aim market update april 2017 - allenby capital...

1 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 Growth Exchange Market

AIM MARKET UPDATE April 2017

2

]] Overview 3

]] New Admissions 4

]] Secondary Fundraises 15

]] Trading Volumes 21

]] AIM Market Overview 25

]] Main Market Overview 29

]] Allenby Capital Overview 30

CONTENTS


Overall April was a strong month for fundraising on AIM. The £724m raised through both primary and secondary issues is the highest quantum since May 2015. This was largely down to the £468m raised from the six new companies, £392m of which came from admission by Eddie Stobart Logistics Plc. The six new joiners were offset by six departures.

The collective market capitalization of AIM continues to improve having reached £92.8bn in April, the highest quantum in nearly a decade and an increase of 27% on April 2016. Meanwhile the average market capitalization of AIM constituents has increased for the sixth consecutive month, reaching a new all-time high of £96m, a 33% increase on the comparable point in 2016.

Encouragingly, the average performance of 2017 IPO’s so far is +19.6% (median +11.1%), with the four admissions that have contained a vendor placing having an average share price appreciation of +34%. The near-term pipeline also looks very strong with around ten admissions expected to have completed in May.

OVERVIEW

AIM MARKET Equity raisings since inception

AIM MARKET New and Secondary raisings

Money raised £m Further

Money raised £m New

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 ytd

Money raised £m Further 25 302 350 318 600 1,338 535 486 1,000 1,880 2,481 5,734 9,603 3,214 4,861 5,738 3,661 2,218 2,738 2,962 3,984 3,290 910

Money raised £m New 71 521 342 268 334 1,754 593 490 1,095 2,776 6,461 9,944 6,581 1,108 740 1,219 608.8 703 1,251 2,938 1,344 1,475 655

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 1,565

0

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Money raised £m Further Money raised £m New

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4

NEW ADMISSIONS


There were six new joiners to AIM in April. One came by way of a re-admission, whilst five were conventional IPOs.

The six joiners in April were offset by six departures in the month:

]] Two were forced to delist

]] Two were acquired

]] One was subject of a reverse takeover

]] One transferred to the Main Market

APRIL 2017 - Number of AIM constituents remained at 967

AIM MARKET 2017 Net new admissions / departures

982

967

5

5

5

4

5

6

1

0 0

4 1 0 0

8

3

960

965

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2017


NEW ADMISSIONS TO AIM SINCE INCEPTION

New Money Raised

Number of Admissions

New

Mon

ey R

aise

d (£

k)

Num

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ons

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Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTIONCOUNTRY

OF OPERATION

AMOUNT RAISED

(£M)

MARKET VALUE AT IPO/

ADMISSION (£M)

PERFORMANCE SINCE JOINING

AIM

Integumen Plc Apr 5, 2017 Personal Goods IPO &

Placing

Integumen Plc is a personal health company developing and commercialising technology and products for the human integumentary system (skin and appendages) that may improve physical appearance, hygiene, and general health outcomes. The Company is organised into 4 divisions: Skincare, comprising the products Visible Youth and Clarogel; Oral Care, which contains the TS1 tongue vacuum cleaners; Wound Care, comprising Wound pHase and Hydrogel; and 3D Human Skin Equivalent, which contains Labskin. Both Labskin and the TS1 products have made commercial sales. The company raised £2.25m upon admission which will primarily enable the Company to fund the development, sales,

and marketing of its products in addition to providing working capital.

UK 2.25 8.25 -32.4%

SkinBioTherapeutics Plc

Apr 5, 2017

Pharmaceuticals & Biotechnology

IPO & Placing

Spun out of the University of Manchester, SkinBioTherapeutics is a life sciences company focused on skin-health. Proof of principle studies have shown that the company’s technology platform, SkinBiotix®, can improve the barrier effect of skin models, protect skin models from infection and repair skin models. SkinBiotix® will be used to target three specific markets, cosmetic products for sensitive skin, infection control and dermatological conditions, such as eczema. The £4.5m that was raised upon admission will be used to progress the SkinBiotix® technology for skin protection, skin management and skin restoration, and to accelerate the clinical development of the company’s main

therapeutic candidates.

UK 4.50 10.70 +9.78%

Alpha FX Group Plc Apr 7, 2017 General Financial IPO &

Placing

Alpha FX Group Plc is a UK-based corporate foreign exchange service provider focused on managing exchange rate risk for UK corporates that trade internationally. The company’s client base consists of medium sized corporates that have a requirement to convert currency for a commercial purpose. £30m was raised upon admission, of which £17m will be used to repay minority and principal selling shareholders, the latter being CEO Morgan Tillbrook and Commercial Director Jonathan Currie. The remainder will be used to allow the company to expand the size of its FX forward book. Results for the financial year ended 31 December 2016 saw total transaction volume increase from £1.17bn to £1.81bn, revenue increased 65% from £5.14m to £8.48m, and profit before tax grew 52%

to £4.31m.

UK 30.00 64.20 90.05%

Priced as of 15/05/2017

ADMISSIONS TO AIM - April 2017


COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTIONCOUNTRY

OF OPERATION

AMOUNT RAISED

(£M)

MARKET VALUE AT IPO/

ADMISSION (£M)

PERFORMANCE SINCE JOINING

AIM

Franchise Brands

Apr 11, 2017 General Retailers

Reverse Takeover &

Placing

Founded in 2008 by Stephen Hemsley and Nigel Wray, Franchise Brands is a group of franchisors with over 450 franchisees in 12 countries, though the majority are in the UK. The Group has four main Brands: mobile car paintwork repair specialist ChipsAway, mobile oven cleaning business Ovenclean, dog sitting service provider Barking Mad, and drainage clearance and maintenance service Metro Rod. The company raised £20m upon re-admission to fund the acquisition of Metro Rod, which constituted a reverse takeover. Final Results for the year ended 31 December saw total revenue increase by 11% to £4.8m and a maiden

recommended final dividend of 0.17p per share.

UK 20.00 52.10 41.79%

K3 Capital Group Plc

Apr 11, 2017 Support Services IPO &

Placing

Headquartered in Bolton and employing approximately 100 staff, K3 Capital Group plc is a business and company sales specialist working across the business transfer, business brokerage and corporate finance sectors in the UK. It has three trading subsidiaries, KBS Corporate for corporate or commercial businesses, KBS Corporate Finance for larger or more complex transactions and Knightsbridge for retail and high-street firms. Of the £17.8m that was raised upon admission, £15.7m is for the Executive Vice-Chairman, his wife, and the CEO who are selling down their stake in the business. The remainder will be used for general working capital and to settle a differed consideration liability that arose from the purchase of

the business, assets and goodwill of Triskell.

UK 17.84 40.10 23.16%

Eddie Stobart Logistics Plc

Apr 25, 2017 Support Services IPO &

Placing

Eddie Stobart Logistics Plc is a supply chain and logistics organisation which is focused on growing a balanced portfolio across the E-Commerce, Manufacturing, Industrial & Bulk, Retail, and Consumer sectors. The company operates 2,200 vehicles, 3,800 trailers and 24 distribution centres throughout the UK and Europe and employs approximately 5,500 staff. £393m was raised upon admission, with Neil Woodford taking a 19% stake in the company. £270m of this total was for selling shareholders Stobart Group and DBAY Advisors, whilst the company will use the remainder to pay down its debts, fund growth and complete the £37m acquisition of multichannel logistic specialist IForce to strengthen the company’s

e-commerce capabilities.

UK 392.87 572.70 1.25%


ADMISSIONS TO AIM - April 2017, Continued...


GEOGRAPHICAL BREAKDOWN OF AIM’S 2017 NEW ENTRANTS Number of companies and amounts raised

Canada (1, £5.09m)

USA (1, £32.00m)

UK (12, £615.50m)

Italy (1, £2.50m)

Columbia (1)


2017 AIM ADMISSIONS

There have been 16 admissions to AIM in 2017. However, these have been offset by 31 departures, giving a total number of constituents (as at end of April) of 967. As at end of April 2016 there were 1,013. The number of companies on AIM peaked in December 2007 at 1,694.

£467.5m was raised through the six admissions to AIM in April, with Eddie Stobart Logistics contributing the majority (£392.9m). This gives an average raise of £77.9m, 90% above the 2017 average of £40.9m

The 16 companies that have joined AIM in 2017 (through to the end of April) have raised £655m upon admission. The 2017 joiners had a combined market capitalization upon their respective admissions of £1.12bn giving an average market capitalisation of £69.9m.

12 (or 75%) of the new joiners have their central operations based in the UK and 3 (or 19%) of the joiners are based outside of Europe.

The average share price performance of IPO’s in 2017 is +19.6% (median +11.1%).

BREAKDOWN OF AIM’S 2017 NEW ENTRANTS BREAKDOWN OF THE £655.1M NEW MONEY RAISED IN 2017

Consumer Goods; 1

Consumer Services; 1

Financials; 4

Health Care; 1 Industrials; 3

Oil & Gas; 5

Technology; 1

Consumer Goods; 0.5%

Consumer Services; 3%

Financials; 14%

Health Care; 1%

Industrials; 69%

Oil & Gas; 9%

Technology; 4%


We have calculated that since the beginning of 2016, 35% of the funds raised upon admission to AIM by new companies 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 April 2017, 3 of the 6 companies that raised funds upon admission to AIM performed a Vendor Placing. Throughout 2017, 4 (or 25%) of the 16 new joiners

that raised funds upon admission to AIM have included selling shareholders. Vendor placings in the year so far amount to £314.2m (or 48%) of the total equity placed by new joiners. Eddie Stobart Logistics Plc contributed £270.9m (or 86%) of the total this amount.

2 of the 4 vendor groups have comprised founding shareholders, members of management and/or related parties. The remaining vendor groups have also contained Private Equity houses and Venture Capital funds.

DATE COMPANY VENDORVENDOR

PLACING (£M)PERFORMANCE

SINCE IPO

Apr 25, 2017 Eddie Stobart Logistics Plc BDAY Advisors, Stobart Group 270.87 1.25%

Apr 7, 2017 Alpha FX Group Plc Founders, management and related parties 17.00 90.05%

Apr 11, 2017 K3 Capital Group Plc Founders, management and related parties 15.74 23.16%

Feb 15, 2017 Ramsdens Holdings PlcNorthEdge Capital, Founders,

management and related parties

10.59 39.00%

2017 VENDOR PLACINGS

VENDOR PLACINGS 2017

2017 YTD VENDOR PLACINGS: £314M OF TOTAL £655M2016 VENDOR PLACINGS: £423M OF TOTAL £1,475M

Vendor Placings (£m)

New Issues (£m)

£423.0, 28.7%

£1,051.7, 71.3%

Vendor Placings (£m)

New Issues (£m)

£314.2 , 48.0%

£340.9 , 52.0%


2017 AIM ADMISSIONS Winners and losers

Date Listed Issue type Company SubsectorCountry of Operation

Market Value on admission (£m)

Money Raised (£m)

Issue Price (P)

Current Price

Performance

May 7, 2017 IPO & Placing Alpha FX Group Plc Financials Services UK 64.20 30.00 196.00 372.50 90.1%Feb 24, 2017 IPO & Placing Saffron Energy Plc Exploration & Production Italy 7.69 2.50 5.00 7.25 45.0%Mar 6, 2017 IPO & Placing Anglo African Oil & Gas Plc Exploration & Production UK 10.60 10.00 20.00 28.50 42.5%

May 11, 2017 Reverse Takeover & Placing Franchise Brands Plc General Retailers UK 52.10 20.00 67.00 95.00 41.8%Feb 15, 2017 IPO & Placing Ramsdens Holdings Plc Consumer Finance UK 26.52 15.59 86.00 119.50 39.0%Mar 8, 2017 Placing Re-admission Attraqt Group Plc Software UK 37.20 27.80 35.00 43.50 24.3%

May 11, 2017 IPO & Placing K3 Capital Group Plc Support Services UK 40.10 17.84 95.00 117.00 23.2%Feb 8, 2017 IPO & Placing Eco (Atlantic) Oil & Gas Ltd Exploration & Production Canada 18.92 5.09 16.00 18.00 12.5%

Apr 5, 2017 IPO & Placing Skinbiotherapeutics Plc Pharmaceuticals & Biotechnology UK 10.70 4.50 9.00 9.88 9.8%

Mar 23, 2017 Placing Re-admission Duke Royalty Limited Specialty Finance UK 23.32 15.00 40.00 43.50 8.7%Feb 9, 2017 Introduction Re-admission Nautilus Marine Services Plc Exploration & Production Columbia 5.24 0.00 14.50 15.50 6.9%Jan 5, 2017 Placing Re-admission SigmaRoc Building Materials & Fixtures UK 41.00 40.00 40.00 42.00 5.0%Feb 3, 2017 IPO & Placing Diversified Gas & Oil Plc Exploration & Production UK 68.60 39.65 65.00 66.00 1.5%

May 25, 2017 IPO & Placing Eddie Stobart Logistics Plc Industrial Transportation UK 572.70 392.87 160.00 162.00 1.3%Feb 22, 2017 IPO & Placing GBGI Ltd Life Insurance USA 130.40 32.00 150.00 142.00 -5.3%Apr 5, 2017 IPO & Placing Integumen Plc Personal Goods UK 8.25 2.25 5.00 3.38 -32.4%

Total 655.09 Average 19.6%Median 11.1%



A LOOK BACK AT THE PERFORMANCE OF THE 2016 NEW JOINERS TO AIM



Money Raised (£m)

Issue Price (P)

Current Price

Performance

May 16, 2016 Introduction Re-admission EVR Holdings Plc Software UK 2.43 0.00 1.05 9.13 769.5%Mar 18, 2016 IPO & Placing Blue Prism Group Plc Software UK 48.52 21.09 78.00 618.00 692.3%Mar 29, 2016 IPO & Placing MaxCyte Inc Biotechnology USA 30.43 10.00 70.00 277.50 296.4%May 20, 2016 IPO & Placing SDX Energy Inc Exploration & Production Egypt 14.37 6.89 18.00 67.38 274.3%

Dec 7, 2016 Introduction Re-admission Asian Growth Properties Limited Real Estate Holding & Development China 332.38 0.00 40.00 134.50 236.3%

Mar 31, 2016 Re-admission & Placing Marlowe Plc Business Support Services UK 21.08 3.00 100.00 310.00 210.0%Aug 5, 2016 IPO & Placing Franchise Brands Plc Specialised Consumer Services UK 15.50 3.50 33.00 90.50 174.2%

Mar 29, 2016 IPO & Placing Harwood Wealth Management Group Plc Asset Managers UK 45.03 13.50 81.00 192.50 137.7%May 10, 2016 IPO & Placing Hotel Chocolat Group Plc Food Products UK 167.00 55.51 148.00 344.00 132.4%Jul 26, 2016 Placing Re-admission Concepta Plc Medical Equipment UK 12.42 3.54 7.50 16.75 123.3%Dec 14, 2016 IPO & Placing ECSC Group Plc Computer Services UK 15.00 5.87 167.00 372.50 123.1%Mar 18, 2016 IPO & Placing Cerillion Plc Computer Services UK 22.43 10.00 76.00 144.00 89.5%Apr 27, 2016 Re-admission & Placing Brighton Pier Group Plc (The) Restaurants & Bars UK 17.42 9.52 55.00 102.50 86.4%May 3, 2016 Introduction from Main Market Tribal Group Plc Software UK 87.92 0.00 45.00 83.00 84.4%Mar 17, 2016 IPO & Placing Yu Group Plc Multiutilities UK 26.00 10.00 185.00 341.00 84.3%Jun 30, 2016 Re-admission & Placing Veltyco Group Plc Gambling UK 13.89 0.54 25.00 46.00 84.0%Nov 30, 2016 IPO & Placing Warpaint London Plc Personal Products UK 62.60 23.00 97.00 177.50 83.0%May 26, 2016 IPO & Placing Joules Group Plc Apparel Retailers UK 139.92 77.50 160.00 276.00 72.5%Mar 23, 2016 IPO & Placing Watkin Jones Plc Home Construction UK 255.00 131.34 100.00 165.50 65.5%May 6, 2016 IPO & Placing Midwich Group Plc Business Support Services UK 165.25 75.21 208.00 331.75 59.5%Sep 12, 2016 IPO & Placing Aura Energy Ltd General Mining Australia 7.45 2.29 1.14 1.80 57.9%Nov 14, 2016 IPO & Placing Angus Energy Plc Exploration & Production UK 12.89 3.50 6.00 9.25 54.2%Aug 24, 2016 IPO & Placing Loopup Group plc Software UK 40.80 8.50 100.00 152.50 52.5%Aug 30, 2016 Introduction Re-admission BOS Global Hldgs NL Nonferrous metals Australia 5.31 0.00 8.00 11.88 48.5%

Jun 10, 2016 IPO & Placing Accrol Group Holdings Plc Nondurable Household Products UK 93.01 63.48 100.00 143.00 43.0%

Jun 9, 2016 IPO & Placing Mereo Biopharma Group Plc Biotechnology UK 142.20 14.80 221.00 302.50 36.9%Apr 28, 2016 Re-admission & Placing Maintel Holdings Plc Business Support Services UK 99.24 24.00 700.00 950.00 35.7%Nov 16, 2016 IPO & Placing Freeagent Holdings Plc Software UK 34.10 10.70 84.00 112.50 33.9%Dec 19, 2016 IPO & Placing Big Sofa Technologies Group Plc Software UK 9.65 6.11 17.00 22.25 30.9%May 27, 2016 IPO & Placing Directa Plus Plc Specialty Chemicals Italy 33.16 12.78 75.00 91.50 22.0%Nov 2, 2016 IPO & Placing Filta Group Holdings Plc Business Support Services UK 22.40 6.20 83.00 101.00 21.7%May 5, 2016 IPO & Placing Morses Club Plc Consumer Finance UK 139.86 68.53 108.00 128.00 18.5%Apr 13, 2016 IPO & Placing Pacific Industrial & Logistics REIT Plc Diversified REITs UK 10.32 10.18 100.00 118.50 18.5%



A LOOK BACK AT THE PERFORMANCE OF THE 2016 NEW JOINERS TO AIM, Continued...



Money Raised (£m)

Issue Price (P)

Current Price

Performance

Jun 15, 2016 IPO & Placing Draper Espirit Plc Speciality Finance UK 122.02 79.00 300.00 352.00 17.3%Feb 26, 2016 IPO & Placing Shield Therapeutics Plc Pharmaceuticals UK 162.20 32.50 150.00 167.50 11.7%May 10, 2016 Re-admission & Placing Be Heard Group Plc Internet UK 21.20 8.12 3.25 3.60 10.8%Jan 14, 2016 Re-admission & Placing CityFibre Infrastructure Holdings Plc Fixed Line Telecommunications UK 132.84 80.00 50.00 55.00 10.0%Jun 15, 2016 IPO & Placing Mkango Resources Ltd General Mining Malawi 2.34 1.00 3.30 3.63 10.0%Dec 9, 2016 IPO & Placing Creo Medical Group Plc Medical Equipment UK 61.34 20.00 76.00 82.00 7.9%

May 12, 2016 IPO & Placing Green & Smart Holdings Plc Alternative Electricity Malaysia 24.90 4.00 9.00 9.63 7.0%Jul 26, 2016 Placing Re-admission Tax Systems Plc Software UK 60.42 45.00 67.00 71.50 6.7%Jan 21, 2016 Re-admission & Placing Coretx Holdings Plc Software UK 51.77 30.00 30.00 31.50 5.0%Aug 26, 2016 Introduction APQ Global Ltd Specialty Finance UK 78.10 0.00 100.00 104.50 4.5%

Feb 16, 2016 IPO & Placing Circle Property Plc Real Estate Holding & Development UK 42.14 1.20 149.00 153.50 3.0%

Oct 7, 2016 Re-admission & Placing Premier Asset Management Group Plc Asset Managers UK 139.70 63.70 132.00 134.00 1.5%May 18, 2016 IPO & Placing Oncimmune Holdings Plc Biotechnology UK 66.33 11.00 130.00 131.00 0.8%Apr 19, 2016 Re-admission & Placing Amryt Pharma Plc Pharmaceuticals Ireland 50.00 10.00 24.00 23.38 -2.6%Sep 21, 2016 Placing Re-admission San Leon Energy Plc Exploration & Production Morocco 199.40 170.28 45.00 43.63 -3.0%Jun 14, 2016 IPO & Placing Time Out Group Plc Publishing UK 195.00 90.02 150.00 135.00 -10.0%

Jul 8, 2016 IPO & Placing Dorcaster Plc Non equity Investment Instruments UK 16.10 9.66 161.00 144.50 -10.2%

Apr 1, 2016 Re-admission & Placing Totally Plc Health Care Providers UK 12.40 6.20 62.00 55.50 -10.5%Dec 2, 2016 Introduction admission ThinkSmart Ltd Specialty Finance UK 22.20 0.00 23.00 20.00 -13.0%Jul 26, 2016 IPO & Placing SEC Spa Media Agencies Italy 18.46 3.36 151.00 130.00 -13.9%Oct 26, 2016 IPO & Placing Van Elle Holdings Plc Heavy Construction UK 80.00 40.00 100.00 85.50 -14.5%Mar 22, 2016 Re-admission & Placing SalvaRx Group Plc Biotechnology UK 12.95 1.95 35.50 30.00 -15.5%Dec 6, 2016 IPO & Placing Oxford BioDynamics Plc Biotechnology UK 136.04 20.00 158.00 129.00 -18.4%

Mar 21, 2016 Introduction Re-admission OneView Group plc Computer Services UK 17.55 0.00 5.00 4.00 -20.0%Aug 22, 2016 Placing Re-admission Autins Group Plc Auto Parts UK 37.10 26.60 168.00 128.50 -23.5%Jun 21, 2016 IPO & Placing Comptoir Group Plc Restaurants & Bars UK 48.00 16.00 50.00 37.50 -25.0%Apr 15, 2016 IPO & Placing Osirium Technologies Plc Software UK 16.22 8.82 156.00 104.50 -33.0%Feb 1, 2016 Introduction Re-admission Management Resource Solutions Plc Business Support Services Australia 10.50 0.00 23.00 15.13 -34.2%

May 24, 2016 IPO & Placing Guscio Plc Software UK 5.41 1.50 4.00 2.50 -37.5%Feb 12, 2016 IPO & Placing Cogenpower Plc Alternative Fuels Italy 10.03 1.00 20.00 10.00 -50.0%May 16, 2016 Re-admission & Placing Andalas Energy and Power Plc Exploration & Production Indonesia 4.84 2.68 0.20 0.10 -50.0%

Total 1474.66 Average 63.5%Median 18.5%


15

SECONDARY FUNDRAISES


APRIL 2017 OVERVIEW

Though slightly lower than the figure recorded in March, April was a respectable month for secondary market fundraising with £256m being raised, 12% below the monthly average over the last 12 months. The number of secondary issues was much reduced falling from 57 in March to 39 in April. However, the average raise was the highest so far this year (£6.6m). Thus far this year, £910m has been raised through the secondary market, 34% above the comparable point in 2016.

IGas Energy Plc (IGAS.L, £126m) is a UK onshore oil and gas explorer and producer. Focused on the North West, the East Midlands and the Weald Basin in Southern England, IGas has a portfolio of over 100 assets which produce 2,500 boepd. The £48.6m that was raised will be used to facilitate a capital restructuring

which will be sustainable in the current oil price environment. The terms of the restructuring will see a debt for equity swap in respect of all unsecured bonds, and a debt for equity swap in respect of some of the secured bonds. This will see net debt reduce from $122m at 31 December 2016 to not more than $10m. Results for the year ended 31st December 2016 saw EBITDA decrease 44% from £18.3m to £10.2m. However, revenue increased from £25.1m to £30.5m and loss after tax decreased from £44.8m to £32.9m.

Based in South Africa, Pan African Resources Plc (PAN.L, £335m) is a precious metals producer. It currently has six different operations which produce more than 200,000oz of gold per annum, 10,000oz of platinum group metals

and approximately 400,000 tonnes of saleable coal annually. The company raised £40.8m and the shares have been admitted to trading on both AIM and the Johannesburg Stock Exchange (JSE). The proceeds of the fundraise will be used to fast track development of the Company’s Elikhulu Tailings Project in South Africa, following publication of the Definitive Feasibility Study for the Project announced on 5 December 2016. This will also be funded by a $72.3m underwritten seven-year debt facility which has been agreed in principle with Rand Merchant Bank.

Abzena Plc (ABZA.L, £71m) incorporates the businesses of Antitope, PacificGMP, PolyTherics, The Chemistry Research Solution (TCRS) and Warwick Effect Polymers. It is a life sciences group which

provides proprietary technologies and complementary services to organisations involved in the development and manufacture of biopharmaceutical products. Abzena works with most of the top 20 pharmaceutical companies and twelve antibodies which have been created using Abzena’s technologies are currently being progressed through clinical development. It is headquartered in Cambridge and has two sites in the US in California and Pennsylvania. The company raised £25m which will be used to further expand service offering, capacity, and capabilities to meet customer demand.

AIM FURTHER EQUITY RAISINGS BREAKDOWN OF APRIL 2017 FUNDS RAISED

Mone

y Rai

sed

(£m

)

Num

ber o

f Tra

nsac

tions

Money Raised (£m) Number of Transactions

-

100

200

300

400

500

600

700

800

0

10

20

30

40

50

60

70

Jan

15

Feb

15

Mar 1

5 Ap

r 15

May 1

5 Ju

n 15

Ju

l 15

Aug

15

Sep

15

Oct 1

5 No

v 15

Dec 1

5 Ja

n 16

Fe

b 16

Ma

r 16

Apr 1

6 Ma

y 16

Jun

16

Jul 1

6 Au

g 16

Se

p 16

Oc

t 16

Nov 1

6 De

c 16

Jan

17

Feb

17

Mar 1

7 Ap

r 17

Basic Materials; 1%


General Financial; 14%

Health Care; 27%

Mining; 18%

Oil & Gas; 22%

Technology; 9%

Telecommunications; 1%

Total Industrials; 6%

17

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

IGAS ENERGY PLC Oil & Gas Producers Exploration & Production UK 48.57

PAN AFRICAN RESOURCES PLC Mining Gold Mining South Africa 40.81

ABZENA PLC Pharmaceuticals & Biotechnology Biotechnology UK 25.00

MAXCYTE INC Pharmaceuticals & Biotechnology Biotechnology USA 20.01

MEREO BIOPHARMA GROUP PLC Pharmaceuticals & Biotechnology Biotechnology UK 15.00

ACCSYS TECHNOLOGIES PLC Construction & Materials Building Materials & Fixtures UK 14.02

BNN TECHNOLOGY PLC Software & Computer Services Internet China 12.50

PRIVATE & COMMERCIAL FIN GROUP PLC Financial Services Specialty Finance UK 10.50

HARWOOD WEALTH MANAGEMENT GROUP PLC Financial Services Asset Managers UK 10.43

AFH FINANCIAL GROUP PLC Financial Services Asset Managers UK 10.00

C4X DISCOVERY HOLDINGS PLC Pharmaceuticals & Biotechnology Biotechnology UK 7.00

CORERO NETWORK SECURITY PLC Software & Computer Services Software UK 5.60

METAL TIGER PLC Financial Services Specialty Finance UK 4.85

OROGEN PLC Mining Gold Mining UK 3.47

CYANCONNODE HOLDINGS PLC Technology Hardware & Equipment Telecommunications Equipment UK 3.24

AUDIOBOOM GROUP PLC Media Broadcasting & Entertainment UK 3.22

TLOU ENERGY LIMITED Oil & Gas Producers Exploration & Production Australia 3.11

HAYDALE GRAPHENE INDUSTRIES PLC Chemicals Specialty Chemicals UK 2.79

LGO ENERGY PLC Oil & Gas Producers Exploration & Production UK 2.50

VELTYCO GROUP PLC Travel & Leisure Gambling Isle of Man 2.19

AKERS BIOSCIENCES, INC Health Care Equipment & Services Medical Supplies USA 1.62

PEOPLE'S OPERATOR PLC (THE) Mobile Telecommunications Mobile Telecommunications UK 1.58

ECHO ENERGY PLC Oil & Gas Producers Exploration & Production UK 1.45

DEFENX PLC Software & Computer Services Software UK 1.03

TETHYAN RESOURCES PLC Mining Gold Mining Papua New Guinea 1.00

KARELIAN DIAMOND RESOURCES PLC Mining Diamonds & Gemstones Ireland 0.77

INFINITY ENERGY S.A Financial Services Specialty Finance Luxembourg 0.60

MAYAN ENERGY LIMITED Oil & Gas Producers Exploration & Production USA 0.60

ACCESSO TECHNOLOGY GROUP PLC Software & Computer Services Software USA 0.50

MYSQUAR LIMITED Software & Computer Services Software Vietnam 0.48

SABIEN TECHNOLOGY GROUP PLC Electronic & Electrical Equipment Electronic Equipment UK 0.48

REABOLD RESOURCES PLC Financial Services Specialty Finance UK 0.37

Information sourced from London Stock Exchange, Allenby Capital, transactions shown ≥£100k

ANALYSIS OF APRIL’S £257M SECONDARY ISSUES

18 Information sourced from London Stock Exchange, Allenby Capital, transactions shown ≥£100k

ANALYSIS OF APRIL’S £257M SECONDARY ISSUES, Continued...

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

PCG ENTERTAINMENT PLC Travel & Leisure Gambling China 0.35

REGENCY MINES PLC Mining General Mining Papua New Guinea 0.32

MALVERN INTERNATIONAL PLC Support Services Business Training & Employment Agencies Singapore 0.26

ULTIMATE SPORTS GROUP PLC Financial Services Specialty Finance UK 0.21

WESTMOUNT ENERGY LD Oil & Gas Producers Exploration & Production UK 0.20

SYMPHONY ENVIRONMENTAL TECH. PLC General Industrials Containers & Packaging UK 0.14

TAVISTOCK INVESTMENTS PLC Financial Services Specialty Finance UK 0.10


2017 AIM SECONDARY FUNDRAISINGS

A total of £910m has been raised in 2017 through secondary issues. This is 35% higher than the total amount raised in the corresponding period in 2016 (£675m).

There have been 165 secondary issues so far in 2017 (≥100k), equating to an average raise of £5.5m). The average issue size in FY 2016 amounted to £5.7m, in FY 2015 to £7.4m, in FY 2014 to £5.6m, and in FY2013 to £5.1m.

Of the 165, 72 were for a value equal to or less than £1m. None have been more than £50.0m.

The Healthcare sector has been the largest contributor to the £910m having raised £204m (or 22.4%) of the amount. The Financials and Industrials sectors have been the second and third largest contributors respectively. Companies operating in the Health Care sector have recorded the largest average raise at £10.2m. Real Estate and Financials have recorded the second and third largest average raises, at £10.0m and £7.5m respectively.

With regards the number of issues, the Mining sector leads the way so far in 2017 with 37, or 22%, of total issues.

DATE COMPANY SUB SECTOR MONEY RAISED (£M)

Mar 14, 2017 Purplebricks Group Real Estate Services 50.0

Apr 4, 2017 Igas Energy Plc Exploration & Production 48.6

Mar 20, 2017 Learning Technologies Group Plc Business Training & Employment Agencies 46.5

Apr 19, 2017 Pan African Resources Plc Gold Mining 40.8

Feb 16, 2017 Rws Holdings Business Support Services 40.0

Feb 17, 2017 Mercia Technologies plc Specialty Finance 40.0

Mar 28, 2017 Caretech Holdings Plc Health Care Providers 39.1

Jan 27, 2017 Sdx Energy Inc Exploration & Production 32.1

Apr 24, 2017 Abzena Biotechnology 25.0

Jan 24, 2017 Fastjet Plc Airlines 23.4

ANALYSIS OF 2017 FUND RAISINGS BY SIZE

LARGEST SECONDARY FUNDRAISINGS 2017BREAKDOWN OF THE £910M RAISED IN 2017 YTD

Num

ber o

f tra

nsac

tions

Size of raise (£m)

72

23 29

14 19

8 0 0

0

10

20

30

40

50

60

70

80

0.10-1 1-2 2-5 5-10 10-25 25-50 50-100 100<

Basic Materials; 1%


General Financial; 14%

Health Care; 27%

Mining; 18%

Oil & Gas; 22%

Technology; 9%

Telecommunications; 1%

Total Industrials; 6%


GEOGRAPHICAL BREAKDOWN OF AIM’S 2017 SECONDARY FUNDRAISES Number of issues and amounts raised

Canada (4, £10.38m)

USA (8, £47.55m)

UK (91, £693.78m)

Western Europe (12, £15.65m)

Africa (21, £57.72m)

Latin America (3, £8.62m)

Russia and CIS (3, £7.60m)

Central & Eastern Europe (1, £5.62m)

China, (5, £14.65m)

Asia Pacific (8, £3.25m)

India & Bangladesh(2, £10.01m)

Australia (7, £34.69m)

21

TRADING VOLUMES


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

AIM stocks traded on average 5.69% of their market capitalisation in April, down from the 8.82% recorded in March 2017. The average daily number of bargains struck in April, at 46,595 was above the average daily amount in the first four months of 2017 (at 42,595 bargains struck per day).

In terms of value, total trading on AIM amounted to £5,073m in April, a decrease of 11.7% on March’s total (5,747m). Per business day, this figure totals £281.8m. The average bargain size during the month (at £6,049) was 5% above the average bargain size in the first 4 months of 2017.

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

Average Volume

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

Jan-17 Feb-17 Mar-17 Apr-17

TRADING VOLUMES - Liquidity drops to 5.69% in April

LIQUIDITY AT 5.69% IN APRIL

LIQUIDITY MOST CONCENTRATED IN AIM’S MICRO CAPS

% M

kt C

ap tr

aded

per

mon

th

Market Cap (£m)

9.9

12.6

6.0 5.3

4.9

3.3 4.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

0-2 2-5 5-10 10-25 25-50 50-100 >100

23

ASOS PLC (ASC.L, £4,855m), the online fashion retailer for 20-somethings, was the most traded stock on AIM for the fourth time this year with £828m worth of shares changing hands. This is 9% above March’s figure (£756m), 20% above the 2017 average of £688m and is the highest monthly total for ASOS in 2017. Over the course of the year so far, £2.7bn of ASOS shares have been traded, representing 13.8% of total trading on AIM. Meanwhile the amount traded in April is 16.3% of the total trading of AIM in that month. Trading was particularly high following the release of interim results on April 4th which saw the share price fall by 6%, though it has since recovered.

Boohoo.com Plc (BOO.L, £2,117m) regained its place as the second most traded stock on AIM in April with £312m worth of shares changing hands. Boohoo.com is a UK online fashion retailer targeting 16-24 year olds which currently sells products into over 100 countries and has 2.3 million active customers. Trading was particularly high following the 26th of April when the company’s final results were released. Results showed revenue grew by 51% to £294m, profit before tax increased from £15.6m to £30.9m and basic earnings per share increase 97% to 2.19p.

Fevertree Drinks Plc (FEVR. L, £1,876m) the world leading supplier of premium carbonated mixers for alcoholic spirits was the third most traded stock on AIM with £166m worth of shares being traded. Published on April 4th, Fevertree’s 2016 Annual Report saw 200m bottles sold, revenue increase by 73% to £102.2m and adjusted EBITDA growing from £18.2m to £35.8m, an increase of 97%. Trading was evenly spread across the month.

Information sourced from London Stock Exchange and Allenby Capital

APRIL’S MOST LIQUID STOCKS ON A RELATIVE BASISAPRIL’S MOST TRADED STOCKS BY VALUE

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

INFINITY ENERGY S.A 5.45 2.37 230.3%

URU METALS LD 19.89 18.88 105.4%

MYSQUAR LIMITED 4.83 5.01 96.3%

PCG ENTERTAINMENT PLC 1.66 2.23 74.4%

HERENCIA RESOURCES PLC 2.15 3.25 66.1%

MINERAL & FINANCIAL INVESTMENTS LD 3.02 4.91 61.4%

ANGLO AFRICAN OIL & GAS PLC 9.34 15.48 60.3%

ASCENT RESOURCES PLC 18.13 32.16 56.4%

GRAPHENE NANOCHEM PLC 4.81 8.54 56.3%

MAYAN ENERGY LIMITED 0.78 1.41 55.5%

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

ASOS PLC 827.93 4855.62 17.1%

BOOHOO.COM PLC 312.92 2117.43 14.8%

FEVERTREE DRINKS PLC 166.27 1876.12 8.9%

PURPLEBRICKS GROUP PLC 115.59 798.65 14.5%

SOUND ENERGY PLC 103.45 497.05 20.8%

HIGHLAND GOLD MINING LD 102.55 469.95 21.8%

BURFORD CAPITAL LIMITED 92.10 1624.26 5.7%

ABCAM PLC 90.44 1746.64 5.2%

IQE PLC 87.87 422.80 20.8%

DART GROUP PLC 83.93 902.11 9.3%

TRADING VOLUMES - Liquidity on AIM at 5.69% in April, 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 April 2017, the average daily volume was 46,591 an increase of 121% on the July 2013 total.

The market is still a long way 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 April 2017, £5.1bn was traded, with an average trade size of £6,048.

A combination of factors appears to have increased retail appetite for investing in AIM over the past few years. The improvement in the UK and indeed the global economy and the increased appetite amongst retail investors for direct equity investment have been of significance. The qualification of AIM stocks for inclusion 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 the current £20,000.

Monthly turnover value £m

£m

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Jan-

01

Jun-

01

Nov-

01

Apr-

02

Sep-

02

Feb-

03

Jul-0

3 De

c-03

M

ay-0

4 Oc

t-04

M

ar-0

5 Au

g-05

Ja

n-06

Ju

n-06

No

v-06

Ap

r-07

Se

p-07

Fe

b-08

Ju

l-08

Dec-

08

May

-09

Oct-

09

Mar

-10

Aug-

10

Jan-

11

Jun-

11

Nov-

11

Apr-

12

Sep-

12

Feb-

13

Jul-1

3 De

c-13

M

ay-1

4 Oc

t-14

M

ar-1

5 Au

g-15

Ja

n-16

Ju

n-16

No

v-16

Ap

r-17

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

10,000

15,000

20,000

25,000

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

Jan-

01

Jun-

01

Nov-

01

Apr-0

2 Se

p-02

Fe

b-03

Ju

l-03

Dec-

03

May-

04

Oct-0

4 Ma

r-05

Aug-

05

Jan-

06

Jun-

06

Nov-

06

Apr-0

7 Se

p-07

Fe

b-08

Ju

l-08

Dec-

08

May-

09

Oct-0

9 Ma

r-10

Aug-

10

Jan-

11

Jun-

11

Nov-

11

Apr-1

2 Se

p-12

Fe

b-13

Ju

l-13

Dec-

13

May-

14

Oct-1

4 Ma

r-15

Aug-

15

Jan-

16

Jun-

16

Nov-

16

Apr-1

7

25

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 £96m. As of 30 April 2017, 213 AIM constituents exceeded the £100m valuation mark. Ten companies were valued at greater than £1bn.

Over the past 36 months, AIM has slowly transferred into becoming more of a platform for UK based companies, as investors have shied away from Natural Resources stocks (typically not located in the UK), and similarly the recovery of the UK economy has been stronger than that of other economies. 33% of new joiners to the market in 2012 were headquartered in the

UK; in 2013, this rose to 57%; for each of 2014 and 2015 this figure was 67%, and in 2016 this was 78%. In 2017 12 (75%) of the new joiners have been UK based.

Nevertheless, the market still hosts businesses operating across a vast range of geographies. 83 countries in total host the central operations of at least one AIM company, while many more play host to non-core operations.

Average Market Cap (£m)

(£m

)

0

20

40

60

80

100

120

Jan-

01

Jan-

02

Jan-

03

Jan-

04

Jan-

05

Jan-

06

Jan-

07

Jan-

08

Jan-

09

Jan-

10

Jan-

11

Jan-

12

Jan-

13

Jan-

14

Jan-

15

Jan-

16

Jan-

17

AN ANALYSIS OF AIM’S CONSTITUENTS

MARKET CONSTITUENTS BY SECTOR (MKT CAP)

AVERAGE MKT CAP SIZE

AIM AVERAGE MKT CAP OF £96M, MEDIAN MKT CAP OF £26.90M

Alternative Energy; 1%

Basic Materials; 2%

Consumer Goods; 9%


Financials; 11%

Health Care; 13%

Industrials; 15%

Mining; 5%

Oil & Gas; 7%

Real Estate; 5%

Technology; 11%

Telecoms; 1% Utilities; 1%

Num

ber o

f com

pani

es

Market Cap (£m)

66

97 103

197

150 141 125

52

26 10

0

50

100

150

200

250

0-2

2-5

5-10

10-2

5

25-5

0

50-1

00

100-

250

250-

500

500-

1,00

0

> 1

,000


AIM an international small cap market

TOTAL COMPANIES DOWN 43% FROM THE 2007 PEAK

28% OF COMPANIES ARE INCORPORATED OUTSIDE OF THE UK BUT 35% OF COMPANIES HAVE THEIR MAIN OPERATIONS OVERSEAS

International UK

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Total 121 252 308 312 347 524 629 704 754 1021 1399 1,634 1,694 1,550 1,293 1,195 1,143 1,096 1,092 1,104 1,044 982 967

International Central Operations 3 17 22 21 22 31 42 50 60 116 220 304 347 317 241 228 225 225 502 481 436 347 339

UK Central Operations 118 235 286 291 325 493 587 654 694 905 1,179 1330 1347 1233 1052 967 918 871 590 623 608 635 628

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Num

ber o

f com

pani

es

Num

ber o

f com

pani

es

Location of assets

630

59 50 41 30 27 24 22 21 18 13 12 10 4 3 3 0

100 200 300 400 500 600 700

UK

Afric

a

Wes

tern

Eur

ope

USA

Russ

ia a

nd C

IS

Asia

Pac

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Aust

ralia

Chin

a

Latin

Am

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a

Indi

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Bang

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sh

Isra

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Cana

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Cent

ral a

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aste

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urop

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Mid

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of M

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Othe

r offs

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Country of Incorporation

Num

ber o

f com

pani

es 704

37 32 30 27 25 2222 12 11 9 7 5 5 3 2 2 1 1 1 1 1 1 1 1 1 1 1 1 0

100 200 300 400 500 600 700 800

UK

Jers

ey

Isle

of M

an

Guer

nsey

Briti

sh V

irgin

Isla

nds

Caym

an Is

land

s Ei

re

Aust

ralia

Cana

da

USA

Berm

uda

Isra

el

Cypr

us

Gibr

alta

r Si

ngap

ore

Luxe

mbo

urg

Sout

h Af

rica

Finl

and

Hong

Kon

g Be

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(Brit

ish

Hond

uras

) Fa

lkan

d Is

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s Ge

rman

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s Ba

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In

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Mal

aysi

a M

alta

Za

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ly


AIM’S LARGEST

COMPANY SUBSECTOR COUNTRY OF OPERATION MARKET CAPITALISATION £M

ASOS PLC General Retailers UK 4,855.62

BOOHOO.COM PLC General Retailers UK 2,117.43

FEVERTREE DRINKS PLC Beverages UK 1,876.12

HUTCHISON CHINA MEDITECH LD Pharmaceuticals & Biotechnology China 1,801.73

ABCAM PLC Pharmaceuticals & Biotechnology UK 1,746.64

BURFORD CAPITAL LIMITED General Financial UK 1,624.26

ASIAN GROWTH PROPERTIES LD Real Estate Investment & Services China 1,143.39

BREEDON GROUP PLC Construction & Materials UK 1,085.22

JAMES HALSTEAD PLC Construction & Materials UK 1,008.98

CLINIGEN GROUP PLC Pharmaceuticals & Biotechnology UK 1,007.07

DART GROUP PLC Travel & Leisure UK 902.11

CVS GROUP PLC General Retailers UK 840.00

SECURE INCOME REIT PLC Real Estate Investment Trusts UK 806.88

PURPLEBRICKS GROUP PLC Real Estate Investment & Services UK 798.65

ORIGIN ENTERPRISES PLC Food Producers Ireland 792.75

INDUS GAS LD Oil & Gas Producers India 791.36

RWS HOLDINGS PLC Support Services UK 786.77

HURRICANE ENERGY PLC Oil & Gas Producers UK 706.76

DATATEC LD Software & Computer Services South Africa 688.89

NICHOLS PLC Beverages UK 682.35

MULBERRY GROUP PLC Personal Goods UK 671.37

FIRST DERIVATIVES PLC Software & Computer Services UK 652.39

SOLGOLD PLC Mining Ecuador 626.63

SCAPA GROUP PLC Chemicals UK 602.18

EMIS GROUP PLC Software & Computer Services UK 594.49



In April, fund raising on the Main Market slipped following a stellar previous month. Three companies joined the market, however, none of them raised money upon admission. This sees £1,253m raised so far in 2017 from 25 new joiners. Both the quantum of funds raised and the number of new joiners has improved since the comparable point in 2016 when 18 new joiners has raised £1,107m. The secondary

market saw £1.65bn being raised, a fall of 9% from March’s total. 4 companies raised over £100m, with Tullow Oil Plc and Cobham Plc raising most of the overall figure through rights issues for £617m and £512m respectively. This sees £4.7bn raised through the secondary issues so far in 2017 and £5.9bn raised through both primary and secondary issues.

MAIN MARKET OVERVIEW

EQUITY RAISING SINCE 1999

LARGEST PRIMARY RAISINGS 2017

MAIN MARKET NEW AND SECONDARY RAISINGS

NEW ADMISSIONS TO MAIN MARKET SINCE 1999

Number of Admissions Money raised £m New

0

50

100

150

200

250

0

5000

10000

15000

20000

25000

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

ytd


Fund

s ra

ised

(£m

)

0

10000

20000

30000

40000

50000

60000

70000

80000

90000

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

ytd


£0

£1,000

£2,000

£3,000

£4,000

£5,000

£6,000

£7,000

Aug-

14

Sep-

14

Oct-

14

Nov-

14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-

15

May

-15

Jun-

15

Jul-1

5 Au

g-15

Se

p-15

Oc

t-15

No

v-15

De

c-15

Ja

n-16

Fe

b-16

M

ar-1

6 Ap

r-16

M

ay-1

6 Ju

n-16

Ju

l-16

Aug-

16

Sep-

16

Oct-

16

Nov-

16

Dec-

16

Jan-

17

Feb-

17

Mar

-17

Apr-

17

DATE COMPANY NAME SUB SECTOR AMOUNT RAISED (£M)

Mar 27, 2017 Biopharma Credit Plc Equity Investment Instruments £426.17

Mar 13, 2017 Ocelot Partners Ltd Nonequity Investment Instruments £341.38

Mar 7, 2017 Impact Healthcare REIT PLC Health Care Providers £146.17

Feb 27, 2017 Lxi REIT Plc Diversified REITs £138.15

Feb 22, 2017 Arix Bioscience Plc Specialty Finance £100.00

30

ALLENBY CAPITAL OVERVIEW

31

ALLENBY CAPITAL an AIM nomad & broker

* Broker only client Information sourced from London Stock Exchange and Allenby Capital

NORWAY

Kodal Minerals Mining (Phosphate)

FINLAND

Karelian Mining (Diamonds)

Trafalgar New Homes Construction

Tricor Investment Company

TyraTech* Specialty Chemicals

Vela Technologies Investment Company

Work Group Investment Company

Zenith Energy Natural resources

UNITED KINGDOM cont... IRELAND

Conroy Gold Mining (Gold)

HONG KONG / CHINA

MoneySwap FX Payment systems

PCG Entertainment Gaming

Walcom Animal Feed

RUSSIA

Urals Energy Oil & Gas

DUBAI

Tejoori Investment Company

SOUTH EAST ASIA

AAA Investment Company

Wishbone Mining (Gold)

MALAYSIA

CSF Group Data centres

Mayair Support Services

Medilink Global UK Support Services

MobilityOne Support Services

ISRAEL

MTI Wireless Edge Technology

Servision CCTV Security Systems

ITALY

Cogenpower Power Generation

SPAIN

Mirada Technology

AUSTRALIA

Cap-XX Technology

Stratmin Global resources Mining

UNITED KINGDOM

Access Intelligence Software

Audioboom Media

Biome Technologies Chemicals

Boxhill Technologies Gaming

Braveheart Financial Services

Caledonian Trust UK Property

Cellcast Media

The Character Group* Toys

Cluff Natural Resources Natural Resources

Crystal Amber Investment Fund

Feedback Medical Equipment

Forbidden Technologies Technology

Franchise Brands Consumer Services

Fulham Shore Consumer Discretionary

Gfinity TMT

Guscio Technology

Infrastrata Gas Storage

Kellan Group Recruitment

London Capital Group Spread Betting

Newmark Security Support Services

Norman Broadbent Recruitment

Palace Capital Commercial Property

Panther Securities Property

Pipehawk Industrial Engineering

Plastics Capital* Chemicals

Reach4EntertainmentMedia & Entertainment

Slingsby Engineering

Spec. Inv. Properties Property

Tau Capital General Financial

Tavistock Investments* Financial Services

Totally Software

NORTH AMERICA

Rose Petroleum Oil & Gas

TekCapital Specialty Finance


ALLENBY CAPITAL – one of the larger advisers on AIM

Number of AIM Nomad clients95

73

58 56 53 51

48

42 40 38 36 36 34 34 29 29 28 27

24 22 22 19 18 17 16 15

12 9

6 5 4 1

0

10

20

30

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l Ltd


ALLENBY CAPITAL TRANSACTION RECORD

CLIENT SECTOR LOCATION TRANSACTION DATE ALLENBY CAPITAL’S ROLEPlastics Capital Industrials UK £3.75m fundraise May-17 Joint Broker

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

Audioboom Media UK £4m fundraise Mar-17 Nomad & BrokerTotally Healthcare IT UK £18m fundraise Mar-17 Nomad & Joint Broker

Infrastrata Gas storage UK £0.75m fundraise Feb-17 Nomad & BrokerTekcapital IP & Tech transfer USA £2.4m fundraise Jan-17 Nomad & Broker

CAP-XX Technology Australia £2.4m fundraise Jan-17 Nomad & BrokerForbidden Technologies Technology UK £3.0m fundraise Dec-16 Nomad & BrokerTavistock Investments Financial Services UK £2.1m fundraise Nov-16 Broker

Cluff Natural Resources Natural Resources UK £1.8m fundraise Oct-16 BrokerR4E Media & Entertainment UK/US £2.0m fundraise Oct-16 Nomad & Broker

The Fulham Shore Consumer Discretionary UK £3m vendor placing Oct-16 Nomad & BrokerTrucost Data provision UK £15m takeover Sep-16 Rule 3 Advisor

Norman Broadbent Recruitment UK £2.3m fundraise Sep-16 Nomad & BrokerFranchise Brands Consumer Services UK IPO & £3.5m fundraise Aug-16 Nomad & Broker

Gfinity Gaming UK £3.7m fundraise Jul-16 Nomad & BrokerGuscio Software UK Acquisition & £1.5m fundraise May-16 Nomad & Broker

Forbidden Technologies Technology UK £1.3m fundraise May-16 Nomad & BrokerCluff Natural Resources Natural Resources UK $1.0m fundraise Apr-16 Joint Broker

Totally Healthcare IT UK Acquisition & £6.2m fundraise Mar-16 Nomad & BrokerCogenpower Clean power generation Italy IPO & £1m fundraise Feb-16 Nomad & Broker

AFH Financial Financial Services UK £6.4m fundraise Dec-15 Nomad & BrokerR4E Media & Entertainment UK/US £4.0m fundraise Dec-15 Nomad & Broker

Tyratech Speciality Chemicals UK/USA £3.2m fundraise Nov-15 BrokerTotally Healthcare IT UK £1.05m fundraise Sep-15 Nomad & Broker

K&C REIT Property UK IPO & £3.6m fundraise Jul-15 Nomad & BrokerCyan Group Technology UK £4.6m fundraise Jun-15 Nomad & Broker

Character Group Leisure UK £6.4m Director placing Jun-15 Placing AgentPalace Capital Property UK Acquisition & £20m fundraise May-15 Nomad & Joint BrokerAFH Financial Financial Services UK £0.75m fundraise May-15 Nomad & Broker

Rose Petroleum Oil & Gas USA £3.1m fundraise May-15 Nomad & BrokerCAP-XX Technology Australia £1.0m fundraise May-15 Nomad & BrokerMayAir Air Filtration Singapore IPO & £16.2m fundraise May-15 Nomad

Tekcapital IP & Tech transfer USA £2.2m fundraise May-15 Nomad & Joint BrokerThe Fulham Shore Consumer Discretionary UK £4.75m fundraise Mar-15 Nomad & Broker


ALLENBY CAPITAL TRANSACTION RECORD Continued...

CLIENT SECTOR LOCATION TRANSACTION DATE ALLENBY CAPITAL’S ROLECluff Natural Resources Natural Resources UK £2.2m fundraise Mar-15 Joint Broker

CAP-XX Technology Australia £1.2m fundraise Mar-15 Joint BrokerRose Petroleum Oil & Gas USA £3.5m fundraise Dec-14 Nomad & BrokerPlastics Capital Industrials UK £5.0m fundraise Nov-14 Joint Broker

The Fulham Shore Consumer Discretionary UK ISDX to AIM & £1.6m fundraise Oct-14 Nomad & BrokerPalace Capital Property UK Acquisition & £20m fundraise Aug-14 Nomad & Joint Broker

SyQic IPTV Media company UK Acquisition & £1.9m fundraise Aug-14 Nomad & BrokerRapidCloud International Cloud Computing Malaysia Acquisition & £0.6m fundraise Jul-14 Nomad & Broker

TyraTech Speciality Chemicals UK/USA £3.5m fundraise Jul-14 BrokerLED International Hlds Ltd Technology Hong Kong £2.5m fundraise Jul-14 Nomad & Broker

Hunter Resources Oil & Gas UK RTO & £1.0m fundraise Jul-14 Nomad & BrokerManroy Plc Engineering UK £16m 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

Sula Iron & Gold Mining Sierra Leone £2.1m fundraise Mar-14 Joint BrokereProp Property UK £4.5m fundraise Mar-14 Placing Agent

TyraTech Speciality Chemicals USA £1.9m fundraise Feb-14 BrokerKodal Minerals Mining Norway IPO & £1m fundraise Dec-13 Nomad

Arria Technology UK AIM Introduction Dec-13 Nomad & BrokerSyQic IPTV Media company UK IPO & £3.2m fundraise Dec-13 Nomad & Broker

Palace Capital Property UK RTO & £23.5m fundraise Oct-13 Nomad & Joint BrokerBubbleology Food & Drink UK £0.5m private fundraise Oct-13 Placing Agent

Totally Healthcare IT UK £0.6m fundraise Sep-13 Nomad & Joint BrokerMacromac Technology & Software Malaysia IPO & £0.5m fundraise Sep-13 Nomad & Broker

RapidCloud International Cloud Computing Malaysia IPO & £1.0m fundraise Aug-13 Nomad & BrokerTrafalgar New Homes Construction UK ISDX to AIM & £0.3m fundraise Jul-13 Nomad & Broker

Xplorer Oil & Gas UK IPO & £1.0m fundraise Jul-13 Financial Advisor & 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 & BrokerEvolve Capital Investment Company UK £1m Mandatory cash offer Mar-13 Rule 3 Advisor

Sefton Resources Natural Resources USA £0.75m fundraise Feb-13 NomadThe Fulham Shore Consumer Discretionary UK ISDX Introduction Feb-13 Corporate Advisor & Broker

IPSO Ventures Investment Company UK Demerger & £0.4m subscription Feb-13 Nomad & BrokerCamkids Retail China IPO & £6.5m fundraise Dec-12 Nomad & Broker

Sefton Resources Oil & Gas USA £0.75m fundraise Dec-12 NomadNasstar Cloud Computing UK £0.9m fundraise Dec-12 Nomad & Broker


ALLENBY CAPITAL TRANSACTION RECORD Continued...

CLIENT SECTOR LOCATION TRANSACTION DATE ALLENBY CAPITAL’S ROLE

Noventa Mining - Tantalum Mozambique £42.2m secured loan facility Nov-12 Nomad & Broker

3D Diagnostic Imaging Healthcare Equipment UK Demerger & £0.15m subscription Oct-12 Nomad & Broker

AFC Energy Fuel cells UK £8.7m fundraise Oct-12 Nomad

Avia Health Informatics Technology/Healthcare UK £0.35m convertible loan Sep-12 Nomad & Broker

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

Nasstar Cloud Computing UK £0.3m fundraise Jan-12 Nomad & Broker

SyQic IPTV Media company Singapore £1.2m pre IPO funding Dec-11 Placing Agent

Vane Minerals Natural Resources US £1.2m fundraise Oct-11 Nomad & Broker

MoneySwap FX Payment systems HK/China IPO & £3.05m fundraise Aug-11 Nomad

Intellego Education UK £0.3m fundraise Aug-11 Broker

Nasstar Cloud Computing UK £1.2m fundraise Jul-11 Nomad & Broker

Strategic Minerals Natural Resources AUS IPO & £0.75m fundraise Jun-11 Nomad & Broker

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 £14m fundraise Mar-11 Sub - Agent

Atlantic Coal Natural Resources US £12m fundraise Feb-11 Nomad & Broker

Servision Security Systems Israel £0.725m 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

Global Lock Security China IPO - Introduction Oct-10 Nomad & Broker

Vane Minerals Natural resources US £2.0m fundraise Nov-10 Joint Broker

Evolve Investment Company UK £1.0m fundraise Sep-10 Nomad & Broker

Atlantic Coal Natural Resources US £1.7m fundraise Aug-10 Nomad & Broker

IPSO Ventures Investment Company UK £0.3m fundraise Jul-10 Nomad and Broker

Daniel Stewart Financial Services UK £2.0m fundraise Jul-10 Placing Agent

Mercator Gold Natural Resources Global £1.2m fundraise May-10 Sub - Agent

Vyke Telecommunications UK £4.2m fundraise Apr-10 Nomad and Joint Broker

Plant Impact Agrochemicals UK £2.0m fundraise Mar-10 Nomad & Lead Broker

Strategic Natural Resources Natural Resources South Africa £2.9m fundraise Mar-10 Nomad & Broker

Atlantic Coal Natural Resources US £0.5m fundraise Feb-10 Nomad & Broker

Ultima Networks Software, Electronics, Environmental UK £1.0m fundraise Dec-09 Nomad & Broker

AFC Energy Fuel cells UK £2.15m fundraise Dec-09 Joint Broker

36

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]

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

]] Chris Crawford Corporate Broking 0203-002-2073 [email protected]

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

]] Charles Donaldson Corporate Finance 0203-328-5669 [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]

]] 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]

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

]] Theo McKibbin Malins-Smith Research 0203-328-5663 [email protected]

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

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

]] Katrina Perez Corporate Broking 0203-002-2074 [email protected]

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

]] Katie Ratner Equity Sales 0203-002-2077 [email protected]

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

]] Richard Short Corporate Finance 0203-002-2076 [email protected]

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

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

37

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


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