AIM MARKET UPDATE June 2015

Transcription

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
15,000
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
25
302
350
318
600
1,338
535
486
1,000
1,880
2,481
5,734
71
521
342
268
334
1,754
593
490
1,095
2,776
6,461
9,944
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
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
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
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
8
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
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
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
13.8
Jan 6, 2015
Gama Aviation Plc
5.9
Feb 11, 2015
Premier Technical
Services Group Plc
3.0
Mar 6, 2015
Bilby Plc
1.6
Mar 16, 2015
Techfinancials, Inc.
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
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
Introduction Re-admission
IPO & Placing
IPO & Placing
Introduction
IPO & Placing
IPO & Placing
IPO & Placing
Motif Bio Plc
CPPGroup Plc
Tavistock Investments Plc
Bilby Plc
Stride Gaming Plc
Redx Pharma 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
IPO & Placing
IPO & Placing
Elegant Hotels Group Plc
Techfinancials, Inc.
Ambrian Plc
Aquatic Foods Group Plc
IronRidge Resources Ltd
12
Subsector
Instruments
Biotechnology
Business Support Services
Asset Managers
Gambling
Biotechnology
Hotels
Specialty Finance
Specialty Retailers
Specialty Finance
Electronic Equipment
Transportation Services
Specialty Finance
Instruments
Pharmaceuticals
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
IPO & Placing
Move from ISDX & Placing
IPO & Placing
IPO & Placing
IPO & Placing
IPO & Placing
IPO & Placing
IPO & Placing
IPO & Placing
IPO & Placing
IPO & Placing
IPO & Placing
IPO & Placing
IPO & Placing
IPO & Placing
IPO & 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
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
13
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
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
42.73
0.00
0.88
1.07
22.3%
IPO & Placing
Constellation Healthcare Technologies Inc
Powerflute OYJ
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
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
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
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
May 12, 2014
Nov 17, 2014
IPO & Placing
IPO & Placing
IPO & Placing
IPO & Placing
IPO & Placing
Market
IPO & Placing
IPO & Placing
Dec 22, 2014
IPO & Placing
Market Tech Holdings Ltd
Apr 4, 2014
Dec 8, 2014
Dec 1, 2014
Jan 20, 2014
Sep 19, 2014
Jan 17, 2014
Jun 30, 2014
14
Vislink Plc
Galasys Plc
Strat Aero Plc
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
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
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
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
Placing
IPO & Placing
IPO & Placing
IPO & Placing
IPO & Placing
Placing
IPO & Placing
IPO & Placing
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
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
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
15
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
Specialty Chemicals
Pharmaceuticals
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
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
IPO & Placing
Introduction
Introduction
IPO & Placing
Market
IPO & Placing
IPO & Placing
IPO & Placing
IPO & 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
Media Agencies
Renewable Energy Equipment
Asset Managers
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
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
24.88
271.88
10.00
18.00
33.00
43.00
13.75
17.50
-58.3%
-59.3%
Oct 23, 2014
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
IPO & Placing
IPO & Placing
IPO & Placing
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
Gold Mining
Apparel Retailers
Steel
Furnishings
General Mining
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
16
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%
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.
Health Care; 50%
ANALYSIS OF MAY’S £253M SECONDARY ISSUES
19
COMPANY
SECTOR
SUBSECTOR
COUNTRY OF OPERATION
MONEY RAISED (£M)
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
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
UK
13.44
Sphere Medical Holding Plc
Health Care
Medical Equipment
UK
13.19
Sound Oil Plc
Oil & Gas
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
Georgia
2.80
Northcote Energy Ltd
Oil & Gas
USA
2.80
Falanx Group Ltd
Industrials
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
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
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
UK
0.62
Ascent Resources Plc
Oil & Gas
Slovenia
0.55
Servision Plc
Industrials
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)
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
UK
0.18
Metal Tiger Plc
Financials
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%
Financials; 15%
Mining; 8%
Industrials; 5%
21
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
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
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
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
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
USA
0.90
0.06
0.14
154.5%
Apr 7, 2015
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
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
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
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
Poland
0.80
0.23
0.34
46.6%
Feb 19, 2015
Angle Plc
Industrials
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
Trinidad
6.72
2.50
3.48
39.2%
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
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
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%
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
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%
29
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
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
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
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
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
UK
480
Vinacapital Vietnam Opportunity Fund Ltd
Vietnam
447
Nichols Plc
Soft Drinks
UK
445
Safecharge International Group Ltd
Financial Administration
UK
439
31
SUBSECTOR
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
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
n.naylor@allenbycapital.com
]]
Matt Butlin
Head of Equities
0203-328-5666
m.butlin@allenbycapital.com
]]
Graham Bell
Head of Sales
0203-328-5659
g.bell@allenbycapital.com
]]
Nick Athanas
Corporate Finance
0203-328-5662
n.athanas@allenbycapital.com
]]
Katie Ratner
Equity Sales
0203-002-2077
k.ratner@allenbycapital.com
]]
Myles McNulty
Research
0203-328-5656
m.mcnulty@allenbycapital.com
]]
Jeremy Porter
Corporate Finance
0203-394-2972
j.porter@allenbycapital.com
]]
Emma Ayton
Equity Sales
020-3394-2974
e.ayton@allenbycapital.com
]]
Victoria Harrison
Office Manager
0203-328-5656
v.harrison@allenbycapital.com
]]
Kelly Murcer
Receptionist
0203-394-2970
k.murcer@allenbycapital.com
]]
Alex Price
Corporate Finance
0203-328-5657
a.price@allenbycapital.com
]]
Chris Crawford
Corporate Broking
0203-002-2073
c.crawford@allenbycapital.com
]]
Nick Harriss
Corporate Finance
0203-328-5658
n.harriss@allenbycapital.com
]]
Amrit Nahal
Equity Sales
020-3394-2973
a.nahal@allenbycapital.com
]]
James Reeve
Corporate Finance
0203-328-5665
j.reeve@allenbycapital.com
]]
Charles Donaldson
Corporate Finance
0203-328-5669
c.donaldson@allenbycapital.com
]]
David Hart
Corporate Finance
0203-328-2971
d.hart@allenbycapital.com
]]
David Ovens
Corporate Finance
0203-328-5656
d.ovens@allenbycapital.com
]]
Richard Short
Corporate Finance
0203-002-2076
r.short@allenbycapital.com
]]
Kelly Gardiner
Equity Sales
0203-002-2072
k.gardiner@allenbycapital.com
]]
Ian Jermin
Research
0203-328-5664
i.jermin@allenbycapital.com
]]
Katrina Perez
Corporate Broking
0203-002-2074
k.perez@allenbycapital.com
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.
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
35
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.
3 St. Helens Place
London
EC3A 6AB
Tel: +44 (0)20 3328 5656
Email: info@allenbycapital.com
www.allenbycapital.com
36

AIM MARKET UPDATE June 2015

Transcription

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