AIM MARKET UPDATE June, July, August 2018allenbycapital.com/research_667_2371905672.pdf · AIM...

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 June, July, August 2018

2

CONTENTS

]] Overview 3

]] New Admissions 4

]] Further Fundraises 23

]] Trading Volumes 28

]] AIM Market Overview 32

]] Allenby Capital Overview 36

3 Information sourced from London Stock Exchange and Allenby Capital

Fund

s ra

ised

(£m

) Money raised £m Further Money raised £m New

0

5,000

10,000

15,000

20,000

AIM showed no signs of a summer slowdown with three strong months with regards to total funds raised (new and further issues). June, July and August averaged over £700m per month, boosted by a particularly strong June which delivered 14 IPOs (historically AIM has 5-6 new joiners per month). Through the end of August 2018, the total amount raised (new and further issues) of £4.80bn is +15% on the same period in 2017 which itself was the best year since 2007.

In total there were 24 new joiners to AIM over the summer. This was however matched by 24 AIM companies that left the market over the period leaving the total number of companies on AIM stable at 942.

The average market capitalisation on admission of all of the new joiners to AIM so far in 2018 is £95m and the average raise size has been £39m. The average performance to date since listing has been +12.7% (median +11.2%). Not all funds raised on listing have been for the Company. £439m (or 26%) of the £1.72bn raised on listing has been for exiting shareholders which includes founders, senior management, Private Equity and early stage strategic investors.

OVERVIEW

AIM MARKET Funds Raised on Aim

AIM MARKET Total raisings

Money raised £m Further Money raised £m New

Fund

s Ra

ised

(£m

)

0

200

400

600

800

1,000

1,200

1,400

Aug-

18Ju

l-18

Jun-

18M

ay-1

8Ap

r-18

Mar

-18

Feb-

18Ja

n-18

Dec-

17No

v-17

Oct-

17Se

p-17

Aug-

17Ju

l-17

Jun-

17M

ay-1

7Ap

r-17

Mar

-17

Feb-

17Ja

n-17

Dec-

16No

v-16

Oct-

16Se

p-16

Aug-

16Ju

l-16

Jun-

16

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 ytd

Money raised £m Further 25 302 350 318 600 1,338 535 486 1,000 1,880 2,481 5,734 9,603 3,214 4,861 5,738 3,661 2,218 2,738 2,962 3,984 3,290 4,721 3,081

Money raised £m New 71 521 342 268 334 1,754 593 490 1,095 2,776 6,461 9,944 6,581 1,108 740 1,219 609 703 1,251 2,938 1,344 1,475 2,412 1,718

Money raised £m Total 96 824 692 585 934 3,092 1,128 976 2,095 4,656 8,942 15,678 16,184 4,322 5,602 6,958 4,270 2,921 3,989 5,900 5,327 4,765 7,132 4,799

4

NEW ADMISSIONS


The number of companies on AIM remained stable at 942 over the summer months. The 24 new joiners being offset by 24 departures. AIM started 2018 with 960 constituents.

Of the 24 new joiners, 17 have their main operations in the UK. There was one joiner from each of: The United States; Canada; Dubai; Georgia; Ireland; Russia and Asia Pacific.

Off the 24 departures in June, July and August 2018:

]] Three transferred their listing to other exchanges

]] Six were the subject of RTOs

]] Three were acquired

]] Six chose to delist

]] One was forced to delist

]] Four delisted after failing to appoint a NOMAD

]] One entered administration

JUNE, JULY, AUGUST 2018 - Number of AIM constituents stable at 942

AIM MARKET 2018 Net new admissions / departures

940

950

960

970

980

990

1000

1010

January 01 2018

Move from

Main M

arket

Move from

NEX

Re-admissions (UK)

Re-admissions (Int.)

Introductions (UK)

Introductions (Int.)

IPO (UK)

IPO (Int.)

Listing transfer to another m

arket

Reverse Takeover

Acquired

Chose to de-list

Forced to de-list

Lack of Nomad

Administration

August 31 2018

960 1

5

0

3 10

23

11 8

9

12

18

37

5

942


NEW ADMISSIONS TO AIM SINCE INCEPTION

0

100

200

300

400

500

600

0

2,000

4,000

6,000

8,000

10,000

12,000

New

Mon

ey R

aise

d (£

k)

Num

ber o

f Adm

issi

ons

New Money Raised

Number of Admissions

Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018


COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTION COUNTRY OF

OPERATION

AMOUNT RAISED

(£M)

MARKET VALUE AT IPO/

ADMISSION (£M)

PERFORMANCE SINCE JOINING

AIM

LISTING PRICE

CURRENT PRICE

Codemasters Group Holdings

Plc

01 June 2018 Leisure Goods IPO &

Placing

Codemasters is a video game developer and publisher, specialising in high quality racing games. Headquartered in Southam, Warwickshire, the Group is one of the most recognised British game developers and publishers, with a 30 year track record of producing successful titles. The Group has approximately 500 full time employees and operates in three UK locations – Southam (Warwickshire), Birmingham and Runcorn (Cheshire). It also has one overseas location in Kuala Lumpur, which is an art production facility. In 2018 the Company recorded revenues and EBITDA of £63.6m and £11.8m respectively. Codemasters raised £15m of new money at IPO and existing shareholders also placed £170m of shares.

United Kingdom 185.00 280.0 -16.75% 200.00 166.50

LoopUp Group Plc

04 June 2018

Software & Computer Services

Reverse Takeover

LoopUp Group Plc is a premium remote meetings company which originally listed on AIM in August 2016 and raised £8.5m @ 100p. In June 2018 the Company announced the acquisition of the MeetingZone Group, a UK conferencing services provider for a total consideration of £61.4m cash. The acquisition constitutes a reverse takeover under the AIM Rules. MeetingZone has approximately 6,000 customers worldwide and recorded revenue of £22.5m and adjusted EBITDA of £5.0m in the 12 months ended 31 December 2017. The deal was funded by a £50m placing at 400p and a new £17.0m term loan from Bank of Ireland.

United Kingdom 50.00 219.5 16.88% 400.00 467.50

Yew Grove REIT Plc

08 June 2018

Real Estate Investment

Trusts

IPO & Placing

Yew Grove REIT is an Irish REIT investing in office and industrial properties primarily outside Dublin’s central business district. On Admission, the Company acquired the Yew Tree Investment Fund plc with its property portfolio. This seed portfolio had an aggregate value of approximately €25.9m and a yield of 10%. The Irish REIT Regime requires the Company to distribute, by way of dividend, a minimum of 85% of the profits of its property rental business. The Company is targeting a dividend yield, based on the issue price, of 7% p.a. following full investment of the net proceeds of the IPO.

Ireland 46.99 63.6 2.00% 1.00 1.02

Block Energy Plc

11 June 2018

Oil & Gas Producers

IPO & Placing

The Company was until April 2017 a gold and copper focussed exploration company with interests in projects primarily in Ghana and Mauritania, and carried the name Goldcrest Resources plc. In April 2017 the Company amended its strategy to focus on oil and gas projects with an emphasis on investment opportunities in the Republic of Georgia. It changed its name to Block Energy plc in May 2017, and is now an owner of three oil and gas assets in the Republic of Georgia, two of which have existing oil production. Block Energy joined AIM and raised £5m (net of expenses of £730,000) to satisfy the Company’s obligations under the existing assets and to contribute towards the funding of the Company’s operating and capital expenditure requirements.

Georgia 5.00 10.3 -17.50% 4.00 3.30

ADMISSIONS TO AIM - June, July, August 2018

Priced as of 12/09/2018




OPERATION

AMOUNT RAISED

(£M)


ADMISSION (£M)


AIM

LISTING PRICE

CURRENT PRICE

Aquis Exchange Plc

14 June 2018

Financial services

IPO & Placing

Aquis Exchange is a cash equities trading venue with a subscription-based pricing model. Its principal competitors are the national exchanges such as the LSE and Deutsche Bourse which charge customers on a per transaction model. Since the Company commenced trading in 2013 its market share has grown to reach approximately 1.9% of the overall pan-European market of continuous trading. In the year to December 2017 the Company recorded revenues and a loss before tax of £2.0m and £3.3m respectively. At IPO the Company raised £12m of new equity and existing shareholders placed £20m of existing shares (which included the Warsaw Stock Exchange which sold its 20.3% stake).

United Kingdom 32.06 73.0 67.29% 269.00 450.00

Simec Atlantis Energy Ltd

15 June 2018

Alternative Energy

Reverse Takeover

Atlantis Resources ("Atlantis") joined AIM in February 2014 raising £12m at 94p. The Company is a turbine supplier and project owner in the tidal power industry with its signature project being the MeyGen tidal project in Scotland (Europe's largest). In June 2018 Atlantis completed the acquisition (and reverse takeover) of SIMEC Uskmouth Power Ltd from the SIMEC Group. The deal resulted in Atlantis acquiring the 363-megawatt SIMEC Uskmouth Power Station in South Wales. In return, SIMEC Energy now owns a 49.99% share of Atlantis. As part of the transaction the Company raised £20m at 35p to contribute towards the working capital requirements of the enlarged Group.

United Kingdom 20.00 128.2 -34.29% 35.00 23.00

Anexo Group plc 20 June 2018

Support Services

IPO & Placing

Anexo is a specialist integrated credit hire and legal services group focused on providing replacement vehicles and associated legal services to impecunious customers who have been involved in a non-fault accident. These individuals typically do not have the financial means or access to a replacement vehicle which allows the Group to charge credit hire rather than spot hire or GTA rates, recovering these charges from the at-fault insurer at no upfront cost to the individual. In 2017 the Group generated revenue and EBITDA of £44.8m and £15.5m respectively. A total of £25m was raised at IPO being £10m of new equity and £15m allowing the founders to reduce their holdings.

United Kingdom 25.00 110.0 16.00% 100.00 116.00

Tekmar Group Plc

20 June 2018

Oil Equipment, Services &

Distribution

IPO & Placing

Tekmar is a provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services. The Group reported revenue of £21.9m and Adjusted EBITDA of £4.9m for the year ended 31 March 2018. At IPO, the Company raised £61.8m through the Placing, the net proceeds of which were used principally: (i) £28.2m to fund the acquisition of the assets from the prior owners (Elysian Capital & Opera Finance); (ii) repay £24.7m of Group Debt; and (iii) fund future expansion and acquisitions.

United Kingdom 61.80 65.0 24.23% 130.00 161.50





OPERATION

AMOUNT RAISED

(£M)


ADMISSION (£M)


AIM

LISTING PRICE

CURRENT PRICE

I-Nexus Global Plc

21 June 2018


IPO & Placing

Through the i-nexus software, the Company provides a scalable, cloud based Continuous Improvement and Strategy Execution software platform to its customers, including Global 5000 businesses. The Company’s i-nexus software is in use at 36 established global blue chip businesses, predominantly based across the US and Europe, implementing over 125,000 live projects. The Company raised £10m before expenses (£8.9m net) to assist with scaling the Group’s existing sales and marketing teams, to further simplify and standardise its software solutions, develop its consulting partner route to market, and repay certain of the existing debt. In the 6m to 31 March 2018 I-Nexus recorded Revenues of £2.3m and an adjusted EBITDA loss of £255k.

United Kingdom 10.00 23.4 -8.86% 79.00 72.00

Cake Box Holdings Plc

27 June 2018

Travel & Leisure

IPO & Placing

Cake Box is a UK franchise retailer of cakes. The first concept store opened in East London in 2008 from which the Group has grown to a franchise estate of 91 stores as at 13 June 2018. The Group specialises in making high quality, individually-crafted and personalised fresh cream cakes for purchase on demand or ordered in advance in store or online. Revenue has increased from £5.6m in the year ended 31 March 2016 to £12.8m in the year ended 31 March 2018, with EBITDA increasing from £1.4m to £3.7m in the same period. At IPO the founders placed £16.5m of existing shares, no new shares were issued.

United Kingdom 16.52 43.2 53.70% 108.00 166.00

Mind Gym Plc 28 June 2018

Support Services

IPO & Placing

Mind Gym is a behavioural science business that delivers human capital business improvement solutions to large corporations. The Group operates in three global markets: business transformation, HCM, and learning & development. Mind Gym was co-founded by Octavius Black and Sebastian Bailey in June 2000 and has since developed a strong market presence in the UK and a well established, rapidly growing US operation as well as a presence in Singapore. Since inception, Mind Gym has worked with 62% of the current FTSE 100 and 59% of the current S&P 100 companies. Mind Gym has enjoyed substantial growth in the last five years, driven by successful penetration of the US market and strong revenues in the UK. In the financial year ended 31 March 2018, Mind Gym generated revenues of £37.0m, adjusted EBITDA of £7.9m and profit after tax of £4.4m. No new money was raised at IPO but the founders placed £51m of shares.

United Kingdom 50.85 145.1 14.04% 146.00 166.50

Knights Group Holdings plc

29 June 2018

Support Services

IPO & Placing

Knights is a fast-growing, regional legal and professional services business, ranked within the UK top 100 largest law firms by revenue. The Company’s main focus is on the UK’s secondary regional markets, offering ‘big city’ quality expertise from a regional cost base. Currently, Knights operates from six offices: Newcastle-Under-Lyme, Wilmslow, Chester, Derby, Cheltenham and Oxford. A seventh office was added following completion of the acquisition of Turner Parkinson LLP (“TP”) on Admission. For the year ended 30 April 2018, Revenue was £34.9m and adjusted EBITDA £7.48m. £50m was raised at IPO, £30m for selling shareholders and £20m principally to repay the majority of the Group’s existing debt facilities and for general working capital and corporate purposes.

United Kingdom 50.00 103.5 32.76% 145.00 192.50





OPERATION

AMOUNT RAISED

(£M)


ADMISSION (£M)


AIM

LISTING PRICE

CURRENT PRICE

RA International

Group Plc

29 June 2018

General Industrials

IPO & Placing

RA International is a leading provider of services to remote locations in Africa and the Middle East. It specialises in five service verticals: construction; integrated facilities management; operation and maintenance; accommodation; and supply chain services. It has a strong customer base, largely comprising UN agencies, western governments and global corporations. In FY2017, RA International generated revenue of US$53.3m (2016: US$36.8m) and profit for the year of US$13.7m (2016: US$5.0m). The net proceeds of the Placing will be utilised to: strengthen the Group’s balance sheet enabling it to bid on larger scale contracts; promote a client multiplier effect, adding to the Group’s ability to upsell additional services to existing clients; and enter new territories and sectors.

Dubai 18.80 97.2 47.32% 56.00 82.50

Transglobe Energy Corp.

29 June 2018

Oil & Gas Producers Introduction

TransGlobe is an independent international upstream oil and gas company with headquarters in Calgary, Canada, whose main business activities consist of the exploration, development and production of crude oil and natural gas liquids. The Company currently has exploration and production operations in the Arab Republic of Egypt and Canada. As at 31 December 2017, the Company had total gross proved plus probable reserves of 45.9 MMboe and average production in Q1 2018 was 14,375 boe/d. The Common Shares have been listed on the TSX under the symbol "TGL" since 7 November 1997 and on the NASDAQ under the symbol "TGA" since 18 January 2008.The principal reasons for listing the shares on AIM were noted as being to enhance liquidity for the Company’s shareholders and provide more direct access to the London capital markets. No new money was raised on joining AIM.

Egypt/Canada 0.00 151.6 27.62% 210.00 268.00

Yellow Cake Plc 05 July 2018

Industrial Metals & Mining

IPO & Placing

Yellow Cake Plc operates in the uranium sector and is established to purchase and hold Uranium Oxide (U3O8). The company seeks to take advantage of the limited market options for gaining exposure to the uranium price by offering shareholders a platform to trade in the chemical compound. This is provided in a manner that does not directly involve the risks associated with companies which either explore, develop or mine the uranium. The company intends to use 90% to 95% of the net proceeds from the placing and subscription to purchase further supplies of U3O8.

United Kingdom 151.2 152.33 17.00% 200.00 234.00

Immotion Group Plc

12 July 2018

Electronic & Electrical Equipment

IPO & Placing

Immotion Group Plc is a market leading "Out of the Home" Virtual Reality group which seeks to use the additional attribute of movement, provided by its Motion Platform hardware, combined with its unique VR content to distinguish itself from competitors. The group offers consumers a chance to experience its product in predominantly leisure destinations, such as shopping malls and family entertainment centres. The funds generated from the company's placing will be used to build a large installed base of Motion Platforms. In the four months to 30 April 2018 unaudited Group revenue was £718,000 and an unaudited underlying EBITDA loss of £773,000 was recorded.

United Kingdom 5.75 19.54 30.00% 10.00 13.00





OPERATION

AMOUNT RAISED

(£M)


ADMISSION (£M)


AIM

LISTING PRICE

CURRENT PRICE

Diversified Gas & Oil Plc

17 July 2018

Oil & Gas Producers

Reverse takeover

Diversified Gas & Oil Plc (DGO) owns and operates gas and oil producing wells in the Appalachian Basin in the United States. Since listing on AIM in February 2017 DGO has undergone a series of bolt-on and transformative acquisitions resulting in the company becoming the largest producer on AIM and one of the largest independent conventional producers in the Appalachian Basin. To add to this, DGO has finalised the acquisition of certain entities from EQT corporation by way of a reverse takeover. The acquisition brings approximately 11,250 producing gas wells, close to DGO’s existing operations principally in the states of Kentucky, West Virginia and Virginia. The consideration for the EQT Acquisition of $575m is being funded by the $250m placing and extension of the existing debt facilities.

United States 189.47 491.60 17.53% 97.00 114.00

Nucleus Financial Group

Plc

26 July 2018

Financial Services

IPO & Placing

Nucleus Financial Group provides independent wrap platform services to over 2,200 adviser users across more than 800 financial adviser firms. The platform offers a range of custody, trading, payment, reporting, fee-handling, research and integration services and a variety of tax wrappers. The Group was established in collaboration with financial advisers, to generate greater alignment between those advisers and their customers. From the Company’s formation in 2006 until 2012, the majority of adviser firms were required to become shareholders in order to access the Platform. No new funds were raised at IPO but existing shareholders sold £32m of shares. The Group has been operating profitably since 2012, generating revenue of £40.4m, PBT of £5.1m and PAT of £4.1m in the year to 31 December 2017.

United Kingdom 32.08 139.95 10.11% 183.00 201.50

Ovoca Gold Plc (now Ovoca Bio

Plc)

30 July 2018 Healthcare Reverse

takeover

Up to 2014 Ovoca Gold Plc was a gold exploration and mine development company with a strong presence in the Magadan region, Russia. However, due to recent periods of volatility in the gold markets the Company's directors decided to use the Company's strong balance sheet to diversify into different sectors. This has resulted with Silverstar, a subsidiary of the Company, acquiring 50.02% of IVIX, a Russian firm developing a drug candidate for the treatment of female sexual dysfunctions. The acquisition cost was $4.12m and the deal constituted a reverse takeover under the AIM rules. The Group now intends to dispose of its remaining mining assets.

Russia 0.00 8.56 -9.52% 10.50 9.50





OPERATION

AMOUNT RAISED

(£M)


ADMISSION (£M)


AIM

LISTING PRICE

CURRENT PRICE

Trackwise Designs Plc

31 July 2018

Electronic & Electrical Equipment

IPO & Placing

Trackwise Designs Plc manufactures specialist products using printed circuit technology. The Company consists of two divisions Radio Frequency (RF) and Improved Harness Technology (IHT). The RF business unit manufactures specialist printed circuits which are primarily used in the antenna infrastructure to support the 3G/4G mobile phone networks. The IHT division utilises the Company’s unique proprietary technology, a patented process that Trackwise has developed to manufacture unlimited length multilayer flexible printed circuits. The Directors believe that one of its primary uses could be to replace traditional wire harnesses used in a variety of industries. The proceeds from the placing are being used to repay borrowings, fund capital expenditure and further product development. In 2017 the company achieved a revenue of £2.8 million and an EBITDA of £228,000.

United Kingdom 6.95 15.51 10.95% 105.00 116.50

CentralNic Group Plc

02 August 2018


Reverse takeover

AIM listed CentralNic Plc, a global domain name and web presence services provider, acquired Keydrive S.A. in August for an initial acquisition cost of $35.8m (Enterprise Value of $44.5m). Keydrive is a Luxembourg headquartered player in the domain name services industry. The initial consideration comprises $16.5m cash and $19.3m in shares with an earn-out of up to $10.5m (a minimum of 15% of which to be settled in cash). In order to fund the cash payments of the acquisition, which includes repaying debt, the Company raised £24m. The transaction constituted a reverse takeover under the AIM rules. In 2017 KeyDrive generated revenues of $58m and adjusted EBITDA of $5.87m.

United Kingdom 24.00 88.74 -2.88% 52.00 50.50

Jadestone Energy Inc

08 August 2018

Oil & Gas Producers

IPO & Placing

Jadeston Energy Inc is an independent oil and gas production and development company focused on the Asia-Pacific region. The Company has a portfolio of oil and gas production, development, and exploration assets in Western Australia, Vietnam and the Philippines. The Company has an acquisitive strategy and is focused on growth and creating value through identifying, acquiring, developing and operating assets throughout the Asia-Pacific region. On 15 July 2018 the Company signed a binding Sale and Purchase Agreement to acquire the Montara Assets, located in shallow water offshore Australia for $195m - the equity component of which will be funded by the monies raised at IPO.

Asia-Pacific 83.90 161.35 14.86% 35.00 40.20





OPERATION

AMOUNT RAISED

(£M)


ADMISSION (£M)


AIM

LISTING PRICE

CURRENT PRICE

Bonhill Group Plc (Vitesse

Media)

17 August 2018 Media Reverse

takeover

AIM listed Vitesse Media, a leading B2B media company, acquired the trade and assets of InvestmentNews in August 2018 for a total consideration of $27.1m ($23.1m cash, $4.0m equity). The Company raised £18.65m to part fund the cash element of the acquisition. InvestmentNews is a market leading Business Information and Data & Insight brand supporting the US financial adviser and wealth manager community. For the year ended 31 December 2017, InvestmentNews reported audited revenues of $16.8m (2016: $17.2m), and profit before tax of $0.67m (2016: $0.57m), prior to an allocated central cost of $4.43m, which, for the 12m following Completion, is estimated to be approximately $1.11m. The transaction constituted a reverse takeover under the AIM rules. On readmission Vitesse Media Plc changed its name to Bonhill Group Plc.

United Kingdom 18.65 26.72 6.88% 80.00 85.50

Sensyne Health Plc

17 August 2018

Health Care Equipment &

Services

IPO & Placing

Sensyne Health Plc is a healthcare technology company creating value from accelerating the discovery and development of new medicines and improving patient care through the analysis and commercialisation of real-world evidence from large databases of anonymised patient data in collaboration with NHS trusts. The Company has the right to analyse anonymised patient data using proprietary clinical AI algorithms developed by researchers at the University of Oxford and OUH (Oxford University Hospitals) NHS foundation trust and exclusively licensed to the Company. The Company acts as an interface between the NHS and Pharmaceutical Companies. Sensyne posted a revenue of £81,000 for the year ended 30 April 2018.

United Kingdom 60.00 225.00 18.00% 175.00 206.50



Of the 44 new admissions to AIM in 2018:

]] The average market capitalisation on admission – £95.2m

]] The median market capitalisation on admission – £72.6m

]] The average raise on admission (including any vendor placing) – £39.0m

]] The median raise on admission (including any vendor placing) – £19.4m

2018 AIM ADMISSIONS – Market caps and amounts raisedNu

mbe

r of C

ompa

nies

0

2

4

6

8

10

12

400-500300-400200-300100-20075-10050-7525-5010-250-10

12

5

7

9

11

54

0

Market Cap on Admission (£m)

Num

ber o

f Com

pani

es

Amount raised on Admission (£m)

012

3

4

5

6

7

8

9

100-20075-10050-7525-5010-255-100-50

55

1

7

3

5

9 9

MARKET CAP. SPREAD OF 2018 NEW ADMISSIONS AMOUNT RAISED ON ADMISSION 2018


USA (2, £192.5m)

Ireland (2, £53.0m)

UK (29, £1,318.8m)

Brazil (1, £3.5m)

Argentina (1, £6.4m)

GEOGRAPHICAL BREAKDOWN OF AIM’S 2018 NEW ENTRANTS Number of companies and amounts raised

Romania (1, £10.0m)

Italy (1, £14.5m)

Georgia (1, £5.0m)

Dubai (1, £18.8m)

Republic of Congo (1, £9.1m)

Asia Pacific (1, £ 83.9m)

Africa (1, £2.4m)


2018 AIM ADMISSIONS

There have been 44 admissions to AIM so far in 2018. These have been offset by 62 departures, giving a total number of constituents at the end of August 2018 of 942. As at end of December 2017 there were 960. The number of companies on AIM peaked in December 2007 at 1,694.

£1,718m has been raised through the 44 admissions to AIM so far 2018, giving an average raise of £39m – well ahead of the 2017 average (£30.5m).

No one particular sector has dominated the AIM IPO market in 2018 in terms of funds raised. The Leisure sector has raised the most funds (17%) helped by the £107m IPO of Team17 Group Plc in May and the £185m raised by Codemasters Group Holdings Plc in June. Financials have also had a strong year with 16% of funds raised being from that sector. Large financials contributors include the £150m IPO of Urban Exposure Plc in May and the £70m IPO of Trufin Plc in February.

29 (or 66%) of the new joiners have their central operations based in the UK, 4 (or 9%) are European and 11 (or 25%) of the joiners are based outside of Europe.

BREAKDOWN OF AIM’S 2018 NEW ENTRANTS BREAKDOWN OF THE £1,718M NEW MONEY RAISED IN 2018

Leisure Goods; 2

Oil & Gas; 8

Mining; 3

Industrials; 2

Alternative Energy; 2

Support Services; 5

Electronic & Electrical Equipment; 3Health Care Equipment & Services; 3

Media; 2

Property; 1Retail; 1

Financials; 4

Software & Computer services; 6

Investment Companies; 3

Leisure Goods; 17%

Oil & Gas; 23%

Mining; 1%

Industrials; 9%

Alternative Energy; 1%

Support Services; 13%

Electronic & Electrical Equipment; 1%Health Care Equipment & Services; 4%

Media; 3%

Property; 3%Retail; 1%

Financials; 16%

Software & Computer services; 6%

Investment Companies; 2%


Since the beginning of 2017, 34% of the funds raised upon admission to AIM by new joiners are attributable to existing shareholders selling equity in their companies. Such ‘Vendors’ come in two broad groups: founding shareholders and/or management teams wishing to partially or fully cash in on their efforts made in building their businesses; and professional investing entities, notably Private Equity houses, seeking to crystallise their investments.

In 2018 through to the end of August, 12 of the 44 new joiners that raised funds upon admission to AIM have included selling shareholders. Vendor placings have so far

amounted to £469m (or 27%) of the total equity placed by new joiners. Codemasters Group Holdings Plc has contributed £170m (or 36%) of this total amount.

Vendors in 2018 have included founders, management, two private Equity firms and also one early stage strategic investor (The Warsaw Stock Exchange) all of which have used an AIM IPO as an exit route.

There is no evidence that a vendor placing is a sign that a businesses has peaked. The average return of the shares since the placings is +44.2% (median +20.4%).

DATE COMPANY VENDORVENDOR

PLACING (£M)PERFORMANCE

SINCE IPO

05 March 2018 GRC International Plc Founders, Management 0.9 257.1%

04 April 2018 The SimplyBiz Group Plc Founders, Management 34.6 16.5%

08 May 2018 Rosenblatt Group Plc Founders, Management 8.0 8.9%

23 May 2018 Team17 Group Plc Founders, Management 62.5 47.0%

01 June 2018 Codemasters Group Hlds Plc Private Equity, Management 170.0 -16.8%

14 June 2018 Acquis Exchange Plc Strategic Investor, Management 20.0 67.3%

20 June 2018 Anexo Group Plc Founders, Management 15.0 16.0%

20 June 2018 Tekmar Group Plc Private Equity, Management 28.2 24.2%

27 June 2018 Cake Box Holdings Plc Founders 16.5 53.7%

28 June 2018 Mind Gym Plc Founders, Management 50.9 14.0%

29 June 2018 Knights Group Hlds Plc Founders, Management 30.0 32.8%

26 July 2018 Nucleus Financial Group Plc Founders 32.1 10.1%

Total 468.6

Average 44.2%

Median 20.4%

2018 VENDOR PLACINGS

2018 YTD VENDOR PLACINGS: £469M OF TOTAL £1,718M

Vendor Placings (£m)

New Issues (£m)

£1,249.3; 72.7%

£468.6; 27.3%

VENDOR PLACINGS 2018



2018 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

05 March 2018 IPO & Placing GRC International Group Plc Software & Computer Services UK 40.22 5.89 70.0 250.00 257.14%

14 June 2018 IPO & Placing Aquis Exchange Plc Financial services UK 73.0 32.06 269.00 450.00 67.29%

27 June 2018 IPO & Placing Cake Box Holdings Plc Retail UK 43.2 16.52 108.00 166.00 53.70%

30 April 2018 IPO & Placing KRM22 Plc Equity Investment Instruments UK 12.32 10.32 100.0 150.00 50.00%

29 June 2018 IPO & Placing RA International Group Plc General Industrials Dubai 97.2 18.80 56.00 82.50 47.32%

23 May 2018 IPO & Placing Team17 Group Plc Leisure Goods UK 217.00 107.54 165.0 242.50 46.97%

12 March 2018 IPO & Placing VR Education Holdings Plc Software & Computer Services Ireland 19.31 6.00 10.0 14.50 45.00%

29 June 2018 IPO & Placing Knights Group Holdings plc Support Services UK 103.5 50.00 145.00 192.50 32.76%

12 July 2018 IPO & Placing Immotion Group Plc Electronic & Electrical Equipment UK 19.54 5.75 10.00 13.00 30.00%

29 June 2018 Introduction Transglobe Energy Corp. Oil & Gas Producers Egypt/Canada 151.6 0.00 210.00 268.00 27.62%

20 June 2018 IPO & Placing Tekmar Group Plc Oil Equipment, Services & Distribution UK 65.0 61.80 130.00 161.50 24.23%

17 August 2018 IPO & Placing Sensyne Health Plc Health Care Equipment & Services UK 225.00 60.00 175.00 206.50 18.00%

17 July 2018 Reverse takeover Diversified Gas & Oil Plc Oil & Gas Producers United States 491.60 189.47 97.00 114.00 17.53%

05 July 2018 IPO & Placing Yellow Cake Plc Industrial Metals & Mining UK 152.33 151.2 200.00 234.00 17.00%

04 June 2018 Reverse Takeover LoopUp Group Plc Software & Computer Services UK 219.5 50.00 400.00 467.50 16.88%

21 February 2018 IPO & Placing Trufin Plc General Financial UK 185.00 70.00 190.0 222.00 16.84%

04 April 2018 IPO & Placing The Simplybiz Group Plc Support Services UK 130.00 64.60 170.0 198.00 16.47%

20 June 2018 IPO & Placing Anexo Group plc Support Services UK 110.0 25.00 100.00 116.00 16.00%

08 August 2018 IPO & Placing Jadestone Energy Inc Oil & Gas Producers Asia-Pacific 161.35 83.90 35.00 40.20 14.86%

15 March 2018 IPO & Placing Safe Harbour Holdings plc Non-equity Investment Instruments UK 33.90 22.70 120.0 137.50 14.58%

28 June 2018 IPO & Placing Mind Gym Plc Support Services UK 145.1 50.85 146.00 166.50 14.04%

09 May 2018 IPO & Placing Urban Exposure Plc Financial Services UK 165.00 150.00 100.0 111.50 11.50%

31 July 2018 IPO & Placing Trackwise Designs Plc Electronic & Electrical Equipment UK 15.51 6.95 105.00 116.50 10.95%

26 July 2018 IPO & Placing Nucleus Financial Group Plc Financial Services UK 139.95 32.08 183.00 201.50 10.11%

08 May 2018 IPO & Placing Rosenblatt Group Plc Support Services UK 76.09 43.00 95.0 103.50 8.95%

17 August 2018 Reverse takeover Bonhill Group Plc (ex Vitesse Media) Media UK 26.72 18.65 80.00 85.50 6.88%

19 January 2018 Transfer from Main Market Volex Plc Electronic & Electrical Equipment UK 72.20 0.00 80.0 84.20 5.25%

08 June 2018 IPO & Placing Yew Grove REIT Plc Real Estate Investment Trusts Ireland 63.6 46.99 1.00 1.02 2.00%



2018 AIM ADMISSIONS Winners and losers

Date Listed Issue type Company SubsectorCountry of Operation


Money Raised (£m)

Issue Price (P)

Current Price

Performance

18 May 2018 IPO & Placing Serinus Energy Plc Oil & Gas Producers Romania & Tunisia 32.60 10.00 15.0 15.25 1.67%

29 March 2018 IPO & Placing Polarean Imagining Plc Health Care Equipment & Services United States 11.01 3.00 15.0 15.15 1.00%

02 August 2018 Reverse takeover CentralNic Group Plc Software & Computer Services UK 88.74 24.00 52.00 50.50 -2.88%

06 March 2018 IPO & Placing Stirling Industries Plc Non-equity Investment Instruments UK 8.93 8.88 100.0 96.00 -4.00%

21 June 2018 IPO & Placing I-Nexus Global Plc Software & Computer Services UK 23.4 10.00 79.00 72.00 -8.86%

30 July 2018 Reverse takeover Ovoca Bio Plc (ex Ovoca Gold) Healthcare Russia 8.56 0.00 10.50 9.50 -9.52%

09 February 2018 IPO & Placing Onthemarket Plc Media UK 99.88 30.00 165.0 147.50 -10.61%

09 April 2018 Reverse Takeover Coro Energy Plc Oil & Gas Producers Italy 31.40 14.49 4.4 3.65 -16.67%

01 June 2018 IPO & Placing Codemasters Group Holdings Plc Leisure Goods UK 280.0 185.00 200.00 166.50 -16.75%

11 June 2018 IPO & Placing Block Energy Plc Oil & Gas Producers Georgia 10.3 5.00 4.00 3.30 -17.50%

30 May 2018 IPO & Placing Maestrano Group Plc Software & Computer services UK 12.01 6.00 15.0 12.03 -19.83%

15 June 2018 Reverse Takeover Simec Atlantis Energy Ltd Alternative Energy UK 128.2 20.00 35.00 23.00 -34.29%

04 January 2018 Reverse Takeover Echo Energy Plc Oil & Gas Producers Argentina 70.16 6.37 17.5 11.30 -35.43%

16 April 2018 IPO & Placing Crusader Resources Ltd Mining Brazil 13.84 3.50 3.0 1.65 -44.82%

29 March 2018 IPO & Placing Kore Potash Plc Mining Republic of Congo 94.00 9.14 10.9 4.38 -60.01%

24 January 2018 IPO & Placing Cradle Arc Plc Mining Africa 20.13 2.40 10.0 3.70 -63.00%

Total 1,717.9 Average 12.7%

Median 11.2%



A LOOK BACK AT THE NEW JOINERS FROM 2017

Date listed Issue type Company Subsector Country of Operation


Money Raised (£m)

Issue Price (P)

Current Price Performance

11 April 2017 IPO & Placing K3 Capital Group Plc Business Support Services UK 40.10 17.84 95.0 360.0 278.95%

27 December 2017 Reverse Takeover Parallel Media Group Plc (now Live Company) Media UK 14.50 1.26 30.0 95.0 216.67%

20 November 2017 IPO & Placing Boku Inc. Support Services United States 125.96 45.00 59.0 176.50 199.15%08 February 2017 IPO & Placing Eco (Atlantic) Oil & Gas Ltd Exploration & Production Canada 18.92 5.09 16.0 46.2 188.75%02 November 2017 RTO Sosandar Plc General retailers UK 16.13 9.98 15.10 43.60 188.74%07 April 2017 IPO & Placing Alpha FX Group Plc Investment Services UK 64.20 30.00 196.0 560.0 185.71%11 August 2017 IPO & Placing Xpediator Plc Industrial Transportation UK 26.22 5.00 24.0 65.0 170.83%27 November 2017 IPO & Placing Beeks Financial Cloud Group Software & Compuuter Services UK 24.50 7.00 50.0 132.5 165.00%

26 June 2017 IPO & Placing (dual list TSX) Touchstone Exploration Inc. Oil & Gas Producers Trinidad & Tobago 8.67 1.45 7.3 18.00 148.28%

05 April 2017 IPO & Placing Skinbiotherapeutics Plc Biotechnology UK 10.70 4.50 9.0 21.75 141.67%

21 December 2017 Reverse Takeover Bushveld Minerals Ltd Mining Southern Africa 65.83 0.00 9.06 20.25 123.51%

25 July 2017 Introduction i3 Energy Plc Oil & Gas producers UK 14.10 0.00 55.0 115.5 110.00%27 November 2017 IPO & Placing Keystone Law Group Plc Support Services UK 50.04 15.00 160.0 328.0 105.00%15 February 2017 IPO & Placing Ramsdens Holdings Plc Consumer Finance UK 26.52 15.59 86.0 160.0 86.05%04 August 2017 Introduction Getbusy Plc Software & Computer Services UK 13.70 0.00 28.3 51.5 81.98%06 July 2017 IPO & Placing Tatton Asset Management Plc General Financial UK 87.20 51.60 156.0 277.0 77.56%03 February 2017 IPO & Placing Diversified Gas & Oil Plc Exploration & Production USA 68.60 39.65 65.0 114.00 75.38%13 July 2017 IPO & Placing Angling Direct Plc General Retailers UK 27.40 9.00 64.0 109.5 71.09%03 July 2017 Reverse Takeover Diversified Gas & Oil Plc Oil & Gas producers USA 101.19 19.60 70.0 114.00 62.86%08 August 2017 IPO & Placing Strix Group Plc Electronic & Electrical Equipment UK 255.55 190.00 100.0 162.4 62.40%

11 October 2017 IPO & Placing Alpha Financial Markets Consulting Support Services UK 163.00 125.41 160.0 259.0 61.88%

21 December 2017 IPO & Placing Sumo Group Plc Leisure Goods UK 145.00 78.15 100.0 158.0 58.00%05 October 2017 Reverse Takeover City of London Group Plc General Financial UK 25.90 7.00 90.0 125.0 38.89%28 July 2017 Transfer from Main Market Harvey Nash Group Plc Support Services UK 70.70 0.00 97.3 130.0 33.68%19 December 2017 IPO & Placing Pelatro Plc Software & Computer Services UK 15.20 4.63 62.50 83.5 33.60%04 August 2017 ReverseTakeover Gordon Dadds Group Plc Support Services UK 40.00 20.00 140.0 186.0 32.86%23 November 2017 IPO & Placing The City Pub Group Plc Travel & Leisure UK 95.99 35.00 170.0 222.5 30.88%25 July 2017 IPO & Placing Arena Events Group Plc Travel & Leisure UK 63.10 59.27 55.0 69.5 26.36%09 May 2017 Reverse Takeover & Placing Shearwater Group Plc Software UK 38.40 9.02 4.0 4.95 23.75%11 April 2017 Reverse Takeover & Placing Franchise Brands Plc Specialised Consumer Services UK 52.10 20.00 67.0 80.0 19.40%23 March 2017 Placing Re-admission Duke Royalty Limited Specialty Finance UK 23.32 15.00 40.0 46.1 15.25%






Money Raised (£m)

Issue Price (P)


16 October 2017 IPO & Placing Springfield Properties Plc Residential Property UK 87.00 25.00 106.0 115.0 8.49%25 July 2017 IPO & Placing Greencoat Renewables Plc Renewable Energy Ireland 270.00 237.57 1.0 1.05 5.00%11 July 2017 IPO & Placing Nexus Infrastructure Plc Construction & Materials UK 70.50 35.02 185.0 194.0 4.86%03 May 2017 Reverse Takeover & Placing N4 Pharma Plc Pharmaceuticals UK 5.00 1.48 7.0 7.2 2.86%28 July 2017 IPO & Placing Quiz Plc General Retailers UK 226.10 102.70 161.0 158.5 -1.55%20 September 2017 IPO & Placing Warehouse REIT Plc Real Estate Investment Trusts UK 166.00 150.00 100.0 98.4 -1.60%08 March 2017 Placing Re-admission Attraqt Group Plc Software UK 37.20 27.80 35.0 33.5 -4.29%05 January 2017 Placing Re-admission SigmaRoc Building Materials & Fixtures UK 41.00 40.00 40.0 38.2 -4.50%06 November 2017 RTO Central Asia Metals Plc Mining Macedonia 441.25 0.00 230.0 208.0 -9.57%

09 October 2017 IPO & Placing Cora Gold Plc Mining Mali & Senegal 9.07 3.45 16.50 14.8 -10.61%

17 August 2017 IPO & Placing Wilmcote Holdings Plc Non equity Investment Instruments UK 25.00 15.00 120.0 107.0 -10.83%01 September 2017 Reverse Takeover Avingtrans Plc Industrial Engineering UK 75.20 0.00 245.5 217.5 -11.41%22 December 2017 IPO & Placing CIP Merchant Capital Ltd Investment Company UK 55.00 55.00 100.00 88.0 -12.00%05 July 2017 IPO & Placing GYG Plc Industrial Transportation Spain 46.60 6.90 100.0 84.0 -16.00%03 May 2017 Reverse Takeover & Placing Escape Hunt Plc Recreational Services UK 27.30 14.00 135.0 111.0 -17.78%01 November 2017 IPO & Placing Novacyt SA Health Care Equipment & Services UK 22.37 8.75 59.38 48.5 -18.32%09 November 2017 IPO & Placing AfriTin Mining Mining Namibia 11.60 3.50 3.90 3.05 -21.79%

18 December 2017 IPO & Placing Fusion Antibodies Plc Health Care Equipment & Services UK (N.Ireland) 18.11 6.6 82.0 63.5 -22.56%

25 April 2017 IPO & Placing Eddie Stobart Logistics Plc Transportation Services UK 572.70 392.87 160.0 122.0 -23.75%10 August 2017 IPO & Placing Verditek Plc Alternative Energy UK 16.89 2.75 9.0 6.75 -25.00%11 May 2017 Transfer from Main Market Lakehouse Plc Business Support Services UK 15.75 0.00 49.5 37.0 -25.25%22 February 2017 IPO & Placing GBGI Ltd Life Insurance USA 130.40 32.00 150.0 109.0 -27.33%29 June 2017 IPO & Placing Jangada Mines Mining Brazil 11.60 2.25 5.0 3.63 -27.50%

24 February 2017 IPO & Placing Saffron Energy Plc (now Coro Energy) Exploration & Production Italy 7.69 2.50 5.0 3.60 -28.00%

29 June 2017 IPO & Placing Phoenix Global Mining Industrial Metals USA 10.34 4.60 40.0 27.50 -31.25%29 November 2017 IPO & Placing Ten Lifestyle Group Plc Travel & Leisure UK 104.84 32.19 134.0 89.0 -33.58%19 December 2017 Reverse Takeover Sirius Petroleum plc Oil & Gas Producers Nigeria 35.56 7.24 1.00 0.66 -34.50%13 July 2017 RTO Animalcare Group Plc Pharmaceuticals & Biotechnology UK 214.19 30.00 350.0 223.5 -36.14%07 August 2017 ReverseTakeover Proactis Holdings Plc Software & Computer Services UK 152.90 70.00 165.0 103.5 -37.27%04 September 2017 IPO & Placing Destiny Pharma Plc Pharmaceuticals & Biotechnology UK 65.40 15.28 157.0 90.0 -42.68%05 September 2017 IPO & Placing AppScatter Group Plc Software & Computer services UK 41.10 9.00 65.0 36.5 -43.85%28 December 2017 Reverse Takeover Eqtec Plc Renewables UK 8.75 1.60 1.68 0.89 -47.02%





Money Raised (£m)

Issue Price (P)


19 December 2017 IPO & Placing Mirriad Advertising Plc Media UK 63.18 26.20 62.0 30.5 -50.81%10 August 2017 IPO & Placing Altus Strategies Plc Mining Africa 10.70 1.11 10.0 4.7 -53.50%24 October 2017 Reverse Takeover Totally Plc Health Care Equipment & Services UK 28.70 0.00 48.0 22.3 -53.54%06 March 2017 IPO & Placing Anglo African Oil & Gas Plc Exploration & Production UK 10.60 10.00 20.0 8.65 -56.75%18 May 2017 IPO & Placing Velocity Composities Plc Aerospace UK 30.43 12.28 85.0 33.5 -60.59%

13 December 2017 Reverse Takeover Range Resources Ltd Oil & Gas Producers Trinidad & Indonesia 17.09 0.00 0.225 0.09 -61.11%

09 February 2017 Introduction Re-admission Nautilus Marine Services Plc Exploration & Production Columbia 5.24 0.00 14.5 5.60 -61.38%

21 December 2017 IPO & Placing Erris Resources Plc Mining Ireland & Sweden 7.77 4.00 25.0 9.5 -62.00%

10 August 2017 Reverse Takeover Phoenix Global Resources Plc Oil & Gas Producers Argentina 1209.33 0.00 65.0 21.7 -66.62%

23 May 2017 Transfer from Main Market & Placing Katoro Gold Plc Gold Mining UK 6.50 5.46 6.0 1.30 -78.33%

18 May 2017 IPO & Placing Eve Sleep Durable Household Products UK 139.70 34.93 101.0 21.0 -79.21%30 June 2017 IPO & Placing FFI Holdings General Financial USA 235.56 59.06 150.0 31.0 -79.33%02 November 2017 IPO & Placing Footasylum Plc General retailers UK 171.34 65.36 164.0 32.0 -80.49%29 June 2017 IPO & Placing Ethernity Networks Ltd Technology Hardware & Equipment Israel 47.96 15.00 140.0 23.0 -83.57%

21 December 2017 Introduction Panthera Resources Plc Mining India & West Africa 12.38 0.00 20.0 2.50 -87.50%

05 April 2017 IPO & Placing Integuman Plc Personal Products UK 8.25 2.25 5.0 0.50 -90.00%Total 2,411.7 Average 17.8%

Median -9.6%



23

FURTHER FUNDRAISES


JUNE, JULY, AUGUST 2018 OVERVIEW

Further raises on AIM continued at a healthy rate across the summer months. The average raise of £334m per month raised in June, July & August was however below the £447m average for the same period last year. Despite the slower summer months compared to 2017, the total raised year to date in 2018 of £3.1bn is ahead of the £2.5bn raised in the comparative period. 2018 is therefore on track to beat 2017 although it is worth noting that the final four months of 2017 were particularly strong with £2.2bn raised in the period.

Draper Esprit Plc (GROW.L, £545m). On June 14th Draper Esprit Plc, a private equity and venture capital firm, announced it had raised £115m. The Company aims to use the funds to continue to develop its strategy since IPO of investing in early and growth stage European digital businesses to deliver attractive long-term returns to investors. Following the completion of the placing and subscription the company holds assets in excess of £680m.

Greencoat Renewables Plc (GRP.L, £399m). Greencoat Renewables Plc first listed on AIM in July 2017 raising £238m. The Company is an investor in renewable energy infrastructure assets and is focused on the acquisition and management of operating wind farms in Ireland. In July 2018 the Company raised a further £99m, principally to refinance the Company’s revolving Credit Facility. Following the placing, in early September, Greencoat announced the £136m acquisition of further wind farms which will add 105MW, taking Greencoat Renewables’ total installed capacity to 299MW.

Victoria Plc (VCP.L, £850m). Victoria Plc, an international manufacturer and distributor of innovative flooring products, raised £60m in August. The funds from this raise are primarily being used to finance the acquisition of Ceramica Saloni, a European manufacturer of mid to high-end ceramic and porcelain tiles, for a consideration of £86.2m from Obinesa Grupo Industrial S.L. Victoria plc posted a revenue of £424.8m and a pre-tax profit of £40.8m in its annual reports and accounts ending 31 March 2018.

FURTHER ISSUES HISTORICAL BREAKDOWN OF JUNE, JULY, AUGUST 2018 FUNDS RAISED

Mon

ey R

aise

d (£

m)

Num

ber o

f Tra

nsac

tion

s

Money Raised (£m) Number of Transactions

0

100

200

300

400

500

600

700

800

900

1000

0

10

20

30

40

50

60

70

80

Sep

15Oc

t 15

Nov

15De

c 15

Jan

16Fe

b 16

Mar

16

Apr

16M

ay 1

6Ju

n 16

Jul 1

6Au

g 16

Sep

16Oc

t 16

Nov

16De

c 16

Jan

17Fe

b 17

Mar

17

Apr

17M

ay 1

7Ju

n 17

Jul 1

7Au

g 17

Sep

17Oc

t 17

Nov

17De

c 17

Jan

18Fe

b 18

Mar

18

Apr

18M

ay 1

8Ju

n 18

Jul 1

8Au

g 18

Technology; 6.2%

Industrials; 4.6% Basic Materials; 0.3%

Alternative Energy; 14.5%

Electronic & Electrical Equip.; 4.6%

Consumer Goods; 12.5%

Travel & Leisure; 1.0%Retail; 1.8%Media; 0.6%

Financials; 19.4%H'Care Equip. & Services; 6.1%

Pharma & Biotech; 9.9%

Mining; 6.8%

Oil & Gas; 7.6%

Real Estate; 0.3%Support Services; 3.5%

Utilities; 0.3%

25

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

14 June 2018 Draper Esprit Plc Specialty Finance United Kingdom 115.00

02 August 2018 Greencoat Renewables Plc Equity Investment Instruments Ireland 98.69

07 August 2018 Victoria Plc Furnishings Australia 60.49

03 August 2018 Duke Royalty Limited Specialty Finance United Kingdom 44.00

30 August 2018 Creo Medical Group Plc Medical Equipment United Kingdom 43.50

27 July 2018 Ceres Power Holdings Plc Alternative Fuels United Kingdom 39.35

05 June 2018 Volex Plc Electrical Components & Equipment China 36.00

21 June 2018 Alliance Pharma Plc Pharmaceuticals United Kingdom 34.00

29 August 2018 IG Design Group Plc Nondurable Household Products United Kingdom 31.93

29 June 2018 Eddie Stobart Logistics Plc Transportation Services United Kingdom 30.00

18 July 2018 Marlowe Plc Business Support Services United Kingdom 20.00

25 June 2018 Benchmark Holdings Plc Biotechnology United Kingdom 19.00

07 August 2018 Venture Life Group Plc Food Products United Kingdom 18.75

09 July 2018 B.P. Marsh & Partners Plc Specialty Finance United Kingdom 17.05

12 July 2018 Trinity Exploration & Production Exploration & Production Trinidad and Tobago 15.25

04 July 2018 Petro Matad Ld Exploration & Production Mongolia 13.68

16 August 2018 Solo Oil Plc Exploration & Production United Kingdom 13.03

12 July 2018 Tri-Star Resources Plc Nonferrous Metals United Kingdom 13.00

06 August 2018 Koovs Plc Apparel Retailers India 12.00

11 July 2018 Savannah Resources Plc General Mining Niger 11.55

06 July 2018 Sound Energy Plc Exploration & Production Indonesia 11.41

25 July 2018 Allergy Therapeutics Plc Pharmaceuticals Germany 10.60

28 August 2018 Oxford Biodynamics Plc Biotechnology United Kingdom 9.75

21 August 2018 1Spatial Plc Business Support Services United Kingdom 8.50

01 August 2018 Angle Plc Biotechnology United Kingdom 8.50

21 August 2018 Avacta Group Plc Biotechnology United Kingdom 8.39

01 June 2018 Accrol Group Holdings Plc Nondurable Household Products United Kingdom 8.00

05 July 2018 Fastjet Plc Airlines Tanzania 7.63

08 June 2018 Gan Plc Software United Kingdom 7.50

05 June 2018 Anglo African Oil & Gas Plc Exploration & Production Republic of the Congo 7.40

Information sourced from London Stock Exchange, Allenby Capital

ANALYSIS OF LARGEST FURTHER ISSUES - June, July, August 2018


2018 AIM FURTHER FUNDRAISINGS

A total of £3,081m has been raised on AIM as of the end of August 2018 through further issues. This is a 23% increase on the amount raised in the same period in 2017 (£2,498m).

There have been 345 raises so far in 2018 (≥£100k), equating to an average raise of £8.9m. This compares with the average issue size in FY 2017 of £8.2m and in FY 2016 of £5.7m.

Of the 345, 122 were for a value equal to or less than £1m. Six have been for more than £100m.

The Real Estate sector has been the largest contributor to the £3,081m having raised £442m (or 14.3%) of the amount. The Oil & Gas sectors is the next contributor with 13.1% of the funds raised.

DATE COMPANY SUB SECTOR MONEY RAISED (£M)

29 March 2018 Secure Income Reit Plc Diversified REITs 315.50

19 April 2018 Breedon Group Plc Building Materials & Fixtures 170.00

20 February 2018 Diversified Gas & Oil Plc Exploration & Production 133.12

05 February 2018 Total Produce Plc Food Retailers & Wholesalers 126.55

14 June 2018 Draper Esprit Plc Specialty Finance 115.00

19 April 2018 Purplebricks Group Plc Real Estate Services 100.00

02 August 2018 Greencoat Renewables Plc Equity Investment Instruments 98.69

09 February 2018 Savannah Petroleum Plc Exploration & Production 98.57

27 April 2018 Learning Technologies Group Plc

Business Training & Employment Agencies 85.00

07 August 2018 Victoria Plc Furnishings 60.49

ANALYSIS OF 2018 FUND RAISINGS BY SIZE

BREAKDOWN OF THE £3,081M RAISED IN 2018 YTD

61 66

33 37

12 8 6

Size of raise (£m)

Num

ber o

f tra

nsac

tions

0

30

60

90

120

150

>10050-10025-5010-255-102-51-20.10-1

122

Technology; 6%

Industrials; 10% Basic Materials; 1.1%Alternative Energy; 5%Electronic & Electrical Equip.; 2%

Consumer Goods; 5%Travel & Leisure; 2%

Retail; 7%

Media; 2%

Financials; 7%

H'Care Equip. & Services; 3%

Pharma & Biotech; 6%

Mining; 8%Oil & Gas; 13%

Real Estate; 14%

Support Services; 7%

Telecommunications; 1%

Utilities; 1%

LARGEST FURTHER ISSUES 2018


GEOGRAPHICAL BREAKDOWN OF AIM’S 2018 SECONDARY FUNDRAISES Number of issues and amounts raised

Ireland (4, £129.5m)

Canada (3, £6.0m)

USA (9, £153.6m)

UK (116, £1,326.8m)

Netherlands (1, £11.5m)

Luxembourg (1, £12.8m)

Spain (2, £24.8m)

Italy (1, £0.6m)

Central America (4, £5.2m)

Africa (24, £201.2m)

South America (7, £31.2m)

Finland (2, £32.0m)

Sweden (1, £2.1m)

Russia and CIS (4, £7.8m)

Central & Eastern Europe (2, £7.5m)

Greece (1, £0.6m)

China (1, £0.7m)

Asia Pacific (5, £21.9m)

India & Bangladesh (2, £1.4m)

Israel (4, £54.2m)

Australia (7, £49.8m)

28

TRADING VOLUMES


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

AIM stocks traded a median value of 1.9% of their market capitalisation in August, marginally below the 2.1% recorded in August 2017. The average daily number of bargains struck in August, at 38,515 was also down on corresponding 2017 figure of 45,640.

In terms of value, total trading on AIM has amounted to £46.1bn in 2018 YTD. Per business day, this figure equates to £274m.

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

Average Volume

Apr-

18

May

-18

Jul-1

8

Jun-

18

Aug-

18

Jun-

16

Jul-1

6

Aug-

16

Sep-

16

Oct-

16

Nov-

16

Dec-

16

Jan-

17

Feb-

17

Mar

-17

Apr-

17

May

-17

Jun-

17

Jul-1

7

Aug-

17

Sep-

17

Oct-

17

Nov-

17

Dec-

17

Jan-

18

Feb-

18

Mar

-18

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

TRADING VOLUMES - Liquidity averaging 1.9% in August 2018

LIQUIDITY AVERAGED 1.9% IN AUGUST

LIQUIDITY MOST CONCENTRATED IN AIM’S MICRO CAPS

Market Cap (£m)

% M

kt C

ap tr

aded

per

mon

th

0.0

0.5

1.0

1.5

2.0

2.5

3.0

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

2.702.50

1.48 1.50

2.07

1.70

2.07

30

Ascent Resources Plc (AST.L, £18.2m). Ascent Resources, an oil and gas exploration and production company with a focus on European onshore projects, was the most actively traded stock in August on a relative basis. The Company announced that permitting delays in Slovenia are deterring potential partners for its Petisovci project. As a result of this, Ascent’s share price fell 40%, down to 0.43p. Several days later the board of Ascent provided a positive update on the outcome of recent

discussions with the Slovenian authorities with the Company believing a permit will be issued in final form in the next two months. The Company’s share price rose to 0.9p on August 9th and rose further to 1.18p on August 20th.

Shares in Angus Energy Plc (ANGS.L, £30.1m), the UK onshore oil and gas development company spiked to 10.15p (from opening at 8.4p) on Wednesday 8th August after Surrey County Council gave planning approval for the retention

of the BR-X4 well, the regularisation of the BR-X4Z side-track and the appraisal of BR-X4Z at the Brockham oil field. The Company also confirmed that all operations at Balcombe and Brockham will be performed through conventional production and there will be no hydraulic fracturing or “fracking”. This led to increased trading activity.

Imaginatik Plc (IMTK.L, £2.5m). Imaginatik Plc, an enterprise software provider, was the third most traded stock

in August on a relative basis. In recent weeks the Company announced that: it was in the latter stages of securing a £500,000 loan facility; the loan provider was also in discussions to take a controlling equity investment in the Company, and the Company’s Nomad would potentially stand down if the investment takes place due to a conflict of interest which could lead to the Company delisting from AIM should it not be able to appoint a replacement Nomad.

Information sourced from London Stock Exchange and Allenby Capital

AUGUST’S MOST LIQUID STOCKS ON A RELATIVE BASISAUGUST’S MOST TRADED STOCKS BY VALUE

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

Ascent Resources Plc 18.2 18.2 100.2%

Angus Energy Plc 26.0 30.1 86.6%

Imaginatik Plc 2.0 2.5 79.6%

Bahamas Petroleum Company Plc 17.7 29.9 59.1%

Anglo African Oil & Gas Plc 9.9 19.0 52.0%

Great Western Mining Corp. Plc 2.4 4.6 51.6%

Oilex Ld 1.4 3.4 42.9%

Mosman Oil And Gas Limited 1.0 2.6 38.0%

Mineral & Financial Investments Ld 0.9 2.3 36.6%

ECR Minerals Plc 1.0 2.9 34.6%

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

Fevertree Drinks Plc 523.1 4,301.0 12.2%

ASOS Plc 466.1 5,113.1 9.1%

Boohoo Group Plc 268.6 2,034.6 13.2%

Burford Capital Limited 249.1 4,160.6 6.0%

Victoria Plc 184.6 1,055.9 17.5%

Blue Prism Group Plc 133.6 1,523.0 8.8%

IQE Plc 126.6 741.0 17.1%

Abcam Plc 116.5 3,109.1 3.7%

Keywords Studios Plc 111.2 1,266.1 8.8%

CVS Group Plc 73.9 643.2 11.5%

TRADING VOLUMES - Liquidity averaging 1.9% in August 2018 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 August 2018, the average daily volume was 38,515 an increase of 105% 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 August 2018, £5.04bn was traded, with an average trade size of £6,230.

A combination of factors appears to have increased retail appetite for investing in AIM over the past few years. The consistently low global interest rates has maintained interest amongst retail investors for equity investments. The qualification of AIM stocks for inclusion in tax free ISA wrappers appears to have spurred interest in the junior equity market; and this appetite seems to have been boosted by the increase in ISA allowances in the tax year 2014/2015 from £11,520 to £15,240. This figure has increased to £20,000 from April 2017.

£m

Monthly turnover value £m

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Aug-

18

Aug-

17

Aug-

16

Aug-

15

Aug-

14

Aug-

13

Aug-

12

Aug-

11

Aug-

10

Aug-

09

Aug-

08

Aug-

07

Aug-

06

Aug-

05

Aug-

04

Aug-

03

Aug-

02

Aug-

01

BARGAINS BY NUMBER AND VALUE

TOTAL TRADING TURNOVER VALUE

TRADING VOLUMES - Historical Trading on AIM

Average daily number of bargains (LHS)

Aver

age d

aily

num

ber o

f bar

gain

s

Average value per bargain (£) (RHS)

Aver

age v

alue

per

bar

gain

(£)

5,000

0

10,000

15,000

20,000

25,000

10,000

0

20,000

30,000

40,000

50,000

60,000

Aug-

18

Aug-

17

Aug-

16

Aug-

15

Aug-

14

Aug-

13

Aug-

12

Aug-

11

Aug-

10

Aug-

09

Aug-

08

Aug-

07

Aug-

06

Aug-

05

Aug-

04

Aug-

03

Aug-

02

Aug-

01

32

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 at an all-time high of £121.6m. As of 31 August 2018, 239 AIM constituents exceeded the £100m valuation mark. 16 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). 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%, in 2016 this was 78% and in 2017 it was 71%. So far in 2018, 66% have been UK based.

Nevertheless, the market still hosts businesses operating across a vast range of geographies. 82 countries in total host the central operations of at least one AIM company, while many more play host to non-core operations.

Aver

age

Mar

ket C

ap (£

m)

Average Market Cap (£m)

0

20

40

60

80

100

120

140

Aug-

18

Aug-

17

Aug-

16

Aug-

15

Aug-

14

Aug-

13

Aug-

12

Aug-

11

Aug-

10

Aug-

09

Aug-

08

Aug-

07

Aug-

06

Aug-

05

Aug-

04

Aug-

03

Aug-

02

Aug-

01

AN ANALYSIS OF AIM’S CONSTITUENTS

MARKET CONSTITUENTS BY SECTOR (MKT CAP)

AVERAGE MKT CAP SIZE

AIM AVERAGE MKT CAP OF £122M, MEDIAN MKT CAP OF £32.1M

Consumer Goods; 11.0%

Consumer Services; 6.7%Retail; 9.4%

Financial; 12.6%

H'Care Equip. & Services; 2.0%

Pharma & Biotech; 10.8%

Mining; 4.1%Alternative Energy; 0.5%

Oil & Gas; 7.0%

Real Estate; 4.3%

Support Services; 10.5%

Telecommunications; 1.1%Utilities; 0.5%

Technology; 12.0%

Industrials; 6.3%

Basic Materials; 1.1%

49

82

102

177167

126137

55

3116

0

40

80

120

160

200

> 1

,000

500-

1,00

0

250-

500

100-

250

50-1

00

25-5

0

10-2

5

5-102-5

0-2

Num

ber o

f com

pani

es

Market Cap (£m)


Num

ber o

f com

pani

esUK Central OperationsInternational Central Operations

0

200

400

600

800

1000

1200

1400

1600

1800

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 ytd

Total 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 1,044 982 960 942

International Central Operations 3 17 22 21 22 31 42 50 60 116 220 304 347 317 241 228 225 225 502 481 436 347 342 326

UK Central Operations 118 235 286 291 325 493 587 654 694 905 1,179 1330 1347 1233 1052 967 918 871 590 623 608 635 618 616

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

Num

ber o

f com

pani

es 710

1 1 10

100200300400500600700800

1

Italy

1

Zam

bia

Mal

aysi

a

Bang

lade

sh

Fran

ce

1

Falk

and

Isla

nds

1

Beliz

e (B

ritis

h Ho

ndur

as)

1

Hong

Kon

g

1

Finl

and

2

Luxe

mbo

urg

3

Sing

apor

e

3

Gibr

alta

r

5

Cypr

us

8

Isra

el

8

Berm

uda

10

Cana

da

10

USA

19

Caym

an Is

land

s

22

Aust

ralia

23

Irela

nd

25

Briti

sh V

irgin

Isla

nds

28

Isle

of M

an

29

Guer

nsey

32

Jers

eyUK

Location of assets

Num

ber o

f com

pani

es

0100200300400500600700800

5858 3049 1922 1618 1216 910 46 13

612

Othe

r offs

hore

Mid

dle

East

Isle

of M

an

Cent

ral a

ndEa

ster

n Eu

rope

Latin

Am

eric

a

Cana

da

Isra

el

Indi

a &

Bang

lade

sh

Chin

a

Sout

h Am

eric

a

Aust

ralia

Russ

ia a

nd C

IS

Asia

Pac

ific

USA

Wes

tern

Eur

ope

Afric

aUK


AIM’S LARGEST

COMPANY SUBSECTOR COUNTRY OF OPERATION MARKET CAPITALISATION £M

ASOS PLC General Retailers UK 5,113.12

Fevertree Drinks Plc Beverages UK 4,301.01

Burford Capital Limited Financial Services USA 4,160.59

Abcam Plc Pharmaceuticals & Biotechnology UK 3,109.06

Hutchison China Meditech Ld Pharmaceuticals & Biotechnology China 3,020.58

Boohoo Group Plc General Retailers UK 2,034.60

Blue Prism Group Plc Software & Computer Services UK 1,523.03

Dart Group Plc Travel & Leisure UK 1,455.56

Breedon Group Plc Construction & Materials UK 1,313.00

RWS Holdings Plc Support Services UK 1,271.98

Keywords Studios Plc Support Services UK 1,266.07

Secure Income Reit Plc Real Estate Investment Trusts UK 1,221.94

Clinigen Group Plc Pharmaceuticals & Biotechnology UK 1,219.80

First Derivatives Plc Software & Computer Services UK 1,097.81

Globalworth Real Estate Investments Real Estate Investment & Services Romania 1,085.06

Victoria Plc Household Goods & Home Construction Australia 1,055.85

Hurricane Energy Plc Oil & Gas Producers UK 964.88

GB Group Plc Software & Computer Services UK 956.53

Purplebricks Group Plc Real Estate Investment & Services UK 893.23

James Halstead Plc Construction & Materials UK 829.81

Gamma Communications Plc Mobile Telecommunications UK 801.66

Learning Technologies Group Plc Support Services UK 778.92

Total Produce Plc Food & Drug Retailers Ireland 756.27

Accesso Technology Group Plc Software & Computer Services Ireland 750.41

Globaldata Plc Media UK 747.07


36

ALLENBY CAPITAL OVERVIEW

37

ALLENBY CAPITAL an AIM nomad & broker

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

IRELAND

Conroy Gold Mining (Gold)

SPAIN

Mirada Technology

ITALY

Zenith Energy Natural Resources

AFRICA

Kodal Minerals Mining

Cora Gold Mining

UNITED KINGDOM

Access Intelligence Software

Aeorema Media

Audioboom Media

Barky (Nex listed) Leisure

Biome Technologies Chemicals

Boxhill Technologies Gaming

Brave Bison Technology

Braveheart Financial Services

Caledonian Trust UK Property

Cellcast Media

The Character Group* Toys

Cluff Natural Resources Natural Resources

Crystal Amber Investment Fund

Empresaria** Recruitment

ESCS Technology

Feedback Medical Equipment

Forbidden Technologies Technology

Franchise Brands Consumer Services

Fulham Shore Consumer Discretionary

Fusion Antibodies Healthcare

Gfinity TMT

Grafenia Support Services

Infrastrata Gas Storage

Kellan Group Recruitment

Mobile Tornado TMT

N4Pharma Healthcare

Nakama Support Services

Newmark Security Support Services

Palace Capital Commercial Property

Panther Securities Property

Pipehawk Industrial Engineering

Plastics Capital* Chemicals

Polo Resources Mining

NORTH AMERICA

Rose Petroleum Oil & Gas

UNITED KINGDOM

Slingsby Engineering

Tau Capital General Financial

Tavistock Investments* Financial Services

Tern Technology

Totally Software

Trafalgar Property Group Construction

Vela Technologies Investment Company

Walls & Futures (Nex Listed)

Housing

cont...

FINLAND

Karelian Mining (Diamonds)

SWEDEN

Erris Resources Mining

HONG KONG / CHINA

PCG Entertainment Gaming

Walcom Animal Feed

RUSSIA

Urals Energy Oil & Gas

SOUTH EAST ASIA

AAA Investment Company

Myanmar Strategic* Hospitality

Wishbone Mining (Gold)

MALAYSIA

CSF Group Data centres

MobilityOne Support Services

ISRAEL

MTI Wireless Edge Technology

AUSTRALIA

Cap-XX Technology


ALLENBY CAPITAL – one of the larger advisers on AIM

Number of AIM Nomad clients

0

20

40

60

80

10092

69

5450 49

43 4237 36

32 31 30 30 28 28 28 27 27 27 26 25 2419 18

13 127 5 5 5 2

finnC

ap L

td

Cenk

os S

ecur

ities

W.H

. Ire

land

Lim

ited

Alle

nby C

apita

l Lim

ited

Nplu

s1 S

inge

r Adv

isor

y

Num

is S

ecur

ities

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ure

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on

Cant

or F

itzge

rald

Stra

nd H

anso

n Li

mite

d

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t LLP

SP A

ngel

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t Tho

rnto

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Cairn

Fin

anci

al

North

land

Cap

ital P

artn

ers

Libe

rum

Cap

ital L

imite

d

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stec

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k Pl

c

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kdal

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ry P

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n Pa

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s pl

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mon

t Cor

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e Ca

pita

l

Cana

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nuity

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& W

illia

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n

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Cap

ital L

imite

d

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Cor

pora

te F

inan

ce

Stife

l Nic

olau

s Eu

rope

RFC

Ambr

ian

Grou

p

Altiu

m C

apita

l Lim

ited

J. P.

Mor

gan

Secu

ritie

s

Jeffe

ries

Inte

rnat

iona

l

Mac

quar

ie C

apita

l Ltd


ALLENBY CAPITAL SELECTED TRANSACTION RECORD

CLIENT SECTOR LOCATION TRANSACTION DATE ALLENBY CAPITAL’S ROLEAudioboom Media UK £4.5m fundraise Jun-18 Nomad & Broker

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

Grafenia Support Services UK £3.5m fundraise Apr-18 Nomad & BrokerMayAir Air Filtration Singapore £50m recommended offer Mar-18 Rule 3 Adviser

R4E Media & Entertainment UK/US £3.5m vendor placing Feb-18 Nomad & BrokerFusion Antibodies Healthcare N.Ireland IPO & £6.6m fundraise Dec-17 Nomad & Broker

R4E Media & Entertainment UK/US £5.5m fundraise Dec-17 Nomad & BrokerErris Resources Mining Ireland/Sweden IPO & £4.0m fundraise Dec-17 Nomad

Cora Gold Mining Mali IPO & £3.5m fundraise Oct-17 NomadTotally Healthcare IT UK £11m acquisition & RTO Oct-17 Nomad & Joint BrokerGfinity Gaming UK £7.0m fundraise Oct-17 Nomad & Broker

Palace Capital Property UK Acquisition and £70m fundraise Oct-17 Nomad & joint BrokerWork Group Legal UK RTO of Gordon Dadds Group Aug-17 Adviser to Work Group

Myanmar Strategic Holdings Leisure Myanmar IPO & $4.2m fundraise Aug-17 BrokerPlastics Capital Industrials UK £3.75m fundraise May-17 Joint Broker

Gfinity Gaming UK £6.25m fundraise May-17 Nomad & Broker

Franchise Brands Consumer Services UK £20m fundraise & RTO Mar-17 Nomad & Joint Broker

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

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

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

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

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

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

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

MayAir Air Filtration Singapore IPO & £16.2m fundraise May-15 NomadThe Fulham Shore Consumer Discretionary UK £4.75m fundraise Mar-15 Nomad & Broker


ALLENBY CAPITAL SELECTED TRANSACTION RECORD Continued...

CLIENT SECTOR LOCATION TRANSACTION DATE ALLENBY CAPITAL’S ROLERose Petroleum Oil & Gas USA £3.5m fundraise Dec-14 Nomad & BrokerPlastics Capital Industrials UK £5.0m fundraise Nov-14 Joint BrokerPalace Capital Property UK £20m fundraise & RTO Aug-14 Nomad & Joint Broker

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

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

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

Palace Capital Property UK RTO & £23.5m fundraise Oct-13 Nomad & Joint BrokerMyanmar Investments Int. Ltd. Investment Company Myanmar IPO & £3.4m fundraise Jun-13 Broker

AAA Investment Company S.E. Asia IPO & £3.6m fundraise May-13 Nomad & BrokerCamkids Retail China IPO & £6.5m fundraise Dec-12 Nomad & BrokerNoventa Mining - Tantalum Mozambique £42.2m secured loan facility Nov-12 Nomad & Broker

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

Ilika Cleantech UK £4.9m fundraise Apr-12 Placing AgentStrategic Natural Resources Mining - Coal South Africa £8.2m fundraise Mar-12 Nomad & Broker

MoneySwap FX Payment systems HK/China IPO & £3.05m fundraise Aug-11 NomadJellybook Investment company UK IPO & £11m fundraise Jun-11 Nomad & Broker

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

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

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

41

ALLENBY CAPITAL Contact details

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

42

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

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

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

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

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

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

ALLENBY CAPITAL Important disclaimer

NOTES

43

NOTES

44


5 St. Helen’s PlaceLondon EC3A 6AB

Tel: +44 (0)20 3328 5656Email: [email protected]

www.allenbycapital.com

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