargains struck 1,000
on AIM in the month hit an all-time high of 65k 0
with an average size of £4.4k. This contrasts
Jan-01
Aug-01
Mar-02
Oct-02
May-03
Dec-03
Jul-04
Feb-05
Sep-05
Apr-06
Nov-06
Jun-07
Jan-08
Aug-08
Mar-09
Oct-09
May-10
Dec-10
Jul-11
Feb-12
Sep-12
Apr-13
Nov-13
Jun-14
Jan-15
Aug-15
Mar-16
Oct-16
May-17
Dec-17
Jul-18
Feb-19
Sep-19
to 2007 when, although the trading value was
also over £6bn, the number of daily bargains
was only 18.3k with an average value of 17.2k.
Monthly turnover value £m
In our view this increased volume of smaller
value trades indicates greater involvement in
trading AIM stocks by retail investors. BARGAINS BY NUMBER AND VALUE
70,000 25,000
A combination of factors appears to have
increased retail appetite for investing in 60,000
20,000
AIM over the past few years. Consistently
Average Daily Number of Bargains
Avergae Value per Bargain (£)
50,000
low global interest rates have maintained
interest amongst retail investors for equity 15,000
40,000
investments. Additionally, tax breaks such
as EIS and IHT qualification combined with
30,000
increasing levels allowed to be invested in tax 10,000
free ISA wrappers will likely have spurred
20,000
interest in the junior equity market.
5,000
10,000
0 0
Jan-01
Aug-01
Mar-02
Oct-02
May-03
Dec-03
Jul-04
Feb-05
Sep-05
Apr-06
Nov-06
Jun-07
Jan-08
Aug-08
Mar-09
Oct-09
May-10
Dec-10
Jul-11
Feb-12
Sep-12
Apr-13
Nov-13
Jun-14
Jan-15
Aug-15
Mar-16
Oct-16
May-17
Dec-17
Jul-18
Feb-19
Sep-19
Average daily number of bargains (LHS) Average value per bargain (£) (RHS)
25 Information sourced from London Stock Exchange and Allenby CapitalAIM MARKET OVERVIEW 26
AN ANALYSIS OF AIM’S CONSTITUENTS
We feel that AIM is going through a cleansing The number of companies on AIM has been AVERAGE MKT CAP SIZE
process where small companies are leaving drifting down since it peaked at 1,694 in 140
the market and being replaced by larger December 2007. At the end of March 2020,
companies of higher quality. The average 843 companies were listed on AIM, down 120
market capitalisation of AIM companies from 863 at the end of 2019.
is currently £88.2m, down from the 100
Average Market Cap (£m)
By the end of Q1, 161 AIM constituents
January 2020 all-time high of £122.1m but
exceeded the £100m valuation mark and 12 80
significantly above the £66m average at the
companies were valued at greater than £1bn.
beginning of 2016.
AIM continues to host businesses operating 60
AIM’s market cap finished 2019 strongly
across a vast geographical range. Over 80
at £104.2bn, having risen significantly in 40
countries host the central operations of at
December due to the business-friendly
least one AIM company, while many more
General Election result. However, many 20
play host to non-core operations.
if not all the gains attributed to the ‘Boris
Bounce’ have been wiped off AIM in Q1 this 0
year because of COVID-19. AIM has seen
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
its Market Cap fall 29% so far this year,
finishing Q1 at £74.35bn. Average Market Cap (£m)
MARKET CONSTITUENTS BY SECTOR (MKT CAP) AIM AVERAGE MKT CAP OF £88.2M, MEDIAN MKT CAP OF £21.08M
Utilities 1.3% Alternative Energy 1.9%
180 171
Telecoms 1.9% Oil, Gas & Coal 4.2% 160
140
Number of companies
Mining 4.8%
Technology 13.3% 112 114
120 103
Basic Materials 0.7% 100
100 92
82
Retail 5.4% Consumer Staples 5.7% 80
60
Real Estate 5.2% 36
Consumer Services 13.7% 40
21
20 12
Industrials 7.6%
0
0-2
2-5
5-10
10-25
25-50
50-100
100-250
250-500
500-1,000
> 1,000
Financials 9.3%
Industrial Support
Services 9.2%
Market Cap (£m)
Health Care Equipment Pharma & Biotech 11.8%
& Services 3.9%
27 Information sourced from London Stock Exchange and Allenby CapitalAIM an international small cap market
TOTAL COMPANIES DOWN 43% FROM THE 2007 PEAK
International Central Operations
UK Central Operations
1,800
1,600
1,400
Number of companies
1,200
1,000
800
600
400
200
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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 1,044 982 960 923 863 843
International Central
Operations 3 17 22 21 22 31 42 50 60 116 220 304 347 317 241 228 225 225 502 481 436 347 342 319 123 119
UK Central Operations 118 235 286 291 325 493 587 654 694 905 1,179 1330 1347 1233 1052 967 918 871 590 623 608 635 618 604 740 724
22% OF COMPANIES ARE INCORPORATED OUTSIDE OF THE UK BUT 33% OF COMPANIES HAVE THEIR MAIN OPERATIONS OVERSEAS
800 600 565
700 654
Number of companies
500
Number of companies
600
500 400
400 300
300 200
200
100 100 46 49 36
28 21 20 21 23 20 9 9 6 8 6 4 2 2 0 1 1 1 1 1 1 1 1 1 19 18 20 14 13 11 11 12 6 17 3 3
0 0
Western Europe
Africa
USA
Russia and CIS
Australia
South America
Hong Kong & China
India & Bangladesh
Israel
Canada
Central America
Central and
Eastern Europe
Isle of Man
Middle East
UK
Asia Pacific
Jersey
Guernsey
Isle of Man
British Virgin Islands
Ireland
Australia
Cayman Islands
Canada
USA
Bermuda
Israel
Cyprus
Gibraltar
Singapore
Luxembourg
Finland
Hong Kong
Belize (British Honduras)
Falkand Islands
France
Bangladesh
Malaysia
Zambia
Italy
UK
Location of assets
28 Information sourced from London Stock Exchange and Allenby CapitalAIM’S LARGEST
COMPANY SUBSECTOR COUNTRY OF OPERATION MARKET CAPITALISATION £M
Pharmaceuticals, Biotechnology and Marijuana
Abcam Plc UK 2,356.09
Producers
Boohoo Group Plc Retailers UK 2,228.61
Pharmaceuticals, Biotechnology and Marijuana
Hutchison China Meditech Limited China 2,099.35
Producers
Globalworth Real Estate Investments Limited Real Estate Investment and Services Romania 1,443.86
Fevertree Drinks Plc Beverages UK 1,407.46
RWS Holdings Plc Industrial Support Services UK 1,261.74
Globaldata Plc Media UK 1,257.91
Breedon Group Plc Construction and Materials UK 1,137.68
GB Group Plc Software and Computer Services UK 1,130.15
Secure Income Reit Plc Real Estate Investment Trusts UK 1,040.15
James Halstead Plc Construction and Materials UK 1,011.57
ASOS Retailers UK 1,003.31
Gamma Communications Plc Telecommunications Service Providers UK 948.73
Keywords Studios Plc Leisure Goods Ireland 944.50
Blue Prism Group Plc Software and Computer Services UK 928.48
Burford Capital Limited Finance and Credit Services UK 918.33
Learning Technologies Group Plc Software and Computer Services UK 893.95
Dart Group Plc Travel and Leisure UK 820.45
Team17 Group Plc Leisure Goods UK 754.25
Smart Metering Systems Plc Industrial Support Services UK 744.43
Highland Gold Mining Ld Precious Metals and Mining Russia 721.24
Pharmaceuticals, Biotechnology and Marijuana
Clinigen Group Plc UK 718.71
Producers
YouGov Plc Media UK 667.58
Emis Group Plc Software and Computer Services UK 658.44
Greencoat Renewables Plc Electricity Ireland 650.12
Priced as of 31/03/2020
29 Information sourced from London Stock Exchange and Allenby CapitalALLENBY CAPITAL OVERVIEW 30
ALLENBY CAPITAL an AIM nomad & broker
UNITED KINGDOM NORTH AMERICA IRELAND SWEDEN
Advanced Oncotherapy Healthcare Rose Petroleum Oil & Gas Conroy Gold Mining (Gold) Erris Resources Mining
Aeorema Media
Audioboom Media
Biome Technologies Chemicals FINLAND
Blackbird Technology Karelian Diamonds Mining
Brave Bison Technology
Braveheart Financial Services
BWA (Aquis Exch.) Inverstment Co.
Caledonian Trust UK Property ISRAEL
The Character Group* Toys MTI Wireless Edge Technology
Cluff Natural Resources Natural Resources Starcom Systems TMT
Crystal Amber Investment Fund
ECSC Technology
Empresaria** Recruitment
Feedback Medical Equipment
Franchise Brands Consumer Services HONG KONG / CHINA
Frontier IP IP transfer
Walcom Animal Feed
Consumer
Fulham Shore
Discretionary
Fusion Antibodies Healthcare
Gfinity TMT
Grafenia Support Services MALAYSIA
Hardide Industrial coatings MobilityOne Support Services
Mobile Tornado TMT
N4Pharma Healthcare
Nakama Support Services UNITED KINGDOM
Newmark Security Support Services Starcrest Education
Panther Securities Property Education AFRICA AUSTRALIA
(MAIN listed)
Pipehawk Industrial Engineering Tavistock Investments* Financial Services Kodal Minerals Mining Cap-XX Technology
Plutus Powergen Utilities Tern Technology Rockfire Resources Mining
Polo Resources Mining Totally Healthcare
Proteome Healthcare Vela Technologies Investment Company
Provexis Nutrition Vintana Media
Real Estate Investors UK commercial property SOUTH EAST ASIA
Walls & Futures
Housing SPAIN AAA Investment Company
Slingsby Engineering Aquis Exch.)
St James House Gaming Zoetic (MAIN listed) Natural Resources Mirada Technology Myanmar Strategic* Consumer
*Broker only clients ** Research only client
31 Information sourced from London Stock Exchange and Allenby Capital32
10
20
30
40
50
60
70
80
90
0
85
finnCap Ltd
69
Cenkos Securities
52
W.H. Ireland
48
Nplus1 Singer
47
Allenby Capital
Strand Hanson 47
Information sourced from London Stock Exchange and Allenby Capital
46
SP Angel
41
Numis Securities
41
Shore Capital
36
Peel Hunt LLP
34
Cairn Financial
32
Beaumont Cornish
31
Liberum Capital
29
Canaccord Genuity
29
Panmure Gordon
No. of AIM Clients - Apr-20
ALLENBY CAPITAL – one of the larger advisers on AIM
28
Arden Partners plc
27
Grant Thornton UK
24
Investec Bank Plc
24
SPARK Advisory
22
Cantor Fitzgerald
16
Stifel
14
Zeus Capital
13
Davy C. F.
5
Altium Capital
5
RFC Ambrian
4
J. P. Morgan
3
Macquarie
1
JefferiesALLENBY CAPITAL SELECTED TRANSACTION RECORD
CLIENT SECTOR LOCATION TRANSACTION DATE ALLENBY CAPITAL’S ROLE
Franchise Brands Consumer Services UK £14m fundraise Apr-20 Nomad & Joint Broker
ECSC Technology UK £0.5m fundraise Apr-20 Nomad & Broker
Advanced Oncotherapy Healthcare UK £15m fundraise Apr-20 Nomad & Broker
Gfinity eSports UK £2.25m fundraise Mar-20 Nomad & Broker
Tern Technology UK £0.6m fundraise Mar-20 Nomad & Broker
Hardide Engineering UK £2.5m fundraise Jan-20 Joint Broker
Blackbird Technology UK £5.5m fundraise Dec-19 Nomad & Broker
Cap-XX Technology Australia £2.75m fundraise & acquisition Dec-19 Nomad & Broker
Infrastrata Gas storage UK £6.0m fundraise & acquisition Nov-19 Nomad
Advanced Oncotherapy Healthcare UK £18.4m Debt & Equity Aug-19 Nomad & Joint Broker
Gfinity eSports UK £5.25m fundraise Jul-19 Nomad & Broker
Totally Healthcare IT UK £9.0m fundraise & RTO Jun-19 Nomad & Joint Broker
Audioboom Media UK £2.8m fundraise Apr-19 Nomad & Broker
Starcrest Education Education UK IPO & £4.2m fundraise Jan-19 Financial Advisor & Broker
Frontier IP Technology UK £2.5m fundraise Nov-18 Nomad & Broker
Gfinity eSports UK £6.0m fundraise Oct-18 Nomad & Broker
Access Intelligence TMT UK £6.8m fundraise Oct-18 Nomad & Broker
Audioboom Media UK £4.5m fundraise Jun-18 Nomad & Broker
Forbidden Technologies Technology UK £5.75m fundraise Jun-18 Nomad & Broker
Access Intelligence TMT UK £2.8m fundraise Apr-18 Nomad & Broker
Grafenia Support Services UK £3.5m fundraise Apr-18 Nomad & Broker
MayAir Air Filtration Singapore £50m recommended offer Mar-18 Rule 3 Adviser
Gfinity eSports UK £6.7m fundraise Mar-18 Nomad & Broker
R4E Media & Entertainment UK/US £3.5m vendor placing Feb-18 Nomad & Broker
Fusion Antibodies Healthcare N.Ireland IPO & £6.6m fundraise Dec-17 Nomad & Broker
R4E Media & Entertainment UK/US £5.5m fundraise Dec-17 Nomad & Broker
Erris Resources Mining Ireland/Sweden IPO & £4.0m fundraise Dec-17 Nomad
Cora Gold Mining Mali IPO & £3.5m fundraise Oct-17 Nomad
Totally Healthcare IT UK £11m acquisition & RTO Oct-17 Nomad & Joint Broker
Gfinity eSports UK £7.0m fundraise Oct-17 Nomad & Broker
Palace Capital Property UK Acquisition and £70m fundraise Oct-17 Nomad & joint Broker
Work Group Legal UK RTO of Gordon Dadds Group Aug-17 Adviser to Work Group
Myanmar Strategic Holdings Leisure Myanmar IPO & $4.2m fundraise Aug-17 Broker
Plastics Capital Industrials UK £3.75m fundraise May-17 Joint Broker
Gfinity eSports UK £6.25m fundraise May-17 Nomad & Broker
Franchise Brands Consumer Services UK £20m fundraise & RTO 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
33 Information sourced from London Stock Exchange and Allenby CapitalALLENBY CAPITAL SELECTED TRANSACTION RECORD Continued...
CLIENT SECTOR LOCATION TRANSACTION DATE ALLENBY CAPITAL’S ROLE
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 eSports 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
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
34 Information sourced from London Stock Exchange and Allenby CapitalALLENBY CAPITAL Contact details
]] Nick Naylor ]] Matt Butlin ]] David Hart
Chief Executive Head of Equities Head of Corporate Finance
0203-328-5661 0203-328-5666 0203-328-2971
n.naylor@allenbycapital.com m.butlin@allenbycapital.com d.hart@allenbycapital.com
]] Nick Athanas ]] Peter Dupont ]] David Johnson ]] Jeremy Porter
Corporate Finance Research Research Deputy Head of Corporate Finance
0203-328-5662 0203-002-2078 0203-394-2977 0203-394-2972
n.athanas@allenbycapital.com p.dupont@allenbycapital.com d.johnson@allenbycapital.com j.porter@allenbycapital.com
]] Alex Brearley ]] Kelly Gardiner ]] Liz Kirchner ]] Tony Quirke
Corporate Finance Equity Sales Corporate Finance Equity Sales
0203-328-5671 0203-002-2072 0207-167-6434 0203-328-5663
a.brearley@allenbycapital.com k.gardiner@allenbycapital.com l.kirchner@allenbycapital.com t.quirke@allenbycapital.com
]] Virginia Bull ]] Victoria Harrison ]] Guy McDougall ]] James Reeve
Corporate Finance Office Manager Equity Sales Corporate Finance
0207-167-6430 0203-328-5656 0203-328-5656 0203-328-5665
v.bull@allenbycapital.com v.harrison@allenbycapital.com g.mcdougall@allenbycapital.com j.reeve@allenbycapital.com
]] Nick Chambers ]] Nick Harriss ]] Kelly Murcer ]] Tim Sohal
Corporate Finance Corporate Finance Receptionist Corporate Broking
0203-002-2076 0203-328-5658 0203-394-2970 0203-328-5659
n.chambers@allenbycapital.com n.harriss@allenbycapital.com k.murcer@allenbycapital.com t.sohal@allenbycapital.com
]] Asha Chotai ]] James Hornigold ]] Amrit Nahal ]] David Worlidge
Corporate Finance Corporate Finance Equity Sales Corporate Finance
0207-167-6433 0207-167-6432 0203-394-2973 0207-167-6431
a.chotai@allenbycapital.com j.hornigold@allenbycapital.com a.nahal@allenbycapital.com d.worlidge@allenbycapital.com
]] John Depasquale ]] Ian Jermin ]] Jos Pinnington
Corporate Finance Research Equity Research
0203-328-5657 0203-328-5664 0203-002-2073
j.depasquale@allenbycapital.com i.jermin@allenbycapital.com j.pinnington@allenbycapital.com
35ALLENBY CAPITAL Important disclaimer
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