AIM MARKET UPDATE Q1 2021 - Allenby Capital
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AIM MARKET UPDATE Q1 2021 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 Stock Exchange (AQSE)
CONTENTS
� Overview 3
� New Admissions 4
� Further Fundraises 17
� Trading Volumes 22
� AIM Market Overview 26
� Allenby Capital Overview 30
2OVERVIEW
On the back of a strong 2020 when total almost doubled in value and ended March AIM MARKET Total raisings
funds raised on AIM were up 49% on 2019, 2021 with a market value of £132bn (average
AIM has had an incredibly strong start to mkt cap. £161m).
1200
2021. Funds raised in Q1 2021 of £2.0bn Money Raised £m New
Funds raised (£m)
Increased trading volumes has been another 1000
are up 98% on the same period last year and Money Raised £m Further
feature of the AIM market over the last year
equivalent to a third of the total raised on 800
or so. The average monthly trading volume of
AIM in 2020 of £6.0bn. The £1.03bn raised 600
2.1% of a company’s mkt cap in 2019 rose to
on AIM in March 2021 was the highest
3.2% in 2020 and has averaged 4.2% so far 400
monthly figure since October 2017.
in 2021. 200
Interestingly, the IPO market is back. There 0
Q1 2021 saw the net numbers of companies
were 15 new joiners in Q1 2021 compared to
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
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
on AIM increase by three. The 15 new joiners
31 in the whole of 2020 and just 22 in 2019.
being offset by 12 departures. Of the 12
IPOs have been performing strongly post
leavers, six were due to being acquired.
listing, the average return of all 2021 new
joiners to AIM has been +62% with a range
of -6% (Team Plc) to +235% (Nightcap Plc).
In addition to funds raised, share price
performances have also been positive. From
the market lows of March 2020, when AIM
finished the month with a market value of
£74.3bn (average mkt. cap £88m), AIM has
AIM MARKET Funds Raised on Aim
Money Raised £m New
18,000 Money Raised £m Further
16,000
14,000
Funds raised (£m)
12,000
10,000
8,000
6,000
4,000
2,000
0
2021
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
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 4,721 3,942 3,348 5,270 1,533
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 2,013 649 690 463.6
Money raised £m New 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 5,960 1,997
3 Information sourced from London Stock Exchange and Allenby CapitalNEW ADMISSIONS 4
MARCH 2020 - Number of AIM constituents up to 822
The number of companies on AIM increased AIM MARKET 2020 Net new admissions / departures
to 822 by the end of March 2021 after starting
the year with 819 constituents. This is a first 840
reversal in a long term trend of decreasing 10 0 1
2
835 6
AIM companies since the 2007 peak of 1,694 2
companies. 830
1 0 1
825 2 0 0 822
2 0 0
Focusing on the activity in Q1 2021, in total 820
819
there were 15 new joiners to AIM partially
815
offset by 12 departures. Of the 15 new joiners,
twelve have their main operations in the UK 810
with the other countries being the United 805
States, Poland and Sri Lanka. 800
Re-admissions (Int.)
Introductions (UK)
IPO (UK)
Chose to de-list
Forced to de-list
Lack of Nomad
Re-admissions (UK)
Introductions (Int.)
Reverse Takeover
another market
March 31 2021
January 01 2021
Move from Main Market
Move from AQSE
IPO (Int.)
Listing transferred to
Administration
Acquired
Of the 12 departures in Q1 2021:
]] Six were acquired
]] Two were subject to an RTO
]] Two chose to delist
]] One transferred their listings to another
market
]] One was forced to delist (cash shell that
failed to make an acquisition within 6
months of suspension of trading)
5 Information sourced from London Stock Exchange and Allenby CapitalACQUISITIONS ON AIM
Nine AIM companies have been acquired so far in business at 604p per share. Accordingly, the Board ACQUIROR TYPE
2021 (or are currently in a bid process). The median withdrew their recommendation for the Take-Two
bid premium when compared to the prior day’s close offer in favour of Codex Games’. Codemasters left
is +19% with a range of +0% to +48%. Private AIM on 19 February 2021.
Equity has made three of the bids with the other six Private Equity, 3,
being trade buyers. Applegreen Plc +48.2%. In Q1, Applegreen 33%
Plc delisted from AIM having being acquired by
Comments Causeway Consortium Limited, a newly formed
Codemasters Group Holdings Plc +30%. On Company part owned by Blackstone Infrastructure
November 10th 2021 the Company announced that Partners (the largest alternative asset manager in
it had received, and will recommend, an offer to buy the world). The acquisition, which was done at an
Codemasters from Take-Two Interactive Software, attractive premium, will provide the Company with Trade sale, 6,
valuing the business at 485p per share. Several weeks the required funds to expand the business further into 67%
later, Codex Games Limited, an indirect subsidiary The United States whilst also helping the Company
of Electronic Arts, placed a competing bid for the navigate the ongoing complexities of COVID.
BID PREMIUM / (DISCOUNT)
50% 48%
44%
40%
30%
30% Median 19%
19%
20% 19% 16%
10%
10%
2%
0%
0%
Volga Gas Plc*
IMImobile Plc
Abbey Plc*
Applegreen Plc
Scapa Group Plc*
AFH Financial Group Plc*
Hunters Property Plc
Globalworth Real Estate
Investments Limited
Codemasters Group
Holdings Plc
-10%
* 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 2021
7 Information sourced from London Stock Exchange and Allenby CapitalADMISSIONS TO AIM - Q1 2021
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)
DP Poland Plc (DPP), the exclusive provider of the Domino's Pizza Brand in Poland, has
successsfully completed the reverse takeover of Dominium, a polish pizza resturant
group. Per the terms of the acquisition, Malaccan Holdings, the sole shareholder in
Reverse Dominium, recieved £22.7m via consideration shares in DPP in addition to a new
DP Poland Plc January 21 Hospitality Poland 5.25 46.52 9.38% 8.00 8.8
Takeover £1.2m unsecured loan note. The enlarged group, with an expanded portfolio of c.126
stores and resturants, has become the third largest pizza chain in Poland. In the six
months to 30 June 2020, DPP recorded revenues of £6.99m and a loss before tax of
£1.76m.
Equatorial Palm Oil, re-named to Capital Metals Plc post admission, has successfully
completed the reverse takeover of Capital Metals Limited having been re-classified
Equatorial Reverse as a cash shell earlier in the year. The acquisition, which valued Capital Metals
13 January 21 Mining Sri Lanka 2.08 20.66 66.67% 12.00 20.0
Palm Oil Plc Takeover Limited at £15.84m, was satisfied entirely by the issue of new consideration shares.
In conjunction with the deal, the Company raised £2.08m to further develop its Work
Programme in 2021.
Nightcap Plc was established in 2020 to take advantage of the well documented
difficulties facing the leisure and hospitality sector. On admission, the Company
acquired the London Cocktail Club, an operator of ten cocktail bars predominently
IPO & United
Nightcap Plc 13 January 21 Hospitality situated in London. The Company intends to take advantage of the opportunities 4.00 14.20 235.00% 10.00 33.5
Placing Kingdom
that have arisen from Covid-19 namly an increase in available sites, decreased
competition and enhanced acquisition opportunities. in 2019, LCC achieved a FY
revenue of £6.6m with an adjusted EBITDA of £860k.
HSS Hire Group is a provider of tool and equipment hire services within the UK and
Industrial Transfer
HSS Hire Group Ireland. The Company operates in a range of sectors from industiral to commercial United
14 January 21 Support from Main 0.00 69.65 110.00% 10.00 21.0
Plc markets. The Company has re-listed onto AIM as the Board believes this market better Kingdom
Services Market
reflects the Company's current size and shareholder base.
Supreme Plc is a manufacturer, supplier and brand owner of consumer products
including batteries, lighting, vaping, sports nutrition & wellness and branded
household goods. The Company has listed on AIM to help raise the profile of the
Consumer IPO & United
Supreme Plc 1 February 21 business whilst also providing it with a platform to grow both organically and via 67.50 156.1 43.66% 134.00 192.50
Staples Placing Kingdom
acquisitions. In addition to raising £7.5m on admission, the Company also raised
c. £60m for selling shareholders. This was predominently for the CEO, Sandy Chadha,
who still retains a 56.7% stake in the business post listing.
Priced as of 30/04/2021
8 Information sourced from London Stock Exchange and Allenby CapitalADMISSIONS TO AIM - Q1 2021
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)
Cornish Metals is a TSX listed Canadian exploration and development company with
a flagship mineral project, referred to as United Downs, located in Cornwall, United
Cornish Metals IPO & United
6 February 21 Mining Kingdom. Cornish Metals also hold interests in both a nickle and tin project situated 8.21 18.7 37.14% 7.00 9.60
Inc Placing Kingdom
in Canada and Alaska respectively. The Company will look to use the use the funds
raised on listing to commence the drilling programme at United Downs.
4basebio UK is a supplier of GMP grade DNA for the use in gene therapies and
vaccines. In November 20, 4basebio AG, successfully completed the disposal of
its proteomics and immunology business to Abcam Plc. The Company retained its
4basebio UK Pharmaceuticals & United
17 February 21 Introduction genomics business, now called 4basebio UK, and has successfuly listed this business 0.00 14.5 205.08% 118.00 360.00
Societas Biotechnology Kingdom
on AIM. The Company has listed with cash reserves of £14.4m with further funding
facilities of €25m in place. The Directors consider this to be sufficient in funding the
development of the business as it moves towards commercialisation.
Virgin Wines UK is a direct-to-consumer online wine retailer. The Group is the
exclusive licensee of the Virgn Wines brand in the UK, providing a new avenue to the
wider Virgin business. The Company has raised £13m on admission with the proceeds
Virgin Wines IPO & United
2 March 21 Travel & Leisure being used to repay pre-existing debt. In addition to this, the Company also raised 47.96 110.00 23.60% 197.00 243.5
UK Plc Placing Kingdom
£34.9m for selling shareholders, which included members of the current management
team and prior investors. In the year ended 30 June 2020, the Company achieved a
revenue of £56.6m with EBITDA of £4.8m.
TEAM Plc is a Jersey based specialist fund manager with, as of 30 November 20,
£292m of assets under management. Moving forward, the Company intends to
IPO & undertake a buy-and-build strategy in an attempt to become an internationally United
TEAM Plc 8 March 21 Financial Services 7.76 14.57 -6.25% 88.00 82.5
Placing recognised wealth and asset management group. Included in the raise was a Vendor Kingdom
placing of £256k. The proceeds from the placing, c. £7.5m, will be used to acquire
complementary businesses, recruit new staff and pay outstanding shareholder loans.
tinyBuild is a video game publisher that specialises in Indie-games with a focus on
creating long-lasting IP, achieving this by partnering with game developers globally.
IPO & The Company has published 40 games to date with a current pipeline of 23 titles United
tinyBuild Inc 9 March 21 Media 154.43 340.58 73.37% 169.00 293.0
Placing to be released in 2021 - 2022. The Company raised £154.4m on admission with States
£118.2m going to selling shareholders. Post listing Alex Nichiporchik (CEO) retains a
38.2% holding in the business despite selling £55.8m of shares on IPO.
Priced as of 30/04/2021
9 Information sourced from London Stock Exchange and Allenby CapitalADMISSIONS TO AIM - Q1 2021
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)
AMTE Power aims to develop a portfolio of differentiated lithium-ion battery cells
that are intended to meet the needs of high-performance vehicles and specialist
equipment manufacturers. The Company has listed on AIM in an attempt to raise the
IPO & profile of the business as well as increasing the ability of the Company to raise new United
AMTE Power Plc 12 March 21 Industrials 13.70 60.67 71.43% 175.00 300.0
Placing funds in order to pursue future growth opportunities. In the 15-month period to 30 Kingdom
June 20, the Company generated a revenue of £1.3m with an operating loss of £1.9m.
£12.95m was raised for teh Company at IPO with existing shareholders selling shares
worth an additional £0.74m.
Mothercare is the owner of the global specialist brand that designs, sources and
Transfer supplies products for parents and young children around the world. The Board cited
United
Mothercare Plc 12 March 21 Retail from Main AIM's ability to attract new retail investors to the business, in conjunction with the 0.00 52.39 21.43% 14.00 17.0
Kingdom
Marker added tax benefits, as the main reasons why the Company has moved from the Main
Market. No new money was raised in conjunction with the listing.
In The Style Group (ITS) is an e-commerce clothing company with a growing customer
base of women aged between 16-35. ITS enhances audience engagement via
In The Style IPO & its growing strategy of influencer collaborations. Partnering with over 15 varied United
15 March 21 Retail 60.00 105.00 18.00% 200.00 236.0
Group Plc Placing influencers with a combined following of over 30 million. In addition to the c.£11m Kingdom
raised for the Company on admission £49m was raised for selling shareholders
including management and private equity.
ActiveOps Plc provides a SaaS platform to large enterprises with both complex and
global back-offices. The Group primarily focuses on customers in the banking and
Software & IPO & insurance market. The Company raised no new money on admission, however £75.7m United
ActiveOps Plc 29 March 21 75.68 119.82 24.40% 168.00 209.0
Computer services Placing was raised for selling shareholders including founders, management and early-stage Kingdom
investors. In H1'21 the Company generated revenues of £9.416m, 3.8% lower than
that achieved in the prior period last year.
Parsley Box Group, founded in 2017, delivers ready meals directly to the Baby
Boomer+ consumer market, which is defined as those aged 60 and over. The meals
Parsley Box IPO & require no refrigeration and have a shelf life of up to six months. The Company United
31 March 21 Consumer Staples 17.00 83.83 -3.75% 200.00 192.5
Group Plc Placing currently looks after 500,000 registered users. On admission, the Company raised Kingdom
£5m and £12m for selling shareholders. In the FY ended 31 December 20, the
Company reported a loss of £3.2m after generating revenues of £24.4m.
Priced as of 30/04/2021
10 Information sourced from London Stock Exchange and Allenby Capital2021 AIM ADMISSIONS – Market caps and amounts raised
Of the 15 new admissions to AIM in Q1 2021:
� The average market capitalisation on admission - £81.8m
� The median market capitalisation on admission - £60.7m
� The average raise on admission (including any vendor placing) - £30.9m
� The median raise on admission (including any vendor placing) - £8.2m
MARKET CAP. SPREAD OF Q1 2021 NEW ADMISSIONS AMOUNT RAISED ON ADMISSION Q1 2021
4
6.0 3 3
5.0 3
5.0
Number of Companies
Number of companies
4.0 3
2 2 2
4.0
3.0 2
3.0 2
1 1 1
2.0 1
1.0 1.0 1.0
1.0 1
-
0 0
10
0
0
5
0
5
5
0
00
10
0
5
0
5
00
40
-2
-5
-7
0-
20
20
-2
-5
-7
0-
-1
5-
-1
10
25
50
0-
10
25
50
0-
0-
75
75
30
10
10
Market Cap on Admission (£m) Amount raised on Admission (£m)
11 Information sourced from London Stock Exchange and Allenby CapitalGEOGRAPHICAL BREAKDOWN OF AIM’S 2021 NEW ENTRANTS
Number of companies and amounts raised
USA (1, £154.4)
UK (12, £301.8m)
Poland (1, £0.0m) Sri Lanka (1, £2.1m)
12 Information sourced from London Stock Exchange and Allenby Capital2021 AIM ADMISSIONS
There were 15 admissions to AIM in Q1 New money raised in Q1 2021 came from
2021. This has been offset by 12 departures, a wide range of sectors. The Media Sector
giving a total number of constituents at the raised the most money (£154m) after the IPO
end of March 2021 of 822 against the end of of video game publisher tinyBuild Inc which
December 2020 figure of 819. The number has risen 73% since listing. Consumer Staples
of companies on AIM peaked in December also featured heavily after the IPOs of Parsley
2007 at 1,694. Box and Supreme Plc which between them
raised £84.5m.
£464m was raised through the 15 admissions,
giving an average raise of £30.9m, above the 12 (or 80%) of the new joiners have their
2020 average of £22.m. central operations based in the UK, with the
others being from the USA, Poland and Sri
Lanka.
BREAKDOWN OF AIM’S 2021 NEW ENTRANTS BREAKDOWN OF THE £464M NEW MONEY RAISED IN Q1 2021
Financial Services 2%
Travel & Leisure, 1 Financial Travel & Leisure 11% Mining 2%
Services, 1 Industrials 3%
Hospitality 2%
Hospitality, 2 Mining, 2
Consumer Staples 18%
Software & Computer Software & Computer
Support Services, 1
Services, 1 Services 16%
Industrials, 1
Retail, 2 Retail 13% Media 33%
Consumer Staples, 2
Media, 1
Pharma & Biotec, 1
13 Information sourced from London Stock Exchange and Allenby Capital2021 VENDOR PLACINGS
Since the beginning of 2017, 34% of the funds Historically IPOs which included selling VENDOR PLACINGS Q1 2021
raised upon admission to AIM by new joiners shareholders have, on average, been the
are attributable to existing shareholders better performing IPOs. In Q1 2021, the VENDOR PLACING % OF TOTAL PERFORMANCE
DATE COMPANY VENDOR
selling equity in their companies. Such average performance of the IPOs with vendor (£M) RAISE SINCE IPO
‘Vendors’ come in two broad groups: placings is +28%. Whilst impressive this is
founding shareholders and/or management below the average of all Q1 2021 IPOs which 8 January 21 DP Poland Plc Investors 1.75 33.3% 9.4%
teams wishing to partially or fully cash in on is currently +62%.
1 February 21 Supreme Plc Founders 60.00 88.9% 43.7%
their efforts made in building their businesses;
and professional investing entities, notably Virgin Wines Management, Private
2 March 21 34.93 72.8% 23.6%
Private Equity houses, seeking to crystallise UK Plc Equity
their investments.
8 March 21 TEAM Plc Management, Private Equity 0.26 3.3% -6.3%
In Q1 2021, nine of the 15 new joiners that 9 March 21 tinyBuild Inc Founders, Management 118.20 76.5% 73.4%
listed on AIM included selling shareholders.
Vendor placings amounted to £353m (or 12 March 21 AMTE Power Plc Founders, Management 0.74 5.4% 68.6%
76%) of the total equity placed by new
joiners – significantly above the five year In The Style Management, Private
15 March 21 49.00 81.7% 18.0%
Group Plc Equity
average of 34%.
Founders, Management,
29 March 21 ActiveOps Plc 75.68 100.0% 24.4%
Private Equity
Parsley Box Founders, Management,
Q1 2021 VENDOR PLACINGS: £353M OF TOTAL £464M 31 March 21
Group Plc Private Equity
12.00 70.6% -3.8%
Total 352.6
£111.0, 24.0%
Average 27.9%
Median 23.6%
Vendor Placings (£m) £352.55, 76.0%
New Issues (£m)
Priced as of 30/04/2021
14 Information sourced from London Stock Exchange and Allenby Capital2021 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
13 January 21 IPO & Placing Nightcap Plc Hospitality United Kingdom 14.20 4.00 10.00 33.50 235.00%
17 February 21 Introduction 4basebio UK Societas Pharmaceuticals & Biotechnology United Kingdom 14.5 0.00 118.00 360.00 205.08%
Transfer from Main
14 January 21 HSS Hire Group Plc Industrial Support Services United Kingdom 69.65 0.00 10.00 21.00 110.00%
Market
9 March 21 IPO & Placing tinyBuild Inc Media United States 340.6 154.43 169.00 293.00 73.37%
12 March 21 IPO & Placing AMTE Power Plc Industrials United Kingdom 60.7 13.70 175.00 300.00 71.43%
13 January 21 Reverse Takeover Equatorial Palm Oil Plc Mining Sri Lanka 20.66 2.08 12.00 20.00 66.67%
1 February 21 IPO & Placing Supreme Plc Consumer Staples United Kingdom 156.1 67.50 134.00 192.50 43.66%
6 February 21 IPO & Placing Cornish Metals Inc Mining United Kingdom 18.7 8.21 7.00 9.60 37.14%
29 March 21 IPO & Placing ActiveOps Plc Software & Computer services United Kingdom 119.8 75.68 168.00 209.00 24.40%
2 March 21 IPO & Placing Virgin Wines UK Plc Travel & Leisure United Kingdom 110.0 47.96 197.00 243.50 23.60%
Transfer from Main
12 March 21 Mothercare Plc Retail United Kingdom 52.4 0.00 14.00 17.00 21.43%
Marker
15 March 21 IPO & Placing In The Style Group Plc Retail United Kingdom 105.0 60.00 200.00 236.00 18.00%
8 January 21 Reverse Takeover DP Poland Plc Hospitality Poland 46.52 5.25 8.00 8.75 9.38%
31 March 21 IPO & Placing Parsley Box Group Plc Hospitality United Kingdom 83.8 17.00 200.00 192.50 -3.75%
8 March 21 IPO & Placing TEAM Plc Financial Services United Kingdom 14.6 7.76 88.00 82.50 -6.25%
Total 463.6 Average 61.9%
Median 37.1%
Priced as of 30/04/2021
15 Information sourced from London Stock Exchange and Allenby CapitalA LOOK BACK AT THE NEW JOINERS FROM 2020
Country of Market Value on Money Raised Issue Price Current
Date Listed Issue type Company Subsector Performance
Operation admission (£m) (£m) (P) Price
4 December 20 IPO & Placing Helium One Global Ltd Oil, Gas and Coal Tanzania 14.11 6.00 2.84 20.35 616.55%
20 January 20 Reverse Takeover Open Orphan Plc Health Care Providers Ireland 28.10 0.00 6.30 41.75 562.70%
Pharmaceuticals, Biotechnology &
3 November 20 IPO & Placing Verici DX Plc United States 28.30 14.50 20.00 68.00 240.00%
Marijuana Producers
9 January 20 Reverse Takeover Eenergy Group Plc Industrial Metals and Mining United Kingdom 9.80 2.00 7.50 24.00 220.00%
31 December 20 Reverse takeover Eddie Stobart Logistics Plc Financial Services United Kingdom 35.11 16.02 5.00 12.68 153.60%
9 July 20 IPO & Placing Elixirr International Plc Industrial Support Services United Kingdom 98.08 25.00 217.00 545.00 151.15%
29 October 20 Reverse Takeover Zinnwald Lithium Plc Industrial Metals and Mining Germany 10.22 3.75 5.00 12.25 145.00%
5 October 20 IPO & Placing Calnex Solutions Plc Telecommunication Equipment United Kingdom 42.00 22.50 48.00 111.00 131.25%
18 May 20 Reverse Takeover Savannah Energy Plc Oil, Gas & Coal Nigeria 79.71 0.00 8.00 17.50 118.75%
27 February 20 IPO & Placing Inspecs Group Personal Goods United Kingdom 137.95 94.03 195.00 404.00 107.18%
12 October 20 IPO & Placing Fonix Mobile Plc Industrial Support Services United Kingdom 90.00 45.00 90.00 180.50 100.56%
28 August 20 Reverse Takeover I3 Energy Plc Oil, Gas & Coal Canada 34.40 29.85 5.00 9.85 97.00%
2 November 20 Reverse Takeover I3 Energy Plc Oil, Gas & Coal Canada 35.00 0.00 5.00 9.45 89.00%
25 November 20 IPO & Placing Kistos Plc Closed End Investments United Kingdom 40.30 31.75 100.00 186.00 86.00%
2 September 20 IPO & Placing Kooth Plc Health Care Providers United Kingdom 66.11 26.00 200.00 367.00 83.50%
Transfer from Main
2 June 20 Trident Resources Plc Financial Services United Kingdom 19.67 16.00 20.00 34.00 70.00%
Market
2 April 20 Reverse Takeover Invinity Energy Systems Industrial Support Services United Kingdom 63.40 8.06 82.50 131.00 58.79%
6 March 20 IPO & Placing FRP Advisory Group Plc Financial Services United Kingdom 190.00 80.00 80.00 119.50 49.38%
25 September 20 IPO & Placing Various Eateries Travel and Leisure United Kingdom 64.98 25.00 73.00 105.50 44.52%
Transfer from Main
27 July 20 Revolution Bars Plc Travel and Leisure United Kingdom 25.01 15.00 20.00 28.50 42.50%
Market
29 December 20 IPO & Placing Vector Capital Plc Financial Services United Kingdom 15.98 3.06 38.00 45.50 19.74%
14 December 20 IPO & Placing Intuitive Investments Group Plc Financial Services United Kingdom 8.08 7.85 20.00 23.20 16.00%
Transfer from Main
23 December 20 Brown (N) Group Plc Retailers United Kingdom 262.48 99.56 57.00 65.55 15.00%
Market
1 December 20 Reverse takeover Brandshield Systems Plc Software & Computer Services United Kingdom 22.83 3.20 20.00 22.25 11.25%
29 October 20 IPO & Placing SourceBio International Plc Medical Equipment & Services United Kingdom 120.18 35.00 162.00 172.50 6.48%
25 November 20 Reverse Takeover Richland Resources Ltd Industrial Metals and Mining United States 7.20 3.33 2.75 2.63 -4.55%
7 January 20 IPO & Placing The Barkby Group Plc Travel and Leisure United Kingdom 35.50 5.00 30.00 28.50 -5.00%
14 February 20 Introduction Gemfields Group Limited Precious Metals & Mining Zambia 133.08 0.00 11.70 8.38 -28.42%
Medical Equipment and
15 December 20 IPO & Placing Abingdon Health Plc United Kingdom 91.87 22.00 96.00 58.00 -39.58%
Services
31 July 20 IPO & Placing AEX Gold Inc. Precious Metals & Mining Greenland 79.69 42.50 45.00 26.50 -41.11%
29 December 20 Reverse takeover Napster Media United Kingdom 92.37 7.55 3.75 2.00 -46.67%
Total 689.5 Average 99.1%
Median 70.0%
Priced as of 30/04/2021
16 Information sourced from London Stock Exchange and Allenby CapitalFURTHER FUNDRAISES 17
Q1 2021 OVERVIEW
The £1.53bn raised on AIM in further Issues addition, the Company announced that flights Marlowe Plc (MRL.L, £605m) Marlowe
was significantly above the £1.08bn quarterly will continue to be suspended until 23rd June Plc, a provider of services and software to
average over the last three years. The Q1 figure 2021. the compliance industry, successfully raised
was up 85% from the total achieved in the £100m in March this year. The money will be
Ceres Power Holdings Plc (CWR.L,
same quarter last year. used to fund the groups ongoing acquisition
£2.2bn) Ceres Power Holdings, a specialist
strategy, with the Company aiming to utilise
Jet2 Plc (JET2.L, £3.2bn) Jet2 Plc, the leisure Company operating in the fuel cell and
this money within a 6–12 month time period.
travel group specialising in package holidays, electrochemical technology market, also
The Company is currently in discussions with
completed the largest secondary fundraise completed a substantial secondary fundraise
more than 50 potential acquisition targets.
in Q1 2021. The proceeds of the fundraise in Q1, successfully raising £137.5m. The
(£422m) will be used to provide sufficient proceeds will be used to fund ongoing R&D
liquidity to the Company during an extended, in the Company’s two flagship projects (Solid
and likely unpredictable, shutdown period that Oxide Electrolysis & Solid Oxide Fuel Cells)
will affect the Company’s trading over the as well as also providing additional working
short to medium term. Since this fundraise, the capital headroom. As part of the fundraise,
Company has reported a loss for the year ended Robert Bosch GmbH subscribed for c.£39m.
31 March 2021 of between £375m-£385m. In
FURTHER ISSUES HISTORICAL BREAKDOWN OF THE £1.53BN RAISED IN Q1 2021
70 Money Raised (£m) Number of Transactions 900
800 Industrials 1.2% Basic Materials 0.9%
60 Technology 3.9%
Alternative Energy 10.1%
700 Utilities 0.2%
Telecommunications 0.4% Consumer Goods 1.5%
50
Number of Transactions
Support Services 6.9%
600 Money Raised (£m)
Real Estate 3.0%
40 500 Oil & Gas 3.1%
Travel & Leisure 27.9%
30 400 Mining 22.1%
300
20 Media 0.7%
200 Financials 4.4%
Pharma & Biotech 9.9% H'Care Equipment & Services 3.7%
10
100
0 0
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
Apr 20
May 20
Jun 20
Jul 20
Aug 20
Sep 20
Oct 20
Nov 20
Dec 20
Jan 21
Feb 21
Mar 21
18 Information sourced from London Stock Exchange and Allenby CapitalANALYSIS OF LARGEST FURTHER ISSUES - Q1 - 2021
DATE COMPANY SUBSECTOR COUNTRY OF OPERATION MONEY RAISED (£M)
17 February 21 Jet2 Plc Airlines United Kingdom 421.97
22 March 21 Ceres Power Holdings Plc Alternative Fuels United Kingdom 137.46
25 March 21 Marlowe Plc Professional Business Support Services United Kingdom 100.00
2 March 21 Yellow Cake Plc Nonferrous Metals Canada 99.29
8 February 21 Bacanora Lithium Plc General Mining Mexico 48.15
9 February 21 Warehouse Reit Plc Industrial REITs United Kingdom 45.90
8 February 21 Maxcyte Inc Biotechnology United States 40.18
23 February 21 Distribution Finance Capital Holdings Plc Mortgage Finance United Kingdom 40.00
10 February 21 Chaarat Gold Holdings Ltd Gold Mining Kyrgyzstan 38.09
10 February 21 Silence Therapeutics Plc Biotechnology Germany 33.14
19 March 21 Shield Therapeutics Plc Pharmaceuticals United Kingdom 29.18
5 January 21 Sensyne Health Plc Health Care Services United Kingdom 27.46
17 March 21 Begbies Traynor Group Plc Diversified Financial Services United Kingdom 22.00
15 March 21 Wandisco Plc Software United Kingdom 21.70
24 March 21 Trident Royalties Plc General Mining Australia 20.67
10 February 21 Surface Transforms Plc Auto Parts United Kingdom 20.00
23 March 21 4D Pharma Plc Pharmaceuticals United Kingdom 18.00
26 March 21 Phoenix Copper Limited Nonferrous Metals United States 16.45
2 March 21 Kromek Group Plc Medical Equipment United Kingdom 13.04
16 February 21 Faron Pharmaceuticals Oy Biotechnology Finland 13.22
21 January 21 Jubilee Metals Group Plc Platinum and Precious Metals Zambia 12.98
9 March 21 Serabi Gold Plc Gold Mining Brazil 12.49
23 February 21 Horizonte Minerals Plc General Mining Brazil 12.20
4 March 21 Evgen Pharma Plc Biotechnology United Kingdom 11.00
5 March 21 Asiamet Resources Limited General Mining Indonesia 10.06
21 January 21 Powerhouse Energy Group Plc Alternative Fuels United Kingdom 10.00
26 March 21 Xeros Technology Group Plc Machinery: Specialty United Kingdom 9.00
24 March 21 Altus Strategies Plc Gold Mining Ethiopia 7.70
18 February 21 Rambler Metals & Mining Plc Copper Canada 7.64
1 February 21 Reabold Resources Plc Oil: Crude Producers United Kingdom 7.50
19 Information sourced from London Stock Exchange, Allenby CapitalQ1 2021 AIM FURTHER FUNDRAISINGS
There has been a total of 125 secondary raises ANALYSIS OF 2021 FUND RAISINGS BY SIZE
(≥100k) on AIM in Q1 2021, equating to an
average raise of £12.3m. This compares with
the average issue size in 2022 of £9.5m and in 35.0 33
29
2019 of £6.5m. 30.0
Number of transactions
25.0 22
Of the 125, 33 were for a value equal to or less
than £1m. Two have been for £100m or more. 20.0 16
13
15.0
Travel & Leisure has been the largest
8
contributor to the £1.53bn raised in Q1 2021, 10.0
having raised £423m (27.9%) predominantly 5.0 2 2
from the Jet2 fundraise. The Mining sector is
second in terms of total further money raised, -
0.10-1 1-2 2-5 5-10 10-25 25-50 50-100 >100
having raised £339m (22.1%).
Size of raise (£m)
BREAKDOWN OF THE £1.53BN RAISED SO FAR IN 2021 LARGEST FURTHER ISSUES 2021
MONEY RAISED
Industrials 1% Basic Materials 0.9% DATE COMPANY SUB SECTOR
(£M)
Technology 4% Alternative Energy 10% 17 February 21 Jet2 Plc Airlines 422.0
Support Services 7% 22 March 21 Ceres Power Holdings Plc Alternative Fuels 137.5
Consumer Goods 2%
Real Estate 3%
Professional Business
25 March 21 Marlowe Plc 100.0
Oil & Gas 3% Support Services
2 March 21 Yellow Cake Plc Nonferrous Metals 99.3
Travel & Leisure 28%
8 February 21 Bacanora Lithium Plc General Mining 48.1
9 February 21 Warehouse Reit Plc Industrial REITs 45.9
Mining 22%
8 February 21 Maxcyte Inc Biotechnology 40.2
Media 1%
Distribution Finance Capital
Financials 4% 23 February 21 Mortgage Finance 40.0
Holdings Plc
Pharma & Biotech 10% H'Care Equipment & Services 4%
10 February 21 Chaarat Gold Holdings Ltd Gold Mining 38.1
10 February 21 Silence Therapeutics Plc Biotechnology 33.1
20 Information sourced from London Stock Exchange and Allenby CapitalGEOGRAPHICAL BREAKDOWN OF AIM’S 2021 SECONDARY FUNDRAISES
Number of issues and amounts raised
Norway (1, £3.5m)
Finland (1, £13.2m)
Sweden (1, £0.5m)
Ireland (1, £2.3m)
Russia and CIS (2, £38.8m)
Canada (3, £110.4m)
Germany (1, £33.1m)
USA (10, £85.2m)
Central & Eastern Europe
(4, £8.8m)
UK (63, £1048.5m) China (1, £2.1m)
Central America (1, £48.2m)
Italy (1, £4.7m)
India & Bangladesh (1, £0.4m)
Gibraltar (1, £4.7m)
Israel (2, £7.7m)
South America (4, £26.8m)
Australia (8, £42.5m)
Africa (17, £44.8m)
Asia Pacific (3, £11.6m)
21 Information sourced from London Stock Exchange and Allenby CapitalTRADING VOLUMES 22
TRADING VOLUMES - Liquidity averaging 4.27% in March 2021
We believe that monthly trading value as a LIQUIDITY AVERAGED 4.27% IN MARCH Average Volume (value traded/Mkt. Cap.)
percentage of market capitalisation helps
give an indication as to the liquidity of an 4.50%
individual stock. 4.00%
3.50%
AIM stocks traded a median value of 4.27%
3.00%
of their market capitalisation in the month
of March, this is significantly higher than 2.50%
the average volume seen throughout 2020 of 2.00%
3.18%. This compares to an average of 2.1% 1.50%
throughout 2019. 1.00%
0.50%
In terms of value, total trading on AIM
0.00%
amounted to £31.9bn in Q1 2021, up from
1
Ma 1
Ja 8
Ja 9
Se 8
Se 0
Ma 9
Se 9
No 8
No 9
No 0
£19bn traded in the comparative period last
9
0
Ma 8
Ma 0
Ma 0
20
8
Ma 7
Ma 8
Ma 9
Se 7
No 7
Ma 7
7
17
r-2
2
1
1
l-1
l-2
1
l-1
1
1
2
y-1
y-2
r-1
2
r-2
y-1
r-1
1
r-1
l-1
1
1
y-1
n-
v-
v-
n-
p-
p-
p-
n-
v-
n-
p-
n-
v-
Ju
Ju
Ju
Ju
Ja
Ja
year. Per business day, this figure equates to Ja
£508m.
LIQUIDITY MOST CONCENTRATED IN AIM’S MICRO CAPS
In 2021, liquidity on a relative basis was
greater at the smaller end of the AIM 10.00%
9.00%
spectrum.
9.00%
% Mkt Cap traded per month
8.00%
7.00%
5.70%
6.00%
5.00%
5.00% 4.50%
4.00%
3.80% 3.70%
4.00%
3.00%
2.00%
1.00%
0.00%
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 4.27% in March 2021 continued…
Premier African Minerals Limited Ridgecrest Plc (RDGC.L, £6.7m) The Clear Leisure Plc (CLP.L, £19.3m) Clear
(PREM.L, £33.3m) Premier African second most liquid stock in March on a relative Leisure, an investment vehicle, was also a very
Minerals Limited was the most liquid stock basis was Ridgecrest Plc. The Company, liquid stock in March this year. In February,
on AIM in March, on a relative basis. Trading which is currently an AIM cash shell, had the Company completed two funding rounds,
over three times its market capitalisation in earlier in the year been suspended from AIM raising a total of £1.68m with the proceeds
the month. The Company announced in due to its inability to settle new shares which being used to develop the Company’s crypto-
March that it had been granted the rights had been issued. With restoration of trading currency plans. With the external activity
to carry out a feasibility study within the taking place late February, the Company surrounding the crypto-currency market
Fort Rixon district of Zimbabwe, an area had developed a large retail following. worldwide, the Company has seen increased
regarded to be rich in lithium. In addition, the The shares had a mixed month of trading liquidity within its stock. Although the share
Company announced that it would no longer in March, with the price moving between price was down 8% at the end of March
be looking for a joint venture partner to help a range of 1.48p- 2.95p having started the compared to the start, the closing price of
fund ongoing work at Fort Rixon, deciding month at a price of 2.05p. 2.15p is significantly above where it was at the
instead that a 100% retention rate would be start of the year, 0.28p.
more beneficial for the Company. Both pieces
of news flow led to increased activity within
the Company’s share price.
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 532.9 4,288.4 12.4% Premier African Minerals Limited 103.22 33.3 310.2%
Itm Power Plc 526.0 2,607.4 20.2% Ridgecrest Plc 15.90 6.7 239.0%
Ceres Power Holdings Plc 369.5 2,332.7 15.8% Clear Leisure Plc 30.03 19.3 155.6%
Asos Plc 324.2 5,525.0 5.9% Braveheart Investment Group Plc 38.51 27.0 142.6%
Jet2 Plc 316.2 2,720.6 11.6% Genedrive Plc 64.46 48.7 132.2%
Fevertree Drinks Plc 309.1 2,493.5 12.4% Mobile Streams Plc 6.37 5.4 118.7%
Scapa Group Plc 219.1 403.0 54.4% Kodal Minerals Plc 24.91 21.2 117.3%
Avacta Group Plc 207.1 557.4 37.2% Catenae Innovation Plc 7.88 7.2 109.9%
88 Energy Limited 180.9 507.1 35.7% Remote Monitored Systems Plc 28.69 34.2 83.9%
Abcam Plc 160.5 3,153.7 5.1% B90 Holdings Plc 11.19 14.1 79.2%
24 Information sourced from London Stock Exchange and Allenby CapitalTRADING VOLUMES - Historical Trading on AIM
Trading volumes in Q1 built upon the already TOTAL TRADING TURNOVER VALUE
high levels achieved throughout 2020. We
continue to see the previous noted trend of an 12,000
increasing volume of trades and a shrinking
average trade size. In our view this illustrates 10,000
the increasing influence of retail investors on
8,000
the AIM market.
£m
6,000
In March 2021 £10.4bn was traded on AIM.
4,000
The average daily number of bargains struck
on AIM in the month surpassed the all-time 2,000
high of 77k at 90k with an average size of £5k.
This contrasts to 2007 when, although the 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
Apr-20
Nov-20
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
BARGAINS BY NUMBER AND VALUE
A combination of factors appears to have
increased retail appetite for investing in 120,000 25,000
AIM over the past few years. Consistently
low global interest rates have maintained
interest amongst retail investors for equity 100,000
20,000
investments. Additionally, tax breaks such
as EIS and IHT qualification combined with
Average Daily Number of Bargains
80,000
increasing levels allowed to be invested in tax
Avergae Value per Bargain (£)
free ISA wrappers will likely have spurred 15,000
interest in the junior equity market. Finally,
60,000
the COVID induced market crash in March
2020 provided a good entry point for new 10,000
investors, many of which were at home on 40,000
furlough and hence have had more time to get
involved in the markets.
5,000
20,000
0 0
Jul-18
Jul-11
Jul-04
Apr-20
Apr-13
Jun-14
Jan-15
Oct-16
Feb-19
Jan-01
Oct-02
Apr-06
Jun-07
Jan-08
Oct-09
Feb-12
Nov-20
Feb-05
Dec-17
Sep-19
Dec-10
Sep-12
Nov-13
Aug-15
Mar-16
Dec-03
Sep-05
Nov-06
Aug-08
Mar-09
May-17
Aug-01
Mar-02
May-10
May-03
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 By the end of March 2021, 263 AIM AVERAGE MKT CAP SIZE
process where small companies are leaving constituents exceeded the £100m valuation
the market and being replaced by larger mark and 27 companies were valued at 180
companies of higher quality. The average greater than £1bn.
160
market capitalisation of AIM companies is
AIM continues to host businesses operating 140
Average Market Cap (£m)
currently at an all-time high of £167m, up
across a vast geographical range. Over 80
from £160m at the end of December 2020. 120
countries host the central operations of at
The overall market capitalisation of AIM least one AIM company, while many more 100
reached an all-time high at the end of March play host to non-core operations. 80
2021 of £137.2bn. AIM’s market cap is now
60
85% higher than where it was post the March
2020 market selloff low of £74.35bn. 40
20
The number of companies on AIM has
been drifting down since it peaked at 1,694 0
in December 2007. At the end of 2020, 819
Ja 1
Ja 2
Ja 3
Ja 4
Ja 5
Ja 6
Ja 7
08
Ja 9
Ja 0
Ja 1
Ja 2
Ja 3
Ja 4
Ja 5
Ja 6
Ja 7
Ja 8
Ja 9
20
21
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
Ja
Ja
Ja
companies were listed on AIM, down from
863 at the end of 2019. There was a slight Average Market Cap (£m)
reversal in Q1 2021 with the number of
companies increasing to 822.
MARKET CONSTITUENTS BY SECTOR (MKT CAP) AIM AVERAGE MKT CAP OF £167M, MEDIAN MKT CAP OF £45M
Telecoms 1.8% Alternative Energy 4.9%
160
Utilities 1.1% Oil, Gas & Coal 3.1% 137 134 137
140 127
Technology 11.1% Mining 5.5% 120
Number of companies
Basic Materials 0.9% 91
100
Retail 8.7% Consumer Staples 19.6% 80
58
51
Real Estate 3.2% 60 41
40 27
19
Industrials 6.6%
20
Consumer Services 1% 0
Industrial Support
00
00
2
5
10
5
0
00
0
0
Services 8.2%
0-
2-
-2
-5
25
50
Financials 9.2%
1,0
1,0
5-
-1
10
25
0-
0-
50
0-
10
25
>
50
Health Care Equipment Pharma & Biotech 11% Market Cap (£m)
& Services 4.2%
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
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 2021
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 1,044 982 960 923 863 819 822
International Central Operations 3 17 22 21 22 31 42 50 60 116 220 304 347 317 241 228 225 225 502 481 436 347 342 319 123 112 112
UK Central Operations 118 235 286 291 325 493 587 654 694 905 1,179 1330 1347 1233 1052 967 918 871 590 623 608 635 618 604 740 707 710
21% OF COMPANIES ARE INCORPORATED OUTSIDE OF THE UK BUT 33% OF COMPANIES HAVE THEIR MAIN OPERATIONS OVERSEAS
700 645 600 553
600
500
Number of companies
Number of companies
500
400
400
300
300
200
200
100 100 50
27 20 17 20 21 20 44 35
7 11 7 6 5 4 1 2 0 1 1 0 1 1 1 1 1 1 18 17 21 13 9 10 10 15 6 14 3 2
0 0
ina
e
a
A
IS
c
a
a
h
da
e
an
st
l
a
xe ore
UK
ae
a
M a esh
da
ia
an alia
Za ia
op
cifi
rop
Isl n
Gi rus
ng ce
Sin ar
ly
ric
US
ali
ric
es
Ca s
rg
Be A
sh Isle nsey
Cy l
Gu y
Fa ond g
Br Ho land
ds
ds
Ca Au d
UK
nd s)
dC
ric
Ea
ae
ud
se
d
gin Ma
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fM
US
H on
Ita
lan
mb
s
Ch
Isr
alt
ou
Ba n
ur
lad
na
an
Lu gap
lka ura
Af
str
me
an
an
Pa
lay
Eu
p
me
Isr
lad
Jer
Fra
rm
ym str
Ca
le
K
an
E
eo
mb
er
in
br
Ire
Vir f
Isl
&
Au
Isl
ng
hA
dd
o
iti ng
ia
rn
lA
rn
F
ia
Isl
ng
As
Ba
Mi
ste
ste
ut
ra
ss
Ko
So
nt
Ru
&
We
Ea
sh
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ng
ia
nd
Ind
Ho
la
iti
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Br
tra
liz
Location of assets
n
Be
Country of Incorporation
Ce
28 Information sourced from London Stock Exchange and Allenby CapitalAIM’S LARGEST
COMPANY SUBSECTOR COUNTRY OF OPERATION MARKET CAPITALISATION £M
ASOS Plc Retailers UK 5,524.98
Boohoo Group Plc Retailers UK 4,288.39
Pharmaceuticals, Biotechnology and
Abcam Plc UK 3,153.67
Marijuana Producers
Pharmaceuticals, Biotechnology and
Hutchison China Meditech Limited China 2,961.83
Marijuana Producers
Jet2 Plc Travel and Leisure UK 2,720.64
ITM Power Plc Alternative Energy UK 2,607.37
Fevertree Drinks Plc Beverages UK 2,493.51
RWS Holdings Plc Industrial Support Services UK 2,369.27
Ceres Power Holdings Plc Alternative Energy UK 2,332.72
Keywords Studios Plc Leisure Goods Ireland 1,914.72
GB Group Plc Software and Computer Services UK 1,664.54
Globaldata Plc Media UK 1,620.76
Breedon Group Plc Construction and Materials UK 1,576.20
Gamma Communications Plc Telecommunications Service Providers UK 1,564.69
Burford Capital Limited Investment Banking and Brokerage Services USA 1,375.63
CVS Group Plc Consumer Services UK 1,323.08
Blue Prism Group Plc Software and Computer Services UK 1,211.90
Secure Income Reit Plc Real Estate Investment Trusts UK 1,164.91
Globalworth Real Estate Investments Limited Real Estate Investment and Services Romania 1,128.89
Draper Esprit Plc Investment Banking and Brokerage Services UK 1,123.90
Learning Technologies Group Plc Software and Computer Services UK 1,111.80
Yougov Plc Media UK 1,108.94
Frontier Developments Plc Leisure Goods UK 1,069.84
Team17 Group Plc Leisure Goods UK 1,057.04
James Halstead Plc Construction and Materials UK 1,036.54
Priced as of 30/04/2021
29 Information sourced from London Stock Exchange and Allenby CapitalALLENBY CAPITAL OVERVIEW 30
ALLENBY CAPITAL an AIM nomad & broker
UNITED KINGDOM NORTH AMERICA IRELAND GERMANY
Advanced Oncotherapy Healthcare Active Energy Renewables Conroy Gold Mining (Gold) Zinwald Lithium Mining
Aeorema Media Zephyr Energy Oil & Gas Open Orphan Healthcare
Applied Graphene Chemicals Zoetic (MAIN listed) CBD
Audioboom Media
Baron Oil Natural Resources FINLAND
Biome Technologies Chemicals Karelian Diamonds Mining
Blackbird Technology
Braveheart Financial Services
BWA (Aquis Exch.) Investment Company
Caledonian Trust UK Property
Crystal Amber Investment Fund
Deltic Energy Natural Resources
ECSC Technology ISRAEL
Empresaria Recruitment MTI Wireless Edge Technology
Feedback Medical Equipment
Starcom Systems TMT
Franchise Brands Consumer Services
Frontier IP IP transfer
Consumer
Fulham Shore
Discretionary
Fusion Antibodies Healthcare
Grafenia Support Services
MALAYSIA
Hardide Industrial coatings
MobilityOne Support Services
John Lewis of Hungerford Retail
Location Sciences TMT
Mobile Tornado TMT UNITED KINGDOM
Ridgecrest Support Services Slingsby Engineering
Newbury Racecourse Leisure St James House Gaming
Newmark Security Support Services Starcrest Education
Education AFRICA
Nightcap Hospitality (MAIN listed)
Nuformix Healthcare Sulnox Chemcials Kodal Minerals Mining
Panther Securities Property Tavistock Investments Financial Services San Leon Natural Resources
AUSTRALIA
Pipehawk Industrial Engineering Tern Technology
Cap-XX Technology
Plutus Powergen Utilities The Character Group Toys
Proteome Healthcare Totally Healthcare KOSOVO Rockfire Resources Mining
Provexis Nutrition Transense Technology TMT Fox Marble Quarrying
Real Estate Investors UK commercial property Vector Capital Property Financing
React Group Support Services Vela Technologies Investment Company SOUTH EAST ASIA
Reneuron Healthcare Walls & Futures (Acquis Exch.) Housing SPAIN AAA Investment Company
Sabien Technology TMT Zenith Energy Natural Resources Mirada Technology Myanmar Strategic Consumer
31 Information sourced from London Stock Exchange and Allenby Capital32
10
20
30
40
50
60
70
80
90
0
81
finnCap Ltd
61
Cenkos Securities
57
W.H. Ireland
56
Nplus1 Singer
52
Allenby Capital
Information sourced from London Stock Exchange and Allenby Capital
46
Strand Hanson
46
SP Angel
42
Canaccord Genuity
40
Peel Hunt LLP
36
Shore Capital
35
Liberum Capital
32
Numis Securities
32
Panmure Gordon
ALLENBY CAPITAL – one of the larger advisers on AIM
31
Beaumont Cornish
27
Cairn Financial
No. of AIM NOMAD Clients – March 2021
24
Arden Partners plc
24
Investec Bank Plc
22
Grant Thornton UK
21
SPARK Advisory
19
Stifel
17
Zeus Capital
11
Davy C. F.
5
Altium Capital
4
RFC Ambrian
4
J. P. MorganALLENBY CAPITAL SELECTED TRANSACTION RECORD
CLIENT SECTOR LOCATION TRANSACTION DATE ALLENBY CAPITAL’S ROLE
Baron Oil O&G Asia £3.0m fundraise Apr-21 Joint Broker
Nuformix Healthcare UK £1.6m fundraise Mar-21 Broker
MTI Wireless Edge Technology Israel £3.0m vendor placing Mar-21 Broker
Applied Graphene Materials Chemicals UK £6.0m fundraise Feb-21 Joint Broker
Active Energy Group Renewables USA £7.0m fundraise Feb-21 Nomad & Broker
Nightcap Premium Bars UK IPO & £4.0m fundraise Jan-21 Nomad & Broker
Vector Capital Property Finance UK IPO & £3.1m fundraise Dec-20 Nomad & Broker
ReNeuron Healthcare UK £17.5m fundraise Nov-20 Placing Agent
Tern Technology UK £2.2m fundraise Nov-20 Nomad & Broker
Zinnwald Lithium Mining Germany RTO & £3.8m fundraise Sep-20 Nomad
The Fulham Shore Casual Dining UK £2.25m fundraise Aug-20 Nomad & Broker
Tissue Regenix Healthcare UK/US £14.6m fundraise Jun-20 Placing agent
Fusion Antibodies Healthcare N.Ireland £3.5m fundraise Apr-20 Nomad & Broker
Franchise Brands Consumer Services UK £14m fundraise Apr-20 Nomad & Joint Broker
Advanced Oncotherapy Healthcare UK £15m fundraise Apr-20 Nomad & Broker
Gfinity eSports UK £2.25m 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
33 Information sourced from London Stock Exchange and Allenby CapitalALLENBY CAPITAL SELECTED TRANSACTION RECORD Continued...
CLIENT SECTOR LOCATION TRANSACTION DATE ALLENBY CAPITAL’S ROLE
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
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 CapitalYou can also read
