aim market update may & june 2019allenbycapital.com/research_823_85610808.pdf · 2019. 8....

Information sourced from London Stock Exchange and Allenby Capital

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

AIM MARKET UPDATE May & June 2019

2

CONTENTS

]] Overview 3

]] New Admissions 4

]] Further Fundraises 17

]] Trading Volumes 22

]] AIM Market Overview 26

]] Allenby Capital Overview 30

3 Information sourced from London Stock Exchange and Allenby Capital

Fund

s ra

ised

(£m

) Money raised £m Further Money raised £m New

0

5,000

10,000

15,000

20,000

The slowdown in fund raising activity experienced on AIM in the first four months of the year accelerated in May and June. Undoubtedly influenced by the continued uncertainty surrounding BREXIT the total funds raised on AIM (new and further issues) fell, year on year, in May and June by 71% and 78% respectively. The £2.2bn raised on AIM through to the end of June is down 38% on the £3.57bn raised at the same stage in 2018.

M&A activity has however been plentiful. 16 AIM companies have been acquired in 2019 or are currently being bid for. The average bid premium when compared to the prior day’s close is +25% with a wide range of +397% to -36%. Private Equity has made four off the acquisitions with the other 12 being trade buyers.

In May and June there were eight new joiners to AIM. This consisted of three traditional IPOs, two reverse takeovers, two transfers from the Main Market and one introduction. All of the companies came from the UK. These eight new admissions were offset by 11 departures resulting in 901 companies being listed on AIM at the end of June.

The average market capitalisation of all the new joiners in 2019 so far is £70m (median £62.7m) and the average raise at IPO has been £16.4m (median £7.1m). Of the 14 new joiners only two have their main operations outside of the UK which differs from prior years, potentially indicating that overseas companies are particularly wary of Brexit.

OVERVIEW

AIM MARKET Funds Raised on Aim

AIM MARKET Total raisings

Money raised £m Further Money raised £m New

Fund

s Ra

ised

(£m

)

0

200

400

600

800

1000

1200

1400

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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 1,971

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 2,013 230

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 2,202

4

NEW ADMISSIONS


The number of companies on AIM decreased to 901 by the end of June 2019. The 8 new joiners in May & June being offset by 11 departures. AIM started 2019 with 923 constituents.

All 8 of the new joiners to AIM in May and June this year have the UK as their main country of operation.

Off the 11 departures in the four-month period:

]] Two were the subject of RTOs

]] Four were acquired

]] Three chose to delist

]] Two entered administration

MAY & JUNE 2019 - Number of AIM constituents down to 901

AIM MARKET 2019 Net new admissions / departures

935

940

930

925 923

4 0

31 1 0

5 0 24

8

12

0 6

4

901

920

915

910

905

900 January 01 2019

Move from

Main M

arket

Move from

NEX

Re-admissions (UK)

Re-admissions (Int.)

Introductions (UK)

Introductions (Int.)

IPO (UK)

IPO (Int.)

Listing transfer to another m

arket

Reverse Takeover

Acquired

Chose to de-list

Forced to de-list

Lack of Nomad

Administration

June 30 2019


* Denotes yet to complete

16 AIM companies have been acquired in 2019 or are currently being bid for. The average bid premium when compared to the prior day’s close is +25% with a wide range of +397% to -36%. Private Equity has made four off the acquisitions with the other 12 being trade buyers.

OutliersEarthport +397%. In December 2018, Visa made a bid of 30p per Earthport share (prior closing price 7.45p), which was then agreed. However, in late January, US rival Mastercard Inc came in with its own offer at 33p. Visa upped its offer to 37p per share in February, which valued Earthport at

GBP £247 million. The new figure was 12% above Mastercard’s offer and 23% higher than the original Visa bid.

Bonmarche Holdings –36%. In May 2019, Spectre acquired 26.2m shares and made an offer for the Company at 11.4p (prior closing price 18p). This was originally rejected by the Board claiming the deal undervalued the Company. However, the Board’s change of view came after a poor performance in the first quarter of the new financial year. As the Company continued to trade poorly, with no turnaround in sight, the Board decided to recommend the offer.

ACQUISITIONS ON AIM

ACQUIROR TYPE

BID PREMIUM / (DISCOUNT)

Trade sale; 12; 75%

Private Equity; 4; 25%

-75%

-25%

25%

75%

125%

175%

225%

275%

325%

375%

425%

38% 27%

397%

-1% 14% 15%

77%

-36% 25%

137%

25%

96%

25% 25% 28% 11%

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Median

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NEW ADMISSIONS TO AIM SINCE INCEPTION

New

Mon

ey R

aise

d (£

m)

Num

ber o

f Adm

issi

ons

New Money Raised

Number of Admissions

0

100

200

300

400

500

600

0

2,000

4,000

6,000

8,000

10,000

12,000

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


COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTION COUNTRY OF

OPERATION

AMOUNT RAISED

(£M)

MARKET VALUE AT IPO/

ADMISSION (£M)

PERFORMANCE SINCE JOINING

AIM

LISTING PRICE

CURRENT PRICE

Distribution Finance Capital

Holdings Plc

9 May 2019

Financial Services Introduction

Distribution Finance Capital (“DFC”) is a niche lender which builds relationships with manufacturers and then provides working capital solutions up and down their supply chains. It was founded in 2016 by key members of the former GE Commercial Distribution Finance European management team together with Arrowgrass Capital Partners (which currently retains a 49.2% stake). The business has grown rapidly and by the time of the IPO £392 million of loans had been originated with the loan book growing >25% in Q1 2019. No new money was raised at IPO but £19.8m of existing shares were placed.

United Kingdom 19.83 96.00 35.00% 90.00 121.50

Induction Healthcare Group Plc

22 May 2019

Health Care Equipment &

Services

IPO & Placing

Induction Healthcare Group (“IHG”) is a healthcare technology company initially targeting the way Healthcare Professionals communicate with each other, through its app Induction Switch. The app provides a directory, messaging and administration portal in a secure regulatory compliant setting that prevents the need to look up numbers on hospital computers or through switchboards. It also provides access to up-to-date treatment guidelines and allows healthcare professionals to message each other in a secure environment – rather than through general messaging apps such as Facebook Messenger and WhatsApp. As of 28 February 2019, Switch had over 76,200 registered users. Woodford Investment Management Ltd owns 14.7% of IHG.

United Kingdom 16.60 34.10 3.04% 115.00 118.50

Essensys Plc 29 May 2019

Software & Computer Services

IPO & Placing

Essensys is a global provider of SaaS platforms and on-demand cloud services for the growing flexible workspace industry. The Company aims to tackle the complex operational difficulties that arise from running flexible workspace businesses. This includes things such as managing key day-to-day processes including bookings, services provisions, reporting and billing. The Group currently employs approximately 70 people with offices in London, New York and Los Angeles, and in FY18 recorded a revenue of £16.4m and EBITDA of £3.2m. The placing raised £14m for the Company and £14m for selling shareholders (including £10m for the CEO/Founder Mark Furness who retains a 43% stake).

United Kingdom 28.00 72.60 12.91% 151.00 170.50

Renold Plc 7 June 2019

Industrial Engineering

Transfer from Main

Market

Renold Plc is an engineering group delivering engineering products and solutions. The Company manufactures and sells power transmission and conveyor chains and also includes sales of torque transmission product. In June, Renold completed a move from the Main Market onto AIM. The Board of Renold believe that this move will offer the Company greater flexibility, particularly with regard to corporate transactions and, should the opportunity arise, will enable the Company to execute certain transactions more quickly and cost effectively when compared to the requirements of the Official List. The Group revenue for 2019 (March year end) was £202.4m, up from £191.6m the year before, with profit after tax for the year coming to £7.7m.

United Kingdom 0.00 76.64 -25.15% 34.00 25.50

ADMISSIONS TO AIM - May & June 2019

Priced as of 26/07/2019


ADMISSIONS TO AIM - May & June 2019

COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTION COUNTRY OF

OPERATION

AMOUNT RAISED

(£M)

MARKET VALUE AT IPO/

ADMISSION (£M)

PERFORMANCE SINCE JOINING

AIM

LISTING PRICE

CURRENT PRICE

Totally Plc 20 June 2019

Healthcare Equip. & Services

Reverse Takeover

Totally Plc, a leading 'out-of-hospital' healthcare service provider in the UK and existing AIM constituent, acquired Greenbrook Healthcare in June by way of a Reverse takeover. Greenbrook Healthcare is a leading provider of NHS urgent care centres across London and operates: nine urgent care centres/urgent treatment centres; one GP practice/walk-in-centre; a further two walk-in-centres; and a hospital admission avoidance contract. The acquisition will provide Totally with a foothold in the urgent care sector in Greater London. The total consideration for the acquisition was £11.5m (£9m cash and £2.5m by the issue of new shares).

United Kingdom 9.74 18.48 1.00% 10.00 10.10

Alumasc Group Plc

25 June 2019

Construction & Materials

Transfer from Main

Market

In June, Alumasc Group Plc – a UK-based supplier of premium building products, systems and solutions – transferred from the Main Market on to AIM. This move comes as a consequence of the Board believing that the beneficial tax exemptions befitting of AIM stocks can enhance the Company's ability to raise further equity moving forward. In addition, AIM is widely regarded as being a more suitable market environment for companies of Alumasc’s size. In its recent interims, Alumasc achieved a revenue of £44.3m, up slightly from £42.6m the year before, however the underlying PBT for the half year was £2.3m, down from £3.5m.

United Kingdom 0.00 33.97 -3.19% 94.00 91.00

Argentex Group Plc

25 June 2019

Financial Services

IPO & Placing

Argentex Group is a UK-based foreign exchange service provider operating as a Riskless Principal broker for non-speculative, spot and forward FX trades as well as structured financial derivative contracts. Argentex, is authorised and regulated by the FCA and holds permissions for advising Professional and Eligible Counterparty clients whilst also being able to act as an execution or advised execution-only capacity for retail clients. In FY19, gross currency traded by Argentex totalled £10.8bn – this up from £7.9bn in FY18. Operating profit has also increased from £4.1m in FY17 to £9.4m in FY19, representing a compound annual growth rate of 51.4%. Approximately £32.5m of the £46.5m raised upon admission was for selling shareholders.

United Kingdom 46.50 120.00 26.42% 106.00 134.00

Open Orphan Plc

28 June 2019

Healthcare Equip. & Services

Reverse Takeover

Venn Life Science, acquired the entire issued share capital of Open Orphan – a rare disease digital data-driven platform provider – for an aggregate consideration of £5.7m. The acquisition was satisfied by the allotment and issue of shares in the enlarged group. Prior to the deal, Venn Life Sciences was a European focussed CRO offering a combination of drug development expertise, clinical trial design and execution services. The enlarged Group aims to build a leading, European-focussed, rare and orphan drug consulting services platform. The Company raised £4.5m to further the Group's business plan and provide consideration for future acquisitions. Post the transaction the Company has been renamed Open Orphan Plc.

United Kingdom 4.50 14.20 22.32% 5.60 6.85



Of the 14 new admissions to AIM in 2019:

]] The average market capitalisation on admission – £69.9m

]] The median market capitalisation on admission – £62.7m

]] The average raise on admission (including any vendor placing) – £16.4m

]] The median raise on admission (including any vendor placing) – £7.1m

2019 AIM ADMISSIONS – Market caps and amounts raisedNu

mbe

r of C

ompa

nies

0

1

2

3

4

5

100-20075-10050-7525-5010-250-10

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Market Cap on Admission (£m)

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Amount raised on Admission (£m)

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MARKET CAP. SPREAD OF 2019 NEW ADMISSIONS AMOUNT RAISED ON ADMISSION 2019


UK (12, £230.1m)

GEOGRAPHICAL BREAKDOWN OF AIM’S 2019 NEW ENTRANTS Number of companies and amounts raised

Former Soviet Union (1, £0.0m)

Italy (1, £0.0m)


2019 AIM ADMISSIONS

There have been 14 admissions to AIM in 2019 so far. This has been offset by 36 departures, giving a total number of constituents at the end of June 2019 of 901 against the end December 2018 figure of 923. The number of companies on AIM peaked in December 2007 at 1,694. £230m has been raised through the 14 new admissions to AIM in the first six months of 2019, giving an average raise of £16.4m, below the 2018 average of £34.7m.

By the half way stage of 2019 the Leisure and Goods sector has raised the most money through new issues (£83.25m through the IPO of Loungers Plc), followed closely by the Financial Service sector with £66.3m (£46.5m through the IPO of Argentex Group Plc). All of the new joiners that raised money on joining AIM have their central operations based in the UK.

BREAKDOWN OF AIM’S 2019 NEW ENTRANTS BREAKDOWN OF THE £230M NEW MONEY RAISED IN 2019 SO FAR

Pharma & Biotec; 1

Industrials; 2

Oil & Gas; 1

Financial Services; 2

Mining; 1

Health Care Equipment & Services; 4

Media; 1

Leisure Goods, 1

Software & Computer services; 1

Oil & Gas; 0%

Financial Services; 29%

Mining; 0%

Industrials; 0%Pharma & Biotec; 0%

Health Care Equipment & Services; 22%

Media; 1%

Leisure Goods, 36%

Software & Computer services; 12%


Since the beginning of 2017, 33% of the funds raised upon admission to AIM by new joiners are attributable to existing shareholders selling equity in their companies. Such ‘Vendors’ come in two broad groups: founding shareholders and/or management teams wishing to partially or fully cash in on their efforts made in building their businesses; and professional investing entities, notably Private Equity houses, seeking to crystallise their investments.

In 2019, 5 of the 14 new joiners that have joined AIM included selling shareholders. So far vendor placings have amounted to

£91.7m (or 40%) of the total equity placed by new joiners. Argentex Plc has contributed £32.5m (or 35%) of this total amount.

All five of these new joiners suggests there is no evidence that a vendor placing is a sell sign for investors. Each company has seen their shares rise since listing with Distribution Finance Capital Holdings Plc +35.0% and Argentex Plc +26.4% being the biggest risers.

DATE COMPANY VENDORVENDOR

PLACING (£M)% OF TOTAL

RAISEPERFORMANCE

SINCE IPO

21 March 2019 Diaceutics Plc Founders, Management 3.75 18.10% 21.70%

29 April 2019 Loungers Plc Founders, Management, Investors (Lion Capital) 21.7 26.00% 2.00%

09 May 2019Distribution

Finance Capital Holdings Plc

Founders, Investors (Arrowgrass, TruFin) 19.8 100.00% 35.00%

29 May 2019 Essensys Plc Founders, Management 14.0 50.00% 12.90%

25 June 2019 Argentex PlcFounders, Management,

Investors (Pacific Investments)

32.5 69.90% 26.40%

Total 91.7

Average 19.60%

Median 21.70%

2019 VENDOR PLACINGS

2019 YTD VENDOR PLACINGS: £91.7M OF TOTAL £230M

Vendor Placings (£m)

New Issues (£m)

£138.4; 60.1%

£91.73; 39.9%

VENDOR PLACINGS 2019



2019 AIM ADMISSIONS Winners and losers

Date Listed Issue type Company Subsector Country of Operation

Market Value on admission (£m)

Money Raised (£m)

Issue Price (P)

Current Price Performance

09 May 2019 Introducton Distribution Finance Capital Holdings Plc Financial Services United Kingdom 96.00 19.83 90.00 121.50 35.00%

25 June 2019 IPO & Placing Argentex Plc Financial Services United Kingdom 120.00 46.46 106.00 137.80 30.00%

28 June 2019 Reverse Takeover Open Orphan Plc Healthcare Equip. & Services United Kingdom 14.20 4.50 5.60 6.85 22.32%

21 March 2019 IPO & Placing Diaceutics Plc Healthcare Equip. & Services United Kingdom 52.88 20.80 76.00 92.50 21.71%

29 May 2019 IPO & Placing Essensys Plc Software & Computer Services United Kingdom 72.60 28.00 151.00 170.50 12.91%

29 April 2019 IPO & Placing Loungers Plc Travel & Leisure United Kingdom 185.00 83.30 200.00 204.00 2.00%

04 February 2019 Reverse Takeover Chaarat Gold Holdings Ltd Mining Armenia 107.29 0.00 27.20 29.60 9.02%

20 June 2019 Reverse Takeover Totally Plc Healthcare Equip. & Services United Kingdom 18.48 9.70 10.00 10.10 1.00%

22 May 2019 IPO & Placing Induction Healthcare Group Plc Healthcare Equip. & Services United Kingdom 34.10 16.58 115.00 118.50 3.04%

25 June 2019 Transfer from Main Market Alumasc Plc Construction & Materials United Kingdom 33.97 0.00 94.00 91.00 -3.19%

07 June 2019 Transfer from Main Market Renold Plc Industrial Engineering United Kingdom 76.64 0.00 34.00 25.45 -25.15%

01 March 2019 Transfer from Main Market United Oil & Gas Plc Oil & Gas Producers Italy 14.17 0.00 4.10 4.05 -1.22%

04 February 2019 Transfer from Main Market Circassia Pharmaceuticals Plc Pharma & Biotech United Kingdom 140.07 0.00 37.90 20.90 -44.85%

28 February 2019 Reverse Takeover Digitalbox Plc Media United Kingdom 12.64 1.00 14.00 6.25 -55.36%

Total 230.10 Average 0.50%

Median 2.50%



A LOOK BACK AT THE NEW JOINERS FROM 2018

Date listed Issue type Company Subsector Country of Operation


Money Raised (£m)

Issue Price (P)


19 September 2018 Reverse takeover Bidstack Group Plc Media Agencies United Kingdom 11.93 4.27 6.00 31.50 425.00%

14 December 2018 IPO & Placing Manolete Partners Plc Financial Services United Kingdom 76.25 29.34 175.00 480.00 174.29%

29 June 2018 IPO & Placing Knights Group Holdings plc Support Services United Kingdom 103.50 50.00 145.00 342.00 135.86%

06 November 2018 IPO & Placing Renalytix AI Plc Healthcare Equipment & Services United States 47.17 22.15 121.00 263.00 117.36%

11 June 2018 IPO & Placing Block Energy Plc Oil & Gas Producers Georgia 10.34 5.00 4.00 8.55 113.75%

19 December 2018 IPO & Placing Litigation Capital Management Ltd Financial Services Australia 56.52 20.00 52.00 99.30 90.96%

14 December 2018 IPO & Placing Crossword Cybersecurity Plc Software & Computer Services United Kingdom 13.57 2.00 290.00 525.00 81.03%

14 June 2018 IPO & Placing Aquis Exchange Plc Financial services United Kingdom 73.03 32.06 269.00 486.00 80.67%

20 June 2018 IPO & Placing Anexo Group plc Support Services United Kingdom 110.00 25.00 100.00 176.50 76.50%

27 June 2018 IPO & Placing Cake Box Holdings Plc Retail United Kingdom 43.20 16.52 108.00 180.50 67.13%

24 December 2018 Introduction Petrotal Corporation Oil & Gas Peru 61.84 0.00 11.50 19.00 65.22%

23 May 2018 IPO & Placing Team17 Group Plc Leisure Goods United Kingdom 217.00 107.54 165.00 266.00 61.21%

08 August 2018 IPO & Placing Jadestone Energy Inc Oil & Gas Producers Asia-Pacific 161.35 83.90 35.00 55.75 59.29%

31 July 2018 IPO & Placing Trackwise Designs Plc Electronic & Electrical Equipment United Kingdom 15.51 6.95 105.00 143.50 36.67%

29 March 2018 IPO & Placing Polarean Imagining Plc Health Care Equipment & Services United States 11.01 3.00 15.00 20.00 33.33%

04 December 2018 IPO & Placing The Panoply Holdings Plc Software & Computer Services United Kingdom 30.05 5.39 74.00 97.50 31.76%

04 April 2018 IPO & Placing The Simplybiz Group Plc Support Services United Kingdom 130.00 64.60 170.00 205.00 20.59%

02 August 2018 Reverse takeover CentralNic Group Plc Software & Computer Services United Kingdom 88.74 24.00 52.00 59.00 13.46%

17 July 2018 Reverse takeover Diversified Gas & Oil Plc Oil & Gas Producers United States 491.60 189.47 97.00 110.00 13.40%

30 July 2018 Reverse takeover Ovoca Bio Plc (ex Ovoca Gold) Healthcare Russia 8.56 0.00 10.50 11.85 12.86%

15 March 2018 IPO & Placing Safe Harbour Holdings plc Non-equity Investment Instruments United Kingdom 33.90 22.70 120.00 132.50 10.42%

08 May 2018 IPO & Placing Rosenblatt Group Plc Support Services United Kingdom 76.09 43.00 95.00 102.50 7.89%

05 July 2018 IPO & Placing Yellow Cake Plc Industrial Metals & Mining United Kingdom 152.33 151.24 200.00 214.00 7.00%

20 June 2018 IPO & Placing Tekmar Group Plc Oil Equipment, Services & Distribution United Kingdom 65.00 61.80 130.00 135.00 3.85%

19 October 2018 Reverse takeover CareTech Holdings Plc Health Care Equipment & Services United Kingdom 260.20 0.00 374.50 378.00 0.93%

08 June 2018 IPO & Placing Yew Grove REIT Plc Real Estate Investment Trusts Ireland 63.60 46.99 1.00 1.01 0.50%

19 October 2018 IPO & Placng Summerway Capital Plc Non-equity Investment Instruments United Kingdom 6.13 6.08 100.00 99.00 -1.00%

26 July 2018 IPO & Placing Nucleus Financial Group Plc Financial Services United Kingdom 139.95 32.08 183.00 178.50 -2.46%

25 October 2018 Reverse takeover Applegreen Plc General Retailers United Kingdom 480.58 156.29 543.00 510.00 -6.08%

05 December 2018 IPO & Placing Finncap Group Plc Financial Services United Kingdom 47.10 5.00 28.00 26.00 -7.14%

29 June 2018 IPO & Placing RA International Group Plc General Industrials Dubai 97.20 18.80 56.00 50.50 -9.82%



A LOOK BACK AT THE NEW JOINERS FROM 2018

Date listed Issue type Company Subsector Country of Operation


Money Raised (£m)

Issue Price (P)


30 November 2018 Reverse takeover Serica Energy Plc Oil & Gas Producers United Kingdom 346.83 0.00 131.00 113.00 -13.74%

17 August 2018 IPO & Placing Sensyne Health Plc Health Care Equipment & Services United Kingdom 225.00 60.00 175.00 150.00 -14.29%

10 December 2018 Transfer from Main Market Titon Holdings Plc Construction & Materials United Kingdom 19.48 0.00 175.00 150.00 -14.29%

28 June 2018 IPO & Placing Mind Gym Plc Support Services United Kingdom 145.07 50.85 146.00 121.50 -16.78%

17 August 2018 Reverse takeover Bonhill Group Plc (ex Vitesse Media) Media United Kingdom 26.72 18.65 80.00 64.00 -20.00%

12 July 2018 IPO & Placing Immotion Group Plc Electronic & Electrical Equipment United Kingdom 19.54 5.75 10.00 7.65 -23.50%

30 April 2018 IPO & Placing KRM22 Plc Equity Investment Instruments United Kingdom 12.32 10.32 100.00 75.50 -24.50%

12 March 2018 IPO & Placing VR Education Holdings Plc Software & Computer Services Ireland 19.31 6.00 10.00 7.50 -25.00%

18 May 2018 IPO & Placing Serinus Energy Plc Oil & Gas Producers Romania & Tunisia 32.60 10.00 15.00 11.00 -26.67%

05 March 2018 IPO & Placing GRC International Group Plc Software & Computer Services United Kingdom 40.22 5.89 70.00 49.00 -30.00%

09 February 2018 IPO & Placing Onthemarket Plc Media UK 99.88 30.00 165.00 96.50 -41.52%

17 October 2018 Reverse takeover Shearwater Group plc Software & Computer Services United Kingdom 43.80 17.70 3.60 1.98 -45.14%

29 June 2018 Introduction Transglobe Energy Corp. Oil & Gas Producers Egypt/Canada 151.63 0.00 210.00 114.50 -45.48%

09 April 2018 Reverse Takeover Coro Energy Plc Oil & Gas Producers Italy 31.40 14.49 4.38 2.23 -49.20%

09 May 2018 IPO & Placing Urban Exposure Plc Financial Services United Kingdom 165.00 150.00 100.00 50.50 -49.50%

06 March 2018 IPO & Placing Stirling Industries Plc Non-equity Investment Instruments United Kingdom 8.93 8.88 100.00 48.50 -51.50%

21 June 2018 IPO & Placing I-Nexus Global Plc Software & Computer Services United Kingdom 23.36 10.00 79.00 34.50 -56.33%

15 June 2018 Reverse Takeover Simec Atlantis Energy Ltd Alternative Energy United Kingdom 128.17 20.00 35.00 13.25 -62.14%

30 November 2018 IPO & Placing Kropz Plc Mining United Kingdom 46.48 27.34 40.00 15.00 -62.50%

21 February 2018 IPO & Placing Trufin Plc General Financial UK 185.00 70.00 190.00 67.50 -64.47%

04 June 2018 Reverse Takeover LoopUp Group Plc Software & Computer Services United Kingdom 219.52 50.00 400.00 141.00 -64.75%

04 January 2018 Reverse Takeover Echo Energy Plc Oil & Gas Producers Argentina 70.16 6.37 17.50 2.55 -85.43%

29 March 2018 IPO & Placing Kore Potash Plc Mining Republic of Congo 94.00 9.14 10.94 1.49 -86.38%

30 May 2018 IPO & Placing Maestrano Group Plc Software & Computer services United Kingdom 12.01 6.00 15.00 1.45 -90.33%

01 June 2018 IPO & Placing Codemasters Group Holdings Plc Leisure Goods United Kingdom 280.00 185.00 200.00 2.45 -98.78%

16 April 2018 IPO & Placing Crusader Resources Ltd Mining Brazil 13.84 3.50 2.99 0.01 -99.64%

24 January 2018 IPO & Placing Cradle Arc Plc Mining Africa 20.13 2.40 10.00 0.00 -100.00%

Total 2,013.40 Average 6.10%

Median -6.60%


17

FURTHER FUNDRAISES


MAY & JUNE 2019 OVERVIEW

Albeit performing better than the New issues market (-80% year to date), the Further issues market (-19% year to date) has also been under pressure in 2019. May and June were no exceptions and the £236m raised in these two months compared unfavourably to the £444m raised in the same months in 2018.

AB Dynamics Plc (ABDP.L, £567m). Founded in 1982 as a vehicle engineering consultancy, AB Dynamics has grown steadily to become one of the world’s most trusted suppliers of automotive test systems. In June the Company raised a total £50.1m (including £5m via an Open Offer). The raise will be used to support the Company’s acquisition strategy, adding production capacity and other working capital requirements. Since completion of this raise, AB Dynamics has successfully completed the acquisition of Kangaloosh Ltd, for a total consideration of £18.1m.

Petrotal Corporation (PTAL.L, £128m). Petrotal Corporation is a dual-listed (AIM & TSX) independent oil and gas company with assets and operations in Peru. The Company has controlling interests in three onshore Peru license blocks. In May, the Company successfully raised £20m which will be used to accelerate development activity at the Company’s Bretena oilfield on Block 95, onshore Peru.

Attraqt Group Plc (ATQT.L, £63m). Attraqt Group powers shopping experiences for over 300 of the world’s leading retail brands. In May, the Company raised £17.1m to finance the Acquisition of Early Birds, an AI powered SaaS platform that allows internet retailers to personalise their offering to individual clients across both online and offline channels. The Directors intend to combine Attraqt’s data-led search and merchandising capabilities to optimise product discovery and visual curation, with Early Birds’ ability to implement learning algorithms to orchestrate and personalise the entire shopper journey.

FURTHER ISSUES HISTORICAL BREAKDOWN OF THE £236M RAISED IN MAY & JUNE 2019

Mon

ey R

aise

d (£

m)

Money Raised (£m) Number of Transactions

Jan

17

Feb

17

Mar

17

Apr

17

May

17

Jun

17

Jul 1

7

Aug

17

Sep

17

Oct

17

Nov

17

Dec

17

Jan

18

Feb

18

Mar

18

Apr

18

Jan

19

Feb

19

Mar

19

Apr

19

May

19

Jun1

9

May

18

Jun

18

Jul 1

8

Aug

18

Sep

18

Oct

18

Nov

18

Dec

18

0

10

20

30

40

50

60

70

80

Num

ber o

f Tra

nsac

tions

0

100

200

300

400

500

600

700

800

900

1000

Technology; 9.0%

Industrials; 21.0%

Alternative Energy; 5.0% Consumer Goods; 1.0%

Travel & Leisure; 4.0%

Retail; 2.0%

Media; 4.0%

Financials; 3.0%

H'Care Equip. & Services; 8.0%

Mining; 6.0%

Oil & Gas; 25.0%Support Services; 9.0%

Telecommunications; 2.0%

19

DATE COMPANY SUBSECTOR COUNTRY OF OPERATION MONEY RAISED (£M)

07 June 2019 AB Dynamics Plc Industrial Machinery United Kingdom 50.11

05 June 2019 Petrotal Corporation Exploration & Production Peru 20.00

29 May 2019 Attraqt Group Plc Software United Kingdom 17.10

23 May 2019 Marlowe Plc Business Support Services United Kingdom 13.28

18 June 2019 Salt Lake Potash Limited Alternative Fuels Australia 11.10

05 June 2019 Block Energy Plc Exploration & Production Georgia 7.29

22 May 2019 Falcon Oil & Gas Ltd. Exploration & Production Canada 7.08

14 June 2019 Iofina Plc Exploration & Production United States 7.01

11 June 2019 Marlowe Plc Business Support Services Uinted Kingdom 6.72

22 May 2019 Gresham House Plc Equity Investment Instruments United Kingdom 6.50

06 June 2019 Collagen Solutions Plc Medical Equipment United Kingdom 5.96

27 June 2019 EVR Holdings Plc Mobile Telecommunications Israel 5.00

14 May 2019 Bidstack Group Plc Media Agencies United Kingdom 5.00

22 May 2019 Block Energy Plc Exploration & Production Georgia 4.71

04 June 2019 Escape Hunt Plc Recreational Services United Kingdom 4.00

17 June 2019 Scancell Holdings Plc Biotechnology United Kingdom 3.88

30 May 2019 Koovs Plc Apparel Retailers India 3.67

02 May 2019 Tasty Plc Restaurants & Bars United Kingdom 3.25

10 May 2019 1Spatial Plc Software United Kingdom 3.11

09 May 2019 Evgen Pharma Plc Biotechnology United Kingdom 3.04

08 May 2019 Angus Energy Plc Exploration & Production United Kingdom 3.01

29 May 2019 Afritin Mining Limited Nonferrous Metals Namibia 2.99

22 May 2019 Audioboom Group Plc Broadcasting & Entertainment United Kingdom 2.80

13 May 2019 Minoan Group Plc Hotels Greece 2.64

02 May 2019 Integumen Plc Personal Products United Kingdom 2.52

24 June 2019 Sound Energy Plc Exploration & Production Indonesia 2.38

14 May 2019 Advanced Oncotherapy Plc Medical Equipment United Kingdom 2.35

10 June 2019 I3 Energy Plc Exploration & Production United Kingdom 2.24

06 June 2019 Egdon Resources Plc Exploration & Production United Kingdom 2.17

17 May 2019 Water Intelligence Plc Business Support Services United States 1.85

Information sourced from London Stock Exchange, Allenby Capital

ANALYSIS OF LARGEST FURTHER ISSUES - May & June 2019


2019 AIM FURTHER FUNDRAISINGS

So far in 2019 a total of £1.97bn has been raised on AIM through further issues. This is a 19% decrease on the amount raised in the same period in 2018 (£2.43bn).

In the first six months of this year there were 256 secondary raises (≥100k), equating to an average raise of £7.7m. This compares with the average issue size in 2018 of £9.7m and in 2017 of £5.4m.

Of the 256, 121 were for a value equal to or less than £1m. Seven have been for £100m or more.

The Real Estate sector remains the largest contributor to the £1.97bn having raised £376.0m (or 19.1%) of the amount. However, the Oil and Gas sector is now very close behind having raised £375.5m since the start of 2019.

DATE COMPANY SUB SECTOR MONEY RAISED (£M)

12 April 2019 Globalworth Real Estate Investments Real Estate Holding & Development 298.76

18 April 2019 Diversified Gas & Oil Plc Exploration & Production 177.27

14 February 2019 GB Group Plc Computer Services 160.00

22 March 2019 Alternative Energy Equity Investment Instruments 126.16

06 March 2019 Randall & Quilter Invest. Hldgs Ld Reinsurance 106.88

12 February 2019 Blue Prism Group Plc Software 100.00

08 February 2019 Draper Espirit Specialty Finance 100.00

02 April 2019 Warehouse Reit Plc Industrial & Office REITs 76.48

07 June 2019 AB Dynamics Plc Industrial Machinery 50.11

24 April 2019 Seeing Machines Ltd Computer Hardware 31.57

ANALYSIS OF 2019 FUND RAISINGS BY SIZE

BREAKDOWN OF THE £1.97BN RAISED IN 2019 YTD

40 44

18 21

4 17

Size of raise (£m)

Num

ber o

f tra

nsac

tions

0

30

60

90

120

150

>10050≤10025≤5010≤255≤102≤51≤20.10≤1

121

Technology; 18.0%

Industrials; 4.0%

Basic Materials; 0.8% Alternative Energy; 7.0%Electronic & Electrical Equip.; 1.0%Consumer Goods; 1.0%Travel & Leisure; 1.0%Retail; 1.0%Media; 1.0%

Financials; 7.0%

Insurance; 5.0%


Pharma & Biotech; 4.0%

Mining; 4.0%

Oil & Gas; 19.0%

Real Estate; 19.0%

Support Services; 4.0%

LARGEST FURTHER ISSUES 2019


GEOGRAPHICAL BREAKDOWN OF AIM’S 2019 SECONDARY FUNDRAISES Number of issues and amounts raised

Ireland (2, £126.4m)

Canada (10, £59.2m)

USA (20, £244.1m)

Isle of Man (1, £0.3m)

UK (136, £1037.7m)

Netherlands (1, £2.5m)

Central America (5, £7.8m)

Italy (1, £1.3m)

Gibraltar (2, £2.2m)

Malta (1, £0.5m)

Africa (30, £51.1m)

South America (3, £23.9m)

Norway (1, £0.7m)

Finland (2, £3.8m)

Sweden (2, £1.3m)

Russia and CIS (8, £29.3m)

Central & Eastern Europe (6, £307.9m)

Greece (3, £3.2m)

Asia Pacific (8, £12.0m)

Middle East (2, £0.8m)

India & Bangladesh (3, £4.8m)

Israel (2, £5.6m)

Australia (7, £44.8m)

22

TRADING VOLUMES


We believe that monthly trading value as a percentage of market capitalisation helps give an indication as to the liquidity of an individual stock.

AIM stocks traded a median value of 1.99% of their market capitalisation in the month of June, this is lower than the June 2018 figure of 2.21%.

The average through the first six months of 2019 of 2.08% is below the average of the last 5 years of 3.0%. We believe this is possibly due to the January 2018 introduction of the MiFID II regime which had a knock-on impact of lower research coverage for small cap stocks.

In terms of value, total trading on AIM amounted to £10.19bn in May – June 2019. Per business day, this figure equates to £254m.

As usual, liquidity on a relative basis was most concentrated in the smaller end of AIM’s constituents.

Average Volume

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

Apr-

18M

ay-1

8

Jul-1

8Ju

n-18

Aug-

18

Jun-

16Ju

l-16

Aug-

16Se

p-16

Oct-

16No

v-16

Dec-

16Ja

n-17

Feb-

17M

ar-1

7Ap

r-17

May

-17

Jun-

17Ju

l-17

Aug-

17Se

p-17

Oct-

17No

v-17

Dec-

17

Sep-

18Oc

t-18

Nov-

18De

c-18

Jan-

18Fe

b-18

Mar

-18

Apr-

16M

ay-1

6

Jan-

16Fe

b-16

Mar

-16

Apr-

19M

ay-1

9Ju

n-19

Jan-

19Fe

b-19

Mar

-19

TRADING VOLUMES - Liquidity averaging 1.99% in June 2019

LIQUIDITY AVERAGING 1.99% IN JUNE 2019

LIQUIDITY MOST CONCENTRATED IN AIM’S MICRO CAPS

Market Cap (£m)

% M

kt C

ap tr

aded

per

mon

th

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

>10050-10025-5010-255-102-50-2

3.57

3.16

1.43 1.571.27

1.77

2.47

24

Angus Energy Plc (ANGS.L, £7.7m). Angus Energy Plc, an independent onshore oil and gas production and development company with a portfolio of UK assets, was the most liquid stock in June 2019 on a relative basis. On the 19th June, Angus Energy released an RNS signalling a completion of agreement for a 51% interest in Saltfleetby Gas Field. Off the back of this announcement the Company’s share price rose just over 10%. However, this was not the main cause for the increased liquidity in the stock in June. On the last day of June, the Company provided an update its Brockham Well

project, in which the Company has a 65% interest, highlighting that it is extremely unlikely that commercial hydrocarbon flow can be established from the well. This announcement caused the share price to drop 60% on the day, falling a further 50% the next day.

EQTEC Plc (EQT.L, £6.2m). The second most liquid stock in June on a relative basis was EQTEC Plc, a technology solutions company specialising in waste gasification to energy projects. In June, the Company announced that it had entered into an agreement to joint develop a biomass

gasification power project in California, USA. Upon completion the project is estimated to generate approximately US$4m of revenue per annum with a valuation of US$20m. On top of this the Company successfully completed a placing to raise £750k.

Union Jack Oil Plc (UJO.L, £20.8m). Union Jack Oil, an onshore oil and gas exploration company with a focus on the hydrocarbon sector in the UK, was also very liquid in June. This increased level of liquidity can be traced to the announcement of successful results at the West Newton A-2 Appraisal

Well, in which Union Jack oil holds a 16.65% interest. Additionally, the Company achieved planning permission to extend well tests in the region with more tests planned for Q3 2019. By the end of June Union Jack Oil’s share price had risen to 0.194p, up from 0.14p at the start of the month.

Information sourced from London Stock Exchange and Allenby Capital

JUNE’S MOST LIQUID STOCKS ON A RELATIVE BASISJUNE’S MOST TRADED STOCKS BY VALUE

MOST TRADED AIM STOCK TRADING VALUE (£M) MKT CAP (£M) VALUE/MKT CAP

Angus Energy Plc 10.12 7.7 131.8%

EQTEC Plc 5.91 6.2 95.2%

Union Jack Oil Plc 15.70 20.8 75.6%

Bould Opportunities Plc 2.32 3.2 71.8%

Motif Bio Plc 5.74 8.0 71.9%

Staffline GroupPlc 20.81 33.2 62.7%

E-therapeutics Plc 5.47 8.7 62.7%

Bidstack Group Plc 43.72 75.1 58.2%

Anglo African Oil & Gas Plc 6.31 12.0 52.5%

Premier Technical Services Group Plc 136.51 262.6 52.0%

MOST TRADED AIM STOCK TRADING VALUE (£M) MKT CAP (£M) VALUE/MKT CAP

ASOS Plc 347.8 2,138.7 16.3%

Fevertree Drinks Plc 331.9 2,691.8 12.3%

Burford Capital Limited 313.8 3,389.1 9.3%

Boohoo Group Plc 224.6 2,461.7 9.1%

Blue Prism Group Plc 224.5 1,064.1 21.1%

Oakley Capital Investments Limited 180.1 468.1 38.5%

Hurricane Energy Plc 146.8 1,044.9 14.1%

Premier Technical Services Group Plc 136.5 262.6 52.0%

Keywords Studios Plc 127.2 1,180.4 10.8%

Codemasters Group Holdings 107.1 316.4 33.8%

TRADING VOLUMES - Liquidity averaging 1.99% in June 2019 continued…


Trading volumes have picked up steadily since the lows of July 2013. In that month, the average daily number of bargains struck on AIM amounted to 18,752. In June 2019, the average daily volume was 42,358 an increase of 125% on the July 2013 total.

The market is still a far away from its highs of 2007, when £7.42bn was traded in June that year, with an average trade size during the month of £19,755. In June 2019, £5.3bn was traded, with an average trade size of £6,239.

A combination of factors appears to have increased retail appetite for investing in AIM over the past few years. Consistently 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 boosted by the increase in ISA allowances in the tax year 2014/2015 from £11,520 to £15,240. This figure has increased to £20,000 from April 2017.

£m

Monthly turnover value £m

0

1000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Jun-

19

Jun-

18

Jun-

17

Jun-

16

Jun-

15

Jun-

14

Jun-

13

Jun-

12

Jun-

11

Jun-

10

Jun-

09

Jun-

08

Jun-

07

Jun-

06

Jun-

05

Jun-

04

Jun-

03

Jun-

02

Jun-

01

BARGAINS BY NUMBER AND VALUE

TOTAL TRADING TURNOVER VALUE

TRADING VOLUMES - Historical Trading on AIM

Average daily number of bargains (LHS)

Aver

age d

aily

num

ber o

f bar

gain

s

Average value per bargain (£) (RHS)

Aver

age v

alue

per

bar

gain

(£)

5,000

0

10,000

15,000

20,000

25,000

10,000

0

20,000

30,000

40,000

50,000

60,000

70,000

Jun-

19

Jun-

18

Jun-

17

Jun-

16

Jun-

15

Jun-

14

Jun-

13

Jun-

12

Jun-

11

Jun-

10

Jun-

09

Jun-

08

Jun-

07

Jun-

06

Jun-

05

Jun-

04

Jun-

03

Jun-

02

Jun-

01

26

AIM MARKET OVERVIEW


We feel that AIM is going through a cleansing process where small companies are leaving the market and being replaced by larger companies of higher quality. The average market capitalisation of AIM companies is currently £111m, down slightly from the September 2018 all-time high of £119.8m but significantly above the £66m average at the beginning of 2016.

During H1 of this year AIM has steadily grown, reaching a total value of £100bn by end June, up from £91bn at the end of December 2018.

The number of companies on AIM has been drifting down since it peaked at 1,694 in December 2007. As at the end of June, 901 companies were listed on AIM, down from the 941 at the end of April 2018.

As of 30 June 2019, 205 AIM constituents exceeded the £100m valuation mark and 18 companies were valued at greater than £1bn.

AIM continues to host businesses operating across a vast geographical range. Over 80 countries host the central operations of at least one AIM company, while many more play host to non-core operations.

Aver

age

Mar

ket C

ap (£

m)

Average Market Cap (£m)

0

20

40

60

80

100

120

140

Jun-

19

Jun-

18

Jun-

17

Jun-

16

Jun-

15

Jun-

14

Jun-

13

Jun-

12

Jun-

11

Jun-

10

Jun-

09

Jun-

08

Jun-

07

Jun-

06

Jun-

05

Jun-

04

Jun-

03

Jun-

02

Jun-

01

AN ANALYSIS OF AIM’S CONSTITUENTS

MARKET CONSTITUENTS BY SECTOR (MKT CAP)

AVERAGE MKT CAP SIZE

AIM AVERAGE MKT CAP OF £111M, MEDIAN MKT CAP OF £29.5M

Consumer Goods; 10.1%

Consumer Services; 6.9%

Retail; 7.3%

Financial; 13.3%


Pharma & Biotech; 10.3%

Mining; 3.7%Alternative Energy; 0.8%

Oil & Gas; 6.9%

Real Estate; 4.9%

Support Services; 11.4%

Telecommunications; 1.3%Utilities; 0.3%

Technology; 11.7%

Industrials; 7.0%

Basic Materials; 1.4%

7385

99

161

133144

112

48

2718

Num

ber o

f com

pani

es

Market Cap (£m)

0

50

100

150

200

> 1

,000

500-

1,00

0

250-

500

100-

250

50-1

00

25-5

0

10-2

5

5-102-

5

0-2


Num

ber o

f com

pani

esUK Central OperationsInternational Central Operations

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

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 1,044 982 960 923 900

International Central Operations 3 17 22 21 22 31 42 50 60 116 220 304 347 317 241 228 225 225 502 481 436 347 342 319 134

UK Central Operations 118 235 286 291 325 493 587 654 694 905 1,179 1,330 1,347 1,233 1,052 967 918 871 590 623 608 635 618 604 766

AIM an international small cap market

TOTAL COMPANIES DOWN 43% FROM THE 2007 PEAK

23% OF COMPANIES ARE INCORPORATED OUTSIDE OF THE UK BUT 34% OF COMPANIES HAVE THEIR MAIN OPERATIONS OVERSEAS

Num

ber o

f com

pani

es 690

1 1 1 111111133479710162023222324280

100200300400500600700800

Italy

Zam

bia

Mal

aysi

a

Bang

lade

sh

Fran

ce

Falk

and

Isla

nds

Beliz

e (B

ritis

h Ho

ndur

as)

Hong

Kon

g

Finl

and

Luxe

mbo

urg

Sing

apor

e

Gibr

alta

r

Cypr

us

Isra

el

Berm

uda

USA

Cana

da

Caym

an Is

land

s

Aust

ralia

Irela

nd

Briti

sh V

irgin

Isla

nds

Isle

of M

an

Guer

nsey

Jers

eyUK

Location of assets

Num

ber o

f com

pani

es

5250 2042 2119 1417 1114 812 317 3

594

0100200300400500600700800

Mid

dle

East

Isle

of M

an

Cent

ral a

nd

East

ern

Euro

pe

Cent

ral A

mer

ica

Cana

da

Isra

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Indi

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Hong

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a

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eric

a

Aust

ralia

Asia

Pac

ific

Russ

ia a

nd C

IS

USA

Afric

a

Wes

tern

Eur

opeUK


AIM’S LARGEST

COMPANY SUBSECTOR COUNTRY OF OPERATION MARKET CAPITALISATION £M

Burford Capital Limited Financial Services USA 3,650.56

Abcam Plc Pharmaceuticals & Biotechnology UK 3,574.93

Fevertree Drinks Plc Beverages UK 3,288.63

Boohoo Group Plc General Retailers UK 3,059.59

Hutchison China Meditech Limited Pharmaceuticals & Biotechnology China 2,857.03

ASOS Plc General Retailers UK 2,678.66

RWS Holdings Plc Support Services UK 1,652.20

Globalworth Real Estate Investments Limited Real Estate Investment & Services Romania 1,481.91

Clinigen Group Plc Pharmaceuticals & Biotechnology UK 1,416.66

Secure Income Reit Plc Real Estate Investment Trusts UK 1,384.97

Dart Group Plc Travel & Leisure UK 1,333.37

Keywords Studios Plc Support Services Ireland 1,318.37

Gamma Communications Plc Mobile Telecommunications UK 1,174.90

James Halstead Plc Construction & Materials UK 1,147.46

GB Group Plc Software & Computer Services UK 1,061.35

Blue Prism Group Plc Software & Computer Services UK 1,033.97

Hurricane Energy Plc Oil & Gas Producers UK 997.10

Breedon Group Plc Construction & Materials UK 921.37

First Derivatives Plc Software & Computer Services UK 860.77

Globaldata Plc Media UK 831.63

Emis Group Plc Software & Computer Services UK 754.17

Diversified Gas & Oil Plc Oil & Gas Producers USA 720.49

Highland Gold Mining Ld Mining Russia 712.86

Young & Co's Brewery Plc Travel & Leisure UK 707.82

Safecharge International Group Limited Support Services Cyprus 704.48


30

ALLENBY CAPITAL OVERVIEW

31

ALLENBY CAPITAL an AIM nomad & broker

*Broker only clients ** Research only clientInformation sourced from London Stock Exchange and Allenby Capital

IRELAND

Conroy Gold Mining (Gold)

SPAIN

Mirada Technology

AFRICA

Kodal Minerals Mining

UNITED KINGDOM

Advanced Oncotherapy HealthcareAeorema MediaAudioboom MediaBarkby (NEX listed) LeisureBiome Technologies ChemicalsBould Opportunities Cash ShellBrave Bison TechnologyBraveheart Financial ServicesCaledonian Trust UK PropertyCellcast MediaThe Character Group* ToysCluff Natural Resources Natural ResourcesCrystal Amber Investment FundEmpresaria** RecruitmentESCS TechnologyFeedback Medical EquipmentForbidden Technologies TechnologyFranchise Brands Consumer ServicesFrontier IP IP transfer

Fulham Shore Consumer Discretionary

Fusion Antibodies HealthcareGfinity TMTGrafenia Support ServicesInfrastrata Gas StorageMi-Pay TechnologyMobile Tornado TMTN4Pharma HealthcareNakama Support ServicesNewmark Security Support ServicesPanther Securities PropertyPipehawk Industrial EngineeringPlutus Powergen Utilities Polo Resources MiningProteome HealthcareProvexis NutritionSlingsby Engineering

NORTH AMERICA

Rose Petroleum Oil & Gas

UNITED KINGDOM

St James House GamingStarcrest Education (MAIN listed)

Education

Synovia* ChemicalsTau Capital General Financial

Tavistock Investments* Financial Services

Tern Technology

Totally SoftwareVela Technologies Investment CompanyWalls & Futures (NEX listed) Housing

FINLAND

Karelian Mining (Diamonds)

SWEDEN

Erris Resources Mining

HONG KONG / CHINA

PCG Entertainment Gaming

Walcom Animal Feed

SOUTH EAST ASIA

AAA Investment Company

Myanmar Strategic* Hospitality

MALAYSIA

MobilityOne Support Services

ISRAEL

MTI Wireless Edge Technology

Starcom Systems TMT

AUSTRALIA

Cap-XX Technology

Rockfire Resources Mining


ALLENBY CAPITAL – one of the larger advisers on AIM

0

20

40

60

80

100Number of AIM Nomad clients

88

74

54 52 51 5148 47 44

37 37 34 33 33 32 30 29 28 28 25

1714 14

6 5 4 4 4 1

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ALLENBY CAPITAL SELECTED TRANSACTION RECORD

CLIENT SECTOR LOCATION TRANSACTION DATE ALLENBY CAPITAL’S ROLEGfinity eSports UK £5.25m fundraise Jul-19 Nomad & BrokerTotally Healthcare IT UK £9m fundraise & RTO Jun-19 Nomad & Joint Broker

Audioboom Media UK £2.8m fundraise Apr-19 Nomad & BrokerStarcrest Education Education UK IPO & £4.2m fundraise Jan-19 Financial Advisor & Broker

Frontier IP Technology UK £2.5m fundraise Nov-18 Nomad & BrokerGfinity eSports UK £6.0m fundraise Oct-18 Nomad & Broker

Access Intelligence TMT UK £6.8m fundraise Oct-18 Nomad & BrokerAudioboom Media UK £4.5m fundraise Jun-18 Nomad & Broker

Forbidden Technologies Technology UK £5.75m fundraise Jun-18 Nomad & BrokerAccess Intelligence TMT UK £2.8m fundraise Apr-18 Nomad & Broker

Grafenia Support Services UK £3.5m fundraise Apr-18 Nomad & BrokerMayAir Air Filtration Singapore £50m recommended offer Mar-18 Rule 3 AdviserGfinity eSports UK £6.7m fundraise Mar-18 Nomad & BrokerR4E Media & Entertainment UK/US £3.5m vendor placing Feb-18 Nomad & Broker

Fusion Antibodies Healthcare N.Ireland IPO & £6.6m fundraise Dec-17 Nomad & BrokerR4E Media & Entertainment UK/US £5.5m fundraise Dec-17 Nomad & Broker

Erris Resources Mining Ireland/Sweden IPO & £4.0m fundraise Dec-17 NomadCora Gold Mining Mali IPO & £3.5m fundraise Oct-17 Nomad

Totally Healthcare IT UK £11m acquisition & RTO Oct-17 Nomad & Joint BrokerGfinity eSports UK £7.0m fundraise Oct-17 Nomad & Broker

Palace Capital Property UK Acquisition and £70m fundraise Oct-17 Nomad & joint BrokerWork 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 BrokerPlastics Capital Industrials UK £3.75m fundraise May-17 Joint Broker

Gfinity eSports UK £6.25m fundraise May-17 Nomad & BrokerFranchise Brands Consumer Services UK £20m fundraise & RTO Mar-17 Nomad & Joint Broker

Audioboom Media UK £4.0m fundraise Mar-17 Nomad & BrokerTotally Healthcare IT UK £18.0m fundraise Mar-17 Nomad & Joint Broker

Forbidden Technologies Technology UK £3.0m fundraise Dec-16 Nomad & BrokerThe Fulham Shore Consumer Discretionary UK £3.0m vendor placing Oct-16 Nomad & Broker

Trucost Data provision UK £15.0m takeover Sep-16 Rule 3 AdvisorFranchise Brands Consumer Services UK IPO & £3.5m fundraise Aug-16 Nomad & Broker

Gfinity eSports UK £3.7m fundraise Jul-16 Nomad & BrokerTotally Healthcare IT UK Acquisition & £6.2m fundraise Mar-16 Nomad & Broker

AFH Financial Financial Services UK £6.4m fundraise Dec-15 Nomad & Broker


ALLENBY CAPITAL SELECTED TRANSACTION RECORD Continued...

CLIENT SECTOR LOCATION TRANSACTION DATE ALLENBY CAPITAL’S ROLER4E Media & Entertainment UK/US £4.0m fundraise Dec-15 Nomad & Broker

Tyratech Speciality Chemicals UK/USA £3.2m fundraise Nov-15 BrokerK&C REIT Property UK IPO & £3.6m fundraise Jul-15 Nomad & Broker

Cyan Group Technology UK £4.6m fundraise Jun-15 Nomad & BrokerCharacter Group Leisure UK £6.4m Director placing Jun-15 Placing AgentPalace Capital Property UK £20m fundraise & RTO May-15 Nomad & Joint BrokerRose Petroleum Oil & Gas USA £3.1m fundraise May-15 Nomad & Broker

MayAir Air Filtration Singapore IPO & £16.2m fundraise May-15 NomadThe Fulham Shore Consumer Discretionary UK £4.75m fundraise Mar-15 Nomad & BrokerRose Petroleum Oil & Gas USA £3.5m fundraise Dec-14 Nomad & BrokerPlastics Capital Industrials UK £5.0m fundraise Nov-14 Joint BrokerPalace Capital Property UK £20m fundraise & RTO Aug-14 Nomad & Joint Broker

TyraTech Speciality Chemicals UK/USA £3.5m fundraise Jul-14 BrokerManroy Plc Engineering UK £16.0m cash offer Jul-14 Nomad & Broker

Rose Petroleum Oil & Gas USA £6.5m fundraise Jun-14 Nomad & BrokerAFH Financial Financial Services UK IPO & £3m fundraise Jun-14 Nomad & Broker

eProp Property UK £4.5m fundraise Mar-14 Placing AgentSyQic IPTV Media company UK IPO & £3.2m fundraise Dec-13 Nomad & Broker

Palace Capital Property UK RTO & £23.5m fundraise Oct-13 Nomad & Joint BrokerMyanmar 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 & BrokerCamkids Retail China IPO & £6.5m fundraise Dec-12 Nomad & BrokerNoventa Mining - Tantalum Mozambique £42.2m secured loan facility Nov-12 Nomad & Broker

AFC Energy Fuel cells UK £8.7m fundraise Oct-12 NomadStrategic Minerals Natural Resources Australia £3.1m fundraise May-12 Nomad & Broker

Ilika Cleantech UK £4.9m fundraise Apr-12 Placing AgentStrategic 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 NomadJellybook Investment company UK IPO & £11m fundraise Jun-11 Nomad & Broker

AFC Energy Fuel cells UK £3.95m fundraise May-11 Nomad & BrokerThe Niche Group Natural Resources Turkey £14.0m fundraise Mar-11 Sub - Agent

Atlantic Coal Natural Resources US £12.0m fundraise Feb-11 Nomad & BrokerThe Niche Group Natural Resources Turkey £11m fundraise Jan-11 Sub - Agent

Urals Energy Oil & Gas Russia £6.0m fundraise Dec-10 Nomad & Broker

35

ALLENBY CAPITAL Contact details

]] Nick Naylor Chief Executive 0203-328-5661 [email protected]

]] Matt Butlin Head of Equities 0203-328-5666 [email protected]

]] Graham Bell Head of Sales 0203-328-5659 [email protected]

]] David Hart Head of Corporate Finance 0203-328-2971 [email protected]

]] Nick Athanas Corporate Finance 0203-328-5662 [email protected]

]] Alex Brearley Corporate Finance 0203-328-5671 [email protected]

]] Virginia Bull Corporate Finance 0207-167-6430 [email protected]

]] Nick Chambers Corporate Finance 0203-002-2076 [email protected]

]] Asha Chotai Corporate Finance 0207-167-6433 [email protected]

]] John Depasquale Corporate Finance 0203-328-5657 [email protected]

]] Peter Dupont Research 0203-002-2078 [email protected]

]] Kelly Gardiner Equity Sales 0203-002-2072 [email protected]

]] Victoria Harrison Office Manager 0203-328-5656 [email protected]

]] Nick Harriss Corporate Finance 0203-328-5658 [email protected]

]] James Hornigold Corporate Finance 0207-167-6432 [email protected]

]] Ian Jermin Research 0203-328-5664 [email protected]

]] David Johnson Research 0203-394-2977 [email protected]

]] Liz Kirchner Corporate Finance 0207-167-6434 [email protected]

]] Nicholas Malins-Smith Business Development 0203-002-2074 [email protected]

]] Guy McDougall Equity Sales 0203-328-5656 [email protected]

]] Kelly Murcer Receptionist 0203-394-2970 [email protected]

]] Amrit Nahal Equity Sales 0203-394-2973 [email protected]

]] Jos Pinnington Equity Research 0203-002-2073 [email protected]

]] Jeremy Porter Deputy Head of Corporate Finance 0203-394-2972 [email protected]

]] Tony Quirke Equity Sales 0203-328-5663 [email protected]

]] James Reeve Corporate Finance 0203-328-5665 [email protected]

]] David Worlidge Corporate Finance 0207-167-6431 [email protected]

36

This document is issued by Allenby Capital Limited (Incorporated in England No.6706681), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 489795) and is a member of the London Stock Exchange.

This document is for information purposes only and should not be regarded as an offer or solicitation to buy the securities or other instruments mentioned in it. It or any part of it do not form the basis of and should not be relied upon in connection with any contract. Allenby Capital Limited shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only and only for distribution to professional and institutional investors, i.e. persons who are authorised persons or exempted persons within the meaning of the Financial Services and Markets Act 2000 of the United Kingdom, or persons who have been categorised as professional customers or eligible counterparties under the rules of the FSA. It is not intended for retail customers.Allenby Capital Limited uses reasonable efforts to obtain information from sources which it believes to be reliable but the contents of this document have been

prepared without any substantive analysis being undertaken into the companies concerned or their securities and it has not been independently verified. No representation or warranty, either express or implied, is made nor responsibility of any kind is accepted by Allenby Capital Limited, its directors or employees either as to the accuracy or completeness of any information stated in this document.

Opinions expressed are our current opinions as of the date appearing on this material only. The information and opinions are provided for the benefit of Allenby Capital Limited clients as at the date of this document and are subject to change without notice. This document is being supplied to you solely for your information and may not be reproduced, re-distributed or passed to any other person or published in whole or in part for any purpose. The material in this document is not intended for distribution or use outside the European Economic Area. This material is not directed at you if Allenby Capital Limited is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you and persons into whose possession this material comes should inform themselves about, and observe, any such restrictions.

By accepting this document you agree that you have read the above disclaimer and to be bound by its limitations and/or restrictions.

All investments are speculative and are liable to fluctuate in value. It should not be assumed that the value of investments will always rise. Past performance will not necessarily be repeated and is no guarantee of success.

ALLENBY CAPITAL Important disclaimer

NOTES

37


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