aim market update july 2015 - allenby capital...

1 Information sourced from London Stock Exchange and Allenby Capital

AIM MARKET UPDATE July 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

2

]] June Overview 3

]] New Admissions 4

]] Secondary Fundraises 17

]] Share Price Performance 24

]] Trading Volumes 28

]] AIM Market Overview 32

]] Allenby Capital Overview 36

CONTENTS


In June, a total of £490m was raised on AIM. Although this is an increase on May’s total of £433m, it is nevertheless down 25% on June 2014’s total. Of the £490m, £142m was raised via Primary issues, and £347m through Secondary issues.

The number of companies on AIM decreased again in June – this time by four – as eight new joiners were offset by twelve departures. As at end June, there were consequently 1,070 AIM constituents, down 34 from 1,104 as at end December 2014. Of the eight new joiners, five have their central operations based in the UK, with the others based in Ireland, Israel and Malta. Six of the eight new joiners raised new equity upon admission.

The average market capitalisation of AIM’s constituents as at end June was £69.2m, having rebounded from the 18 month low of £63.6m witnessed six months previously in January 2015. The median market capitalisation as at end June was £21.1m. 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.

The average trading volume (trading value as a percentage of market cap) for AIM constituents in May was 4.08%, as opposed to the average of 3.56% recorded a year earlier in June 2014.

JUNE OVERVIEW

AIM MARKET Equity raisings since inception

AIM MARKET New and Secondary raisings

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

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 2,270

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 1,732

Money raised £m New 71 521 342 268 334 1,754 593 490 1,095 2,776 6,461 9,944 6,581 1,108 740 1,219 608.8 703 1,251 2,938 538

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Money raised £m New

Money raised £m Further Money raised £m New

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Aug-

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Oct-

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Nov-

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Jan-

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Feb-

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Mar

-15

Apr-

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May

-15

Jun-

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4

NEW ADMISSIONS


There were eight new joiners to AIM in June. Five joined by way of IPO, and the remaining three constituted reverse takeovers. Five of the eight are currently trading above the share prices at which they listed. The eight companies came to AIM with a combined market capitalisation of £641.3m.

Of the twelve companies that left the market in the month:

]] 4 chose to delist

]] 3 were the subjects of reverse takeovers

]] 2 failed to implement their investing policies within the required timeframe

]] 1 failed to appoint a new Nomad

]] 1 delisted by choice of a majority shareholder

]] 1 fell into administration

JUNE 2015 - Decrease in number of AIM constituents by four

AIM MARKET Net new admissions / departures

1104

2 8

0 10

8

14

24

1070

2 0 3

1

4 1

11

10

1070

1080

1090

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2015


NEW ADMISSIONS TO AIM SINCE INCEPTION

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

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New Money Raised

Number of Admissions


COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTIONCOUNTRY OF OPERATION

AMOUNT RAISED (£M)

MARKET VALUE AT IPO/ADMISSION (£M)

PERFORMANCE SINCE JOINING

AIM

Gear4music Holdings Plc

Jun 03, 2015

Recreational Products IPO & Placing

Gear4music is one of the UK’s largest online retailers of musical instruments and music equipment. Founded in 1995, the Group has over 590,000 registered customers and has increased revenues every year since 2003. With a reputation for quality and value for money, Gear4music offers over 27,000 products from over 550 brands (which consist of both 3rd party brands and proprietary brands). The funds raised upon admission will be used to develop the Company’s bespoke ecommerce platform, to extend the product range, to

open a flagship showroom in London, and to pay down existing debt.

UK 10.30 28.02 3.2%

Fishing Republic Plc

Jun 04, 2015

Recreational Products IPO & Placing

Fishing Republic is one of the UK’s largest retailers of fishing tackle. The Company’s product offering is derived from both 3rd party brands and proprietary brands. Management believes that there is considerable opportunity to act as a consolidator in the sector. The Company intends to achieve this through a combination of acquisitive and organic growth (the latter to include a focus on building an online presence). The AIM listing will also enable Fishing Republic to implement its growth strategy via the

issuance of new shares as consideration for acquisitions.

UK 1.50 3.56 26.7%

Tiso Blackstar Group SE

Jun 08, 2015

Equity Investment Instruments

Introduction Re-admission

Tiso Blackstar, previously named Blackstar Group SE, is an investment company that looks to invest in businesses with underlying themes of strategic market positions and/or strong cash flows within Sub-Saharan Africa (with a particular focus on South Africa). In June, the Group completed the acquisition of Times Media Group Ltd (‘TMG’), having first acquired a significant interest in TMG in September 2012. TMG possesses a Media division (that publishes premium newspapers and magazines) and a Broadcasting and Content division. Tiso Blackstar’s portfolio is also comprised of interests in Industry

(steel and roofing) and Property.

Malta 0.00 189.33 -2.1%

Gateley (Holdings) Plc

Jun 08, 2015

Business Support Services IPO & Placing

Gateley is a leading national commercial law firm. It possesses six UK offices and an office in Dubai. The firm has over 380 fee earners and over 4,000 corporate and 1,500 private clients. Its core areas are Banking and Financial Services, Corporate, Business Services, Employment and Pensions and Property. The firm enjoys first mover advantage in attaining a public listing: the Legal Services Act of 2007 introduced changes to the law in England and Wales, notably in the form of the Alternative Business Structure (this allowed non-lawyers to own and invest in law firms). In FY 2014, the Group reported

adjusted PBT of £7.4m on revenues of £54.6m.

UK 30.01 100.01 2.1%

Priced as of 14/07/2015

ADMISSIONS TO AIM IN JUNE


COMPANY DATE SUBSECTOR ISSUE TYPE DESCRIPTIONCOUNTRY OF OPERATION

AMOUNT RAISED (£M)

MARKET VALUE AT IPO/ADMISSION (£M)

PERFORMANCE SINCE JOINING

AIM

Octagonal Plc Jun 08, 2015 Specialty Finance Re-admission

& Placing

Octagonal is an investing company that is focussed on opportunities within the Financial Services sector. In June it completed the acquisition of Global Investment Strategy UK Ltd (‘GIS’) in a deal that constituted a reverse takeover under AIM rules. GIS is a financial services business that offers a broad range of services (notably global settlement and safe custody services) to institutional, family office and high net worth clients. Having already owned a 9.97% equity stake in GIS, Octagonal acquired the balance of 90.03% for

£1.50m in cash and £6.72m in consideration shares.

UK 1.70 11.21 -23.5%

Adgorithms Ltd Jun 11, 2015 Media Agencies IPO & Placing

Adgorithms is a leading software company operating in the high growth online advertising market. The Company owns a proprietary, AI based algorithmic software programme named Albert, which enables automation and optimisation of online advertising campaigns. The platform is self-learning and able to update its knowledge base. The Company is profitable and cash generative. The funds raised at admission are to be used to continue to invest in the development of Albert in order to maintain its competitive advantage; to broaden the Group’s global sales footprint; and to potentially make a number of acquisitions of media agencies in order to accelerate the widespread

adoption of Albert.

Israel 32.00 82.06 -6.8%

Applegreen Plc Jun 19, 2015 Specialty Retailers IPO & Placing

Applegreen is a petrol forecourt retailer based in the Republic of Ireland, possessing a motor fuel market share of circa 12% within the country. It possesses 96 sites in Ireland, and is also expanding its presence in the UK (with 54 further sites). The Group prides itself on its premium food and hot beverage option, which it delivers both through its own brands (aCafé and Bakewell) and through a range of international brands (Burger King, Subway etc.). In FY 2014, Applegreen recorded Adjusted EBITDA of EU22.8m on

revenues of EU937.3m.

Ireland 66.85 218.47 14.1%

Inspiration Healthcare Group

Plc

Jun 24, 2015 Medical Equipment Introduction

Re-admission

AIM listed Inditherm, the provider of innovative specialised heating solutions, acquired Inspiration Healthcare in June in a deal that constituted a reverse takeover under AIM rules. Founded in 2003, Inspiration is a global medical device distribution company that provides a range of products for critical care, specialised surgical procedures and parenteral feeding through distribution agreements typically covering the UK and Ireland. Consideration was paid by Inditherm entirely in newly issued shares in the Enlarged Group, in a deal that

valued Inspiration at £7.2m.

UK 0.00 8.59 57.1%


ADMISSIONS TO AIM IN JUNE Continued...


GEOGRAPHICAL BREAKDOWN OF AIM’S 2015 NEW ENTRANTS Number of companies and amounts raised

USA (2, £68.63m)

Ireland (2, £104.46m)

UK (20, £224.58m)

Barbados (1, £63m)

Malta (1)

Gabon (1, £9.65m)

China (2, £16.42m)

Israel (2, £35.51m)

Malaysia (1, £16.22m)


2015 AIM ADMISSIONS

There have been 32 admissions to AIM in the first half of 2015. These have been offset by 66 departures, resulting in a total number of constituents (as at end June) of 1,070.

In comparison, there were 64 admissions to AIM in H1 of 2014, and only 52 departures. We attribute this trend to two core reasons, namely the comparative dearth of IPOs in H1 2015 owing to uncertainty in the build up to the UK General Election in May; and the disproportionate number of companies seeking listings in the first half of 2014, following a very challenging two years for publicly listed companies.

The new joiners have raised a total of £538m upon admission, which amounts to a decrease of 72% on the total raised in the same period in 2014. On the other hand, it is an increase of 59% on the corresponding total raise in 2013, and an increase of 161% on H1 2012’s total.

The new joiners had a combined market capitalisation upon their respective admissions of £2,226m (equating to an average of £69.6m).

20 (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

ten and seven businesses from those sectors respectively having joined AIM in the first half 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; and iv) that in the current economic climate investors prefer companies with UK based operations.

BREAKDOWN OF AIM’S 2015 NEW ENTRANTS BREAKDOWN OF THE £538M NEW MONEY RAISED IN 2015

Consumer Goods; 3

Consumer Services; 6

Financials; 10

Health Care; 4

Industrials; 7

Mining; 1 Technology; 1 Consumer Goods; 4%

Consumer Services; 46%

Financials; 13%

Health Care; 15%

Industrials; 19%

Mining; 2% Technology; 1%


We have calculated that since the beginning of 2014, 25.7% 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 June 2015, four of the six companies that raised funds upon admission to AIM performed a Vendor placing.

11 (or 41%) of the 27 companies that have raised funds upon admission in 2015 have

included selling shareholders. Vendor placings in the period amount to £127m (or 23.5%) of the total equity placed by new joiners.

Ten of the eleven vendor groups have comprised founding shareholders, members of management and/or related parties, whilst the largest shareholder in the eleventh 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.

Eight of the eleven companies have their central operations based in the UK or elsewhere in Western Europe.

2015 VENDOR PLACINGS

LARGEST VENDOR PLACINGS 2015

2015 YTD VENDOR PLACINGS: £127M OF TOTAL £538M2014 VENDOR PLACINGS: £766M OF TOTAL £2,938M

Vendor Placings (£m)

New Issues (£m)

£766.4 ; 26.1%

£2,171.9 ; 73.9%

Vendor Placings (£m)

New Issues (£m)

£126.8 ; 23.5%

£411.7 ; 76.5%

DATE COMPANY VENDORVENDOR 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

Jun 8, 2015 Gateley (Holdings) Plc Founders / management 25.0

Jun 19, 2015 Applegreen Plc Founders / management 15.8

May 7, 2015 Curtis Banks Group Ltd Founders / management 13.8

Jan 6, 2015 Gama Aviation Plc Founders / management 5.9

Jun 11, 2015 Adgorithms Ltd Founders / management 5.0

Feb 11, 2015 Premier Technical Services Group Plc Founders / management 3.0

Mar 6, 2015 Bilby Plc Founders / management 1.6


2015 AIM ADMISSIONS Winners and losers

Date Listed Issue type Company SubsectorMarket Value on admission (£m)

Money Raised (£m)

Country of Operation

Issue Price (P)

Current Price

Performance

Mar 10, 2015 IPO & Placing Gate Ventures Plc Nonequity Investment Instruments 3.2 3.24 UK 10.00 315.00 3050.0%

Apr 2, 2015 IPO & Placing Motif Bio Plc Biotechnology 12.9 2.84 USA 20.00 63.00 215.0%Feb 11, 2015 Move from Main Market & Placing CPPGroup Plc Business Support Services 25.2 20.00 UK 3.00 6.55 118.3%Feb 13, 2015 Re-admission & Placing Tavistock Investments Plc Asset Managers 5.5 3.06 UK 2.00 3.88 94.0%Jun 24, 2015 Introduction Re-admission Inspiration Healthcare Group Plc Medical Equipment 8.6 - UK 28.00 44.00 57.1%May 19, 2015 IPO & Placing Stride Gaming Plc Gambling 66.2 11.12 UK 132.00 206.00 56.1%Mar 6, 2015 IPO & Placing Bilby Plc Business Support Services 17.0 4.11 UK 58.00 85.00 46.6%Feb 4, 2015 Re-admission & Placing Dalata Hotel Group Plc Hotels 288.3 37.61 Ireland 205.50 280.00 36.3%Jun 4, 2015 IPO & Placing Fishing Republic Plc Recreational Products 3.6 1.50 UK 15.00 19.00 26.7%

Jan 27, 2015 IPO & Placing Grand Group Investment Plc Specialty Finance 27.2 7.16 China 80.00 100.00 25.0%Mar 30, 2015 Introduction Windar Photonics Plc Electronic Equipment 45.4 - UK 119.00 145.00 21.8%Mar 27, 2015 IPO & Placing Redx Pharma Plc Biotechnology 55.2 15.00 UK 85.00 103.50 21.8%Feb 4, 2015 Introduction Re-admission MXC Capital Plc Specialty Finance 58.0 - UK 2.95 3.55 20.3%Apr 2, 2015 IPO & Placing Marshall Motor Holdings Plc Specialty Retailers 115.1 40.00 UK 149.00 178.50 19.8%May 7, 2015 IPO & Placing Curtis Banks Group Ltd Specialty Finance 85.0 21.32 UK 190.00 226.50 19.2%Jun 19, 2015 IPO & Placing Applegreen Plc Specialty Retailers 218.5 66.85 Ireland 277.00 316.00 14.1%Feb 11, 2015 IPO & Placing Premier Technical Services Group Plc Business Support Services 37.1 8.00 UK 52.00 58.50 12.5%May 26, 2015 IPO & Placing Elegant Hotels Group Plc Hotels 88.8 63.00 Barbados 100.00 111.00 11.0%

Mar 19, 2015 IPO & Placing Zegona Communications Plc Nonequity Investment Instruments 30.0 29.97 UK 120.00 132.50 10.4%

Jan 6, 2015 Re-admission & Placing Gama Aviation Plc Transportation Services 120.4 23.00 UK 280.00 305.00 8.9%May 7, 2015 IPO & Placing Verseon Corporation Pharmaceuticals 302.5 65.79 USA 202.00 220.00 8.9%May 7, 2015 IPO & Placing Mayair Group Plc Industrial Machinery 55.2 16.22 Malaysia 130.00 135.50 4.2%Jun 3, 2015 IPO & Placing Gear4music Holdings Plc Recreational Products 28.0 10.30 UK 139.00 143.50 3.2%Jun 8, 2015 IPO & Placing Gateley (Holdings) Plc Business Support Services 100.0 30.01 UK 95.00 97.00 2.1%

May 12, 2015 Move from Main Market & Placing Satellite Solutions Worldwide Group Plc Nonequity Investment Instruments 13.9 2.25 UK 4.50 4.50 0.0%

Jun 8, 2015 Introduction Re-admission Tiso Blackstar Group SE Equity Investment Instruments 189.3 - Malta 71.00 69.50 -2.1%Mar 16, 2015 IPO & Placing Techfinancials, Inc. Software 18.4 3.51 Israel 27.00 25.50 -5.6%Jun 11, 2015 IPO & Placing Adgorithms Ltd Media Agencies 82.1 32.00 Israel 133.00 124.00 -6.8%Jun 8, 2015 Re-admission & Placing Octagonal Plc Specialty Finance 11.2 1.70 UK 2.00 1.53 -23.5%

Mar 27, 2015 Introduction Re-admission Ambrian Plc Investment Services 11.3 - UK 11.63 8.25 -29.0%Feb 3, 2015 IPO & Placing Aquatic Foods Group Plc Food Products 79.3 9.26 China 70.00 31.00 -55.7%

Feb 12, 2015 IPO & Placing IronRidge Resources Ltd Steel 23.7 9.65 Gabon 10.00 4.13 -58.7%AVERAGE 116.3%MEDIAN 13.3%



A LOOK BACK AT THE PERFORMANCE OF THE 2014 NEW JOINERS TO AIM


Money Raised (£m)


Issue Price (P)

Current Price

Performance

Apr 24, 2014 Re-admission & Placing Tiziana Life Sciences Plc Biotechnology 5.63 2.00 UK 12.00 197.50 1545.8%

Feb 18, 2014 IPO & Placing 4D Pharma Plc Pharmaceuticals 36.55 16.55 UK 100.00 957.50 857.5%Aug 05, 2014 Re-admission & Placing OptiBiotix Health Plc Biotechnology 5.74 3.30 UK 8.00 35.75 346.9%Oct 20, 2014 Move from ISDX & Placing Fulham Shore (The) Plc Restaurants & Bars 19.95 1.60 UK 6.00 17.25 187.5%Oct 29, 2014 Introduction Re-admission MXC Capital Plc Specialty Finance 12.48 0.00 UK 1.00 2.80 180.0%Nov 07, 2014 IPO & Placing Fevertree Drinks Plc Soft Drinks 154.42 93.33 UK 134.00 347.00 159.0%Jun 26, 2014 Introduction from Main Market Styles and Wood Group Plc Business Support Services 5.65 0.00 UK 91.50 213.00 132.8%Jul 25, 2014 IPO & Placing Bacanora Minerals Ltd General Mining 25.83 5.41 Mexico 33.00 71.50 116.7%Mar 25, 2014 IPO & Placing Xeros Technology Group Plc Industrial Machinery 80.04 27.58 UK 123.00 255.75 107.9%Apr 04, 2014 IPO & Placing Tekcapital Plc Computer Services 90.49 2.00 UK 25.00 51.00 104.0%Jul 04, 2014 Re-admission & Placing Premaitha Health Plc Biotechnology 20.70 7.24 UK 11.00 21.13 92.1%Nov 06, 2014 IPO & Placing Quartix Holdings Plc Software 54.10 11.36 UK 116.00 218.50 88.4%Dec 02, 2014 IPO & Placing United Cacao Ltd SEZC Farming & Fishing 23.59 6.40 Peru 128.00 240.00 87.5%May 19, 2014 IPO & Placing Patisserie Holdings Plc Restaurants & Bars 170.00 79.30 UK 170.00 317.00 86.5%May 29, 2014 IPO & Placing NAHL Group Plc Media Agencies 82.30 35.00 UK 200.00 353.75 76.9%

Apr 30, 2014 IPO & Placing Sprue Aegis Plc Electrical Components & Equipment 90.49 11.82 UK 200.00 340.00 70.0%

Dec 10, 2014 Re-admission & Placing Collagen Solutions Plc Health Care Providers 11.97 6.00 UK 7.00 11.63 66.1%Apr 29, 2014 Introduction Bioventix Plc Biotechnology 29.99 0.00 UK 595.00 980.00 64.7%Apr 02, 2014 IPO & Placing Safecharge International Group Ltd Financial Administration 242.61 75.75 UK 162.00 265.00 63.6%Oct 30, 2014 Re-admission & Placing Finsbury Food Group Plc Food Products 74.47 35.00 UK 59.00 96.00 62.7%Aug 01, 2014 IPO & Placing GTS Chemical Holdings Plc Specialty Chemicals 36.83 0.83 China 36.00 58.00 61.1%Nov 14, 2014 IPO & Placing Mortgage Advice Bureau (Holdings) Plc Mortgage Finance 80.82 36.34 UK 160.00 253.75 58.6%Aug 22, 2014 Re-admission & Placing Plutus PowerGen Plc Electricity 2.93 0.80 UK 0.60 0.95 58.3%Dec 11, 2014 IPO & Placing Quantum Pharma Plc Pharmaceuticals 125.00 106.07 UK 100.00 155.00 55.0%Jun 27, 2014 IPO & Placing Cdialogues Plc Media Agencies 13.23 1.25 Greece 212.00 320.00 50.9%Oct 10, 2014 IPO & Placing Gamma Communications Plc Mobile Telecommunications 165.17 82.59 UK 187.00 279.50 49.5%

Feb 26, 2014 IPO & Placing Summit Germany Ltd Real Estate Holding & Development 152.87 28.48 Germany 0.63 0.94 49.2%

Jan 10, 2014 Re-admission & Placing Nasstar Plc Internet 17.68 10.50 UK 5.00 7.38 47.6%Jun 05, 2014 IPO & Placing Secure Income REIT Plc Diversified REITs 293.09 15.00 UK 174.00 255.00 46.6%May 21, 2014 IPO & Placing Flowtech Fluidpower Plc Specialty Chemicals 40.00 39.90 UK 100.00 143.50 43.5%Dec 01, 2014 Introduction Re-admission Powerflute OYJ Paper 156.27 0.00 Finland 55.00 78.38 42.5%May 20, 2014 Introduction Re-admission Audioboom Group Plc Equity Investment Instruments 7.00 0.00 UK 3.90 5.50 41.0%Jul 24, 2014 IPO & Placing Epwin Group Plc Building Materials & Fixtures 135.00 93.92 UK 100.00 140.50 40.5%



A LOOK BACK AT THE PERFORMANCE OF THE 2014 NEW JOINERS TO AIM Continued...


Money Raised (£m)


Issue Price (P)

Current Price

Performance

Dec 22, 2014 IPO & Placing Gfinity plc Broadcasting & Entertainment 13.23 3.50 UK 17.00 23.63 39.0%

May 02, 2014 IPO & Placing Safestay Plc Hotels 6.61 4.80 UK 50.00 69.00 38.0%Mar 19, 2014 IPO & Placing Dalata Hotel Group Plc Hotels 254.98 221.54 Ireland 209.00 287.50 37.6%Feb 10, 2014 IPO & Placing Manx Telecom Plc Fixed Line Telecommunications 160.21 156.32 Isle of Man 142.00 194.00 36.6%Jul 28, 2014 IPO & Placing ULS Technology Plc Media Agencies 25.89 12.10 UK 40.00 53.00 32.5%Dec 18, 2014 IPO & Placing Mercia Technologies Plc Specialty Finance 106.00 71.83 UK 50.00 66.00 32.0%Dec 11, 2014 IPO & Placing Focusrite Plc Consumer Electronics 73.17 22.44 UK 126.00 166.00 31.7%Jun 27, 2014 IPO & Placing IMImobile Plc Software 56.74 30.00 UK 120.00 157.50 31.3%May 12, 2014 IPO & Placing Galasys Plc Software 14.97 3.12 China 22.50 29.50 31.1%

Jan 20, 2014 Introduction from Main Market Vislink Plc Telecommunications

Equipment 50.12 0.00 UK 44.00 57.13 29.8%

Mar 21, 2014 IPO & Placing XL Media Plc Media Agencies 92.89 41.82 Channel Islands 49.00 61.75 26.0%

Apr 04, 2014 Introduction Re-admission Qannas Investments Ltd Equity Investment Instruments 42.73 0.00 Channel Islands 0.88 1.07 22.3%

Apr 16, 2014 IPO & Placing Eagle Eye Solutions Ltd Internet 33.02 6.00 UK 164.00 199.00 21.3%

Dec 22, 2014 IPO & Placing Market Tech Holdings Ltd Real Estate Holding & Development 750.00 100.00 UK 200.00 234.00 17.0%

Aug 19, 2014 IPO & Placing ATTRAQT Group Plc Software 10.31 1.25 UK 50.00 58.50 17.0%Aug 27, 2014 IPO & Placing Medaphor Group Plc Medical Equipment 10.06 4.68 UK 50.00 58.50 17.0%Oct 30, 2014 IPO & Placing Entu (UK) Plc Home Improvement Retailers 65.60 32.80 UK 100.00 114.00 14.0%Feb 19, 2014 Re-admission & Placing Adamas Finance Asia Ltd Specialty Finance 67.90 3.07 China 0.60 0.67 11.7%Jul 15, 2014 IPO & Placing Ergomed Plc Biotechnology 46.00 11.00 UK 160.00 177.50 10.9%Dec 08, 2014 IPO & Placing Constellation Healthcare Technologies Inc Health Care Providers 75.09 9.62 USA 135.00 149.50 10.7%May 23, 2014 IPO & Placing Shoe Zone Plc Apparel Retailers 80.00 36.00 UK 160.00 174.00 8.7%Jul 10, 2014 IPO & Placing Abzena Plc Biotechnology 77.94 22.72 UK 80.00 85.00 6.3%Jul 11, 2014 IPO & Placing ClearStar Inc Software 20.69 8.84 USA 57.00 60.00 5.3%Dec 08, 2014 IPO & Placing Midatech Pharma Plc Biotechnology 74.21 32.00 UK 267.00 281.00 5.2%

Sep 19, 2014 Introduction from Main Market Camellia Plc Specialty Finance 257.03 0.00 UK 9100.00 9500.00 4.4%

Jun 30, 2014 Move from ISDX & Placing AFH Financial Group Plc Asset Managers 27.04 2.92 UK 140.00 146.00 4.3%Dec 03, 2014 Introduction Dalradian Resources Inc Gold Mining 53.22 0.00 UK 38.00 39.25 3.3%May 12, 2014 IPO & Placing Limitless Earth Plc Specialty Finance 3.27 3.01 UK 5.00 5.00 0.0%Jan 17, 2014 IPO & Placing CityFibre Infrastructure Holdings Plc Fixed Line Telecommunications 31.44 16.64 UK 60.00 58.50 -2.5%

May 02, 2014 Introduction Re-admission Sarossa Plc Specialty Finance 10.87 0.00 Channel Islands 1.90 1.85 -2.6%





Money Raised (£m)


Issue Price (P)

Current Price

Performance

Dec 04, 2014 IPO & Placing People's Operator (The) Plc Mobile Telecommunications 100.23 20.00 UK 130.00 126.50 -2.7%

Dec 01, 2014 Move from Main Market & Placing Gresham House Plc Equity Investment Instruments 26.81 11.40 UK 286.90 272.50 -5.0%

Mar 27, 2014 IPO & Placing Horizon Discovery Group Ltd Biotechnology 120.47 68.62 UK 180.00 158.50 -11.9%

Dec 23, 2014 Introduction from Main Market PuriCore Plc Medical Equipment 16.30 0.00 UK 32.50 28.50 -12.3%

Dec 04, 2014 IPO & Placing PCG Entertainment Plc Gambling 61.84 3.41 China 6.00 5.25 -12.5%Jun 30, 2014 IPO & Placing Easyhotel Plc Hotels 50.00 30.00 UK 80.00 69.50 -13.1%Feb 13, 2014 Introduction Actual Experience Plc Software 15.60 0.00 UK 245.00 212.50 -13.3%Sep 30, 2014 IPO & Placing Crossrider Plc Media Agencies 152.92 45.90 UK 103.00 89.00 -13.6%

Jul 02, 2014 IPO & Placing Global Invacom Group Ltd Telecommunications Equipment 55.77 11.77 Singapore 19.75 16.75 -15.2%

Feb 27, 2014 IPO & Placing DX (Group) Plc Delivery Services 200.53 200.53 UK 100.00 84.00 -16.0%Dec 23, 2014 IPO & Placing Mill Residential REIT Plc Residential REITs 3.50 0.99 UK 100.00 84.00 -16.0%Jul 18, 2014 IPO & Placing Aggregated Micro Power Holdings Plc Alternative Electricity 25.69 9.50 UK 100.00 83.50 -16.5%Aug 05, 2014 IPO & Placing FAIRFX Group Plc Consumer Finance 30.49 2.58 UK 45.00 37.50 -16.7%Nov 17, 2014 IPO & Placing Strat Aero Plc Business Support Services 6.16 0.65 UK 8.00 6.50 -18.8%Mar 28, 2014 IPO & Placing Venture Life Group Plc Food Products 26.45 5.40 UK 109.00 88.50 -18.8%Oct 23, 2014 IPO & Placing C4X Discovery Holdings Plc Biotechnology 31.00 11.00 UK 100.00 80.50 -19.5%Jan 02, 2014 Introduction Re-admission Collagen Solutions Plc Health Care Providers 5.97 0.00 UK 14.75 11.63 -21.2%May 07, 2014 Introduction Re-admission European Wealth Group Ltd Specialty Finance 16.60 0.00 UK 110.00 84.00 -23.6%Jan 06, 2014 IPO & Placing RM2 International SA Containers & Packaging 278.29 137.20 Luxembourg 88.00 67.00 -23.9%

Jul 14, 2014 Move from Main Market & Placing Marwyn Management Partners Plc Specialty Finance 19.68 5.00 UK 4.25 3.13 -26.4%

Aug 01, 2014 IPO & Placing Savannah Petroleum Plc Exploration & Production 73.55 29.29 Niger 56.00 40.88 -27.0%Apr 29, 2014 Re-admission & Placing Mi-Pay Group Plc Business Support Services 13.83 0.59 UK 41.00 28.50 -30.5%Apr 14, 2014 IPO & Placing Haydale Graphene Industries Plc Specialty Chemicals 23.62 6.60 UK 210.00 145.75 -30.6%Nov 03, 2014 IPO & Placing Nektan Plc Gambling 50.10 3.63 Gibraltar 236.00 157.00 -33.5%Jun 02, 2014 Re-admission & Placing Tavistock Investments Plc Asset Managers 8.80 0.75 UK 7.50 4.88 -34.9%Jul 24, 2014 IPO & Placing DJI Holdings Plc Gambling 130.52 9.00 China 100.00 61.50 -38.5%Jan 23, 2014 Introduction Leyshon Energy Plc Exploration & Production 16.53 0.00 China 6.63 4.00 -39.6%

Mar 24, 2014 Move from Main Market & Placing C A Sperati Plc Clothing & Accessories 0.77 0.25 UK 4.00 2.38 -40.5%

Jun 03, 2014 Introduction Biofrontera AG Pharmaceuticals 55.49 0.00 Germany 313.00 185.00 -40.9%Mar 14, 2014 IPO & Placing boohoo.com Plc Apparel Retailers 560.11 300.00 UK 50.00 28.25 -43.5%





Money Raised (£m)


Issue Price (P)

Current Price

Performance

Jun 10, 2014 Re-admission & Placing 7Digital Group Plc Broadcasting & Entertainment 29.25 6.00 UK 27.00 15.25 -43.5%

Jun 20, 2014 IPO & Placing Zibao Metals Recycling Holdings Plc Nonferrous Metals 7.78 1.30 China 8.00 4.25 -46.9%Jun 18, 2014 Re-admission & Placing Zoltav Resources Inc Exploration & Production 141.29 41.22 Russia 100.00 49.00 -51.0%Mar 10, 2014 IPO & Placing Koovs Plc Apparel Retailers 36.17 22.00 India 150.00 73.50 -51.0%

Jun 19, 2014 Introduction from Main Market Molins Plc Industrial Machinery 34.79 0.00 UK 172.50 82.50 -52.2%

Feb 20, 2014 IPO & Placing Atlantis Resources Ltd Renewable Energy Equipment 72.10 12.13 UK 94.00 43.50 -53.7%

Mar 20, 2014 Introduction Re-admission Minds + Machines Group Ltd Media Agencies 140.86 0.00 British Virgin Islands 17.00 7.50 -55.9%

Apr 04, 2014 IPO & Placing Rame Energy Plc Business Support Services 17.15 1.30 Chile 18.00 7.25 -59.7%May 28, 2014 IPO & Placing Marimedia Ltd Media Agencies 94.72 29.76 Israel 153.00 61.00 -60.1%Apr 29, 2014 IPO & Placing Rosslyn Data Technologies Plc Software 24.88 10.00 UK 33.00 12.75 -61.4%Jul 04, 2014 Re-admission & Placing Hunter Resources Plc Gold Mining 2.15 1.10 Peru 1.50 0.53 -64.7%Feb 04, 2014 IPO & Placing Hurricane Energy Plc Exploration & Production 271.88 18.00 UK 43.00 15.00 -65.1%Mar 28, 2014 IPO & Placing Scholium Group Ltd Specialty Retailers 13.20 8.00 UK 100.00 33.50 -66.5%May 08, 2014 IPO & Placing Rex Bionics Plc Medical Equipment 25.72 10.00 UK 180.00 57.50 -68.1%Mar 20, 2014 IPO & Placing Mosman Oil & Gas Ltd Exploration & Production 4.91 1.50 New Zealand 8.00 2.13 -73.4%Aug 01, 2014 IPO & Placing Pressfit Holdings Plc Steel 4.84 0.05 China 9.50 2.00 -78.9%Jun 16, 2014 IPO & Placing Mysale Group Plc Apparel Retailers 340.46 115.15 Australia 226.00 40.50 -82.1%Dec 11, 2014 IPO & Placing Management Resource Solutions Plc Business Support Services 9.85 0.73 Australia 30.00 5.25 -82.5%May 19, 2014 Re-admission & Placing Feedback Plc Electronic Equipment 2.38 0.30 UK 1.25 0.21 -83.2%Jul 15, 2014 Introduction Re-admission Tengri Resources Ltd General Mining 30.89 0.00 Kyrgyzstan 28.75 3.38 -88.2%Apr 15, 2014 IPO & Placing Bagir Group Ltd Clothing & Accessories 28.12 20.00 Israel 56.00 5.50 -90.2%

Oct 23, 2014 Introduction Re-admission Atlas Development & Support Services Ltd Equity Investment Instruments 35.45 0.00 Kenya 9.00 0.60 -93.3%

Jul 14, 2014 IPO & Placing Jiasen International Holdings Ltd Furnishings 99.76 2.33 China 82.00 5.38 -93.4%TOTAL 2,908.3 AVERAGE 29.6%

MEDIAN 4.3%


17

SECONDARY FUNDRAISES


JUNE 2015 OVERVIEW

£347m was raised on AIM’s Secondary market in June. The funds were raised through 65 issues (only including issues in excess of £100k), equating to an average fundraise of £5.3m. This is the highest amount of secondary issues in a month since March 2011. EMED Mining Public Ltd (EMED.L, £153.1m) is the owner and operator of the Rio Tinto Copper Project in Andalucia, Spain. Over May and June, the Company announced a funding package that will enable EMED to re-commission the mine by the end of the year. A total of £64.9m

was raised through a combination of a subscription, a placing, an open offer and a rump placing. Simultaneously, a further £33m of debt (comprised of convertible loan notes and a bridge loan) was capitalised by the issuance of new shares.

Dolphin Capital Investors Ltd (DCI.L, £180.9m) is a real estate investment company. Specifically, it invests in high end residential resorts in the Eastern Mediterranean, Caribbean and Central America. The Company raised EU75m in June following a comprehensive strategic review. The funds will be used to develop

Dolphin’s core assets into large scale leisure integrated residential resorts. Management plans to dispose of its portfolio of non-core assets.

Sirius Real Estate Ltd (SRE.L, £237.4m) is a leading operator of branded business parks providing conventional and flexible workspace to the German market. In June, it raised EU50m via a secondary placing in order to fund the acquisition of a portfolio of five mixed use business parks for EU58.2m. The balance is to be funded by a new banking facility of EU18m. In tandem with the acquisition, the Company

has refinanced loans totalling EU56m, securing improved terms in the process.

AIM FURTHER EQUITY RAISINGS BREAKDOWN OF JUNE FUNDS RAISED

Mone

y Rai

sed

(£m

)

Num

ber o

f Tra

nsac

tions

-

100

200

300

400

500

600

0

10

20

30

40

50

60

70

Jun

13

Jul 1

3 Au

g 13

Se

p 13

Oc

t 13

Nov 1

3 De

c 13

Jan

14

Feb

14

Mar 1

4 Ap

r 14

May 1

4 Ju

n 14

Ju

l 14

Aug

14

Sep

14

Oct 1

4 No

v 14

Dec 1

4 Ja

n 15

Fe

b 15

Ma

r 15

Apr 1

5 Ma

y 15

Jun

15

Money Raised (£m) Number of Transactions Consumer Services; 0.5% Financials; 8%

Health Care; 11%

Industrials; 2%

Mining; 27%

Oil & Gas; 6%

Real Estate; 31%

Technology; 15%

19

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

EMED Minging Public Ltd Mining Gold Mining Spain 64.89

Dolphin Capital Investors Ltd Real Estate Real Estate Holding & Development Greece 46.04

Sirius Real Estate Ltd Real Estate Real Estate Holding & Development Germany 36.59

Oxford Pharmascience Group Plc Health Care Pharmaceuticals UK 20.00

Palace Capital Plc Real Estate Real Estate Holding & Development UK 20.00

Actual Experience Plc Technology Software UK 15.52

Constellation Healthcare Technologies Inc Health Care Health Care Providers USA 12.95

MXC Capital Plc Financials Specialty Finance UK 12.00

Ubisense Group Plc Technology Telecommunications Equipment UK 10.00

Mattioli Woods Plc Financials Asset Managers UK 9.80

Publishing Technology Plc Technology Software UK 9.49

Coal of Africa Ltd Mining Coal South Africa 7.92

UK Oil & Gas Investments Plc Oil & Gas Exploration & Production UK 6.00

Pittards Plc Consumer Goods Clothing & Accessories UK 5.55

Range Resources Ltd Oil & Gas Exploration & Production Trinidad 5.20

Vmoto Ltd Consumer Goods Recreational Products China 4.44

Hummingbird Resources Plc Mining General Mining Liberia 3.50

mporium Group Plc Technology Software UK 3.30

Diamondcorp Plc Mining Diamonds & Gemstones South Africa 3.18

Rose Petroleum Plc Oil & Gas Exploration & Production USA 3.12

Sound Oil Plc Oil & Gas Exploration & Production Italy 2.96

KEFI Minerals Plc Mining General Mining Ethiopia 2.90

Vipera Plc Industrials Business Support Services Italy 2.69

Gusbourne Plc Consumer Goods Distillers & Vintners UK 2.53

CentralNic Group Plc Technology Internet UK 2.30

Biofrontera AG Health Care Pharmaceuticals Germany 2.26

Weatherly International Plc Mining General Mining Namibia 2.23

Castleton Technology Plc Technology Computer Services UK 2.20

Coms Plc Technology Software UK 2.08

European Wealth Group Ltd Financials Specialty Finance UK 2.02

RapidCloud International Plc Technology Computer Services Malaysia 1.74

Auhua Clean Energy Plc Alternative Energy Renewable Energy Equipment China 1.72

Amphion Innovations Plc Financials Equity Investment Instruments USA 1.54

CEB Resources Plc Alternative Energy Alternative Fuels Australia 1.50

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

ANALYSIS OF JUNE’S £347M SECONDARY ISSUES

20

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

Ironveld Plc Mining Steel South Africa 1.50

Sareum Holdings Plc Health Care Pharmaceuticals USA 1.44

Kalimantan Gold Corporation Ltd Mining General Mining Indonesia 1.30

CEPS Plc Industrials Business Support Services UK 1.25

Access Intelligence Plc Technology Computer Services UK 1.21

Magnolia Petroleum Plc Oil & Gas Exploration & Production USA 1.00

Central Rand Gold Ltd Mining Gold Mining South Africa 0.80

Sefton Resources Inc Oil & Gas Exploration & Production USA 0.80

AFH Financial Group Plc Financials Asset Managers UK 0.75

Jubilee Platinum Plc Mining Platinum & Precious Metals Australia 0.60

Imaginatik Plc Technology Software USA 0.50

Symphony Environmental Technologies Plc Industrials Containers & Packaging UK 0.50

3Legs Resources Plc Oil & Gas Exploration & Production Poland 0.50

Strategic Minerals Plc Mining Steel Australia 0.49

Starcom Plc Technology Software Israel 0.48

Mosman Oil & Gas Ltd Oil & Gas Exploration & Production New Zealand 0.40

Servision Plc Industrials Electrical Components & Equipment Israel 0.40

Alba Mineral Resources Plc Oil & Gas Exploration & Production UK 0.36

Greatland Gold Plc Mining Gold Mining Australia 0.35

Metal Tiger Plc Financials Equity Investment Instruments UK 0.30

Alecto Minerals Plc Mining Gold Mining Ethiopia 0.30

Ferrum Crescent Ltd Mining Steel South Africa 0.26

Milestone Group Plc Consumer Services Broadcasting & Entertainment UK 0.22

PeerTV Plc Technology Telecommunications Equipment Israel 0.20

Feedback Plc Industrials Electronic Equipment UK 0.20

Metminco Ltd Mining General Mining Peru 0.18

Styles and Wood Group Plc Industrials Business Support Services UK 0.15

Nektan Plc Consumer Services Gambling Gibraltar 0.15

Independent Oil & Gas Plc Oil & Gas Exploration & Production UK 0.15

Eastbridge Investments Plc Real Estate Real Estate Holding & Development UK 0.12

Rightster Group Plc Technology Computer Services UK 0.11

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

ANALYSIS OF JUNE’S £347M SECONDARY ISSUES Continued...


A total of £1,732m has been raised through Secondary issues so far in 2015. This is marginally below the total amount raised in H1 2014 (£1,816m), although 51% greater than the amount raised in H1 2013 (£1,147m).

There have been 266 secondary issues so far in 2015 (≥100k), equating to an average raise of £6.5m. The average issue size in FY 2014 amounted to £5.6m, in FY 2013 to £5.1m, and in FY 2012 to only £4.2m.

The Real Estate sector is the largest contributor to the £1,732m, having raised £319m (or 18.4%) of the amount. The sectors that have so far achieved the largest

average raise in 2015 are Real Estate (£31.9m); Telecommunications (£20.9m); and Consumer Services (£16.4m). With regard to number of issues, the Mining sector leads the way so far in 2015 with 82, or 31%, of total issues. The Oil & Gas and Technology sectors come in second and third place, having achieved 37 and 29 Secondary placings so far this year respectively.

Companies with central operations based in the UK have raised £1,113m (or 64%) of the £1,732m, through 112 issues (with the average fundraise equating to £9.9m).

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

Jun 25, 2015 EMED Minging Public Ltd Mining 64.9

Feb 25, 2015 Avanti Communications Group Plc Telecommunications 60.6

Apr 22, 2015 FastJet Plc Consumer Services 50.0

Jun 9, 2015 Dolphin Capital Investors Ltd Real Estate 46.0

Apr 14, 2015 Real Estate Investors Plc Real Estate 45.0

May 20, 2015 Horizon Discovery Group Ltd Health Care 40.1

2015 AIM SECONDARY FUNDRAISINGS

ANALYSIS OF 2015 FUNDRAISINGS BY SIZE

LARGEST SECONDARY FUNDRAISINGS 2015BREAKDOWN OF THE £1,732M RAISED IN 2015 YTD

Num

ber o

f tra

nsac

tions

Size of raise (£m)

127

37 42

19 26

9 4 2

0

20

40

60

80

100

120

140

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

Alternative Energy; 2% Basic Materials; 0.5%

Consumer Goods; 1%

Consumer Services; 15%

Financials; 14%

Health Care; 16%Industrials; 4%

Mining; 12%

Oil & Gas; 6%

Real Estate; 18%

Technology; 8%

Telecommunications; 4%

Utilities; 0.5%


GEOGRAPHICAL BREAKDOWN OF AIM’S 2015 SECONDARY FUNDRAISES Number of companies and amounts raised

Canada (2, £18.26m)

USA (19, £69.67m)

UK (112, £1112.54m)

Western Europe (27, £328.85m)

Caribbean (4, £13.60m)

Africa (40, £120.13m)

Latin America (13, £16.70m)

Russia and CIS (7, £8.38m)

China, (7, £12.96m)

Asia Pacific (7, £5.29m)

Central & Eastern Europe (7, £9.14m)

India & Bangladesh(2, £3.40m)

Middle East (1, £0.85m)

Israel (4, £1.59m)

Australia (14, £10.81m)

23 Information sourced from London Stock Exchange and Allenby Capital, transactions shown ≥£500k

2015’S TOP PERFORMING SECONDARY FUNDRAISINGS

Placing Date Company Sector SubsectorCountry of operation

Money Raised (£m)

Issue PriceCurrent

PricePerformance

Apr 10, 2015 Cap XX Ltd Industrials Electrical Components & Equipment Australia 1.20 1.00 5.68 468.0%

May 20, 2015 Churchill Mining Plc Mining Coal Indonesia 0.85 10.00 39.50 295.0%

Mar 11, 2015 Red Emperor Resources NL Oil & Gas Exploration & Production Somalia 1.08 1.60 4.81 200.6%

Jun 2, 2015 Imaginatik Plc Technology Software USA 0.50 2.70 7.75 187.0%

Mar 16, 2015 Sirius Minerals Plc Mining General Mining UK 15.82 7.00 19.75 182.1%

Jan 6, 2015 Vast Resources Plc Mining Gold Mining Romania 1.59 0.50 1.33 166.0%

Apr 7, 2015 Tiziana Life Sciences Plc Health Care Biotechnology UK 2.55 75.00 193.00 157.3%

Mar 5, 2015 Wildhorse Energy Ltd Alternative Energy Alternative Fuels Australia 0.72 2.65 6.75 154.7%

Mar 23, 2015 Wildhorse Energy Ltd Alternative Energy Alternative Fuels Australia 0.71 2.65 6.75 154.7%

Jun 9, 2015 mporium Group Plc Technology Software UK 3.30 2.00 5.00 150.0%

Feb 10, 2015 4D Pharma Plc Health Care Pharmaceuticals UK 34.75 410.00 962.50 134.8%

Mar 3, 2015 Oracle Coalfields Plc Mining Coal Pakistan 3.15 0.65 1.48 127.7%

Feb 9, 2015 Vast Resources Plc Mining Gold Mining Romania 0.90 0.60 1.33 121.7%

May 11, 2015 Tekcapital Plc Technology Computer Services UK 2.15 20.00 44.00 120.0%

Jun 24, 2015 Central Rand Gold Ltd Mining Gold Mining South Africa 0.80 10.00 22.00 120.0%

Apr 29, 2015 Eurasia Mining Plc Mining Platinum & Precious Metals Russia 0.52 0.55 1.13 105.5%

Feb 18, 2015 Northcote Energy Ltd Oil & Gas Exploration & Production USA 1.77 0.09 0.18 100.0%

May 14, 2015 Marlowe Holdings Ltd Financials Specialty Finance Belize 5.15 60.00 114.00 90.0%

Jan 26, 2015 Roxi Petroleum Plc Oil & Gas Exploration & Production Kazakhstan 1.24 7.41 13.88 87.3%

Apr 7, 2015 Xtract Resources Plc Mining General Mining Chile 1.75 0.15 0.27 80.0%

Mar 19, 2015 Alba Mineral Resources Plc Mining General Mining Ireland 0.50 0.25 0.45 80.0%

May 14, 2015 Cap XX Ltd Industrials Electrical Components & Equipment Australia 1.00 3.25 5.68 74.8%

Feb 27, 2015 Sefton Resources Inc Oil & Gas Exploration & Production USA 0.90 0.06 0.09 63.6%

Apr 21, 2015 Fulham Shore (The) Plc Consumer Services Restaurants & Bars UK 4.75 11.00 17.25 56.8%

Jan 22, 2015 Plutus PowerGen Plc Utilities Electricity UK 0.54 0.65 1.00 53.8%

Mar 4, 2015 Plant Impact Plc Basic Materials Specialty Chemicals UK 6.23 41.50 63.00 51.8%

Jun 22, 2015 Access Intelligence Plc Technology Computer Services UK 1.21 3.00 4.38 46.0%

Jun 30, 2015 Castleton Technology Plc Technology Computer Services UK 2.20 2.25 3.15 40.0%

Jun 23, 2015 Sefton Resources Inc Oil & Gas Exploration & Production USA 0.80 0.07 0.09 38.5%

Jun 2, 2015 MXC Capital Plc Financials Specialty Finance UK 12.00 2.50 3.45 38.0%


24

SHARE PRICE PERFORMANCE


The mean share price performance year-to-date of the 1,070 AIM constituents listed as at end June is +7.4%. However, the median share price performance of all 1,070 is -2.2%, with 559 (or 52%) of constituents having endured falling prices over the course of the year.

45 companies have enjoyed share price rises of at least 100% in the year. Of these, 26 (or 58%) have their central operations based in the UK.

On the other hand, 100 companies have endured share price declines of at least 50% in the year. 41 of these operate in the Natural Resources sector (Oil & Gas and Mining).

AIM constituents operating in the alternative energy sector have recorded the best average share price gain over the course of 2015, at 37.9%. The Natural Resources, Telecommunications and Utilities sectors have endured the worst mean share price performances.

The UK and India & Bangladesh are the only regions that have a majority of constituents that have enjoyed positive share price gains over the year. AIM companies operating in the Middle East – of which there are seven – have suffered the largest share price declines.

SHARE PRICE PERFORMANCES ON AIM IN 2015

MEAN SP PERFORMANCE OF SECTOR CONSTITUENTS

MEDIAN SP PERFORMANCE OF SECTOR CONSTITUENTS

37.9%

24.4% 21.4%

18.9% 17.3%

11.5%

5.7% 3.1%

0.3%

-5.0% -6.0% -8.5%

-12.0% -20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

Alte

rnat

ive

Ener

gy

Fina

ncia

ls

Heal

th C

are

Basi

c M

ater

ials

Cons

umer

Goo

ds

Real

Est

ate

Indu

stria

ls

Tech

nolo

gy

Cons

umer

Ser

vice

s

Min

ing

Oil &

Gas

Tele

com

mun

icat

ions

Utili

ties

Mea

n sh

are

pric

e pe

rform

ance

Sector

Sector

17.9%

8.9%

2.1% 1.3% 0.2% 0.0%

-1.8% -2.2%

-6.8%

-15.3% -16.1% -17.6%

-22.7% -25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

Alte

rnat

ive

Ener

gy

Fina

ncia

ls

Heal

th C

are

Basi

c M

ater

ials

Cons

umer

Goo

ds

Real

Est

ate

Indu

stria

ls

Tech

nolo

gy

Cons

umer

Ser

vice

s

Min

ing

Oil &

Gas

Tele

com

mun

icat

ions

Utili

ties

Med

ian

shar

e pr

ice

perfo

rman

ce


GEOGRAPHICAL BREAKDOWN OF SHARE PRICE PERFORMANCE ON AIM, 2015

Isle of Man (6) Av: -29.2%; Med: -21.8%

Canada (12) Av: -13.6%; Med: -18.8%

USA (49) Av: 0.7%; Med: -17.7%

UK (611) Av: 14.1%; Med: 3.6%

Channel Islands (7) Av: 4.2%; Med: 0.0%

Caribbean (9) Av: -8.1%; Med: -1.3%

Western Europe (67) Av: 1.1%; Med: 0.0%

Africa (87) Av: -10.1%; Med: -15.7%

Latin America (32) Av: -1.2%; Med: -17.7%

Russia and CIS (28) Av: -7.0%; Med: -12.2%

Central & Eastern Europe (18) Av: 23.8%; Med: -3.9%

China (39) Av: 12.1%; Med: -15.6%

Middle East (7) Av: -27.1%; Med: -31.3%

India & Bangladesh (21) Av: 15.0%; Med: 1.0%

Asia Pacific (40) Av: -1.7%; Med: -5.0%

Israel (13) Av: -20.8%; Med: -14.8%

Australia (24) Av: -2.6%; Med: -22.3%


27 Information sourced from London Stock Exchange and Allenby Capital, transactions shown ≥£500k

2015’S TOP PERFORMING COMPANIES

Placing Date Company Sector SubsectorCountry of operation

Price as at 17/07/2015

Price as at 01/01/2015

Performance

Mar 10, 2015 Gate Ventures Plc Financials Nonequity Investment Instruments UK 315.00 10.00 3050.0%

Nov 9, 2012 Vmoto Ltd Consumer Goods Recreational Products China 19.50 2.18 794.5%

Oct 18, 2004 Daniel Stewart Securities Plc Financials Investment Services UK 2.03 0.35 480.0%

Apr 24, 2007 AFC Energy Plc Alternative Energy Alternative Fuels UK 58.00 10.25 465.9%

Aug 23, 2005 Amphion Innovations Plc Financials Equity Investment Instruments USA 6.38 1.13 464.6%

Mar 2, 2005 UK Oil & Gas Investments Plc Oil & Gas Exploration & Production UK 1.98 0.43 360.5%

Dec 20, 2006 Unitech Corporate Parks Plc Real Estate Real Estate Holding & Development India 3.29 0.76 332.9%

Sep 19, 2006 Verona Pharma Plc Health Care Biotechnology UK 5.13 1.20 327.5%

Jun 22, 2007 Formation Group Plc Real Estate Real Estate Holding & Development UK 6.25 1.48 322.3%

Apr 24, 2014 Tiziana Life Sciences Plc Health Care Biotechnology UK 190.00 51.50 268.9%

Jun 14, 2011 3Legs Resources Plc Oil & Gas Exploration & Production Poland 0.29 0.08 262.5%

Jun 23, 2011 Red Emperor Resources NL Oil & Gas Exploration & Production Somalia 4.81 1.38 248.6%

Apr 2, 2015 Motif Bio Plc Health Care Biotechnology USA 68.00 20.00 240.0%

Apr 20, 2011 Oracle Coalfields Plc Mining Coal Pakistan 1.45 0.45 222.2%

Dec 18, 2006 CEB Resources Plc Alternative Energy Alternative Fuels Australia 0.54 0.17 217.6%

May 17, 2011 Quindell Plc Technology Computer Services UK 124.75 39.50 215.8%

Feb 12, 2010 Oxford Pharmascience Group Plc Health Care Pharmaceuticals UK 10.13 3.43 195.3%

Aug 31, 2011 MoneySwap Plc Financials Consumer Finance Hong Kong 1.03 0.35 194.3%

Dec 20, 2004 Pure Wafer Plc Technology Semiconductors UK 125.00 43.50 187.4%

Sep 30, 2013 Independent Oil & Gas Plc Oil & Gas Exploration & Production UK 17.88 6.75 164.9%

Apr 15, 2005 Churchill Mining Plc Mining Coal Indonesia 38.00 14.50 162.1%

Jul 5, 2007 Mobilityone Plc Industrials Financial Administration Malaysia 3.25 1.25 160.0%

Aug 20, 2004 Richland Resources Ltd Mining General Mining Mauritius 4.50 1.75 157.1%

Apr 4, 2014 Tekcapital Plc Technology Computer Services UK 47.75 19.25 148.1%

Jul 8, 2010 Fulcrum Utility Services Ltd Utilities Electricity UK 18.88 7.75 143.6%

Sep 4, 2013 Bluerock Diamonds Plc Mining Diamonds & Gemstones South Africa 26.00 11.00 136.4%

Mar 28, 2007 STM Group Plc Financials Asset Managers Gibraltar 49.50 21.00 135.7%

Feb 4, 2015 MXC Capital Plc Financials Specialty Finance UK 3.40 1.48 129.7%

Jul 28, 2010 DP Poland Plc Consumer Services Restaurants & Bars Poland 17.38 7.63 127.8%

Dec 16, 2005 MX Oil Plc Oil & Gas Exploration & Production Mexico 4.23 1.88 125.0%


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 on average 4.08% of their market capitalisation in June, down up the 3.33% recorded in May. The average daily number of bargains struck in June, at 21,772, was 8.7% below the average daily amount over the preceding 24 months (at 23,843 bargains struck per day).

In terms of value, total trading on AIM amounted to £2,682m in June, an increase of 2.9% on May’s total (at £2,609m). Per business day, this figure totals £121.9m.

The average bargain size during the month (at £5,600) was 9.0% 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.

Average Volume

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

Jun-

12

Jul-1

2

Aug-

12

Sep-

12

Oct-

12

Nov-

12

Dec-

12

Jan-

13

Feb-

13

Mar

-13

Apr-

13

May

-13

Jun-

13

Jul-1

3

Aug-

13

Sep-

13

Oct-

13

Nov-

13

Dec-

13

Jan-

14

Feb-

14

Mar

-14

Apr-

14

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-

14

Nov-

14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-

15

May

-15

Jun-

15

TRADING VOLUMES - Liquidity on AIM increased in June

LIQUIDITY INCREASED IN JUNE

LIQUIDITY MOST CONCENTRATED IN AIM’S MICRO CAPS

6.9 6.6

4.4

3.6

2.8 3.2 3.2

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

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

% M

kt C

ap tr

aded

per

mon

th

Market Cap (£m)


ASOS Plc (ASC.L, £3,236m) was the most traded stock on AIM in June, with £383m of the Company’s shares traded in the month. In the first half of 2015, a total of £2.62bn of ASOS shares exchanged hands.

Plus500 Ltd (PLUS.L, £448.1m) was the second most traded stock by value on AIM in May as well as being the sixth most liquid. In the month, a cash offer of £460m for the Company was made by Playtech Plc, the online gaming and sports betting software supplier.

Metminco Ltd (MNC.L, £5.7m) is a mineral development company with a portfolio of copper, molybdenum and gold projects in Peru and Chile. The Company’s shares were heavily traded during the month on the back of a mineral resource update. JUNE’S MOST LIQUID STOCKS ON A RELATIVE BASIS

JUNE’S MOST TRADED STOCKS BY VALUE

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

Metminco Ltd 6.0 5.7 106.8%

Cap XX Ltd 12.4 14.6 84.6%

Tristel Plc 30.9 41.8 74.0%

Xtract Resources Plc 10.3 17.9 57.4%

Premier African Minerals Ltd 7.8 14.4 54.5%

Plus500 Ltd 208.4 448.1 46.5%

Amur Minerals Corporation 46.4 100.7 46.1%

Tungsten Corp Plc 33.2 82.1 40.4%

UK Oil & Gas Investments Plc 14.0 38.6 36.4%

Imaginatik Plc 2.4 6.5 36.2%

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

ASOS Plc 382.5 3,236.2 11.8%

Plus500 Ltd 208.4 448.1 46.5%

Optimal Payments Plc 124.0 355.6 34.9%

Sirius Minerals Plc 64.2 334.8 19.2%

NewRiver Retail Ltd 63.7 407.0 15.7%

boohoo.com Plc 47.3 289.2 16.4%

GW Pharmaceuticals Plc 46.8 1,618.6 2.9%

Amur Minerals Corporation 46.4 100.7 46.1%

Abcam Plc 40.8 1,026.8 4.0%

Patisserie Holdings Plc 34.5 310.0 11.1%

TRADING VOLUMES - Liquidity on AIM decreased in May, Continued…


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 June 2015, the average daily volume was 21,772, an increase of 56% on the December 2012 total.

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 June 2015, £2.68bn was traded, with an average trade size of £5,600.

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.

Monthly turnover value £m

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Jan-

01

Jul-0

1

Jan-

02

Jul-0

2

Jan-

03

Jul-0

3

Jan-

04

Jul-0

4

Jan-

05

Jul-0

5

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3

Jan-

14

Jul-1

4

Jan-

15

BARGAINS BY NUMBER AND VALUE

TOTAL TRADING TURNOVER VALUE

TRADING VOLUMES - Historical Trading on AIM

Average daily number of bargains (LHS) Average value per bargain (£) (RHS)

-

5,000

10,000

15,000

20,000

25,000

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Jan-

01

Aug-

01

Mar-0

2

Oct-0

2

May-

03

Dec-

03

Jul-0

4

Feb-

05

Sep-

05

Apr-0

6

Nov-

06

Jun-

07

Jan-

08

Aug-

08

Mar-0

9

Oct-0

9

May-

10

Dec-

10

Jul-1

1

Feb-

12

Sep-

12

Apr-1

3

Nov-

13

Jun-

14

Jan-

15

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 £69.2m. As at 30 June 2015, 200 AIM constituents exceeded the £100m valuation mark. Four companies were valued at greater than £1bn.

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.

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.

AN ANALYSIS OF AIM’S CONSTITUENTS

MARKET CONSTITUENTS BY SECTOR (MKT CAP)

AVERAGE MKT CAP SIZE

AIM AVERAGE MKT CAP OF £69.2M, MEDIAN MKT CAP OF £21.1MAlternative Energy; 1%

Oil & Gas; 7%

Mining; 5%

Basic Materials; 2%

Industrials; 14%

Consumer Goods; 8%

Health Care; 14% Consumer Services; 16%

Telecoms, 3%

Utilities; 1%

Financials; 5%

Real Estate, 7%

Technology, 9%

Num

ber o

f com

pani

es

Market Cap (£m)

88

121 133

216

160

128 138

44

15 4

0

50

100

150

200

250

0-2

2-5

5-10

10-2

5

25-5

0

50-1

00

100-

250

250-

500

500-

1,00

0

> 1

,000

Average Market Cap (£m)

0

10

20

30

40

50

60

70

80

Jan-

01

Jan-

02

Jan-

03

Jan-

04

Jan-

05

Jan-

06

Jan-

07

Jan-

08

Jan-

09

Jan-

10

Jan-

11

Jan-

12

Jan-

13

Jan-

14

Jan-

15


AIM an international small cap market

TOTAL COMPANIES DOWN 37% FROM THE 2007 PEAK

30% OF COMPANIES ARE INCORPORATED OUTSIDE OF THE UK BUT 43% OF COMPANIES HAVE THEIR MAIN OPERATIONS OVERSEAS

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

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 1,070 International 3 17 22 21 22 31 42 50 60 116 220 304 347 317 241 228 225 225 502 481 459 UK 118 235 286 291 325 493 587 654 694 905 1,179 1330 1347 1233 1052 967 918 871 590 623 611

0 200 400 600 800

1,000 1,200 1,400 1,600 1,800

Num

ber o

f com

pani

es

International UK

745

47 38 37 36 31 27 24 16 14 12 7 6 5 5 2 2 2 2 2 2 2 1 1 1 1 1 1 0

100 200 300 400 500 600 700 800

UKJe

rsey

Caym

an Is

land

sIs

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f Man

Briti

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irgin

Isla

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Guer

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Mal

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Country of Incorporation

Num

ber o

f com

pani

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Location of assets

611

87 67 49 40 39 32 28 24 21 18 13 12 9 7 7 6 0

100 200 300 400 500 600 700

UK

Afric

a

Wes

tern

Eur

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USA

Asia

Pac

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Chin

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Latin

Am

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a

Russ

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Aust

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Indi

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Bang

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Cent

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Isra

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Mid

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Chan

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Num

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es


AIM’S LARGEST

COMPANY SUBSECTOR MARKET CAPITALISATION £M MARKET CAPITALISATION £M

ASOS Plc Apparel Retailers UK 3,236

New Europe Property Investments Plc Equity Investment Instruments Romania 2,045

GW Pharmaceuticals Plc Pharmaceuticals UK 1,619

Abcam Plc Biotechnology UK 1,027

Market Tech Holdings Ltd Real Estate Holding & Development UK 927

Hutchison China MediTech Ltd Pharmaceuticals China 859

James Halstead Plc Building Materials & Fixtures UK 833

Origin Enterprises Plc Farming & Fishing Ireland 792

Datatec (UK) Ltd Computer Services South Africa 695

Clinigen Group Plc Drug Retailers UK 684

PureCircle Ltd Food Products Malaysia 678

Imperial Innovations Group Plc Specialty Finance UK 621

4D Pharma Plc Pharmaceuticals UK 594

Emis Group Plc Computer Services UK 584

Dart Group Plc Airlines UK 566

Mulberry Group Plc Clothing & Accessories UK 543

Young & Co.'s Brewery Plc Restaurants & Bars UK 534

Secure Trust Bank Plc Banks UK 520

Breedon Aggregates Plc Building Materials & Fixtures UK 513

Nichols Plc Soft Drinks UK 479

Secure Income REIT Plc Diversified REITs UK 464

Plus500 Ltd Investment Services Israel 448

Vinacapital Vietnam Opportunity Fund Ltd Equity Investment Instruments Vietnam 436

NewRiver Retail Ltd Retail REITs UK 407

Safecharge International Group Ltd Financial Administration UK 406


36

ALLENBY CAPITAL OVERVIEW

37

ALLENBY CAPITAL an AIM nomad & broker with an international client base

* Broker only client ** ISDX Broker *** Main Market listed Information sourced from London Stock Exchange and Allenby Capital

NORWAY

Kodal Minerals Mining (Phosphate)

NORTH AMERICA

Atlantic Coal Natural Resources (Coal)

Halosource Specialty Chemicals

Rose Petroleum Oil & Gas

Sefton Resources Oil & Gas

Strategic Minerals Mining (Iron Ore)

TekCapital Specialty Finance

RUSSIA

Urals Energy Oil & Gas

DUBAI

Tejoori Investment Company

MYANMAR

Myanmar Investments Intl.*

Investment Company

SOUTH EAST ASIA

AAA Investment Company

HONG KONG / CHINA

Camkids Retail

LED Int. Holdings Technology

MoneySwap FX Payment systems

MALAYSIA

Macromac Technology

Mayair Support Services

Medilink Global UK Support Services

MobilityOne Support Services

Resource Holding

ManagementInternational Media

ISRAEL

MTI Wireless Edge Technology

Servision CCTV Security Systems

AUSTRALIA

Cap-XX Technology

INDIA

DQ Entertainment Media

Mortice Security

UNITED KINGDOM

AFH Financial Group Asset Managers

Arria NLG Software

Biome Technologies Chemicals

Boxhill Technologies Gaming

Caledonian Trust UK Property

Cellcast Media

Cluff Natural Resources*

Coal Gasification

Cyan Holdings Technology

Eco City Vehicles Transportation

Fulham Shore Consumer Discretionary

Hunter ResourcesInvestment Company (Nat. Res.)

Infrastrata Oil & Gas

Palace Capital Commercial Property

Paragon Resources Investment Company

Plastics Capital* Chemicals

Powerhouse Energy Renewables

Reach4EntertainmentMedia & Entertainment

SyQic TMT

Totally Software

Trafalgar New Homes Construction

Tricor Investment Company

TyraTech* Specialty Chemicals

Vela Technologies Investment Company

Xplorer*** Oil & Gas

DENMARK

Nordic Energy** Oil and Gas

GREECE

CDialogues Mobile Marketing

38

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]

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

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

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

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

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

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

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

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

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

]] Myles McNulty Research 0203-328-5656 [email protected]

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

]] Amrit Nahal Equity Sales 020-3394-2973 [email protected]

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

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

]] Alex Price Corporate Finance 0203-328-5657 [email protected]

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

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

39

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


3 St. Helens PlaceLondon EC3A 6AB

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aim market update july 2015 - allenby capital...

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