AIM MARKET UPDATE Q4 2019 - Allenby Capital
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AIM MARKET UPDATE Q4 2019 Allenby Capital Limited is authorised and regulated by the Financial Conduct Authority (register no. 489795) and a member of the London Stock Exchange and NEX Exchange Growth Market
CONTENTS
]] Overview 3
]] New Admissions 4
]] Further Fundraises 16
]] Trading Volumes 21
]] AIM Market Overview 25
]] Allenby Capital Overview 29
2OVERVIEW
Despite the market favourable general M&A activity continued apace in Q4
election result, the resultant strong 2019 with weak sterling and attractive AIM MARKET Total raisings
December was not enough to offset the valuations playing their role in increased Money raised £m New
tough fundraising environment on AIM in activity levels. Money raised £m Further
2019. Total money raised (both new and Eight AIM companies received offers in Q4
further issues) for the year was £3.99bn, 1,400
bringing the total number of companies
33% lower than that achieved in 2018. acquired or currently in a live bid situation 1,200
Funds Raised (£m)
Whilst further issues for existing AIM listed to 34 for 2019. The average bid premium 1,000
companies were only down 15% to £3.35bn compared to the prior day’s close is +52% 800
it was the dearth of IPOs which weighed on (median +28%) within a wide range of
600
the overall fundraising totals. Amidst the well -36% to +397%. Private Equity played a
documented backdrop of Brexit concern, part in the M&A activity, making eight 400
political turmoil and general election acquisitions of AIM companies in 2019. 200
uncertainty there were only 22 new joiners There were 3 new joiners to AIM in Q4 0
to AIM in 2019 (59 in 2018) which between
Jan-17
Feb-17
Mar-17
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
this year, all via traditional IPOs and all
them raised £649m (2018, £2.01bn). have the United Kingdom as their main
On a more positive note, December enjoyed country of operation. Offsetting this were
a strong ‘Boris bounce’ with a total of 21 cancellations in the quarter, resulting in
£552m raised, +117% on December 2018. 863 companies being listed on AIM at the
The strength has continued through to end of 2019.
January 2020 with three IPOs and multiple
further raises announced so far.
AIM MARKET Funds Raised on Aim
20,000
Money raised £m New
Money raised £m Further
Funds raised (£m)
15,000
10,000
5,000
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
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
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 1,219 609 703 1,251 2,938 1,344 1,475 2,412 2,013 649
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
3 Information sourced from London Stock Exchange and Allenby CapitalNEW ADMISSIONS 4
Q4 2019 - Number of AIM constituents down to 863
The number of companies on AIM AIM MARKET 2019 Net new admissions / departures
decreased to 863 by the end of 2019. The
3 new joiners in Q4 being offset by 21
950 1 3
departures. AIM started 2019 with 923 9 8
constituents.
940 1 0
5 1 26
All three of the new joiners to AIM in 930 5 0
Q4 have the UK as their main country of 923
operation. 920
Of the 21 departures in the three-month 910 26
period:
900
]] Nine were acquired
890
]] Eight chose to delist 3
880 8
]] One was forced to delist 7
870
864
]] One entered administration
860
]] Two were subject to an RTO
850
January 01 2019
Move from Main Market
Move from NEX
Introductions (UK)
Introductions (Int.)
IPO (UK)
IPO (Int.)
to another market
Listing transfer
Reverse Takeover
Acquired
Chose to de-list
Forced to de-list
Lack of Nomad
Administration
December 31 2019
Re-admissions (UK)
Re-admissions (Int.)
5 Information sourced from London Stock Exchange and Allenby CapitalACQUISITIONS ON AIM
34 AIM companies have been acquired in 2019 GBP £247 million. The new figure was 12% above ACQUIROR TYPE
or are currently being bid for. The average bid Mastercard’s offer and 23% higher than the original
premium when compared to the prior day’s close is Visa bid.
+52% with a wide range of +397% to -36%. Private
Equity has made eight off the acquisitions with the Bonmarche Holdings –36%. In May 2019, Spectre
other 26 being trade buyers. acquired 26.2m shares and made an offer for the Private Equity; 8; 24%
Company at 11.4p (prior closing price 18p). This
Outliers was originally rejected by the Board claiming
Earthport +397%. In December 2018, Visa made the deal undervalued the Company. However,
The Board’s change of view came after a poor Trade sale; 26; 76%
a bid of 30p per Earthport share (prior closing
price 7.45p), which was then agreed. However, in performance in the first quarter of the new financial
late January, US rival Mastercard Inc came in with year. As the Company continued to trade poorly,
its own offer at 33p. Visa upped its offer to 37p with no turnaround in sight, the Board decided to
per share in February, which valued Earthport at recommend the offer.
BID PREMIUM / (DISCOUNT)
397%
400%
Bid Premium/(Discount)
350% Median
300%
250% 244%
200%
150% 137% 141%
96%
100% 77%
55% 57% 59%
38% 27% 40% 35% 43%
50% -1% 14% 15% -36% 25% 25% 36% 28% 25% 25% 28% 11% 10% 10% 28% 6% 32% 34% -8% 14%
Median = 28%
0%
GBGI Ltd
Faroe Petroleum
Earthport Plc
Rhythmone Plc
Tax Systems Plc
Manx Telecom Plc
Footasylum Plc
Bonmarche Hldgs
Lighthouse Group plc
Frontier Smart Tech. Grp Ltd
WYG PLC
Safecharge Int.
Porta comms
SCISYS Group Plc
Premier Tech. Svcs Grp
BCA Marketplace
FFI Holdings Plc
Telford Homes Plc
Sanderson Plc
easyHotel Plc*
Synnovia
APC Technology
StatPro Group
Elegant Hotels
Agg. Micro Power Hldgs*
HVIVO Plc
Management Group Plc*
Nasstar Plc
Amerisur Resources Plc
-50%
EU Supply
Patagonia Gold
Stride Gaming
Eland Oil & Gas
Murgitroyd Group
Harwood Wealth
* Denotes yet to complete
6 Information sourced from London Stock Exchange and Allenby CapitalNEW ADMISSIONS TO AIM SINCE INCEPTION
12,000 600
New Money Raised
Number of Admissions
10,000 500
8,000 400
Number of Admissions
New Money Raised (£m)
6,000 300
4,000 200
2,000 100
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
7 Information sourced from London Stock Exchange and Allenby CapitalADMISSIONS TO AIM - Q4 2019
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)
Longboat Energy is a newly incorporated company founded by the former Faroe Petroleum
management team. It is the intention of the Directors to grow the Company by undertaking
Thursday, 28
Longboat Oil, Gas and IPO & an M&A and exploration strategy, looking specifically to exploit oil and gas opportunities United
November 9.50 10.00 -3.00% 100.00 97.0
Energy Plc Coal Placing within Norway and the UK. The Company has suggested that it will focus on 'near field' Kingdom
2019
exploration sites with access to solid infrastructure. Upon admission, the Directors are
interested in 6.1% of the Enlarged Share Capital.
Pebble Group, through its two seperate businesses Brand Addition & Facilisgroup,
provides products, services and technology solutions to the global promotional products
industry. In conjunction with the IPO, the Company successfully raised £79m, the
Thursday, 5
The Pebble IPO & proceeds of which being used to repay bank debt, redeem preference share capital and United
December Media 135.4 175.82 41.43% 105.00 148.50
Group Plc Placing to settle the deferred consideration in respect of Pebble’s acquisition of Facilisgroup Kingdom
2019
in December 2018. On top of the £79m, £56.2m was raised for selling shareholders,
of which £43.7m was for the Principle Shareholder Elysian Capital. In FY18, the Group
reported a turnover of £92.3m and an Adjusted EBITDA of £13.7m.
MJ Hudson helps fund managers and investors operate more efficiently and invest more
successfully. The Group seeks to capitalise on the increasing levels of regulation driven
Investment
Thursday, 12 by pressure on regulators to ensure greater transparency is provided to customers. The
MJ Hudson Banking and IPO & United
December Directors seek to scale the business through organic growth, acquisitions, investing 31.36 97.64 0.88% 57.00 57.5
Group Plc Brokerage Placing Kingdom
2019 activities and franchise opportunities. Matthew Hudson, who founded the Group in 2010
Services
and is the current CEO, owns 22.6% of the enlarged share capital post IPO. In FY19, MJ
Hudson reported an Operating loss of £1.2m.
Priced as of 22/01/2020
8 Information sourced from London Stock Exchange and Allenby Capital2019 AIM ADMISSIONS – Market caps and amounts raised
Of the 22 new admissions to AIM in 2019:
]] The average market capitalisation on admission - £89.9m
]] The median market capitalisation on admission - £74.62m
]] The average raise on admission (including any vendor placing) - £29.52m
]] The median raise on admission (including any vendor placing) - £13.16m
MARKET CAP. SPREAD OF 2019 NEW ADMISSIONS AMOUNT RAISED ON ADMISSION 2019
7 6
7 6
6
6 5
Number of Companies
Number of Companies
5
4
4 3 3 3
3
3
2 2 2
2 2 2 2 2
2
1 1
1 1
0 0
0-10 10-25 25-50 50-75 75-100 100-200 200-300 0 0-5 5-10 10-25 25-50 50-75 75-100 100-200
Market Cap on Admission (£m) Amount raised on Admission (£m)
9 Information sourced from London Stock Exchange and Allenby CapitalGEOGRAPHICAL BREAKDOWN OF AIM’S 2019 NEW ENTRANTS
Number of companies and amounts raised
Ireland (1, £123.1m) Former Soviet Union (1, £0.0m)
Italy (1, £0.0m)
UK (19, £526.3m)
10 Information sourced from London Stock Exchange and Allenby Capital2019 AIM ADMISSIONS
There have been 22 admissions to AIM in The Media sector raised the most money in
2019. This has been offset by 75 departures, Q4 through new issues (£135.4m through the
giving a total number of constituents at the IPO of The Pebble Group). However, when
end of December 2019 of 863 against the looking at 2019 collectively, the Healthcare
end of December 2018 figure of 923. The Equipment & Services sector raised the
number of companies on AIM peaked in most money through new issues helped
December 2007 at 1,694. predominantly by the £122.73m raised
through the IPO of Uniphar Plc in July.
£649.4m has been raised through the 22
admissions to AIM this year, giving an 19 (or 86%) of the new joiners have their
average raise of £29.5m, below the 2018 central operations based in the UK, 2 are
average of £34.7m. European with the final company operating
out of Armenia.
BREAKDOWN OF AIM’S 2019 NEW ENTRANTS BREAKDOWN OF THE £649.4M NEW MONEY RAISED IN 2019 SO FAR
Industrials; 0%
Pharma & Biotec; 0%
Mining; 0%
Leisure Goods, 1
Oil & Gas; 2 Oil & Gas; 2%
Leisure Goods, 13%
Software &
Computer services; 1 Financial Services; 3 Software &
Computer services; 4%
Household Goods & Mining; 1 Financial Services; 15%
Home Constructions; 2 Household Goods &
Home Constructions; 9%
Media; 4
Health Care Equipment
& Services; 6 Media; 22% Health Care Equipment
Pharma & Biotec; 1
& Services; 35%
Industrials; 1
11 Information sourced from London Stock Exchange and Allenby Capital2019 VENDOR PLACINGS
Since the beginning of 2017, 31% of the the total equity placed by new joiners. The VENDOR PLACINGS 2019
funds raised upon admission to AIM by Pebble Group Plc has contributed £56.2m
new joiners are attributable to existing (37%) of this total amount. VENDOR % OF TOTAL PERFORMANCE
DATE COMPANY VENDOR
shareholders selling equity in their PLACING (£M) RAISE SINCE IPO
companies. Such ‘Vendors’ come in two 2019 has offered little indication that vendor
21 March 2019 Diaceutics Plc Founders, Management 3.75 18.1% 54.6%
broad groups: founding shareholders and/or placings should be a sell sign for investors.
management teams wishing to partially or The average performance of IPOs which Founders, Management,
29 April 2019 Loungers Plc 21.7 26.0% 18.3%
fully cash in on their efforts made in building included selling shareholders is currently Investors (Lion Capital)
their businesses; and professional investing +29.9% (vs +6.3% for all 2019 IPOs). This Distribution
Founders, Investors
entities, notably Private Equity houses, is especially evident when looking at the 9 May 2019 Finance Capital 19.8 100% 1.1%
(Arrowgrass, TruFin)
Holdings Plc
seeking to crystallise their investments. IPOs of Diaceutics and Argentex Plc, with
these Companies’ share prices rising 54.6% 29 May 2019 Essensys Plc Founders, Management 14.0 50.0% 32.5%
In 2019, 8 of the 22 new joiners that joined and 77.4% respectively since listing.
Founders, Management,
AIM included selling shareholders. Vendor 25 June 2019 Argentex Plc Investors (Pacific 32.5 69.9% 77.4%
placings amounted to £151.2m (or 23.3%) of Investments)
17 July 2019 Uniphar Plc Investors (Individuals) 1.2 0.9% 13.0%
Founders, Management,
5 December The Pebble Group
Investors (Elysian Capital & 56.2 41.5% 41.4%
2019 Plc
Beechbok Private Debt)
2019 VENDOR PLACINGS: £151.2M OF TOTAL £649.4M 12 December
2019
MJ Hudson Group
Plc
Management, Empolyees 2.1 6.6% 0.9%
Total 151.2
£151.20; 13.3% Average 29.9%
Median 25.4%
£498.2; 76.7%
Vendor Placings (£m)
New Issues (£m)
Priced as of 22/1/2020
12 Information sourced from London Stock Exchange and Allenby Capital2019 AIM ADMISSIONS Winners and losers
Country of Market Value on Money Issue Price Current
Date Listed Issue type Company Subsector Performance
Operation admission (£m) Raised (£m) (P) Price
25 June 2019 IPO & Placing Argentex Plc Financial Services United Kingdom 120.00 46.46 106.00 188.00 77.36%
21 March 2019 IPO & Placing Diaceutics Plc Healthcare Equip. & Services United Kingdom 52.88 20.8 76.0 117.50 54.61%
20 June 2019 Reverse Takeover Totally Plc Healthcare Equip. & Services United Kingdom 18.48 9.7 10.0 14.63 46.25%
05 December 2019 IPO & Placing The Pebble Group Plc Media United Kingdom 175.82 135.4 105.0 148.50 41.43%
29 May 2019 IPO & Placing Essensys Plc Software & Computer Services United Kingdom 72.60 28.00 151.0 200.00 32.45%
04 February 2019 Reverse Takeover Chaarat Gold Holdings Mining Armenia 107.29 0.0 27.2 35.60 31.12%
29 April 2019 IPO & Placing Loungers Plc Travel & Leisure United Kingdom 185.00 83.3 200.0 236.50 18.25%
28 June 2019 Reverse Takeover Open Orphan Plc Healthcare Equip. & Services United Kingdom 14.20 4.50 5.60 6.55 16.96%
25 June 2019 Transfer from Main Market Alumasc Plc Construction & Materials United Kingdom 33.97 0.00 94.00 108.00 14.89%
29 August 2019 IPO & Placing Brickability Group Plc Construction & Materials United Kingdom 149.80 56.7 65.0 74.00 13.85%
17 July 2019 IPO & Placing Uniphar Plc Personal Care, Drug and Grocery Stores Ireland 279.90 123.10 1.15 1.30 13.04%
09 May 2019 Introducton Distribution Finance Capital Holdings Plc Financial Services United Kingdom 96.00 19.83 90.00 91.00 1.11%
12 December 2019 IPO & Placing MJ Hudson Group Plc Financial Services United Kingdom 97.64 31.36 57.0 57.50 0.88%
28 November 2019 IPO & Placing Longboat Energy Plc Oil & Gas Producers United Kingdom 10.00 9.5 100.0 97.00 -3.00%
30 September 2019 Transfer from Main Market Entertainment AI Plc Media United Kingdom 22.48 8.61 45.0 42.00 -6.67%
01 March 2019 Transfer from Main Market United Oil & Gas Plc Oil & Gas Producers Italy 14.17 0.0 4.1 3.73 -9.15%
25 September 2019 Reverse Takeover Amryt Pharma Plc Healthcare Equip. & Services United Kingdom 245.87 54.52 145.00 123.50 -14.83%
22 May 2019 IPO & Placing Induction Healthcare Group Plc Healthcare Equip. & Services United Kingdom 34.10 16.58 115.00 91.00 -20.87%
04 February 2019 Transfer from Main Market Circassia Pharmaceuticals Plc Pharma & Biotech United Kingdom 140.07 0.0 37.9 25.60 -32.45%
28 February 2019 Reverse Takeover Digitalbox Plc Media United Kingdom 12.64 1.0 14.0 8.38 -40.18%
07 June 2019 Transfer from Main Market Renold Plc Industrial Engineering United Kingdom 76.64 0.00 34.00 17.70 -47.94%
04 September 2019 Reverse Takeover SEC S.P.A Plc Media United Kingdom 18.19 0.00 75.00 39.00 -48.00%
Total 649.4 Average 6.32%
Median 7.08%
Priced as of 22/01/2020
13 Information sourced from London Stock Exchange and Allenby CapitalA LOOK BACK AT THE NEW JOINERS FROM 2018
Country of Market Value on Money Issue Price Current
Date listed Issue type Company Subsector Performance
Operation admission (£m) Raised (£m) (P) Price
29 June 2018 IPO & Placing Knights Group Holdings plc Support Services United Kingdom 103.5 50.00 145.00 430.00 196.55%
23 May 2018 IPO & Placing Team17 Group Plc Leisure Goods United Kingdom 217.00 107.54 165.0 460.50 179.09%
06 November 2018 IPO & Placing Renalytix AI Plc Healthcare Equipment & Services United States 47.2 22.15 121.00 333.00 175.21%
24 December 2018 Introduction Petrotal Corporation Oil & Gas Peru 61.84 0.00 11.50 28.50 147.83%
14 December 2018 IPO & Placing Manolete Partners Plc Financial Services United Kingdom 76.25 29.34 175.00 432.00 146.86%
08 August 2018 IPO & Placing Jadestone Energy Inc Oil & Gas Producers Asia-Pacific 161.35 83.90 35.00 81.25 132.14%
29 March 2018 IPO & Placing Polarean Imagining Plc Health Care Equipment & Services United States 11.01 3.00 15.0 31.80 112.00%
20 June 2018 IPO & Placing Anexo Group plc Support Services United Kingdom 110.0 25.00 100.00 181.50 81.50%
02 August 2018 Reverse takeover CentralNic Group Plc Software & Computer Services United Kingdom 88.74 24.00 52.00 88.50 70.19%
27 June 2018 IPO & Placing Cake Box Holdings Plc Retail United Kingdom 43.2 16.52 108.00 170.00 57.41%
01 June 2018 IPO & Placing Codemasters Group Holdings Plc Leisure Goods United Kingdom 280.0 185.00 200.00 300.00 50.00%
14 December 2018 IPO & Placing Crossword Cybersecurity Plc Software & Computer Services United Kingdom 13.57 2.00 290.00 430.00 48.28%
19 September 2018 Reverse takeover Bidstack Group Plc Media Agencies United Kingdom 11.93 4.27 6.0 8.85 47.50%
19 December 2018 IPO & Placing Litigation Capital Management Ltd Financial Services Australia 56.52 20.00 52.00 74.00 42.31%
04 April 2018 IPO & Placing The Simplybiz Group Plc Support Services United Kingdom 130.00 64.60 170.0 241.00 41.76%
14 June 2018 IPO & Placing Aquis Exchange Plc Financial services United Kingdom 73.0 32.06 269.00 375.00 39.41%
28 June 2018 IPO & Placing Mind Gym Plc Support Services United Kingdom 145.1 50.85 146.00 195.00 33.56%
20 June 2018 IPO & Placing Tekmar Group Plc Oil Equipment, Services & Distribution United Kingdom 65.0 61.80 130.00 164.00 26.15%
11 June 2018 IPO & Placing Block Energy Plc Oil & Gas Producers Georgia 10.3 5.00 4.00 5.00 25.00%
19 October 2018 Reverse takeover CareTech Holdings Plc Health Care Equipment & Services United Kingdom 260.20 0.00 374.5 464.00 23.90%
04 December 2018 IPO & Placing The Panoply Holdings Plc Software & Computer Services United Kingdom 30.05 5.4 74.00 85.00 14.86%
15 March 2018 IPO & Placing Safe Harbour Holdings plc Non-equity Investment Instruments United Kingdom 33.90 22.70 120.0 132.50 10.42%
17 July 2018 Reverse takeover Diversified Gas & Oil Plc Oil & Gas Producers United States 491.60 189.47 97.00 101.50 4.64%
08 May 2018 IPO & Placing Rosenblatt Group Plc Support Services United Kingdom 76.09 43.00 95.0 98.50 3.68%
30 July 2018 Reverse takeover Ovoca Bio Plc (ex Ovoca Gold) Healthcare Russia 8.56 0.00 10.50 10.50 0.00%
05 July 2018 IPO & Placing Yellow Cake Plc Industrial Metals & Mining United Kingdom 152.33 151.2 200.00 200.00 0.00%
19 October 2018 IPO & Placng Summerway Capital Plc Non-equity Investment Instruments United Kingdom 6.13 6.08 100.0 99.00 -1.00%
26 July 2018 IPO & Placing Nucleus Financial Group Plc Financial Services United Kingdom 139.95 32.08 183.00 177.50 -3.01%
08 June 2018 IPO & Placing Yew Grove REIT Plc Real Estate Investment Trusts Ireland 63.6 46.99 1.00 0.97 -3.50%
30 November 2018 Reverse takeover Serica Energy Plc Oil & Gas Producers United Kingdom 346.83 0.00 131.00 124.00 -5.34%
31 July 2018 IPO & Placing Trackwise Designs Plc Electronic & Electrical Equipment United Kingdom 15.51 6.95 105.00 95.00 -9.52%
Priced as of 22/01/2020
14 Information sourced from London Stock Exchange and Allenby CapitalA LOOK BACK AT THE NEW JOINERS FROM 2018
Country of Market Value on Money Issue Price Current
Date listed Issue type Company Subsector Performance
Operation admission (£m) Raised (£m) (P) Price
25 October 2018 Reverse takeover Applegreen Plc General Retailers United Kingdom 480.58 156.29 543.00 488.50 -10.04%
05 December 2018 IPO & Placing Finncap Group Plc Financial Services United Kingdom 47.10 5.00 28.00 23.50 -16.07%
12 July 2018 IPO & Placing Immotion Group Plc Electronic & Electrical Equipment United Kingdom 19.54 5.75 10.00 8.15 -18.50%
29 June 2018 IPO & Placing RA International Group Plc General Industrials Dubai 97.2 18.80 56.00 40.00 -28.57%
17 October 2018 Reverse takeover Shearwater Group plc Software & Computer Services United Kingdom 43.80 17.70 360.0 253.00 -29.72%
12 March 2018 IPO & Placing VR Education Holdings Plc Software & Computer Services Ireland 19.31 6.00 10.0 7.00 -30.00%
Transfer from Main
10 December 2018 Titon Holdings Plc Construction & Materials United Kingdom 19.48 0.00 175.00 121.00 -30.86%
Market
09 May 2018 IPO & Placing Urban Exposure Plc Financial Services United Kingdom 165.00 150.00 100.0 69.00 -31.00%
18 May 2018 IPO & Placing Serinus Energy Plc Oil & Gas Producers Romania & Tunisia 32.60 10.00 15.0 8.75 -41.67%
30 April 2018 IPO & Placing KRM22 Plc Equity Investment Instruments United Kingdom 12.32 10.32 100.0 52.50 -47.50%
29 June 2018 Introduction Transglobe Energy Corp. Oil & Gas Producers Egypt/Canada 151.6 0.00 210.00 105.00 -50.00%
09 February 2018 IPO & Placing Onthemarket Plc Media UK 99.88 30.00 165.0 71.00 -56.97%
17 August 2018 Reverse takeover Bonhill Group Plc (ex Vitesse Media) Media United Kingdom 26.72 18.65 80.00 33.50 -58.13%
09 April 2018 Reverse Takeover Coro Energy Plc Oil & Gas Producers Italy 31.40 14.49 4.4 1.80 -58.90%
15 June 2018 Reverse Takeover Simec Atlantis Energy Ltd Alternative Energy United Kingdom 128.2 20.00 35.00 10.50 -70.00%
17 August 2018 IPO & Placing Sensyne Health Plc Health Care Equipment & Services United Kingdom 225.00 60.00 175.00 50.00 -71.43%
05 March 2018 IPO & Placing GRC International Group Plc Software & Computer Services United Kingdom 40.22 5.89 70.0 16.00 -77.14%
30 May 2018 IPO & Placing Maestrano Group Plc Software & Computer services United Kingdom 12.01 6.00 15.0 3.40 -77.33%
21 February 2018 IPO & Placing Trufin Plc General Financial UK 185.00 70.00 190.0 41.50 -78.16%
21 June 2018 IPO & Placing I-Nexus Global Plc Software & Computer Services United Kingdom 23.4 10.00 79.00 16.50 -79.11%
30 November 2018 IPO & Placing Kropz Plc Mining United Kingdom 46.48 27.34 40.0 7.50 -81.25%
04 June 2018 Reverse Takeover LoopUp Group Plc Software & Computer Services United Kingdom 219.5 50.00 400.00 72.50 -81.88%
04 January 2018 Reverse Takeover Echo Energy Plc Oil & Gas Producers Argentina 70.16 6.37 17.5 2.30 -86.86%
29 March 2018 IPO & Placing Kore Potash Plc Mining Republic of Congo 94.00 9.14 10.9 1.25 -88.57%
16 April 2018 IPO & Placing Crusader Resources Ltd Mining Brazil 13.84 3.50 3.0 0.01 -99.66%
24 January 2018 IPO & Placing Cradle Arc Plc Mining Africa 20.13 2.40 10.0 0.00 -100.00%
06 March 2018 IPO & Placing Stirling Industries Plc Non-equity Investment Instruments United Kingdom 8.93 8.88 100.0 0.00 -100.00%
Total 2,013.44 Average 1.53%
Median -4.42%
Priced as of 22/01/2020
15 Information sourced from London Stock Exchange and Allenby CapitalFURTHER FUNDRAISES 16
Q4 2019 OVERVIEW
The Further issues market had a strong Greencoat Renewables Plc (GRP.L, Creo Medical Group Plc (CREO.L, Summit Therapeutics Plc (SUMM.L,
Q4, recovering from a weaker than £642.6m) Greencoat Renewables Plc, an £266.17m) Creo Medical Group is a £70.54m) Summit Therapeutics develops
usual Q3. In total, £981.8m was raised investor in euro-dominated renewable developer and manufacturer of minimally and designs new and innovative
via further issues, ahead of the £757.8m energy infrastructure assets, completed invasive surgical devices. In December, the antibiotics, specifically for bacteria listed
achieved in the comparative period last the largest secondary in Q4 this year. In Company successfully raised £50m via an as urgent or serious threats by the World
year. The quarterly average since January December, the Company announced that it accelerated book build. In conjunction Health Organisation. In Q4, the Company
2007 has been £1,041.9m had successfully raised €125m (£106.8m), with this, the Company also raised £1.9m successfully raised $50m (£38.76m) in
the proceeds of which will be used to via an open offer. The Company intends order to extend its cash runway past
refinance the Company’s revolving credit to use the combined proceeds for working January 2021 and support further
facility. The Company stated that this will capital to provide a strong balance sheet in research and development projects. As a
provide the required headroom to make order to further the commercialisation of condition of the fundraise, the Company
further acquisitions whilst maintaining its CROMA Advanced Energy Platform. is seeking to delist from AIM, reflecting
the Company’s total gearing within its the increasing focus of Summit’s business
target range. operations in the United States. The
Company will continue to have its shares
traded on Nasdaq.
FURTHER ISSUES HISTORICAL BREAKDOWN OF THE £981.8M RAISED IN Q4 2019
Basic Materials; 3.0%
Money Raised (£m) Number of Transactions Industrials; 5.0%
Alternative Energy; 6.0%
80 1000 Technology; 5.0% Consumer Goods; 2.0%
900
70
800 Media; 8.0%
Utilities; 12.0%
Number of Transactions
60
Money Raised (£m)
700
50 600
Financials; 10.0%
40 500
400
30
300
20 Real Estate; 26.0%
200 H'Care Equip. & Services; 14.0%
10 100
Mining; 4.0%
0 0
Oil & Gas; 6.0%
17
17
17
17
17
17
17
17
17
17
17
17
18
18
18
18
18
18
18
18
18
18
18
18
19
19
19
19
19
19
19
19
19
19
19
19
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
17 Information sourced from London Stock Exchange and Allenby CapitalANALYSIS OF LARGEST FURTHER ISSUES - Q4 -2019
DATE COMPANY SUBSECTOR COUNTRY OF OPERATION MONEY RAISED (£M)
15 October 2019 Globalworth Real Estate Investments Limited Real Estate Holding and Development Romania 231.30
17 December 2019 Greencoat Renewables Plc Alternative Electricity Ireland 106.77
23 October 2019 ITM Power Plc Renewable Energy Equipment United Kingdom 52.00
24 December 2019 Creo Medical Group Plc Medical Equipment United Kingdom 51.90
24 December 2019 Summit Therapeutics Plc Pharmaceuticals United Kingdom 38.76
23 December 2019 Accsys Technologies Plc Building Materials: Other United Kingdom 38.67
17 October 2019 Sigmaroc Plc Media Agencies Israel 32.77
27 November 2019 Brooks Macdonald Group Plc Asset Managers and Custodians United Kingdom 30.00
23 December 2019 Mercia Asset Management Plc Diversified Financial Services United Kingdom 30.00
29 October 2019 Reabold Resources Plc Media Agencies United Kingdom 24.00
06 December 2019 Yew Grove Reit Plc Office REITs Ireland 23.11
18 November 2019 Savannah Resources Plc Oil: Crude Producers Niger 20.75
03 December 2019 Codemasters Group Holdings Plc Electronic Entertainment United Kingdom 20.00
31 October 2019 Duke Royalty Limited Asset Managers and Custodians United Kingdom 17.45
09 October 2019 Time Out Group Plc Publishing United Kingdom 17.11
29 November 2019 Wandisco Plc Software United Kingdom 12.74
13 December 2019 Salt Lake Potash Limited Fertilizers Australia 12.62
12 November 2019 Bahamas Petroleum Company Plc Offshore Drilling and Other Services Bahamas 8.84
12 December 2019 Agronomics Limited Biotechnology United States 7.61
25 November 2019 Bluejay Mining Plc Non-ferrous Metals Finland 7.50
23 October 2019 Cloudcall Group Plc Software United Kingdom 7.50
14 November 2019 Faron Pharmaceuticals OY Biotechnology Finland 7.48
23 October 2019 Directa Plus Plc Specialty Chemicals Italy 7.41
21 November 2019 Savannah Petroleum Plc Oil: Crude Producers Niger 7.17
06 November 2019 Avacta Group Plc Biotechnology United Kingdom 6.54
13 December 2019 Wilmcote Holdings Plc Open End and Miscellaneous Investment Vehicles United Kingdom 6.50
21 November 2019 Jubilee Metals Group Plc Platinum and Precious Metals United Kingdom 6.49
02 December 2019 Infrastrata Plc Gas Distribution United Kingdom 6.00
20 November 2019 Xeros Technology Group Plc Machinery: Specialty United Kingdom 5.27
29 November 2019 Union Jack Oil Plc Oil: Crude Producers United Kingdom 5.00
18 Information sourced from London Stock Exchange, Allenby Capital2019 AIM FURTHER FUNDRAISINGS
ANALYSIS OF 2019 FUND RAISINGS BY SIZE
In 2019 a total of £3.35bn was raised on Of the 519, 250 were for a value equal to or
AIM through further issues. This is a 15% less than £1m. Nine have been for £100m 250
250
decrease on the amount raised in 2018 or more.
(£3.94bn).
200
The Real Estate sector was the largest
Number of transactions
In 2019, 519 secondary raises (≥100k) contributor to the £2.37bn raised in 2019,
occurred on AIM, equating to an average having raised £643.5m (or 19.2%) of the 150
raise of £6.45m. This compares with the total amount. The Technology sector is 95
average issue size in 2018 of £7.9m and in second in terms total further money raised, 100
72
2017 of £8.2m. having raised £466.7m since the start of
50 41 38
2019 (13.9%).
10 3 9
0
0.10≤1 1≤2 2≤5 5≤10 10≤25 25≤50 50≤100 >100
Size of raise (£m)
BREAKDOWN OF THE £3.35BN RAISED IN 2019 LARGEST FURTHER ISSUES 2019
DATE COMPANY SUB SECTOR MONEY RAISED (£M)
Basic Materials; 1.5% Alternative Energy; 7.0%
Electronic & Electrical Equip.; 0.0% Globalworth Real Estate
Industrials; 4.0% Consumer Goods; 2.0% 12 April 2019 Real Estate Holding & Development 298.8
Investments
Travel & Leisure; 1.0%
Technology; 14.0% Retail; 1.0%
Globalworth Real Estate
Media; 3.0% 15 October 2019 Real Estate Holding & Development 231.3
Investments
Utilities; 4.0% Financials; 8.0% 18 April 2019 Diversified Gas & Oil Plc Exploration & Production 177.3
Telecommunications; 0.0%
Support Services; 4.0%
Insurance; 3.0% 14 February 2019 GB Group Plc Computer Services 160.0
22 March 2019 Alternative Energy Equity Investment Instruments 126.2
H'Care Equip. & Services; 8.0%
Randall & Quilter Invest.
06 March 2019 Reinsurance 106.9
Real Estate; 19.0% Pharma & Biotech; 2.0% Hldgs Ld
Mining; 5.0%
17 December 2019 Greencoat Renewables Plc Alternative Electricity 106.8
Oil & Gas; 13.0%
12 February 2019 Blue Prism Group Plc Software 100.0
08 February 2019 Draper Espirit Specialty Finance 100.0
02 April 2019 Warehouse Reit Plc Industrial & Office REITs 76.5
19 Information sourced from London Stock Exchange and Allenby CapitalGEOGRAPHICAL BREAKDOWN OF AIM’S 2019 SECONDARY FUNDRAISES
Number of issues and amounts raised
Norway (3, £1.4m)
Finland (8, £24.4m)
Ireland (12, £275.4m) Sweden (4, £2.0m)
Russia and CIS (12, £35.4m)
Canada (18, £62.6m)
USA (38, £293.1m) Germany (1, £4.0m)
Central & Eastern Europe
(14, £544.7m)
Isle of Man (1, £0.3m)
Switzerland (1, £1.0m)
UK (275, £1783.0m)
Greece (4, £3.6m)
Netherlands (4, £3.7m)
Spain (3, £1.6m)
Central America (11, £22.2m) Asia Pacific (12, £14.4m)
Italy (2, £8.7m) Middle East (5, £3.8m)
Gibraltar (3, £4.7m) India & Bangladesh
(9, £6.4m)
Malta (1, £0.5m)
Israel (3, £38.4m)
Africa (54, £100.0m)
South America (5, £27.6m)
Australia (16, £84.8m)
20 Information sourced from London Stock Exchange and Allenby CapitalTRADING VOLUMES 21
TRADING VOLUMES - Liquidity averaging 1.96% in December 2019
We believe that monthly trading value as a LIQUIDITY AVERAGED 1.96% IN DECEMBER 2019
percentage of market capitalisation helps
give an indication as to the liquidity of an Average Volume
4.5%
individual stock.
4.0%
AIM stocks traded a median value of 3.5%
1.96% of their market capitalisation in 3.0%
the month of December, this is an increase
2.5%
on the 1.36% achieved in December 2018.
The average through to the end of Q4 of 2.0%
2.12% is below the average of the last 5 1.5%
years of 3.0%. We believe this is possibly 1.0%
due to the January 2018 introduction of 0.5%
the MiFID II regime which had a knock-
0.0%
on impact of lower research coverage for
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
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
Nov-19
small cap stocks.
In terms of value, total trading on AIM
amounted to £14.5bn from October to
December 2019. Per business day, this LIQUIDITY MOST CONCENTRATED IN AIM’S MICRO CAPS
figure equates to £226.3m.
3.91
4.0
As usual, liquidity on a relative basis was
most concentrated in the smaller end of 3.5
AIM’s constituents.
3.0
% Mkt Cap traded per month
2.74
2.5
2.22
2.0 1.91
1.75
1.5
1.24 1.26
1.0
0.5
0.0
0-2 2-5 5-10 10-25 25-50 50-100 >100
Market Cap (£m)
22 Information sourced from London Stock Exchange and Allenby CapitalTRADING VOLUMES - Liquidity averaging 1.96% in December 2019 continued…
Rockfire Resources (ROCK.L, £6.8m). Oracle Power Plc (ORCP.L, £18.43m). 1.05p, up 123% from where it started the
Rockfire Resources, a mineral exploration The second most liquid stock in December month.
company exploring for precious and base on a relative basis was Oracle Power Plc
I3 Energy (I3E.L, £13.2m). I3 Energy
metals in Australia, was the most liquid – the UK energy developer of a joint coal
Plc, an Oil & Gas development company
stock in December 2019 on a relative basis. mine and mine mouth power plant located
initially focused on the North Sea with an
This liquidity can be traced to a string of in Pakistan. This stock was highly liquid
interest in the Greater Liberator Area, was
announcements released by the Company in in December due to Oracle signing a Joint
also very liquid in December. During this
this period, the most notable of which being Development Agreement with both the
month I3 Energy secured £5m worth of
the discovery of gold at the Company’s Private Office of Sheikh Ahmed Dalmook
funding from Bybrook Capital (a manager
“Central Breccia Zone” in Queensland. Juma Al Maktoum and the Chinese
of credit funds), in exchange for 13.87% of
This news sent the Company’s share price National Coal Development Company. As
the enlarged share capital. Although greater
up 62% from 1.35p to 2.2p. In addition to per the terms of the agreement, Oracle will
liquidity was generated off the back of
this, a total of 76m warrants were exercised be entitled to 12% of the SPV created to
this news, I3’s share price was broadly flat
in December. This caused the price to retrace develop and undertake both mines. Oracle’s
throughout December, with the stock down
from its peak of 2.2p. share price closed the month at a price of
3% from where it started the month.
DECEMBER’S MOST TRADED STOCKS BY VALUE DECEMBER’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 383.6 3,471.8 11.0% Rockfire Resources Plc 16.60 7.9 211.0%
ASOS Plc 242.3 2,831.9 8.6% Oracle Power Plc 18.65 19.3 96.6%
Breedon Group Plc 188.1 1,396.8 13.5% I3 Energy Plc 11.46 13.2 86.8%
Fevertree Drinks Plc 184.2 2,430.5 7.6% Inspirit Energy Holdings Plc 1.70 2.0 83.9%
Dart Group Plc 183.5 2,522.3 7.3% Clontarf Energy Plc 6.45 7.7 83.7%
Hurricane Energy Plc 127.2 666.7 19.1% Anglo African Oil & Gas Plc 1.85 3.0 62.2%
Burford Capital Limited 127.0 1,556.8 8.2% Sabien Technology Group Plc 1.20 2.0 59.3%
Abcam Plc 97.2 2,785.3 3.5% Tissue Regenix Group Plc 6.57 11.7 56.0%
Blue Prism Group Plc 78.9 918.3 8.6% Ascent Resources Plc 1.65 3.0 54.7%
Keywords Studios Plc 57.8 975.5 5.9% Kefi Minerals Plc 7.48 13.8 54.1%
23 Information sourced from London Stock Exchange and Allenby CapitalTRADING VOLUMES - Historical Trading on AIM
Trading volumes have picked up steadily TOTAL TRADING TURNOVER VALUE
since the lows of July 2013. In that month,
the average daily number of bargains struck
8,000
on AIM amounted to 18,752. In December
2019, the average daily volume was 38,842 7,000
an increase of 107% on the July 2013 total. 6,000
The market is still far away from its highs 5,000
£m
of 2007, when £7.42bn was traded in June 4,000
that year, with an average trade size during
3,000
that month of £19,755. In December 2019,
£4.2bn was traded, with an average trade 2,000
size of £5,406. 1,000
A combination of factors appears to have 0
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Nov-08
Nov-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
increased retail appetite for investing in
AIM over the past few years. Consistently
Monthly turnover value £m
low global interest rates have maintained
interest amongst retail investors for equity
investments. The qualification of AIM stocks
for inclusion in tax free ISA wrappers appears
to have spurred interest in the junior equity
market; and this appetite seems to have been BARGAINS BY NUMBER AND VALUE
boosted by the increase in ISA allowances
in the tax year 2014/2015 from £11,520 70,000 25,000
Average daily number of bargains (LHS)
Average daily number of bargains
Average value per bargain (£) (RHS)
Average value per bargain (£)
to £15,240. This figure has increased to
£20,000 from April 2017. 60,000
20,000
50,000
40,000 15,000
30,000 10,000
20,000
5,000
10,000
0 0
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Nov-08
Nov-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
24 Information sourced from London Stock Exchange and Allenby CapitalAIM MARKET OVERVIEW 25
AN ANALYSIS OF AIM’S CONSTITUENTS
AVERAGE MKT CAP SIZE
We feel that AIM is going through a The number of companies on AIM has
cleansing process where small companies been drifting down since it peaked at 1,694 140
are leaving the market and being replaced in December 2007. At the end of December,
by larger companies of higher quality. 863 companies were listed on AIM, down 120
The average market capitalisation of from 923 at the end of 2018.
AIM companies is currently £120.8m, 100
Average Market Cap (£m)
By the end of 2019, 215 AIM constituents
significantly above the £66m average at the
exceeded the £100m valuation mark and
beginning of 2016. 80
16 companies were valued at greater than
AIM’s market cap rose significantly in Q4 £1bn. 60
and is currently valued at £104.2bn. As well as
AIM continues to host businesses operating
this being 10% higher than where it finished 40
across a vast geographical range. Over 80
Q3, this is the highest AIM’s market cap has
countries host the central operations of at
been in 2019. This jump can be attributed to 20 Average Market Cap (£m)
least one AIM company, while many more
the outcome of the recent general election,
play host to non-core operations.
this had a positive effect on the AIM market 0
which rose 6.6% post the election until the
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-19
Dec-19
end of the year, outperforming the wider UK
market which rose 3.7%.
MARKET CONSTITUENTS BY SECTOR (MKT CAP) AIM AVERAGE MKT CAP OF £120.8M, MEDIAN MKT CAP OF £30.33M
Alternative Energy; 1.0%
Utilities; 1.2% Oil, Gas & Coal; 6.0%
Telecommunications; 2.0% 200
Mining; 4.2%
Technology; 11.7% Basic Materials; 0.9% 158
Consumer Staples; 6.1% 150
Number of companies
Retail; 7.7%
125 121 119
100
100
81
Real Estate; 5.4%
Consumer Services; 14.1% 63
52
Industrials; 7.8% 50
28
16
Industrial Support
Services; 8.6% Financials; 10.9%
0
0-2
2-5
5-10
10-25
25-50
50-100
100-250
250-500
500-1,000
> 1,000
Health Care Equip.
& Services; 2.8% Pharma & Biotech; 9.9%
Market Cap (£m)
26 Information sourced from London Stock Exchange and Allenby CapitalAIM an international small cap market
TOTAL COMPANIES DOWN 43% FROM THE 2007 PEAK
1800 UK Central Operations
International Central Operations
1600
1400
Number of companies
1200
1000
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
Total 121 252 308 312 347 524 629 704 754 1,021 1,399 1,634 1,694 1,550 1,293 1,195 1,143 1,096 1,092 1,104 1,044 982 960 923 863
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
UK Central Operations 118 235 286 291 325 493 587 654 694 905 1,179 1,330 1,347 1,233 1,052 967 918 871 590 623 608 635 618 604 740
22% OF COMPANIES ARE INCORPORATED OUTSIDE OF THE UK BUT 33% OF COMPANIES HAVE THEIR MAIN OPERATIONS OVERSEAS
800 600 575
700 667
Number of companies
500
Number of companies
600
500 400
400 300
300 200
200
100 48 50 41
100 28 22 22 21 23 20 11 10 19 18 21 15 13 12 10 12 6 17 3 3
6 8 6 4 2 2 1 1 1 1 1 1 1 1 1 1
0 0
Western Europe
Africa
USA
Russia and CIS
Asia Pacific
Australia
South America
Hong Kong & China
India & Bangladesh
Israel
Canada
Central America
Central and
Eastern Europe
Isle of Man
Middle East
UK
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
27 Information sourced from London Stock Exchange and Allenby CapitalAIM’S LARGEST
COMPANY SUBSECTOR COUNTRY OF OPERATION MARKET CAPITALISATION £M
Boohoo Group Plc Retailers UK 3,471.78
ASOS Plc Retailers UK 2,831.93
Pharmaceuticals, Biotechnology and Marijuana
Abcam Plc UK 2,785.32
Producers
Pharmaceuticals, Biotechnology and Marijuana
Hutchison China Meditech Limited China 2,534.17
Producers
Dart Group Plc Travel and Leisure UK 2,522.29
Fevertree Drinks Plc Beverages UK 2,430.54
Globalworth Real Estate Investments Limited Real Estate Investment and Services Romania 1,758.06
RWS Holdings Plc Industrial Support Services UK 1,674.54
Burford Capital Limited Finance and Credit Services USA 1,556.79
Globaldata Plc Media UK 1,523.67
Gb Group Plc Software and Computer Services UK 1,514.30
Secure Income Reit Plc Real Estate Investment Trusts UK 1,401.17
Breedon Group Plc Construction and Materials UK 1,396.82
Gamma Communications Plc Telecommunications Service Providers UK 1,260.29
Pharmaceuticals, Biotechnology and Marijuana
Clinigen Group Plc UK 1,228.19
Producers
James Halstead Plc Construction and Materials UK 1,130.15
Keywords Studios Plc Leisure Goods Ireland 975.45
Learning Technologies Group Plc Software and Computer Services UK 956.26
Blue Prism Group Plc Software and Computer Services UK 918.35
Cvs Group Plc Consumer Services UK 809.00
First Derivatives Plc Software and Computer Services UK 738.70
Young & Co'S Brewery Plc Travel and Leisure UK 732.50
Johnson Service Group Plc Industrial Support Services UK 724.73
Highland Gold Mining Ld Precious Metals and Mining Russia 714.69
Emis Group Plc Software and Computer Services UK 701.49
Priced as of 30/09/2019
28 Information sourced from London Stock Exchange and Allenby CapitalALLENBY CAPITAL OVERVIEW 29
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 Mining (Diamonds)
Bould Opportunities Cash Shell
Brave Bison Technology
Braveheart Financial Services
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
Hardide* Industrial coatings MALAYSIA
Infrastrata Gas Storage MobilityOne Support Services
Mi-Pay Technology
Mobile Tornado TMT UNITED KINGDOM
N4Pharma Healthcare St James House Gaming
Nakama Support Services Starcrest Education
Education AFRICA
Newmark Security Support Services (MAIN listed) AUSTRALIA
Panther Securities Property Tavistock Investments* Financial Services Kodal Minerals Mining Cap-XX Technology
Pipehawk Industrial Engineering Tern Technology Rockfire Resources Mining
Plutus Powergen Utilities Totally Software
Polo Resources Mining Valirx* Biotech
Proteome Healthcare Vela Technologies Investment Company
Provexis Nutrition Vintana Media SOUTH EAST ASIA
Real Estate Investors* UK commercial property Walls & Futures (NEX listed) Housing SPAIN AAA Investment Company
Slingsby Engineering Zoetic (MAIN listed) Natural Resources Mirada Technology Myanmar Strategic* Hospitality
*Broker only clients ** Research only client
30 Information sourced from London Stock Exchange and Allenby Capital31
0
20
40
60
80
100
85
finnCap Ltd
73
Cenkos Securities
55
W.H. Ireland
50
Allenby Capital
48
Strand Hanson
Information sourced from London Stock Exchange and Allenby Capital
47
SP Angel
47
Nplus1 Singer 44
Numis Securities
44
Shore Capital
35
Peel Hunt LLP
35
Cairn Financial
34
Arden Partners plc
Beaumont Cornish
34
33
Panmure Gordon
33
Liberum Capital
ALLENBY CAPITAL – one of the larger advisers on AIM
28
Grant Thornton UK
28
Canaccord Genuity
25
Investec Bank Plc
24
SPARK Advisory
22
Cantor Fitzgerald
16
Stifel
15
Zeus Capital
14
Davy Corporate Finance
6
RFC Ambrian Group
5
Altium Capital
4
J. P. Morgan
4
Macquarie Capital
Number of AIM Nomad clients
2
JefferiesALLENBY CAPITAL SELECTED TRANSACTION RECORD
CLIENT SECTOR LOCATION TRANSACTION DATE ALLENBY CAPITAL’S ROLE
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
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
32 Information sourced from London Stock Exchange and Allenby CapitalALLENBY CAPITAL SELECTED TRANSACTION RECORD Continued...
CLIENT SECTOR LOCATION TRANSACTION DATE ALLENBY CAPITAL’S ROLE
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
MoneySwap FX Payment systems HK/China IPO & £3.05m fundraise Aug-11 Nomad
Jellybook Investment company UK IPO & £11m fundraise Jun-11 Nomad & Broker
AFC Energy Fuel cells UK £3.95m fundraise May-11 Nomad & Broker
The Niche Group Natural Resources Turkey £14.0m fundraise Mar-11 Sub - Agent
Atlantic Coal Natural Resources US £12.0m fundraise Feb-11 Nomad & Broker
The Niche Group Natural Resources Turkey £11m fundraise Jan-11 Sub - Agent
Urals Energy Oil & Gas Russia £6.0m fundraise Dec-10 Nomad & Broker
33 Information sourced from London Stock Exchange and Allenby CapitalALLENBY CAPITAL Contact details
]] Nick Naylor ]] Matt Butlin ]] Graham Bell ]] David Hart
Chief Executive Head of Equities Head of Sales Head of Corporate Finance
0203-328-5661 0203-328-5666 0203-328-5659 0203-328-2971
n.naylor@allenbycapital.com m.butlin@allenbycapital.com g.bell@allenbycapital.com d.hart@allenbycapital.com
]] Nick Athanas ]] Peter Dupont ]] David Johnson ]] Jos Pinnington
Corporate Finance Research Research Equity Research
0203-328-5662 0203-002-2078 0203-394-2977 0203-002-2073
n.athanas@allenbycapital.com p.dupont@allenbycapital.com d.johnson@allenbycapital.com j.pinnington@allenbycapital.com
]] Alex Brearley ]] Kelly Gardiner ]] Liz Kirchner ]] Jeremy Porter
Corporate Finance Equity Sales Corporate Finance Deputy Head of Corporate Finance
0203-328-5671 0203-002-2072 0207-167-6434 0203-394-2972
a.brearley@allenbycapital.com k.gardiner@allenbycapital.com l.kirchner@allenbycapital.com j.porter@allenbycapital.com
]] Virginia Bull ]] Victoria Harrison ]] Nicholas Malins-Smith ]] Tony Quirke
Corporate Finance Office Manager Business Development Equity Sales
0207-167-6430 0203-328-5656 0203-002-2074 0203-328-5663
v.bull@allenbycapital.com v.harrison@allenbycapital.com n.malins-smith@allenbycapital.com t.quirke@allenbycapital.com
]] Nick Chambers ]] Nick Harriss ]] Guy McDougall ]] James Reeve
Corporate Finance Corporate Finance Equity Sales Corporate Finance
0203-002-2076 0203-328-5658 0203-328-5656 0203-328-5665
n.chambers@allenbycapital.com n.harriss@allenbycapital.com g.mcdougall@allenbycapital.com j.reeve@allenbycapital.com
]] Asha Chotai ]] James Hornigold ]] Kelly Murcer ]] David Worlidge
Corporate Finance Corporate Finance Receptionist Corporate Finance
0207-167-6433 0207-167-6432 0203-394-2970 0207-167-6431
a.chotai@allenbycapital.com j.hornigold@allenbycapital.com k.murcer@allenbycapital.com d.worlidge@allenbycapital.com
]] John Depasquale ]] Ian Jermin ]] Amrit Nahal
Corporate Finance Research Equity Sales
0203-328-5657 0203-328-5664 0203-394-2973
j.depasquale@allenbycapital.com i.jermin@allenbycapital.com a.nahal@allenbycapital.com
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