AIM MARKET UPDATE June 2015
Transcription
AIM MARKET UPDATE June 2015
AIM MARKET UPDATE June 2015 Allenby Capital Limited is authorised and regulated by the Financial Conduct Authority (register no. 489795) and a member of the London Stock Exchange and ISDX Growth Market 1 Information sourced from London Stock Exchange and Allenby Capital CONTENTS 2 ]] May Overview 3 ]] New Admissions 4 ]] Secondary Fundraises 17 ]] Trading Volumes 24 ]] AIM Market Overview 28 ]] Allenby Capital Overview 32 MAY OVERVIEW The average trading volume (trading value as a percentage of market cap) for AIM constituents in May was 3.33%, as opposed to the average of 2.94% recorded a year earlier in May 2014. AIM MARKET New and Secondary raisings Money raised £m Further 1400 Money raised £m New 1200 1000 800 600 400 200 0 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 The number of companies on AIM decreased again in May – this time by three – as six new joiners were offset by nine departures. As at end May, there were consequently 1,074 AIM constituents, down 30 from 1,104 as at end December 2014. Of the six new joiners, three have their central operations based in the UK, with the others based in the USA, Barbados and Malaysia. All six of the new joiners raised new equity upon admission. The average market capitalisation of AIM’s constituents as at end May was £70.1m, having rebounded from the 18 month low of £63.6m witnessed in January 2015 and reaching its highest since June 2014. The median market capitalisation as at end May was £21.2m. This increase has in our opinion arisen as a result of improvements in global financial markets and investors’ willingness to return to the riskier equity asset class. Funds raised (£m) In May, a total of £433m was raised on AIM. This figure is down on April’s total of £502m, and a decrease of 21% on May 2014’s total. Of the £433m, £180m was raised via Primary issues, which is the largest monthly raise for Primary issues so far this year. A further £253m was raised through Secondary issues. AIM MARKET Equity raisings since inception Funds raised (£m) 20,000 Money raised £m Further 15,000 Money raised £m New 10,000 5,000 0 3 2007 2008 2009 2010 2011 2012 2013 2014 2015 ytd 15,678 16,184 4,322 5,602 6,958 4,270 2,921 3,989 5,900 1,781 9,603 3,214 4,861 5,738 3,661 2,218 2,738 2,962 1,385 6,581 1,108 740 1,219 608.8 703 1,251 2,938 396 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Total 96 824 692 585 934 3,092 1,128 976 2,095 4,656 8,942 Money raised £m Further 25 302 350 318 600 1,338 535 486 1,000 1,880 2,481 5,734 Money raised £m New 71 521 342 268 334 1,754 593 490 1,095 2,776 6,461 9,944 Information sourced from London Stock Exchange and Allenby Capital 2006 NEW ADMISSIONS 4 MAY 2015 - Decrease in number of AIM constituents by three There were six new joiners to AIM in May. Five joined by way of IPO, and the last transferred its listing from the Main Market. All six raised equity upon joining. The six companies came to AIM with a combined market capitalisation of £611.6m. Of the nine companies that left the market in the month: ]] 3 failed to appoint a new Nomad ]] 3 were acquired AIM MARKET Net new admissions / departures 1135 8 1125 1 failed to implement its investing policy within the required timeframe ]] 1 moved its listing to another exchange ]] 1 fell into administration 5 0 8 6 7 1115 3 2 ]] 2 1105 0 2 0 1 14 1104 20 1095 1085 Information sourced from London Stock Exchange and Allenby Capital Other Acquired Administration Chose to de-list Merger Reverse Take Over Move to Main Market IPO (Int.) IPO (UK) Introductions (Int.) Introductions (UK) Re-admissions (Int.) Re-admissions (UK) Move from ISDX Move from Main Market January 1 2015 5 May 31 2015 1074 1075 NEW ADMISSIONS TO AIM SINCE INCEPTION 12000 600 New Money Raised 10000 500 8000 400 6000 300 4000 200 2000 100 0 0 Year 6 1995 1996 1997 Information sourced from London Stock Exchange and Allenby Capital 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Number of Admissions New Money Raised (£k) Number of Admissions ADMISSIONS TO AIM IN MAY COMPANY Curtis Banks Group Ltd MayAir Group Plc Verseon Corporation Satellite Solutions Worldwide Group Plc DATE May 7, 2015 May 7, 2015 May 7, 2015 May 12, 2015 SUBSECTOR Specialty Finance Industrial Machinery Pharmaceuticals Nonequity Investment Instruments Priced as of 15/06/2015 7 Information sourced from London Stock Exchange and Allenby Capital ISSUE TYPE DESCRIPTION COUNTRY OF OPERATION AMOUNT RAISED (£M) MARKET VALUE AT IPO/ADMISSION (£M) PERFORMANCE SINCE JOINING AIM IPO & Placing Curtis Banks is a provider of self-invested personal pensions (‘SIPPs’). Despite having only been founded in 2009, it is already the third largest provider in the UK, with a portfolio of 26,000 SIPPs. The Company is headquartered in Bristol and has regional offices in Dundee and Market Harborough. Management believes that an AIM listing will enhance its reputation which will in turn assist in retaining key staff and attracting new introducers and clients. Of the £21.32m, £7.5m was new equity, whilst the remaining £13.82m constituted the founders selling down their shareholdings. UK 21.32 85.02 22.4% IPO & Placing MayAir is a provider of air filtration and clean air technology products to the industrial, commercial and residential markets. Specifically, it is one of the market leaders in providing air purification solutions for use in industrial cleanrooms. Its customers include Sony and SanDisk. The Company is headquartered in Malaysia, but conducts 90% of its business in China. MayAir has in-house manufacturing capabilities, thus giving it a fully integrated structure from design concept all the way through to sales. In FY 2014, the Company recorded EBITDA of $7.85m on revenues of $43.8m. Malaysia 16.22 55.22 14.2% IPO & Placing Verseon is a technology-based pharmaceutical company. Its proprietary drug discovery platform, developed over the course of ten years, designs novel potential therapeutics for diseases. For each drug programme, it produces multiple and diverse drug candidates which are unlikely to be found using conventional R&D methods. The proceeds from the fundraise are to be used to advance Verseon’s current drug programmes, to expand its drug development pipeline and to continue to develop its drug discovery platform. USA 65.79 302.47 7.2% Move from Main Market & Placing Satellite Solutions Worldwide (‘SSW’) is a leading provider of satellite broadband services to consumer and business users in the UK and Europe. It operates under its Europasat brand, and has commercial agreements in place with numerous satellite owners and network operators. SSW listed on AIM via the reverse takeover of Main Market listed Cleeve Capital Plc, a cash shell that had been listed specifically for completing an acquisition within the TMT sector. UK 2.25 13.87 5.6% ADMISSIONS TO AIM IN MAY Continued... COMPANY Stride Gaming Plc Elegant Hotels Group Plc DATE May 19, 2015 May 26, 2015 SUBSECTOR Gambling Hotels Priced as of 15/06/2015 8 Information sourced from London Stock Exchange and Allenby Capital ISSUE TYPE DESCRIPTION COUNTRY OF OPERATION AMOUNT RAISED (£M) MARKET VALUE AT IPO/ADMISSION (£M) PERFORMANCE SINCE JOINING AIM IPO & Placing Stride Gaming is a real money, bingo-led online operator that has a multibrand offering. Notable brands in its portfolio include King Jackpot, Kitty Bingo and Bingo Extra. This broad offering enables the Company to target different categories of players. The management team has substantial experience within the industry, with the Chairman having previously been CEO of Sportingbet Plc, and the CEO and COO having both sold online bingo-led businesses (for £60m and $42m respectively). UK 11.12 66.20 40.2% IPO & Placing Elegant Hotels owns and operates five beachfront hotels and a beachfront restaurant in Barbados. Of the £63m raised upon admission to AIM, £30.8m constituted a vendor placing (primarily stock held by Private Equity house, Vision Capital Partners). Of the £32.2m gross received by the Company, £27m is to be used to reduce existing debt, which will reduce gearing. Management intends to pay out an annual dividend amounting to a yield of 7% (calculated on the basis of the IPO Placing price). Barbados 63.00 88.82 5.0% GEOGRAPHICAL BREAKDOWN OF AIM’S 2015 NEW ENTRANTS Number of companies and amounts raised USA (2, £68.63m) Ireland (1, £37.61m) UK (15, £181.07m) Barbados (1, £63m) Gabon (1, £9.65m) 9 Information sourced from London Stock Exchange and Allenby Capital China (2, £16.42m) Israel (1, £3.51m) Malaysia (1, £16.22m) 2015 AIM ADMISSIONS There have been 24 admissions to AIM in the first five months of 2015. These have been offset by 54 departures, resulting in a total number of constituents (as at end May) of 1,074. The new joiners have raised a total of £396.1m upon admission, which amounts to a decrease of 76% on the total raised in the same period in 2014. The four constituents operating in the Consumer Services sector contributed 38% (or £152m) to this total. The new joiners had a combined market capitalisation upon their respective admissions of £1,585m (equating to an average of £66.1m). 15 (or 63%) of the new joiners have their central operations based in the UK. The most represented sectors so far are the Financials and Industrials sectors, with eight and six businesses from those sectors respectively having joined AIM in the first five months of 2015. The trends that emerged over the course of 2013-14 have continued into 2015. These are namely i) that AIM is detaching itself from the common perception that it is a Natural Resources centric market; ii) that larger companies are joining the market, with smaller, weaker ones departing; iii) that fundraisings are increasing in size; BREAKDOWN OF AIM’S 2015 NEW ENTRANTS Mining; 1 Technology; 1 and iv) that in the current economic climate investors prefer companies with UK based operations. The average share price movement for the 24 new joiners since admission equates to +155%, although we stress that this figure is skewed by the 3,050% rise in the share price of Gate Ventures Plc. The median share price movement is +16%. BREAKDOWN OF THE £396M NEW MONEY RAISED IN 2015 Mining; 3% Consumer Goods; 1 Consumer Services; 4 Technology; 1% Consumer Goods; 2% Industrials; 18% Industrials; 6 Consumer Services; 38% Health Care; 21% Financials; 8 Health Care; 3 10 Information sourced from London Stock Exchange and Allenby Capital Financials; 17% 2015 VENDOR PLACINGS We have calculated that since the beginning of 2014, 25.4% of 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 May 2015, two of the six companies that raised funds upon admission to AIM performed a Vendor placing. 7 (or 29%) of the 24 companies that have raised funds upon admission in 2015 have included selling shareholders. Vendor placings in the period amount to £81m (or 20.6%) of the total equity placed by new joiners. Six of the seven vendor groups have comprised founding shareholders, members of management and/or related parties, whilst the largest shareholder in the seventh vendor group was a Private Equity house. This particular vendor placing, carried out in May, represents the first instance in 2015 that a Private Equity house has used AIM to facilitate an exit from an investment. Five of the seven companies that have carried out a vendor placing have their central operations based in the UK or elsewhere in Western Europe. 2014 VENDOR PLACINGS: £766M OF TOTAL £2,938M LARGEST VENDOR PLACINGS 2015 DATE COMPANY VENDOR VENDOR PLACING (£M) May 26, 2015 Elegant Hotels Group Plc Vision Capital Partners IV, LP and management 30.8 Feb 4, 2015 Dalata Hotel Group Plc Founders / management 25.1 May 7, 2015 Curtis Banks Group Ltd Founders / management 13.8 Jan 6, 2015 Gama Aviation Plc Founders / management 5.9 Feb 11, 2015 Premier Technical Services Group Plc Founders / management 3.0 Mar 6, 2015 Bilby Plc Founders / management 1.6 Mar 16, 2015 Techfinancials, Inc. Founders / management 0.5 2015 YTD VENDOR PLACINGS: £81M OF TOTAL £396M £80.6 ; 20.3% £766.4 ; 26.1% £2,171.9 ; 73.9% £315.5 ; 79.7% Vendor Placings (£m) New Issues (£m) Vendor Placings (£m) New Issues (£m) 11 Information sourced from London Stock Exchange and Allenby Capital 2015 AIM ADMISSIONS Winners and losers Date Listed Issue type Company Mar 10, 2015 IPO & Placing Gate Ventures Plc Apr 2, 2015 Feb 11, 2015 Feb 13, 2015 Mar 6, 2015 May 19, 2015 Mar 27, 2015 Feb 4, 2015 Feb 4, 2015 Apr 2, 2015 May 7, 2015 Mar 30, 2015 Feb 11, 2015 May 7, 2015 Jan 6, 2015 Jan 27, 2015 IPO & Placing Move from Main Market & Placing Re-admission & Placing IPO & Placing IPO & Placing IPO & Placing Re-admission & Placing Introduction Re-admission IPO & Placing IPO & Placing Introduction IPO & Placing IPO & Placing Re-admission & Placing IPO & Placing Motif Bio Plc CPPGroup Plc Tavistock Investments Plc Bilby Plc Stride Gaming Plc Redx Pharma Plc Dalata Hotel Group Plc MXC Capital Plc Marshall Motor Holdings Plc Curtis Banks Group Ltd Windar Photonics Plc Premier Technical Services Group Plc Mayair Group Plc Gama Aviation Plc Grand Group Investment Plc Mar 19, 2015 IPO & Placing Zegona Communications Plc May 7, 2015 IPO & Placing Verseon Corporation May 12, 2015 Move from Main Market & Placing Satellite Solutions Worldwide Group Plc May 26, 2015 Mar 16, 2015 Mar 27, 2015 Feb 3, 2015 Feb 12, 2015 IPO & Placing IPO & Placing Introduction Re-admission IPO & Placing IPO & Placing Elegant Hotels Group Plc Techfinancials, Inc. Ambrian Plc Aquatic Foods Group Plc IronRidge Resources Ltd Priced as of 15/06/2015 12 Information sourced from London Stock Exchange and Allenby Capital Subsector Nonequity Investment Instruments Biotechnology Business Support Services Asset Managers Business Support Services Gambling Biotechnology Hotels Specialty Finance Specialty Retailers Specialty Finance Electronic Equipment Business Support Services Industrial Machinery Transportation Services Specialty Finance Nonequity Investment Instruments Pharmaceuticals Nonequity Investment Instruments Hotels Software Investment Services Food Products Steel Market Value on admission (£m) Money Raised (£m) Country of Operation Issue Price (P) Current Price Performance 3.2 3.24 UK 10.00 315.00 3050.0% 12.9 25.2 5.5 17.0 66.2 55.2 288.3 58.0 115.1 85.0 45.4 37.1 55.2 120.4 27.2 2.84 20.00 3.06 4.11 11.12 15.00 37.61 40.00 21.32 8.00 16.22 23.00 7.16 USA UK UK UK UK UK Ireland UK UK UK UK UK Malaysia UK China 20.00 3.00 2.00 58.00 132.00 85.00 205.50 2.95 149.00 190.00 119.00 52.00 130.00 280.00 80.00 65.75 7.62 3.33 88.00 185.00 112.50 269.00 3.78 186.00 232.50 140.00 59.50 148.50 305.00 87.00 228.8% 154.0% 66.5% 51.7% 40.2% 32.4% 30.9% 28.1% 24.8% 22.4% 17.6% 14.4% 14.2% 8.9% 8.7% 30.0 29.97 UK 120.00 129.00 7.5% 302.5 65.79 USA 202.00 216.50 7.2% 13.9 2.25 UK 4.50 4.75 5.6% 88.8 18.4 11.3 79.3 23.7 63.00 3.51 9.26 9.65 Barbados Israel UK China Gabon 100.00 27.00 11.63 70.00 10.00 105.00 28.00 9.50 40.00 4.13 AVERAGE MEDIAN 5.0% 3.7% -18.3% -42.9% -58.7% 154.3% 16.0% A LOOK BACK AT THE PERFORMANCE OF THE 2014 NEW JOINERS TO AIM Date Listed Issue type Company Subsector Apr 24, 2014 Feb 18, 2014 Aug 5, 2014 Oct 29, 2014 Oct 20, 2014 Jul 4, 2014 Jul 25, 2014 Mar 25, 2014 May 19, 2014 Nov 7, 2014 May 20, 2014 May 19, 2014 Apr 2, 2014 Dec 11, 2014 Jan 10, 2014 Dec 2, 2014 May 29, 2014 Nov 14, 2014 Aug 1, 2014 Jun 5, 2014 Apr 4, 2014 Aug 22, 2014 Oct 10, 2014 Nov 6, 2014 Oct 30, 2014 Re-admission & Placing IPO & Placing Re-admission & Placing Introduction Re-admission Move from ISDX & Placing Re-admission & Placing IPO & Placing IPO & Placing Re-admission & Placing IPO & Placing Introduction Re-admission IPO & Placing IPO & Placing IPO & Placing Re-admission & Placing IPO & Placing IPO & Placing IPO & Placing IPO & Placing IPO & Placing IPO & Placing Re-admission & Placing IPO & Placing IPO & Placing Re-admission & Placing Tiziana Life Sciences Plc 4D Pharma Plc OptiBiotix Health Plc MXC Capital Plc Fulham Shore (The) Plc Premaitha Health Plc Bacanora Minerals Ltd Xeros Technology Group Plc Feedback Plc Fevertree Drinks Plc Audioboom Group Plc Patisserie Holdings Plc Safecharge International Group Ltd Quantum Pharma Plc Nasstar Plc United Cacao Ltd SEZC NAHL Group Plc Mortgage Advice Bureau (Holdings) Plc GTS Chemical Holdings Plc Secure Income REIT Plc Tekcapital Plc Plutus PowerGen Plc Gamma Communications Plc Quartix Holdings Plc Finsbury Food Group Plc Feb 26, 2014 IPO & Placing Summit Germany Ltd May 2, 2014 Dec 22, 2014 Jul 28, 2014 Jun 27, 2014 Oct 30, 2014 Apr 29, 2014 IPO & Placing IPO & Placing IPO & Placing IPO & Placing IPO & Placing Introduction Safestay Plc Gfinity plc ULS Technology Plc Cdialogues Plc Entu (UK) Plc Bioventix Plc Biotechnology Pharmaceuticals Biotechnology Specialty Finance Restaurants & Bars Biotechnology General Mining Industrial Machinery Electronic Equipment Soft Drinks Equity Investment Instruments Restaurants & Bars Financial Administration Pharmaceuticals Internet Farming & Fishing Media Agencies Mortgage Finance Specialty Chemicals Diversified REITs Computer Services Electricity Mobile Telecommunications Software Food Products Real Estate Holding & Development Hotels Broadcasting & Entertainment Media Agencies Media Agencies Home Improvement Retailers Biotechnology Priced as of 15/06/2015 13 Information sourced from London Stock Exchange and Allenby Capital Market Value on admission (£m) Money Raised (£m) Country of Operation Issue Price (P) Current Price Performance 5.63 36.55 5.74 12.48 19.95 20.70 25.83 80.04 2.38 154.42 7.00 170.00 242.61 125.00 17.68 23.59 82.30 80.82 36.83 293.09 90.49 2.93 165.17 54.10 74.47 2.00 16.55 3.30 0.00 1.60 7.24 5.41 27.58 0.30 93.33 0.00 79.30 75.75 106.07 10.50 6.40 35.00 36.34 0.83 15.00 2.00 0.80 82.59 11.36 35.00 UK UK UK UK UK UK Mexico UK UK UK UK UK UK UK UK Peru UK UK China UK UK UK UK UK UK 12.00 100.00 8.00 1.00 6.00 11.00 33.00 123.00 1.25 134.00 3.90 170.00 162.00 100.00 5.00 128.00 200.00 160.00 36.00 174.00 25.00 0.60 187.00 116.00 59.00 155.00 865.00 37.25 3.80 17.25 29.00 86.00 287.50 2.80 292.50 7.38 313.00 286.00 172.00 8.50 215.00 332.00 264.00 58.50 282.50 38.50 0.91 283.00 171.00 85.50 1191.7% 765.0% 365.6% 280.0% 187.5% 163.6% 160.6% 133.7% 124.0% 118.3% 89.2% 84.1% 76.5% 72.0% 70.0% 68.0% 66.0% 65.0% 62.5% 62.4% 54.0% 51.7% 51.3% 47.4% 44.9% 152.87 28.48 Germany 0.63 0.91 44.4% 6.61 13.23 25.89 13.23 65.60 29.99 4.80 3.50 12.10 1.25 32.80 0.00 UK UK UK Greece UK UK 50.00 17.00 40.00 212.00 100.00 595.00 72.00 24.38 56.25 297.50 139.00 825.00 44.0% 43.4% 40.6% 40.3% 39.0% 38.7% A LOOK BACK AT THE PERFORMANCE OF THE 2014 NEW JOINERS TO AIM Continued... Market Value on admission (£m) Money Raised (£m) Country of Operation Issue Price (P) Current Price Performance Gold Mining Fixed Line Telecommunications Health Care Providers Electrical Components & Equipment Consumer Electronics Specialty Chemicals Internet Building Materials & Fixtures Hotels Telecommunications Equipment Software Business Support Services Real Estate Holding & Development 53.22 160.21 11.97 0.00 156.32 6.00 UK Isle of Man UK 38.00 142.00 7.00 52.25 193.00 9.50 37.5% 35.9% 35.7% 90.49 11.82 UK 200.00 267.50 33.8% 73.17 40.00 33.02 135.00 254.98 22.44 39.90 6.00 93.92 221.54 UK UK UK UK Ireland 126.00 100.00 164.00 100.00 209.00 167.50 132.50 212.50 128.75 269.00 32.9% 32.5% 29.6% 28.8% 28.7% 50.12 0.00 UK 44.00 55.63 26.4% 14.97 6.16 3.12 0.65 China UK 22.50 8.00 28.25 9.88 25.6% 23.5% 750.00 100.00 UK 200.00 247.00 23.5% Qannas Investments Ltd Equity Investment Instruments 42.73 0.00 0.88 1.07 22.3% IPO & Placing Introduction Re-admission Constellation Healthcare Technologies Inc Powerflute OYJ Health Care Providers Paper 75.09 156.27 9.62 0.00 135.00 55.00 164.50 67.00 21.9% 21.8% Mar 21, 2014 IPO & Placing XL Media Plc Media Agencies 92.89 41.82 49.00 59.50 21.4% Aug 19, 2014 Aug 27, 2014 Dec 8, 2014 May 23, 2014 Jun 27, 2014 Feb 19, 2014 Dec 18, 2014 Jul 11, 2014 Jul 10, 2014 IPO & Placing IPO & Placing IPO & Placing IPO & Placing IPO & Placing Re-admission & Placing IPO & Placing IPO & Placing IPO & Placing Introduction from Main Market IPO & Placing Move from ISDX & Placing ATTRAQT Group Plc Medaphor Group Plc Midatech Pharma Plc Shoe Zone Plc IMImobile Plc Adamas Finance Asia Ltd Mercia Technologies Plc ClearStar Inc Abzena Plc Software Medical Equipment Biotechnology Apparel Retailers Software Specialty Finance Specialty Finance Software Biotechnology 10.31 10.06 74.21 80.00 56.74 67.90 106.00 20.69 77.94 1.25 4.68 32.00 36.00 30.00 3.07 71.83 8.84 22.72 Channel Islands USA Finland Channel Islands UK UK UK UK UK China UK USA UK 50.00 50.00 267.00 160.00 120.00 0.60 50.00 57.00 80.00 59.00 58.00 307.50 183.50 137.50 0.68 56.00 61.50 86.00 18.0% 16.0% 15.2% 14.7% 14.6% 13.3% 12.0% 7.9% 7.5% Camellia Plc Specialty Finance 257.03 0.00 UK 9,100.00 9,724.50 6.9% CityFibre Infrastructure Holdings Plc AFH Financial Group Plc Fixed Line Telecommunications Asset Managers 31.44 27.04 16.64 2.92 UK UK 60.00 140.00 63.50 146.00 5.8% 4.3% Date Listed Issue type Company Subsector Dec 3, 2014 Feb 10, 2014 Dec 10, 2014 Introduction IPO & Placing Re-admission & Placing Dalradian Resources Inc Manx Telecom Plc Collagen Solutions Plc Apr 30, 2014 IPO & Placing Sprue Aegis Plc Dec 11, 2014 May 21, 2014 Apr 16, 2014 Jul 24, 2014 Mar 19, 2014 Focusrite Plc Flowtech Fluidpower Plc Eagle Eye Solutions Ltd Epwin Group Plc Dalata Hotel Group Plc May 12, 2014 Nov 17, 2014 IPO & Placing IPO & Placing IPO & Placing IPO & Placing IPO & Placing Introduction from Main Market IPO & Placing IPO & Placing Dec 22, 2014 IPO & Placing Market Tech Holdings Ltd Apr 4, 2014 Introduction Re-admission Dec 8, 2014 Dec 1, 2014 Jan 20, 2014 Sep 19, 2014 Jan 17, 2014 Jun 30, 2014 Priced as of 15/06/2015 14 Information sourced from London Stock Exchange and Allenby Capital Vislink Plc Galasys Plc Strat Aero Plc A LOOK BACK AT THE PERFORMANCE OF THE 2014 NEW JOINERS TO AIM Continued... Date Listed Issue type Company Subsector Market Value on admission (£m) Money Raised (£m) Country of Operation Issue Price (P) Current Price Performance May 12, 2014 Mar 27, 2014 Dec 23, 2014 Jul 15, 2014 IPO & Placing IPO & Placing IPO & Placing IPO & Placing Limitless Earth Plc Horizon Discovery Group Ltd Mill Residential REIT Plc Ergomed Plc Specialty Finance Biotechnology Residential REITs Biotechnology 3.27 120.47 3.50 46.00 3.01 68.62 0.99 11.00 5.00 180.00 100.00 160.00 5.13 180.50 100.00 159.00 2.6% 0.3% 0.0% -0.6% May 2, 2014 Introduction Re-admission Sarossa Plc Specialty Finance 10.87 0.00 1.90 1.85 -2.6% Dec 4, 2014 People's Operator (The) Plc Mobile Telecommunications 100.23 20.00 130.00 125.00 -3.8% Gresham House Plc Equity Investment Instruments 26.81 11.40 UK 286.90 275.50 -4.0% PuriCore Plc Medical Equipment 16.30 0.00 UK 32.50 30.25 -6.9% Jun 30, 2014 Sep 30, 2014 Jul 18, 2014 Dec 4, 2014 Feb 13, 2014 IPO & Placing Move from Main Market & Placing Introduction from Main Market IPO & Placing IPO & Placing IPO & Placing IPO & Placing Introduction UK UK UK UK Channel Islands UK Easyhotel Plc Crossrider Plc Aggregated Micro Power Holdings Plc PCG Entertainment Plc Actual Experience Plc 50.00 152.92 25.69 61.84 15.60 30.00 45.90 9.50 3.41 0.00 UK UK UK China UK 80.00 103.00 100.00 6.00 245.00 74.00 95.00 88.50 5.25 212.50 -7.5% -7.8% -11.5% -12.5% -13.3% Jul 2, 2014 IPO & Placing Global Invacom Group Ltd 55.77 11.77 Singapore 19.75 17.00 -13.9% Feb 27, 2014 Oct 23, 2014 Aug 5, 2014 IPO & Placing IPO & Placing IPO & Placing Move from Main Market & Placing IPO & Placing Introduction Re-admission IPO & Placing IPO & Placing Re-admission & Placing IPO & Placing Move from Main Market & Placing IPO & Placing IPO & Placing Re-admission & Placing Introduction from Main Market DX (Group) Plc C4X Discovery Holdings Plc FAIRFX Group Plc Hotels Media Agencies Alternative Electricity Gambling Software Telecommunications Equipment Delivery Services Biotechnology Consumer Finance 200.53 31.00 30.49 200.53 11.00 2.58 UK UK UK 100.00 100.00 45.00 84.75 84.00 37.50 -15.3% -16.0% -16.7% C A Sperati Plc Clothing & Accessories 0.77 0.25 UK 4.00 3.25 -18.8% Zibao Metals Recycling Holdings Plc European Wealth Group Ltd Venture Life Group Plc RM2 International SA Mi-Pay Group Plc Nektan Plc Nonferrous Metals Specialty Finance Food Products Containers & Packaging Business Support Services Gambling 7.78 16.60 26.45 278.29 13.83 50.10 1.30 0.00 5.40 137.20 0.59 3.63 China UK UK Luxembourg UK Gibraltar 8.00 110.00 109.00 88.00 41.00 236.00 6.50 88.50 87.50 68.50 31.50 175.00 -18.8% -19.5% -19.7% -22.2% -23.2% -25.8% Marwyn Management Partners Plc Specialty Finance 19.68 5.00 UK 4.25 3.13 -26.4% Savannah Petroleum Plc DJI Holdings Plc 7Digital Group Plc Exploration & Production Gambling Broadcasting & Entertainment 73.55 130.52 29.25 29.29 9.00 6.00 Niger China UK 56.00 100.00 27.00 39.50 70.50 17.75 -29.5% -29.5% -34.3% Styles and Wood Group Plc Business Support Services 5.65 0.00 UK 91.50 59.00 -35.5% Dec 1, 2014 Dec 23, 2014 Mar 24, 2014 Jun 20, 2014 May 7, 2014 Mar 28, 2014 Jan 6, 2014 Apr 29, 2014 Nov 3, 2014 Jul 14, 2014 Aug 1, 2014 Jul 24, 2014 Jun 10, 2014 Jun 26, 2014 Priced as of 15/06/2015 15 Information sourced from London Stock Exchange and Allenby Capital A LOOK BACK AT THE PERFORMANCE OF THE 2014 NEW JOINERS TO AIM Continued... Date Listed Issue type Company Subsector Market Value on admission (£m) Money Raised (£m) Country of Operation Issue Price (P) Current Price Performance Jan 2, 2014 Apr 14, 2014 Jan 23, 2014 Jun 3, 2014 Jun 18, 2014 Mar 14, 2014 Collagen Solutions Plc Haydale Graphene Industries Plc Leyshon Energy Plc Biofrontera AG Zoltav Resources Inc boohoo.com Plc Health Care Providers Specialty Chemicals Exploration & Production Pharmaceuticals Exploration & Production Apparel Retailers 5.97 23.62 16.53 55.49 141.29 560.11 0.00 6.60 0.00 0.00 41.22 300.00 UK UK China Germany Russia UK 14.75 210.00 6.63 313.00 100.00 50.00 9.50 127.50 4.00 185.00 59.00 27.75 -35.6% -39.3% -39.6% -40.9% -41.0% -44.5% Molins Plc Industrial Machinery 34.79 0.00 UK 172.50 89.00 -48.4% Mar 10, 2014 Apr 4, 2014 May 28, 2014 Feb 20, 2014 Jun 2, 2014 Mar 20, 2014 Mar 28, 2014 Introduction Re-admission IPO & Placing Introduction Introduction Re-admission & Placing IPO & Placing Introduction from Main Market IPO & Placing IPO & Placing IPO & Placing IPO & Placing Re-admission & Placing IPO & Placing IPO & Placing Koovs Plc Rame Energy Plc Marimedia Ltd Atlantis Resources Ltd Tavistock Investments Plc Mosman Oil & Gas Ltd Scholium Group Ltd Apparel Retailers Business Support Services Media Agencies Renewable Energy Equipment Asset Managers Exploration & Production Specialty Retailers 36.17 17.15 94.72 72.10 8.80 4.91 13.20 22.00 1.30 29.76 12.13 0.75 1.50 8.00 150.00 18.00 153.00 94.00 7.50 8.00 100.00 75.00 9.00 71.50 42.00 3.33 3.50 42.00 -50.0% -50.0% -53.3% -55.3% -55.6% -56.3% -58.0% Mar 20, 2014 Introduction Re-admission Minds + Machines Group Ltd Media Agencies 140.86 0.00 17.00 7.13 -58.1% Apr 29, 2014 Feb 4, 2014 IPO & Placing IPO & Placing Software Exploration & Production 24.88 271.88 10.00 18.00 33.00 43.00 13.75 17.50 -58.3% -59.3% Oct 23, 2014 Introduction Re-admission Equity Investment Instruments 35.45 0.00 Kenya 9.00 3.28 -63.6% May 8, 2014 Dec 11, 2014 Jul 4, 2014 Jun 16, 2014 Aug 1, 2014 Jul 14, 2014 Jul 15, 2014 Apr 15, 2014 IPO & Placing IPO & Placing Re-admission & Placing IPO & Placing IPO & Placing IPO & Placing Introduction Re-admission IPO & Placing Rosslyn Data Technologies Plc Hurricane Energy Plc Atlas Development & Support Services Ltd Rex Bionics Plc Management Resource Solutions Plc Hunter Resources Plc Mysale Group Plc Pressfit Holdings Plc Jiasen International Holdings Ltd Tengri Resources Ltd Bagir Group Ltd India Chile Israel UK UK New Zealand UK British Virgin Islands UK UK Medical Equipment Business Support Services Gold Mining Apparel Retailers Steel Furnishings General Mining Clothing & Accessories 25.72 9.85 2.15 340.46 4.84 99.76 30.89 28.12 TOTAL 10.00 0.73 1.10 115.15 0.05 2.33 0.00 20.00 2,908.3 UK Australia Peru Australia China China Kyrgyzstan Israel 180.00 30.00 1.50 226.00 9.50 82.00 28.75 56.00 57.50 9.50 0.43 53.25 2.00 16.50 3.25 5.25 AVERAGE MEDIAN -68.1% -68.3% -71.3% -76.4% -78.9% -79.9% -88.7% -90.6% 29.3% 7.2% Jun 19, 2014 Priced as of 15/06/2015 16 Information sourced from London Stock Exchange and Allenby Capital SECONDARY FUNDRAISES 17 MAY 2015 OVERVIEW £253m was raised on AIM’s Secondary market in May. The funds were raised through 45 issues, equating to an average fundraise of £5.6m. This is marginally below the average Secondary fundraise over the previous 24 months of £5.7m. Horizon Discovery Group Ltd (HZD.L, £146.1m) is a UK based biotechnology company that supplies research tools and services that power genomics research and the development of personalised medicines. In May, the Company announced that it was raising £25.0m to accelerate growth in the business. Simultaneously, substantial demand for shares resulted in a vendor placing of a further £15.1m. Silence Therapeutics Plc (SLN.L, £208.1m) is a leading ribonucleic acid interference (‘RNA’) therapeutics company. In May, the Company raised £40m in order to support and expand its pre-clinical capabilities and capacities. The shares are already trading at a 24% premium to the placing price. In May, Flowgroup Plc (FLOW.L, £43.3m) raised a total of £22.2m, £1.2m of which was raised through an BREAKDOWN OF MAY FUNDS RAISED 70 600 60 500 50 400 40 300 30 200 20 100 10 Oil & Gas; 13% Technology; 5% Utilities; 0.5% Consumer Services; 9% Financials; 5% Mining; 6% Industrials; 12% May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 0 Real Estate; 0.5% Money Raised (£m) Number of Transactions AIM FURTHER EQUITY RAISINGS 18 open offer for existing shareholders. Flowgroup specialises in developing and commercialising alternative and efficient energy technology products. The funds are to be used to accelerate the development of a combination version of the Flow mCHP boiler and to reduce supply chain and production costs of boilers. Information sourced from London Stock Exchange and Allenby Capital Health Care; 50% ANALYSIS OF MAY’S £253M SECONDARY ISSUES 19 COMPANY SECTOR SUBSECTOR COUNTRY OF OPERATION MONEY RAISED (£M) Horizon Discovery Group Ltd Health Care Biotechnology UK 40.10 Silence Therapeutics Plc Health Care Biotechnology Germany 40.00 Flowgroup Plc Alternative Energy Alternative Fuels UK 22.24 Johnson Service Group Plc Industrials Business Support Services UK 21.91 Advanced Oncotherapy Plc Health Care Biotechnology UK 21.00 Everyman Media Group Plc Consumer Services Recreational Services UK 20.00 Parkmead Group (The) Plc Oil & Gas Exploration & Production UK 13.44 Sphere Medical Holding Plc Health Care Medical Equipment UK 13.19 Sound Oil Plc Oil & Gas Exploration & Production Italy 9.12 Marlowe Holdings Ltd Financials Specialty Finance Belize 5.15 Rightster Group Plc Technology Computer Services UK 5.02 Tungsten Corp Plc Financials Specialty Finance UK 4.00 Lombard Risk Management Plc Technology Software UK 4.00 Weatherly International Plc Mining General Mining Namibia 3.44 Xtract Resources Plc Mining General Mining Chile 3.00 Frontera Resources Corp Oil & Gas Exploration & Production Georgia 2.80 Northcote Energy Ltd Oil & Gas Exploration & Production USA 2.80 Falanx Group Ltd Industrials Business Support Services UK 2.64 Praetorian Resources Ltd Financials Specialty Finance UK 2.26 Tekcapital Plc Technology Computer Services UK 2.15 Fox Marble Holdings Plc Mining General Mining Kosovo 2.00 1Spatial Plc Industrials Business Support Services UK 1.92 Nektan Plc Consumer Services Gambling Gibraltar 1.75 Cap XX Ltd Industrials Electrical Components & Equipment Australia 1.00 Pinnacle Technology Group Plc Telecommunications Fixed Line Telecommunications UK 0.86 Churchill Mining Plc Mining Coal Indonesia 0.85 KEFI Minerals Plc Mining General Mining Ethiopia 0.67 African Potash Ltd Mining General Mining Republic of Congo 0.63 Independent Resources Plc Oil & Gas Exploration & Production UK 0.62 Ascent Resources Plc Oil & Gas Exploration & Production Slovenia 0.55 Servision Plc Industrials Electrical Components & Equipment Israel 0.51 Information sourced from London Stock Exchange, Allenby Capital, transactions shown ≥£100k ANALYSIS OF MAY’S £253M SECONDARY ISSUES Continued... 20 COMPANY SECTOR SUBSECTOR COUNTRY OF OPERATION MONEY RAISED (£M) Xtract Resources Plc Mining General Mining Chile 0.47 Scotgold Resources Ltd Mining Gold Mining Australia 0.45 Touchstone Gold Ltd Mining Gold Mining Colombia 0.45 Kodal Minerals Plc Mining General Mining Norway 0.40 All Asia Asset Capital Ltd Financials Specialty Finance Myanmar 0.33 Edenville Energy Plc Mining Coal Tanzania 0.25 Ferrum Crescent Ltd Mining Steel South Africa 0.24 Independent Resources Plc Oil & Gas Exploration & Production UK 0.18 Metal Tiger Plc Financials Equity Investment Instruments UK 0.18 All Asia Asset Capital Ltd Financials Specialty Finance Myanmar 0.16 Clear Leisure Plc Financials Specialty Finance Italy 0.11 CEB Resources Plc Alternative Energy Alternative Fuels Australia 0.10 SnackTime Plc Consumer Services Food Retailers & Wholesalers UK 0.10 Eastbridge Investments Plc Real Estate Real Estate Holding & Development UK 0.10 Information sourced from London Stock Exchange, Allenby Capital, transactions shown ≥£100k 2015 AIM SECONDARY FUNDRAISINGS With regard to number of issues, the Mining sector leads the way so far in 2015 with 67, or 33%, of total issues. The Oil & Gas and Financials sectors come in second and third place, having achieved 27 and 21 Secondary placings so far this year respectively. The Consumer Services sector is the largest contributor to the £1,385m, having raised £261m (or 19%) of the amount. The sector that has so far achieved the largest average raise in 2015 is the Real Estate sector: the mean Secondary raise from this sector equates to £36.0m. Companies with central operations based in the UK have raised £984.5m (or 71%) of the £1,385m, through 85 issues (with the average fundraise equating to £11.6m). ANALYSIS OF 2015 FUNDRAISINGS BY SIZE 120 101 100 Number of transactions A total of £1,385m has been raised through Secondary issues so far in 2015. This is marginally below the total amount raised in the corresponding period in 2014 (£1,406m). The total came through 201 different issues, equating to an average raise of £6.9m. 80 60 40 28 27 20 0 21 12 0.10-1 1-2 2-5 5-10 10-25 7 3 2 25-50 50-100 100< Size of raise (£m) BREAKDOWN OF THE £1,385M RAISED IN 2015 YTD Utilities; 0.5% Telecommunications; 5% Technology; 6% Real Estate; 16% Oil & Gas; 6% Alternative Energy; 2% Basic Materials; 0.5% Consumer Goods; 0.5% Consumer Services; 19% Financials; 15% Mining; 8% Industrials; 5% 21 Information sourced from London Stock Exchange and Allenby Capital Health Care; 18% LARGEST SECONDARY FUNDRAISINGS 2015 DATA COMPANY SECTOR MONEY RAISED (£M) Apr 29, 2015 Clinigen Group Plc Consumer Services 135.8 Apr 20, 2015 Oakley Capital Investments Ltd Financials 130.0 Feb 3, 2015 Summit Germany Ltd Real Estate 89.7 Jan 12, 2015 NewRiver Retail Ltd Real Estate 75.0 Feb 25, 2015 Avanti Communications Group Plc Telecommunications 60.6 Apr 22, 2015 FastJet Plc Consumer Services 50.0 Apr 14, 2015 Real Estate Investors Plc Real Estate 45.0 May 20, 2015 Horizon Discovery Group Ltd Health Care 40.1 May 8, 2015 Silence Therapeutics Plc Health Care 40.0 Feb 10, 2015 4D Pharma Plc Health Care 34.8 GEOGRAPHICAL BREAKDOWN OF AIM’S 2015 SECONDARY FUNDRAISES Number of companies and amounts raised Canada (2, £18.26m) Russia and CIS (7, £8.38m) USA (12, £48.32m) China, (5, £6.79m) UK (85, £984.45m) Asia Pacific (4, £1.84m) Western Europe (20, £173.27m) Caribbean (3, £8.40m) Africa (31, £97.54m) Latin America (12, £16.52m) Central & Eastern Europe (6, £8.64m) India & Bangladesh (2, £3.40m) Middle East (1, £0.85m) Israel (1, £0.51m) Australia (10, £7.87m) 22 Information sourced from London Stock Exchange and Allenby Capital 2015’S TOP PERFORMING SECONDARY FUNDRAISINGS Placing Date Company Sector Subsector Country of operation Money Raised (£m) Issue Price Current Price Performance May 20, 2015 Churchill Mining Plc Mining Coal Indonesia 0.85 10.00 46.50 365.0% Jan 6, 2015 Vast Resources Plc Mining Gold Mining Romania 1.59 0.50 1.75 250.0% Apr 10, 2015 Cap XX Ltd Industrials Electrical Components & Equipment Australia 1.20 1.00 3.23 223.0% Mar 16, 2015 Sirius Minerals Plc Mining General Mining UK 15.82 7.00 21.00 200.0% Mar 5, 2015 Wildhorse Energy Ltd Alternative Energy Alternative Fuels Australia 1.43 2.65 7.88 197.4% Mar 11, 2015 Red Emperor Resources NL Oil & Gas Exploration & Production Somalia 1.08 1.60 4.67 191.9% Feb 9, 2015 Vast Resources Plc Mining Gold Mining Romania 0.90 0.60 1.75 191.7% Mar 3, 2015 Oracle Coalfields Plc Mining Coal Pakistan 3.40 0.65 1.68 158.5% Feb 27, 2015 Sefton Resources Inc Oil & Gas Exploration & Production USA 0.90 0.06 0.14 154.5% Apr 7, 2015 Xtract Resources Plc Mining General Mining Chile 1.75 0.15 0.37 146.7% Jan 6, 2015 Valirx Plc Health Care Biotechnology UK 0.80 25.00 57.00 128.0% Mar 20, 2015 Valirx Plc Health Care Biotechnology UK 0.80 25.00 57.00 128.0% Jan 26, 2015 Roxi Petroleum Plc Oil & Gas Exploration & Production Kazakhstan 1.24 7.41 16.38 121.1% Mar 19, 2015 Alba Mineral Resources Plc Mining General Mining Ireland 0.77 0.25 0.55 120.0% Feb 18, 2015 Northcote Energy Ltd Oil & Gas Exploration & Production USA 1.77 0.09 0.19 111.1% Feb 10, 2015 4D Pharma Plc Health Care Pharmaceuticals UK 34.75 410.00 865.00 111.0% Apr 7, 2015 Tiziana Life Sciences Plc Health Care Biotechnology UK 2.55 75.00 155.00 106.7% May 14, 2015 Marlowe Holdings Ltd Financials Specialty Finance Belize 5.15 60.00 122.50 104.2% May 11, 2015 Tekcapital Plc Technology Computer Services UK 2.15 20.00 38.50 92.5% Apr 29, 2015 Eurasia Mining Plc Mining Platinum & Precious Metals Russia 0.52 0.55 0.88 60.0% Apr 21, 2015 Fulham Shore (The) Plc Consumer Services Restaurants & Bars UK 4.75 11.00 17.25 56.8% Feb 23, 2015 Jubilee Platinum Plc Mining Platinum & Precious Metals Australia 0.75 1.50 2.33 55.3% Feb 17, 2015 Aureus Mining Inc Mining Gold Mining Liberia 10.08 18.00 27.50 52.8% May 14, 2015 Xtract Resources Plc Mining General Mining Chile 3.00 0.25 0.37 48.0% Mar 4, 2015 Plant Impact Plc Basic Materials Specialty Chemicals UK 6.23 41.50 61.00 47.0% Feb 16, 2015 3Legs Resources Plc Oil & Gas Exploration & Production Poland 0.80 0.23 0.34 46.6% Feb 19, 2015 Angle Plc Industrials Business Support Services UK 8.18 65.00 95.00 46.2% May 22, 2015 African Potash Ltd Mining General Mining Republic of Congo 1.28 0.30 0.43 43.3% Jan 22, 2015 Plutus PowerGen Plc Utilities Electricity UK 0.54 0.65 0.91 40.0% Mar 2, 2015 LGO Energy Plc Oil & Gas Exploration & Production Trinidad 6.72 2.50 3.48 39.2% Priced as of 15/06/2015 23 Information sourced from London Stock Exchange and Allenby Capital, transactions shown ≥£500k TRADING VOLUMES 24 TRADING VOLUMES - Liquidity on AIM decreased in May 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 on average 3.33% of their market capitalisation in May, down from the 4.33% recorded in April. The average daily number of bargains struck in May, at 25,644, was 8.7% higher that the average daily amount over the preceding 24 months (at 23,600 bargains struck per day). LIQUIDITY INCREASED IN MAY 5.00% Average Volume 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% The average bargain size during the month (at £5,350) was 13.4% below the average bargain size over the course of the previous 24 months. We attribute this to increased volumes of trading in a number of retail investors’ (who usually trade in smaller amounts than institutions) favourite stocks. Liquidity was most concentrated in the smallest of AIM’s constituents. May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 0.00% LIQUIDITY MOST CONCENTRATED IN AIM’S MICRO CAPS 6.0 5.3 5.2 5.0 % Mkt Cap traded per month In terms of value, total trading on AIM amounted to £2,607m in May, a decrease of 8.7% on April’s total (at £3,284m). Per business day, this figure totals £137.2m. 4.0 3.3 2.9 3.0 2.9 2.5 2.5 2.0 1.0 0.0 25 Information sourced from London Stock Exchange and Allenby Capital 0-2 2-5 5-10 10-25 Market Cap (£m) 25-50 50-100 >100 TRADING VOLUMES - Liquidity on AIM decreased in May, Continued… ASOS Plc (ASC.L, £3,075m) was the most traded stock on AIM in May, with £341m of the Company’s shares traded in the month. In the first five months of 2015, a total of £2.24bn of ASOS shares exchanged hands. Plus500 Ltd (PLUS.L, £425.1m) was the second most traded stock by value on AIM in May as well as being the fourth most liquid. In the month, the Company was the subject of intense media speculation regarding its Anti-Money Laundering processes. Cap XX Ltd (CPX.L, £10.2m) is a world leader in the design and manufacture of thin, flat supercapacitors and energy management systems used in small-scale electronic devices. In May, the Company raised £1.0m via a Secondary placing. Over the course of the month £10.5m of CPX shares were traded. 26 Information sourced from London Stock Exchange and Allenby Capital MAY’S MOST TRADED STOCKS BY VALUE MOST TRADED AIM STOCK TRADING VALUE (£M) MKT CAP (£M) VALUE/MKT CAP ASOS Plc 340.6 3,075.2 11.1% Plus500 Ltd 230.7 425.1 54.3% Optimal Payments Plc 198.7 425.3 46.7% Quindell Plc 82.6 570.9 14.5% Tungsten Corp Plc 56.2 99.8 56.2% Sirius Minerals Plc 52.3 513.4 10.2% Abcam Plc 40.4 1,061.5 3.8% Clinigen Group Plc 33.9 709.3 4.8% Vertu Motors Plc 33.5 220.7 15.2% Telit Communications Plc 33.1 294.0 11.3% MAY’S MOST LIQUID STOCKS ON A RELATIVE BASIS MOST TRADED AIM STOCK TRADING VALUE (£M) MKT CAP (£M) VALUE/MKT CAP Cap XX Ltd 10.5 10.2 102.6% Xtract Resources Plc 17.0 26.2 64.8% Tungsten Corp Plc 56.2 99.8 56.2% Plus500 Ltd 230.7 425.1 54.3% Optimal Payments Plc 198.7 425.3 46.7% MX Oil Plc 2.7 6.7 39.5% Avarae Global Coins Plc 3.9 9.9 39.1% Rose Petroleum Plc 2.1 6.4 32.8% Edenville Energy Plc 1.7 6.6 25.6% UK Oil & Gas Investments Plc 10.1 40.1 25.3% TRADING VOLUMES - Historical Trading on AIM Monthly turnover value £m 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Mar-15 Oct-14 May-14 Jul-13 Dec-13 Feb-13 Sep-12 Apr-12 Nov-11 Jun-11 Jan-11 Aug-10 Mar-10 Oct-09 May-09 Jul-08 Dec-08 Feb-08 Sep-07 Apr-07 Nov-06 Jun-06 Jan-06 Aug-05 Mar-05 Oct-04 May-04 Dec-03 Jul-03 Feb-03 Sep-02 Apr-02 0 Nov-01 A combination of factors appears to have increased retail appetite for investing in AIM over the past 24 months. 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, implemented last year, 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 2014/15 from £11,520 to £15,000. 8,000 Jun-01 The market is still a long way from its highs of 2007, when £7.33bn was traded in March of that year, with an average trade size during the month of £21,285. In May 2015, £2.61bn was traded, with an average trade size of £5,350. TOTAL TRADING TURNOVER VALUE Jan-01 Trading volumes have picked up steadily since the lows of December 2012. In that month, the average daily number of bargains struck on AIM amounted to 13,996. In May 2015, the average daily volume was 25,644, an increase of 83% on the December 2012 total. BARGAINS BY NUMBER AND VALUE 35,000 Average daily number of bargains (LHS) 25,000 Average value per bargain (£) (RHS) 30,000 20,000 25,000 20,000 15,000 15,000 10,000 10,000 5,000 5,000 27 Information sourced from London Stock Exchange and Allenby Capital Mar-15 Oct-14 May-14 Dec-13 Jul-13 Feb-13 Sep-12 Apr-12 Nov-11 Jun-11 Jan-11 Aug-10 Oct-09 Mar-10 Dec-08 May-09 Jul-08 Feb-08 Sep-07 Apr-07 Nov-06 Jun-06 Jan-06 Aug-05 Mar-05 Oct-04 May-04 Dec-03 Jul-03 Feb-03 Apr-02 Sep-02 Nov-01 Jun-01 Jan-01 - AIM MARKET OVERVIEW 28 AN ANALYSIS OF AIM’S CONSTITUENTS MARKET CONSTITUENTS BY SECTOR (MKT CAP) 80 Average Market Cap (£m) 70 60 50 40 30 20 10 Jan-15 Jan-14 Jan-13 Jan-12 Jan-11 Jan-10 Jan-09 Jan-08 Jan-07 Jan-06 Jan-05 Jan-04 0 Jan-03 Over the past 24 months, AIM has slowly transformed 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 excelled economies of others. Nevertheless, the market still hosts businesses operating across a vast range of geographies. 101 countries in total host the central operations of at least one AIM company, while many more play host to non-core operations. AVERAGE MKT CAP SIZE Jan-02 In 2014, the AIM market contracted as volatility gripped global equity markets owing to an array of factors. We feel that amid such on-going market turbulence, those investing in the riskier asset class of equities tend to avoid small and micro cap companies. Consequently, whilst larger equity indices endured substantial swings over the course of 2014, AIM declined markedly. However during 2015, in which equity indices have largely enjoyed strong rallies, the AIM index has at last started to mirror its larger counterparts. Jan-01 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 £70.1m. As at 31 May 2015, 196 AIM constituents exceeded the £100m valuation mark. Five companies were valued at greater than £1bn. AIM AVERAGE MKT CAP OF £70.1M, MEDIAN MKT CAP OF £21.2M Alternative Energy; 1% Real Estate, 7% Oil & Gas; 7% Mining; 5% Basic Materials; 1% 250 222 200 Number of companies Technology, 9% 156 150 Industrials; 14% Financials; 17% Utilities; 1% 100 Consumer Goods; 7% Telecoms, 3% Consumer Services; 15% 29 Information sourced from London Stock Exchange and Allenby Capital 133 130 129 89 48 50 16 0 Health Care; 14% 122 0-2 2-5 5-10 10-25 5 25-50 50-100 100-250 250-500 500-1,000 > 1,000 Market Cap (£m) AIM an international small cap market TOTAL COMPANIES DOWN 37% FROM THE 2007 PEAK International 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 121 252 308 312 347 524 629 704 754 1021 1,399 1,634 1,694 1,550 1,293 1,195 1,143 1,096 1,092 1,104 1,074 3 17 22 21 22 31 42 50 60 116 220 304 347 317 241 228 225 225 502 481 465 118 235 286 291 325 493 587 654 694 905 1,179 1330 1347 1233 1052 967 918 871 590 623 609 International UK 41 33 28 25 21 18 12 12 8 7 7 6 ina As ia Pa La c tin ific Am eri Ru ca ss ia an dC IS Ind A u Ce ia s t r ntr & Ba alia al ng an lad dE es as h ter nE uro pe Ca na da Isr ae l Ca rib be Mi an d Ch dle E an as ne t l Is lan ds Isl eo fM an A 41 BUT 43% OF COMPANIES HAVE THEIR MAIN OPERATIONS OVERSEAS Ch rop e ste We 50 US ca Eu 67 rn UK 89 Afr i Number of companies 31% OF COMPANIES ARE INCORPORATED OUTSIDE OF THE UK Location of assets 30 Information sourced from London Stock Exchange and Allenby Capital 800 700 600 500 400 300 200 100 0 746 48 38 37 36 31 27 25 16 14 13 6 6 5 5 2 2 2 2 2 2 2 1 1 1 1 1 1 1 UK Jersey Cayman Islands Isle of Man British Virgin Islands Guernsey Eire Australia Canada Bermuda USA Cyprus Israel Singapore Gibraltar Hong Kong Belize (British Honduras) Falkand Islands Luxembourg Netherlands South Africa Germany Finland Bangladesh India Italy Malaysia Malta Zambia Total 700 609 600 500 400 300 200 100 0 UK 1995 Number of companies Number of companies 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 Country of Incorporation AIM’S LARGEST COMPANY MARKET CAPITALISATION £M MARKET CAPITALISATION £M ASOS Plc Apparel Retailers UK 3,075 New Europe Property Investments Plc Equity Investment Instruments Romania 2,384 GW Pharmaceuticals Plc Pharmaceuticals UK 1,562 Abcam Plc Biotechnology UK 1,061 Hutchison China MediTech Ltd Pharmaceuticals China 1,028 Market Tech Holdings Ltd Real Estate Holding & Development UK 998 Origin Enterprises Plc Farming & Fishing Ireland 845 James Halstead Plc Building Materials & Fixtures UK 776 PureCircle Ltd Food Products Malaysia 727 Clinigen Group Plc Drug Retailers UK 709 Datatec (UK) Ltd Computer Services South Africa 700 Imperial Innovations Group Plc Specialty Finance UK 661 4D Pharma Plc Pharmaceuticals UK 615 Emis Group Plc Computer Services UK 610 Dart Group Plc Airlines UK 594 Quindell Plc Computer Services UK 571 Mulberry Group Plc Clothing & Accessories UK 536 Secure Income REIT Plc Diversified REITs UK 523 Secure Trust Bank Plc Banks UK 515 Sirius Minerals Plc General Mining UK 513 Young & Co.'s Brewery Plc Restaurants & Bars UK 504 Breedon Aggregates Plc Building Materials & Fixtures UK 480 Vinacapital Vietnam Opportunity Fund Ltd Equity Investment Instruments Vietnam 447 Nichols Plc Soft Drinks UK 445 Safecharge International Group Ltd Financial Administration UK 439 Priced as of 15/06/2015 31 SUBSECTOR Information sourced from London Stock Exchange and Allenby Capital ALLENBY CAPITAL OVERVIEW 32 ALLENBY CAPITAL an AIM nomad & broker with an international client base UNITED KINGDOM 33 NORWAY Kodal Minerals RUSSIA DENMARK Mining (Phosphate) Nordic Energy** Oil and Gas Urals Energy Oil & Gas AFH Financial Group Asset Managers Arria NLG Software Biome Technologies Chemicals ISRAEL Boxhill Technologies Gaming MTI Wireless Edge Technology Caledonian Trust UK Property Servision CCTV Security Systems Cellcast Media Cluff Natural Resources* Coal Gasification Cyan Holdings Technology Eco City Vehicles Transportation Fulham Shore Consumer Discretionary DUBAI Tejoori Investment Company HONG KONG / CHINA Camkids Retail LED Int. Holdings Technology MoneySwap FX Payment systems Hunter Resources Investment Company (Nat. Res.) Infrastrata Oil & Gas Palace Capital Commercial Property MYANMAR Paragon Resources Investment Company Plastics Capital* Chemicals Myanmar Investments Intl.* Powerhouse Energy Renewables Reach4Entertainment Media & Entertainment Macromac Technology SyQic TMT Mayair Support Services Totally Software Medilink Global UK Support Services Trafalgar New Homes Construction MobilityOne Support Services Tricor Investment Company Resource Holding TyraTech* Specialty Chemicals Management Vela Technologies Investment Company Xplorer*** Oil & Gas * Broker only client ** ISDX Broker *** Main Market listed Information sourced from London Stock Exchange and Allenby Capital Investment Company MALAYSIA NORTH AMERICA GREECE Atlantic Coal Natural Resources (Coal) Halosource Specialty Chemicals Rose Petroleum Oil & Gas Sefton Resources Oil & Gas Strategic Minerals Mining (Iron Ore) TekCapital Specialty Finance CDialogues Mobile Marketing SOUTH EAST ASIA AAA International Media AUSTRALIA Cap-XX Technology INDIA Investment Company DQ Entertainment Media Mortice Security ALLENBY CAPITAL Contact details 34 ]] 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] ]] Nick Athanas Corporate Finance 0203-328-5662 [email protected] ]] Katie Ratner Equity Sales 0203-002-2077 [email protected] ]] Myles McNulty Research 0203-328-5656 [email protected] ]] Jeremy Porter Corporate Finance 0203-394-2972 [email protected] ]] Emma Ayton Equity Sales 020-3394-2974 [email protected] ]] Victoria Harrison Office Manager 0203-328-5656 [email protected] ]] Kelly Murcer Receptionist 0203-394-2970 [email protected] ]] Alex Price Corporate Finance 0203-328-5657 [email protected] ]] Chris Crawford Corporate Broking 0203-002-2073 [email protected] ]] Nick Harriss Corporate Finance 0203-328-5658 [email protected] ]] Amrit Nahal Equity Sales 020-3394-2973 [email protected] ]] James Reeve Corporate Finance 0203-328-5665 [email protected] ]] Charles Donaldson Corporate Finance 0203-328-5669 [email protected] ]] David Hart Corporate Finance 0203-328-2971 [email protected] ]] David Ovens Corporate Finance 0203-328-5656 [email protected] ]] Richard Short Corporate Finance 0203-002-2076 [email protected] ]] Kelly Gardiner Equity Sales 0203-002-2072 [email protected] ]] Ian Jermin Research 0203-328-5664 [email protected] ]] Katrina Perez Corporate Broking 0203-002-2074 [email protected] ALLENBY CAPITAL Important disclaimer 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. 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