AIM MARKET UPDATE December 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

]]

November Overview

3

]]

New Admissions

4

]]

Secondary Fundraises

17

]]

Share Price Performance

24

]]

Trading Volumes

28

]]

AIM Market Overview

32

]]

Allenby Capital Overview

36

NOVEMBER OVERVIEW

Money raised £m New

1200 1000 800 600 400 200 0 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15

The number of companies on AIM decreased by seven in November, as the five new joiners were offset by twelve departures. As at end November, there were 1,049 AIM constituents, down 55 from 1,104 as at end December 2014.

Money raised £m Further 1400

Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15

On a more positive note, secondary fundraises continue apace with £232m

The average market capitalisation of AIM’s constituents as at end November was £70.5m, which is an increase of 8.9% on the average as at 31 December 2014. The median market cap. was £19.8m.

AIM MARKET New and Secondary raisings

Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14

There were five new joiners in November: between them, they raised just £21.2m of new money. Two of these comprised conventional IPOs, one joined by way of a reverse takeover, and two comprised UK companies that moved their listings from the Main Market.

raised in the month, taking 2015’s total to £3.66bn. With one month to go this is already the most raised on AIM in secondary fundraises since 2010 and is up 37% on the corresponding period in 2014.

Funds raised (£m)

In November the trends seen on AIM throughout 2015 continued, namely a quiet IPO market but continued strength of activity in the secondary market (although initial indications are that the IPO market has picked up in December with several decent size deals set to list before the yearend)

AIM MARKET Equity raisings since inception

Funds raised (£m)

20,000

Money raised £m Further

15,000

Money raised £m New

10,000 5,000 0

3

2007

2008

2009

2010

2011

2012

2013

2014

2015 ytd

15,678 16,184

4,322

5,602

6,958

4,270

2,921

3,989

5,900

4,690

9,603

3,214

4,861

5,738

3,661

2,218

2,738

2,962

3,664

6,581

1,108

740

1,219

608.8

703

1,251

2,938

1,004

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

Total

96

824

692

585

934

3,092

1,128

976

2,095

4,656

8,942

Money raised £m Further

25

302

350

318

600

1,338

535

486

1,000

1,880

2,481

5,734

Money raised £m New

71

521

342

268

334

1,754

593

490

1,095

2,776

6,461

9,944

Information sourced from London Stock Exchange and Allenby Capital

2006

NEW ADMISSIONS

4

NOVEMBER 2015 - Decrease in number of AIM constituents by seven There were five new joiners to AIM in November. Two joined from the Main Market, two by way of conventional IPO and one by way of a reverse takeover of an existing AIM company. Of the twelve companies that left the market in the month: ]]

4 failed to appoint a new Nomad

]]

2 were acquired

]]

2 chose to delist

]]

1 was the subject of a reverse takeover

]]

1 discontinued trading operations and returned cash to shareholders

]]

1 failed to implement its investing policy within the required timeframe

]]

1 fell into administration

AIM MARKET Net new admissions / departures 1225 1205 1185 13

1165

5

17

15 1145 11

1125 1104

6

3

5

0 17

2

10 21

0

1105 40 1085 1065 1049 1045 November 30 2015

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 (UK)

Re-admissions (UK)

Move from ISDX

Information sourced from London Stock Exchange and Allenby Capital

Move from Main Market

January 01 2015

5

NEW ADMISSIONS TO AIM SINCE INCEPTION

12000

600

New Money Raised

10000

500

8000

400

6000

300

4000

200

2000

100

0

0 Year

6

1995

1996

1997

Information sourced from London Stock Exchange and Allenby Capital

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Number of Admissions

New Money Raised (£k)

Number of Admissions

ADMISSIONS TO AIM IN NOVEMBER

COMPANY

Filtronic Plc

Faron Parmaceuticals Oy

Be Heard Group Plc

Gresham House Plc

Tlou Energy Ltd

DATE

16 Nov 2015

17 Nov 2015

23 Nov 2015

23 Nov 2015

30 Nov 2015

SUBSECTOR

Telecommunications Equipment

Biotechnology

Nonequity Investment Instruments

Equity Investment Instruments

Exploration & Production

Priced as of 09/12/2015

7

Information sourced from London Stock Exchange and Allenby Capital

ISSUE TYPE

DESCRIPTION

COUNTRY OF OPERATION

AMOUNT RAISED (£M)

MARKET VALUE AT IPO/ ADMISSION (£M)

PERFORMANCE SINCE JOINING AIM

Move from Main Market & Placing

Filtronic designs and manufactures a range of customised radio frequency, microwave and millimetre wave components and subsystems. In August, the Company announced that it was seeking shareholder approval to transfer its listing from the Official List to AIM, in tandem with carrying out a £4.5m secondary placing. The proceeds will be used to finance Filtronic’s working capital requirements as it moves from new product introduction to volume production, following the winning of its first production tooling orders from a major telecoms industry original equipment manufacturer for Ultra-Wide Band integrated antennas.

UK

4.50

9.84

5.0%

IPO & Placing

Faron is a Finland-based clinical stage biopharmaceutical company that is involved in developing drugs focusing on acute organ traumas, cancer immunotherapy and vascular damage. The Company’s flagship product is Traumakine®, which is in Phase III development for the treatment of acute respiratory distress syndrome (‘ARDS’). ARDS is a severe, life threatening medical condition characterised by widespread capillary leakage and inflammation in the lungs. Currently there are no approved pharmacological treatments for this life threatening medical condition. The £10m fundraise at IPO will be used primarily to fund the initial pan-European Phase III clinical trial of Traumakine®.

Finland

10.00

60.09

0.0%

Move from Main Market & Placing

Main Market listed cash shell Mithril Capital announced the proposed acquisition of Agenda 21 Digital Holding Ltd in October, for an initial consideration of £3.3m and deferred consideration of a further £8.6m (payable subject to performance criteria over the next three years). Founded in 2005, Agenda 21 is a market-leading digital media and analytics agency. Upon completion of the acquisition, Mithril renamed as Be Heard Group, moved its listing from the Main Market to AIM and a completed an equity fundraise of £5.5m. The Enlarged Group will seek to build a network of digital companies spanning the marketing services, technology and e-commerce sectors across the UK, the US and Europe.

UK

5.50

10.82

-3.7%

Introduction Readmission

Gresham House is a specialist asset manager focused on alternative investment strategies and illiquid asset classes. In November the Company acquired UK-based Aitchesse Ltd for a maximum consideration of £7.7m in a deal that constituted a reverse takeover under AIM rules. Aitchesse is one the leading managers of UK commercial forestry, with assets under management of circa £193m across a mix of managed accounts on behalf of endowments, family offices and private individuals.

UK

0.00

29.41

16.9%

IPO & Placing

Tlou Energy is an ASX listed company focussed on the exploration for and proposed production of unconventional gas, principally coal bed methane (‘CBM’). The Group’s focus is currently on its licences in Botswana. The Company gained a second listing when it joined AIM in November and it raised £1.2m in newly issued equity: the proceeds of the fundraise are to be used for gas production testing; for Reserve Certification and EIA approval; and for general, administrative and transaction costs.

Australia

1.20

13.37

-17.2%

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

Finland (1, £10.00m) USA (2, £68.63m) Ireland (2, £104.46m)

Israel (2, £30.51m)

UK (37, £452.58m)

Myanmar (1, £1.68m)

Spain (1, £250.99)

Malaysia (1, £16.22m)

Barbados (1, £63m) Malta (1) Brazil (1) Gabon (1, £9.65m)

8

China (3, £16.42m)

Information sourced from London Stock Exchange and Allenby Capital

2015 AIM ADMISSIONS There have been 55 admissions to AIM through the end of November 2015. These have been offset by 110 departures, resulting in a total number of constituents (as at end November) of 1,049. In comparison, there were 101 admissions to AIM in the corresponding period in 2014, and only 94 departures. There was a slowdown in the IPO market ahead of the UK General Election in May. Despite the election result being viewed as ‘market favourable’, the volume and quantum of IPOs has yet to recover.

The new joiners in 2015 have raised a total of £1,025m upon admission, which amounts to a decrease of 60% on the total raised in the same period in 2014. This average of £93m per month is opposed to 2014’s average of £231m per month. 2015’s 55 joiners had a combined market capitalisation upon their respective admissions of £4,898m (equating to an average of £89.1m). 37 (or 67%) of the new joiners have their central operations based in the UK. The most represented sector so far is the Financials sector (with 15 new joiners);

BREAKDOWN OF AIM’S 2015 NEW ENTRANTS Telecommunications; 1% Technology; 3%

followed by the Industrials and Consumer Services sectors, which have witnessed 11 and 10 businesses respectively join AIM so far in 2015. The trends that emerged over the course of 2013-14 have continued throughout 2015. These are namely i) that AIM is becoming less of 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 THE £1,025M NEW MONEY RAISED IN 2015 Consumer Goods; 4%

Consumer Goods; 4%

Telecommunications; 24%

Real Estate; 2% Oil & Gas; 1%

Consumer Services; 10%

Mining; 2%

Technology; 1% Oil & Gas; 0% Consumer Services; 38%

Real Estate; 0% Mining; 1%

Industrials; 11%

Industrials; 10%

Health Care; 6%

9

Information sourced from London Stock Exchange and Allenby Capital

Financials; 15%

Health Care; 10%

Financials; 12%

2015 VENDOR PLACINGS We have calculated that since the beginning of 2014, 22.5% 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 November 2015, none of the four companies that raised funds upon admission to AIM performed a Vendor placing. 11 (or 25%) of the 44 companies that have raised funds upon admission in 2015

have included selling shareholders. Vendor placings in the period amount to £127m (or 12.4%) 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 only 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.

2014 VENDOR PLACINGS: £766M OF TOTAL £2,938M

LARGEST VENDOR PLACINGS 2015 DATE

COMPANY

VENDOR

VENDOR PLACING (£M)

26 May 15

Elegant Hotels Group Plc

Vision Capital Partners IV, LP and management

30.8

04 February 15

Dalata Hotel Group Plc

Founders / management

25.1

08 June 15

Gateley (Holdings) Plc

Founders / management

25.0

19 June 15

Applegreen Plc

Founders / management

15.8

07 May 15

Curtis Banks Group Ltd

Founders / management

13.8

06 January 15

Gama Aviation Plc

Founders / management

5.9

11 June 15

Adgorithms Ltd

Founders / management

5.0

11 February 15

Premier Technical Services Group Plc

Founders / management

3.0

06 March 15

Bilby Plc

Founders / management

1.6

16 March 15

Techfinancials, Inc.

Founders / management

0.5

2015 YTD VENDOR PLACINGS: £127M OF TOTAL £1,025M £126.8 , 12.4%

£766.4 ; 26.1%

£2,171.9 ; 73.9%

Vendor Placings (£m) New Issues (£m) 10

Information sourced from London Stock Exchange and Allenby Capital

£898.6 , 87.6%

Vendor Placings (£m) New Issues (£m)

2015 AIM ADMISSIONS Winners and losers

Date Listed

Issue type

Company

Subsector

Country of Operation

Market Value on admission (£m)

Money Raised (£m)

Issue Price (P)

Current Price

Performance

Feb 11 2015

Move from Main Market & Placing

CPP Group Plc

Business Support Services

UK

25.15

20.00

3.00

13.50

350.0%

Feb 13 2015

Re-admission & Placing

Tavistock Investments Plc

Asset Managers

UK

5.49

3.06

2.00

5.90

195.0%

Apr 02 2015

IPO & Placing

Motif Bio Plc

Biotechnology

USA

12.85

2.84

20.00

44.00

120.0%

Mar 06 2015

IPO & Placing

Bilby Plc

Business Support Services

UK

17.00

4.11

58.00

127.50

119.8%

May 19 2015

IPO & Placing

Stride Gaming Plc

Gambling

UK

66.20

11.12

132.00

260.00

97.0%

Feb 04 2015

Re-admission & Placing

Dalata Hotel Group Plc

Hotels

Ireland

288.32

37.61

205.50

367.50

78.8%

Feb 11 2015

IPO & Placing

Premier Technical Services Group Plc

Business Support Services

UK

37.10

8.00

52.00

92.50

77.9%

May 07 2015

IPO & Placing

Curtis Banks Group Ltd

Specialty Finance

UK

85.02

21.32

190.00

337.50

77.6%

Jun 24 2015

Introduction Re-admission

Inspiration Healthcare Group Plc

Medical Equipment

UK

8.59

-

28.00

42.50

51.8%

Oct 02 2015

Re-admission & Placing

Conviviality Plc

Food Retailers & Wholesalers

UK

232.41

130.00

150.00

214.00

42.7%

Jun 19 2015

IPO & Placing

Applegreen Plc

Specialty Retailers

Ireland

218.47

66.85

277.00

384.00

38.6%

Jul 13 2015

Re-admission & Placing

Ten Alps Plc

Media Agencies

UK

8.39

4.50

2.00

2.63

31.5%

Aug 11 2015

Introduction Re-admission

Optimal Payments Plc

Financial Administration

UK

1,324.50

-

279.00

364.25

30.6%

Apr 02 2015

IPO & Placing

Marshall Motor Holdings Plc

Specialty Retailers

UK

115.08

40.00

149.00

185.50

24.5%

Jul 02 2015

Introduction

Hunters Property Plc

Real Estate Services

UK

16.89

-

60.00

73.00

21.7%

Jul 01 2015

IPO & Placing

Orchard Funding Group Plc

Specialty Finance

UK

20.50

10.00

96.00

112.50

17.2%

Nov 23 2015

Introduction Re-admission

Gresham House Plc

Equity Investment Instruments

UK

29.41

-

298.50

349.00

16.9%

Jan 27 2015

IPO & Placing

Grand Group Investment Plc

China

27.16

7.16

80.00

93.50

16.9%

Mar 19 2015

IPO & Placing

Zegona Communications Plc

UK

30.00

29.97

120.00

138.50

15.4%

Jun 04 2015

IPO & Placing

Fishing Republic Plc

Specialty Finance Nonequity Investment Instruments Recreational Products

UK

3.56

1.50

15.00

16.75

11.7%

May 26 2015

IPO & Placing

Elegant Hotels Group Plc

Hotels

Barbados

88.82

63.00

100.00

110.50

10.5%

Jun 08 2015

IPO & Placing

Gateley (Holdings) Plc

Business Support Services

UK

100.01

30.01

95.00

104.50

10.0%

Feb 04 2015

Introduction Re-admission

MXC Capital Plc

UK

57.98

-

2.95

3.18

7.8%

Aug 21 2015

Re-admission & Placing

365 Agile Group Plc

UK

12.51

2.24

75.00

79.50

6.0%

Aug 11 2015

IPO & Placing

Gloo Networks Plc

UK

30.72

30.00

120.00

126.00

5.0%

Nov 16 2015

Move from Main Market & Placing

Filtronic Plc

UK

9.84

4.50

5.00

5.25

5.0%

Jun 03 2015

IPO & Placing

Gear4music Holdings Plc

Specialty Finance Electrical Components & Equipment Nonequity Investment Instruments Telecommunications Equipment Recreational Products

UK

28.02

10.30

139.00

145.50

4.7%

May 07 2015

IPO & Placing

Verseon Corporation

Pharmaceuticals

USA

302.47

65.79

202.00

204.00

1.0%

Priced as of 09/12/2015

11

Information sourced from London Stock Exchange and Allenby Capital

2015 AIM ADMISSIONS Winners and losers, Continued...

Date Listed

Issue type

Company

Subsector

Country of Operation

Market Value on admission (£m)

Money Raised (£m)

Issue Price (P)

Current Price

Performance

Nov 17 2015

IPO & Placing

Faron Parmaceuticals Oy

Biotechnology

Finland

60.09

10.00

260.00

260.00

0.0%

Jan 06 2015

Re-admission & Placing

Gama Aviation Plc

Transportation Services

UK

120.38

23.00

280.00

278.50

-0.5%

Sep 10 2015

Re-admission & Placing

Safestay Plc

Hotels

UK

21.26

8.53

62.00

61.25

-1.2%

Aug 12 2015

Move from Main Market & Placing

Hornby Plc

UK

52.21

15.00

95.00

93.00

-2.1%

Nov 23 2015

Move from Main Market & Placing

Be Heard Group Plc

UK

10.82

5.50

3.25

3.13

-3.7%

UK

11.06

4.99

30.00

28.50

-5.0%

UK

4.63

2.17

1.68

1.58

-6.0%

Oct 19 2015

Move from Main Market & Placing

City of London Group Plc

Toys Nonequity Investment Instruments Specialty Finance

Aug 17 2015

Introduction Re-admission

REACT Group Plc

Business Support Services

Oct 30 2015

Introduction Re-admission

Safecharge International Group Ltd

Financial Administration

UK

404.24

-

267.00

248.00

-7.1%

Aug 14 2015

Re-admission & Placing

Zegona Communications Plc

Spain

294.07

250.99

150.00

138.50

-7.7%

May 12 2015

Move from Main Market & Placing

Satellite Solutions Worldwide Group Plc

UK

13.87

2.25

4.50

4.15

-7.8%

May 07 2015

IPO & Placing

Mayair Group Plc

Fixed Line Telecommunications Nonequity Investment Instruments Industrial Machinery

Malaysia

55.22

16.22

130.00

116.50

-10.4%

Mar 27 2015

IPO & Placing

Redx Pharma Plc

Biotechnology

UK

55.23

15.00

85.00

74.00

-12.9%

Sep 07 2015

Introduction

Harvest Minerals Ltd

General Mining

Brazil

3.22

-

0.73

0.63

-13.3%

Nov 30 2015

IPO & Placing

Tlou Energy Ltd

Exploration & Production

Australia

13.37

1.20

6.50

5.38

-17.2%

Jul 03 2015

IPO & Placing

K&C Reit Plc

Residential REITs

UK

4.38

3.57

10.00

7.63

-23.7%

Mar 30 2015

Introduction

Windar Photonics Plc

Electronic Equipment

UK

45.42

-

119.00

87.50

-26.5%

Oct 21 2015

IPO & Placing

Evgen Pharma Plc

Biotechnology

UK

26.96

7.00

37.00

26.00

-29.7%

Jun 08 2015

Introduction Re-admission

Tiso Blackstar Group SE

Equity Investment Instruments

Malta

189.33

-

71.00

45.00

-36.6%

Jul 01 2015

IPO & Placing

MySquar Ltd

Software

Myanmar

18.46

1.68

10.00

5.88

-41.2%

Mar 16 2015

IPO & Placing

Techfinancials, Inc.

Software

Israel

18.41

3.51

27.00

13.75

-49.1%

Jun 08 2015

Re-admission & Placing

Octagonal Plc

Specialty Finance

UK

11.21

1.70

2.00

0.91

-54.5%

Mar 27 2015

Introduction Re-admission

Ambrian Plc

Investment Services

UK

11.31

-

11.63

4.88

-58.0%

Feb 03 2015

IPO & Placing

Aquatic Foods Group Plc

Food Products

China

79.30

9.26

70.00

24.00

-65.7%

Jun 11 2015

IPO & Placing

Adgorithms Ltd

Media Agencies

Israel

82.06

27.00

133.00

33.00

-75.2%

Feb 12 2015

IPO & Placing

IronRidge Resources Ltd

Steel

Gabon

23.66

9.65

10.00

2.25

-77.5%

Aug 28 2015

Introduction Re-admission

PCG Entertainment Plc

China

62.00

-

5.25

0.88

-83.2%

Mar 10 2015

IPO & Placing

Gate Ventures Plc

Gambling Nonequity Investment Instruments

UK

3.24

3.24

10.00

Delisted

Delisted

TOTAL:

1,025.3

AVERAGE:

14.3%

MEDIAN:

2.8%

Priced as of 09/12/2015

12

Information sourced from London Stock Exchange and Allenby Capital

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

13

Date Listed

Issue type

Company

Subsector

Apr 24 2014 Aug 05 2014 Feb 18 2014 Nov 07 2014 Oct 29 2014 Oct 20 2014 Oct 10 2014 Jul 25 2014 May 19 2014 Nov 06 2014 Apr 29 2014 Nov 14 2014 Jun 26 2014 Mar 25 2014 Oct 30 2014 Apr 04 2014 Jul 04 2014 Mar 19 2014

Re-admission & Placing Re-admission & Placing IPO & Placing IPO & Placing Introduction Re-admission Move from ISDX & Placing IPO & Placing IPO & Placing IPO & Placing IPO & Placing Introduction IPO & Placing Introduction from Main Market IPO & Placing Re-admission & Placing IPO & Placing Re-admission & Placing IPO & Placing

Tiziana Life Sciences Plc OptiBiotix Health Plc 4D Pharma Plc Fevertree Drinks Plc MXC Capital Plc Fulham Shore (The) Plc Gamma Communications Plc Bacanora Minerals Ltd Patisserie Holdings Plc Quartix Holdings Plc Bioventix Plc Mortgage Advice Bureau (Holdings) Plc Styles and Wood Group Plc Xeros Technology Group Plc Finsbury Food Group Plc Tekcapital Plc Premaitha Health Plc Dalata Hotel Group Plc

Biotechnology Biotechnology Pharmaceuticals Soft Drinks Specialty Finance Restaurants & Bars Mobile Telecommunications General Mining Restaurants & Bars Software Biotechnology Mortgage Finance Business Support Services Industrial Machinery Food Products Computer Services Biotechnology Hotels

Mar 21 2014

IPO & Placing

XL Media Plc

Media Agencies

Jan 10 2014 Dec 01 2014 Aug 22 2014

Re-admission & Placing Introduction Re-admission Re-admission & Placing

Nasstar Plc Powerflute OYJ Plutus PowerGen Plc

Apr 30 2014

IPO & Placing

Sprue Aegis Plc

Jul 28 2014 Aug 01 2014

IPO & Placing IPO & Placing

ULS Technology Plc GTS Chemical Holdings Plc

Feb 26 2014

IPO & Placing

Summit Germany Ltd

Apr 02 2014 May 19 2014 Feb 10 2014 May 29 2014 Jun 05 2014 Apr 16 2014 Dec 11 2014

IPO & Placing Re-admission & Placing IPO & Placing IPO & Placing IPO & Placing IPO & Placing IPO & Placing

Safecharge International Group Ltd Feedback Plc Manx Telecom Plc NAHL Group Plc Secure Income REIT Plc Eagle Eye Solutions Ltd Focusrite Plc

Internet Paper Electricity Electrical Components & Equipment Media Agencies Specialty Chemicals Real Estate Holding & Development Financial Administration Electronic Equipment Fixed Line Telecommunications Media Agencies Diversified REITs Internet Consumer Electronics

Priced as of 09/12/2015

Information sourced from London Stock Exchange and Allenby Capital

Country of Operation

Market Value on admission (£m)

Money Raised (£m)

Issue Price (P)

Current Price

Performance

UK UK UK UK UK UK UK Mexico UK UK UK UK UK UK UK UK UK Ireland Channel Islands UK Finland UK

5.63 5.74 36.55 154.42 12.48 19.95 165.17 25.83 170.00 54.10 29.99 80.82 5.65 80.04 74.47 5.63 20.70 254.98

2.00 3.30 16.55 93.33 0.00 1.60 82.59 5.41 79.30 11.36 0.00 36.34 0.00 27.58 35.00 2.00 7.24 221.54

12.00 8.00 100.00 134.00 1.00 6.00 187.00 33.00 170.00 116.00 595.00 160.00 91.50 123.00 59.00 25.00 11.00 209.00

209.50 75.00 787.50 540.00 3.15 17.13 457.50 79.50 380.50 246.50 1262.50 332.50 186.00 246.50 113.50 47.00 20.50 367.50

1645.8% 837.5% 687.5% 303.0% 215.0% 185.5% 144.7% 140.9% 123.8% 112.5% 112.2% 107.8% 103.3% 100.4% 92.4% 88.0% 86.4% 75.8%

92.89

41.82

49.00

83.25

69.9%

17.68 156.27 2.93

10.50 0.00 0.80

5.00 55.00 0.60

8.38 92.00 1.00

67.6% 67.3% 66.7%

UK

90.49

11.82

200.00

327.50

63.8%

UK China

25.89 36.83

12.10 0.83

40.00 36.00

64.75 55.50

61.9% 54.2%

Germany

152.87

28.48

0.63

0.97

54.0%

UK UK Isle of Man UK UK UK UK

242.61 2.38 160.21 82.30 293.09 33.02 73.17

75.75 0.30 156.32 35.00 15.00 6.00 22.44

162.00 1.25 142.00 200.00 174.00 164.00 126.00

248.00 1.88 208.50 285.00 247.50 230.00 172.50

53.1% 50.4% 46.8% 42.5% 42.2% 40.2% 36.9%

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

Date Listed

Issue type

Dec 08 2014

IPO & Placing

May 23 2014 Jul 24 2014 Dec 10 2014 Jun 27 2014 Aug 19 2014 Dec 02 2014 May 02 2014

Jun 30 2014

IPO & Placing IPO & Placing Re-admission & Placing IPO & Placing IPO & Placing IPO & Placing IPO & Placing Move from Main Market & Placing Move from ISDX & Placing

Apr 04 2014

Subsector

Country of Operation

Market Value on admission (£m)

Money Raised (£m)

Issue Price (P)

Current Price

Performance

Constellation Healthcare Technologies Inc Shoe Zone Plc Epwin Group Plc Collagen Solutions Plc IMImobile Plc ATTRAQT Group Plc United Cacao Ltd SEZC Safestay Plc

Health Care Providers

USA

75.09

9.62

135.00

179.00

32.6%

Apparel Retailers Building Materials & Fixtures Health Care Providers Software Software Farming & Fishing Hotels

UK UK UK UK UK Peru UK

80.00 135.00 11.97 56.74 10.31 23.59 6.61

36.00 93.92 6.00 30.00 1.25 6.40 4.80

160.00 100.00 7.00 120.00 50.00 128.00 50.00

208.50 129.50 8.88 151.50 62.50 157.50 61.25

30.3% 29.5% 26.9% 26.3% 25.0% 23.0% 22.5%

Gresham House Plc

Equity Investment Instruments

UK

26.81

11.40

286.90

349.00

21.6%

AFH Financial Group Plc

Asset Managers

27.04

2.92

140.00

166.00

18.6%

Introduction Re-admission

Qannas Investments Ltd

Equity Investment Instruments

42.73

0.00

0.88

1.02

16.6%

Dec 22 2014 Jan 17 2014 Feb 13 2014 Feb 19 2014 May 20 2014

IPO & Placing IPO & Placing Introduction Re-admission & Placing Introduction Re-admission

Gfinity plc CityFibre Infrastructure Holdings Plc Actual Experience Plc Adamas Finance Asia Ltd Audioboom Group Plc

13.23 31.44 15.60 67.90 7.00

3.50 16.64 0.00 3.07 0.00

17.00 60.00 245.00 0.60 3.90

19.75 67.00 262.50 0.64 4.13

16.2% 11.7% 7.1% 6.7% 5.9%

Dec 22 2014

IPO & Placing

Market Tech Holdings Ltd

UK

750.00

100.00

200.00

210.50

5.3%

Jul 15 2014 Aug 27 2014 May 21 2014 Sep 19 2014

IPO & Placing IPO & Placing IPO & Placing Introduction from Main Market

Ergomed Plc Medaphor Group Plc Flowtech Fluidpower Plc Camellia Plc

Broadcasting & Entertainment Fixed Line Telecommunications Software Specialty Finance Equity Investment Instruments Real Estate Holding & Development Biotechnology Medical Equipment Specialty Chemicals Specialty Finance

UK Channel Islands UK UK UK China UK

46.00 10.06 40.00 257.03

11.00 4.68 39.90 0.00

160.00 50.00 100.00 9100.00

167.50 51.50 99.38 8987.00

4.7% 3.0% -0.6% -1.2%

May 02 2014

Introduction Re-admission

Sarossa Plc

Specialty Finance

10.87

0.00

1.90

1.85

-2.6%

Nov 17 2014 Jun 30 2014 Dec 11 2014 Dec 03 2014 May 12 2014 Dec 08 2014 Dec 18 2014 Dec 23 2014 Mar 27 2014

IPO & Placing IPO & Placing IPO & Placing Introduction IPO & Placing IPO & Placing IPO & Placing IPO & Placing IPO & Placing

Strat Aero Plc Easyhotel Plc Quantum Pharma Plc Dalradian Resources Inc Galasys Plc Midatech Pharma Plc Mercia Technologies Plc Mill Residential REIT Plc Horizon Discovery Group Ltd

Business Support Services Hotels Pharmaceuticals Gold Mining Software Biotechnology Specialty Finance Residential REITs Biotechnology

UK UK UK UK Channel Islands UK UK UK UK China UK UK UK UK

6.16 50.00 125.00 53.22 14.97 74.21 106.00 3.50 120.47

0.65 30.00 106.07 0.00 3.12 32.00 71.83 0.99 68.62

8.00 80.00 100.00 38.00 22.50 267.00 50.00 100.00 180.00

7.63 75.50 92.00 34.38 19.75 233.50 40.75 81.50 145.00

-4.6% -5.6% -8.0% -9.5% -12.2% -12.5% -18.5% -18.5% -19.4%

Dec 01 2014

Priced as of 09/12/2015

14

Company

Information sourced from London Stock Exchange and Allenby Capital

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

Date Listed

Issue type

Company

Subsector

Country of Operation

Market Value on admission (£m)

Money Raised (£m)

Issue Price (P)

Current Price

Performance

Dec 04 2014 Jul 10 2014 Apr 14 2014 Oct 23 2014 Jul 18 2014 Jun 02 2014 May 07 2014

People's Operator (The) Plc Abzena Plc Haydale Graphene Industries Plc C4X Discovery Holdings Plc Aggregated Micro Power Holdings Plc Tavistock Investments Plc European Wealth Group Ltd

Mobile Telecommunications Biotechnology Specialty Chemicals Biotechnology Alternative Electricity Asset Managers Specialty Finance

UK UK UK UK UK UK UK

100.23 77.94 23.62 31.00 25.69 8.80 16.60

20.00 22.72 6.60 11.00 9.50 0.75 0.00

130.00 80.00 210.00 100.00 100.00 7.50 110.00

104.50 63.50 164.50 77.00 76.50 5.70 83.50

-19.6% -20.6% -21.7% -23.0% -23.5% -24.0% -24.1%

Marwyn Management Partners Plc

Specialty Finance

UK

19.68

5.00

4.25

3.13

-26.4%

Mar 28 2014 Mar 14 2014 Apr 29 2014 Jul 11 2014

IPO & Placing IPO & Placing IPO & Placing IPO & Placing IPO & Placing Re-admission & Placing Introduction Re-admission Move from Main Market & Placing IPO & Placing IPO & Placing Re-admission & Placing IPO & Placing

Venture Life Group Plc boohoo.com Plc Mi-Pay Group Plc ClearStar Inc

UK UK UK USA

26.45 560.11 13.83 20.69

5.40 300.00 0.59 8.84

109.00 50.00 41.00 57.00

77.00 34.25 27.00 36.50

-29.4% -31.5% -34.1% -36.0%

Jan 20 2014

Introduction from Main Market

Vislink Plc

UK

50.12

0.00

44.00

27.00

-38.6%

Jan 23 2014 Jan 02 2014 May 12 2014 Oct 30 2014 Nov 03 2014 Aug 05 2014

Leyshon Energy Plc Collagen Solutions Plc Limitless Earth Plc Entu (UK) Plc Nektan Plc FAIRFX Group Plc

China UK UK UK Gibraltar UK

16.53 5.97 3.27 65.60 50.10 30.49

0.00 0.00 3.01 32.80 3.63 2.58

6.63 14.75 5.00 100.00 236.00 45.00

4.00 8.88 3.00 59.50 137.50 25.50

-39.6% -39.8% -40.0% -40.5% -41.7% -43.3%

C A Sperati Plc

Clothing & Accessories

UK

0.77

0.25

4.00

2.25

-43.8%

Dec 23 2014 Sep 30 2014 Apr 04 2014

Introduction Introduction Re-admission IPO & Placing IPO & Placing IPO & Placing IPO & Placing Move from Main Market & Placing Introduction from Main Market IPO & Placing IPO & Placing

Food Products Apparel Retailers Business Support Services Software Telecommunications Equipment Exploration & Production Health Care Providers Specialty Finance Home Improvement Retailers Gambling Consumer Finance

PuriCore Plc Crossrider Plc Rame Energy Plc

UK UK Chile

16.30 152.92 17.15

0.00 45.90 1.30

32.50 103.00 18.00

17.88 56.00 9.75

-45.0% -45.6% -45.8%

Jul 02 2014

IPO & Placing

Global Invacom Group Ltd

Singapore

55.77

11.77

19.75

10.50

-46.8%

Aug 01 2014

IPO & Placing

Savannah Petroleum Plc

Medical Equipment Media Agencies Business Support Services Telecommunications Equipment Exploration & Production

73.55

29.29

56.00

28.75

-48.7%

Mar 20 2014

Introduction Re-admission

Minds + Machines Group Ltd

Media Agencies

140.86

0.00

17.00

8.63

-49.2%

Jun 03 2014 Jan 06 2014 Jun 19 2014 May 28 2014 Mar 28 2014

Introduction IPO & Placing Introduction from Main Market IPO & Placing IPO & Placing

Biofrontera AG RM2 International SA Molins Plc Marimedia Ltd Scholium Group Ltd

Pharmaceuticals Containers & Packaging Industrial Machinery Media Agencies Specialty Retailers

Niger British Virgin Islands Germany Luxembourg UK Israel UK

55.49 278.29 34.79 94.72 13.20

0.00 137.20 0.00 29.76 8.00

313.00 88.00 172.50 153.00 100.00

147.50 40.00 77.00 65.00 40.00

-52.9% -54.5% -55.4% -57.5% -60.0%

Jul 14 2014

Mar 24 2014

Priced as of 09/12/2015

15

Information sourced from London Stock Exchange and Allenby Capital

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

Date Listed

Issue type

Company

Subsector

Country of Operation

Market Value on admission (£m)

Money Raised (£m)

Issue Price (P)

Current Price

Performance

Apr 29 2014 Mar 20 2014 Jun 27 2014 Feb 20 2014 Dec 11 2014 Jul 24 2014 Jun 10 2014 Feb 04 2014 May 08 2014 Jun 18 2014 Feb 27 2014 Aug 01 2014 Jun 16 2014 Mar 10 2014 Jun 20 2014 Jul 04 2014 Jul 15 2014 Dec 04 2014 Jul 14 2014

IPO & Placing IPO & Placing IPO & Placing IPO & Placing IPO & Placing IPO & Placing Re-admission & Placing IPO & Placing IPO & Placing Re-admission & Placing IPO & Placing IPO & Placing IPO & Placing IPO & Placing IPO & Placing Re-admission & Placing Introduction Re-admission IPO & Placing IPO & Placing

Software Exploration & Production Media Agencies Renewable Energy Equipment Business Support Services Gambling Broadcasting & Entertainment Exploration & Production Medical Equipment Exploration & Production Delivery Services Steel Apparel Retailers Apparel Retailers Nonferrous Metals Gold Mining General Mining Gambling Furnishings

UK New Zealand Greece UK Australia China UK UK UK Russia UK China Australia India China Peru Kyrgyzstan China China

24.88 4.91 13.23 72.10 9.85 130.52 29.25 271.88 25.72 141.29 200.53 4.84 340.46 36.17 7.78 2.15 30.89 61.84 99.76

10.00 1.50 1.25 12.13 0.73 9.00 6.00 18.00 10.00 41.22 200.53 0.05 115.15 22.00 1.30 1.10 0.00 3.41 2.33

33.00 8.00 212.00 94.00 30.00 100.00 27.00 43.00 180.00 100.00 100.00 9.50 226.00 150.00 8.00 1.50 28.75 6.00 82.00

13.00 3.00 77.50 32.50 9.75 29.50 7.88 11.30 46.50 25.00 22.25 2.00 47.25 28.50 1.50 0.20 3.63 0.75 5.88

-60.6% -62.5% -63.4% -65.4% -67.5% -70.5% -70.8% -73.7% -74.2% -75.0% -77.8% -78.9% -79.1% -81.0% -81.3% -86.7% -87.4% -87.5% -92.8%

Oct 23 2014

Introduction Re-admission

Equity Investment Instruments

Kenya

35.45

0.00

9.00

0.55

-93.9%

Apr 15 2014 Nov 10 2014 Mar 28 2014

IPO & Placing IPO & Placing Introduction Re-admission

Rosslyn Data Technologies Plc Mosman Oil & Gas Ltd Cdialogues Plc Atlantis Resources Ltd Management Resource Solutions Plc DJI Holdings Plc 7Digital Group Plc Hurricane Energy Plc Rex Bionics Plc Zoltav Resources Inc DX (Group) Plc Pressfit Holdings Plc Mysale Group Plc Koovs Plc Zibao Metals Recycling Holdings Plc Hunter Resources Plc Tengri Resources Ltd PCG Entertainment Plc Jiasen International Holdings Ltd Atlas Development & Support Services Ltd Bagir Group Ltd Haversham Holdings Plc Qannas Investments Ltd

Clothing & Accessories Specialty Finance Equity Investment Instruments

Israel UK UAE TOTAL

28.12 30.05 45.17 2,938.3

20.00 30.00 0.00

56.00 120.00 0.88

3.00 Delisted Delisted AVERAGE MEDIAN

-94.6% Delisted Delisted 29.1% -8.8%

Priced as of 09/12/2015

16

Information sourced from London Stock Exchange and Allenby Capital

SECONDARY FUNDRAISES

17

NOVEMBER 2015 OVERVIEW £232m was raised on AIM’s Secondary Market in November, which was somewhat below the average monthly raise in the first ten months of the year, at £343m. The funds were raised through 49 issues (only including issues in excess of £100k), equating to an average fundraise of £4.7m. In October, Telford Homes Plc (TEF.L, £279m) announced it was undertaking a placing to raise gross proceeds of £50.0m. The equity raise was completed in November at a share price of 360p, a 3.1% discount to closing price the day before the

announcement. The proceeds will enable Telford Homes to take advantage of identified development opportunities and to achieve enhanced longer term growth in its output of new homes and, in turn, in reported profits and dividends paid to shareholders. The fundraise followed the acquisition of the regeneration business of United House Developments for £23.0m in September, providing the group with a substantial platform from which it can undertake further investment. Breedon Aggregates Plc (BREE.L, £736m), the UK’s largest aggregates company successfully completed a £41

AIM FURTHER EQUITY RAISINGS Money Raised (£m)

Number of Transactions

700.0

50

600.0 500.0

40

400.0

30

300.0

20

Technology; 6%

800.0

60

200.0

10

Real Estate; 0% Consumer Goods; 27%

Oil & Gas; 17%

Consumer Services; 2%

Mining; 9%

100.0 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 15 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15

0

Financials; 10%

-

Industrials; 23%

18

Nigeria focussed Oil and Gas explorer Lekoil Ltd (LEK.L, £112m) completed a £30m placing to fund the acquisition of an indirect controlling interest (62%) in the offshore OPL 325 licence, as well as for other corporate and general working capital purposes. Since the placing Lekoil has also acquired Afren plc’s 22.86% stake of the OPL 310 licence, resulting in Lekoil holding a 17.14% participating interest and a 30% economic interest in OPL 310 obtained through a farm-in agreement signed in 2013 with Afren. The shares were placed at 24p, a 4.1% discount to the previous day’s closing price.

BREAKDOWN OF NOVEMBER FUNDS RAISED

Money Raised (£m)

Number of Transactions

70

million equity placing in November, contributing towards the acquisition of leading independent construction materials supplier Hope, for a total gross consideration of £336m on a cash- and debt-free basis. The Acquisition rationale was that Hope will provide Breedon with entry into the cement market and extend the Company’s UK geographic footprint, whilst adding a rail-linked quarry and a national network of depots. The placing price of 51.79p represented an approximate 12% discount to Breedon’s prior day closing price.

Information sourced from London Stock Exchange and Allenby Capital

Health Care; 6%

ANALYSIS OF NOVEMBER’S £232M SECONDARY ISSUES

19

COMPANY

SECTOR

SUBSECTOR

COUNTRY OF OPERATION

MONEY RAISED (£M)

Telford Homes Plc Breedon Aggregates Plc Lekoil Ltd NetScientific Plc Allergy Therepeutics Plc Keywords Studios Plc Bacanora Minerals Ltd Science In Sport Plc NetDimensions (Holdings) Ltd Haydale Graphene Industries Plc Arria NLG Plc President Energy Plc Tyratech Inc Metals Exploration Plc Scientific Digital Imaging Plc Phorm Corporation Ltd ECR Minerals Plc Alecto Minerals Plc FAIRFX Group Plc Mirada Plc Mosman Oil & Gas Ltd Gfinity Plc Asiamet Resources Ltd Bango Plc United Cacao Ltd SEZC Independent Resources Plc Union Jack Oil Plc BMR Mining Plc Northcote Energy Ltd FastForward Innovations Ltd Servision Plc Landore Resources Ltd W Resources Plc SolGold Plc Eastbridge Investments Plc Metminco Ltd Nu-Oil and Gas Plc

Consumer Goods Industrials Oil & Gas Financials Health Care Industrials Mining Consumer Goods Technology Basic Materials Technology Oil & Gas Basic Materials Mining Health Care Consumer Services Mining Mining Financials Consumer Services Oil & Gas Consumer Services Mining Technology Consumer Goods Oil & Gas Oil & Gas Mining Oil & Gas Financials Industrials Mining Mining Mining Real Estate Mining Oil & Gas

Home Construction Building Materials & Fixtures Exploration & Production Medical Technology Pharmaceuticals Business Support Services General Mining Food Products Software Specialty Chemicals Software Exploration & Production Specialty Chemicals General Mining Medical Equipment Media Agencies Gold Mining Gold Mining Consumer Finance Broadcasting & Entertainment Exploration & Production Broadcasting & Entertainment General Mining Internet Farming & Fishing Exploration & Production Exploration & Production Nonferrous Metals Exploration & Production Equity Investment Instruments Electrical Components & Equipment General Mining General Mining Gold Mining Real Estate Holding & Development General Mining Exploration & Production

UK UK Nigeria UK Germany Ireland Mexico UK China UK UK USA USA Philippines UK USA Australia Ethiopia UK UK New Zealand UK Indonesia UK Peru UK UK Zambia USA UK Israel Canada Spain Australia UK Peru Canada

50.00 40.80 30.05 18.14 11.48 10.45 8.84 8.66 7.20 6.00 4.50 3.24 3.16 3.00 2.51 2.08 1.80 1.78 1.65 1.50 1.47 1.00 1.00 0.85 0.83 0.80 0.80 0.75 0.75 0.66 0.63 0.63 0.60 0.51 0.50 0.50 0.44

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

ANALYSIS OF NOVEMBER’S £232M SECONDARY ISSUES

20

COMPANY

SECTOR

SUBSECTOR

COUNTRY OF OPERATION

MONEY RAISED (£M)

URU Metals Ltd Treveria Plc Paternoster Resources Plc Metal Tiger Plc Savannah Resources Plc Scotgold Resources Ltd Golden Saint Resources Ltd Alba Mineral Resources Plc Milestone Group Plc PeerTV Plc Savannah Resources Plc

Mining Real Estate Financials Financials Mining Mining Mining Oil & Gas Consumer Services Technology Mining

Nonferrous Metals Real Estate Holding & Development Equity Investment Instruments Equity Investment Instruments General Mining Gold Mining General Mining Exploration & Production Broadcasting & Entertainment Telecommunications Equipment General Mining

Niger Germany UK UK Mozambique Australia Sierra Leone UK UK Israel Mozambique

0.40 0.37 0.30 0.21 0.18 0.18 0.17 0.16 0.15 0.11 0.10

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

2015 AIM SECONDARY FUNDRAISINGS

There have been 488 secondary issues so far in 2015 (≥100k), equating to an average raise of £7.5m. The average issue size in FY 2014 amounted to £5.6m, in FY 2013 £5.1m, and in FY 2012 only £4.2m. The Real Estate sector remains the largest contributor to the £3,664m, having raised £812m (or 22.2%) of the amount. The sectors that have so far achieved the largest

average raises in 2015 are Real Estate (£36.9m), Telecommunications (£17.5m), and Industrials (£14.3m) sectors. With regard to number of issues, the Mining sector leads the way so far in 2015 with 151, or 31%, of total issues. The Oil & Gas and Financials sectors come in second and third place, having achieved 73 and 46 Secondary placings so far this year respectively. Companies with central operations based in the UK have raised £2,439m (or 67%) of the £3,664m, through 209 issues (with the average fundraise equating to £11.7m).

BREAKDOWN OF THE £3,664M RAISED IN 2015 YTD Alternative Energy; 1% Utilities; 0% Telecommunications; 2% Technology; 5% Real Estate; 22%

Basic Materials; 1%

Information sourced from London Stock Exchange and Allenby Capital

200 150 100

66

78 39

50

44 14

6

6

0 0.10-1

1-2

2-5

5-10

10-25

25-50

50-100

100
100

TRADING VOLUMES - Liquidity on AIM increased in October, Continued… ASOS Plc (ASC.L, £2,795m) was again the most traded stock on AIM in the month, with £322m of the Company’s shares traded in the month. So far this year, a total of £4.82bn of ASOS shares have exchanged hands – this amounts to 16.8% of the entire value of secondary trading on AIM. Telit Communications Plc (TEL.L, £238m) was one of the most liquid stocks in the month both in terms of value traded and relative to its market capitalisation. The Company, which operates in the Internet of Things (“IoT”) arena announced supply agreements in the month with two tierone automotive suppliers with expected revenues of $33m. These agreements are the 5th and 6th such supply agreements Telit has secured over the past 12 months representing in aggregate up to $220 million of revenues over the life of the agreements. DX (Group) Plc (DX.L, £43m) is an independent parcels, mail and logistics operator. DX Group enjoyed high levels of trading in the month albeit for the wrong reasons. In November the Company announced a severe profit warning which led to the shares falling c.75%. The business model is under pressure from, inter alia, increased cost base pressures arising from driver resourcing issues where there is an industry wide shortage. The announcement stated that profits for the period ending 30 June 2016 will be significantly below current market forecasts.

30

Information sourced from London Stock Exchange and Allenby Capital

NOVEMBER’S MOST TRADED STOCKS BY VALUE MOST TRADED AIM STOCK

TRADING VALUE (£M)

MKT CAP (£M)

VALUE/MKT CAP

ASOS Plc

322.8

2,794.9

11.5%

Paysafe Group Plc

320.1

1,721.4

18.6%

Telit Communications Plc

99.9

238.4

41.9%

Abcam Plc

59.7

1,142.9

5.2%

Plus500 Ltd

51.0

467.9

10.9%

Scapa Group Plc

44.5

298.1

14.9%

Telford Homes Plc

40.5

279.0

14.5%

Redde Plc

37.3

502.4

7.4%

Watchstone Group Plc

37.2

442.1

8.4%

CVS Group Plc

36.9

445.9

8.3%

NOVEMBER’S MOST LIQUID STOCKS ON A RELATIVE BASIS MOST TRADED AIM STOCK

TRADING VALUE (£M)

MKT CAP (£M)

VALUE/MKT CAP

DX (Group) Plc

20.8

43.1

48.2%

Telit Communications Plc

99.9

238.4

41.9%

Mosman Oil & Gas Ltd

2.1

6.7

31.0%

88 Energy Ltd

3.7

12.2

30.3%

Grafenia Plc

1.6

5.8

27.3%

IS Solutions Plc

9.4

36.1

25.9%

FastJet Plc

8.4

40.0

21.1%

African Potash Ltd

2.6

12.2

20.9%

Paysafe Group Plc

320.1

1,721.4

18.6%

Journey Group Plc

4.3

24.5

17.7%

TRADING VOLUMES - Historical Trading on AIM

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 November 2015, £2.40bn was traded, with an average trade size of £5,211.

8,000

Monthly turnover value £m

7,000 6,000 5,000 4,000 3,000 2,000 1,000 0

BARGAINS BY NUMBER AND VALUE

35,000 30,000 25,000 20,000 15,000 10,000 5,000 -

Average daily number of bargains (LHS)

Average value per bargain (£) (RHS)

Jan-01 May-01 Sep-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15

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.

TOTAL TRADING TURNOVER VALUE

Jan-01 May-01 Sep-01 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15

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 November 2015, the average daily volume was 21,909, an increase of 57% on the December 2012 total.

31

Information sourced from London Stock Exchange and Allenby Capital

25,000 20,000 15,000 10,000 5,000 -

AIM MARKET OVERVIEW

32

AN ANALYSIS OF AIM’S CONSTITUENTS 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 £70.5m. As at 30 November 2015, 180 AIM constituents exceeded the £100m valuation mark. Seven companies were valued at greater than £1bn. 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. 33% of new joiners to the market in 2012 were headquartered in the UK; in 2013, this rose to 57%; and for each of 2014 and 2015 this figure has been 67%. Nevertheless, the market still hosts businesses operating across a vast range of geographies. 98 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 80

Average Market Cap (£m)

70 60 50 40 30 20 10

Alternative Energy; 0%

Information sourced from London Stock Exchange and Allenby Capital

Jan-15

Jan-13

Jan-12

Jan-11

Jan-10

Jan-09

Jan-08

Jan-07

Jan-06

Jan-05

Jan-14

15

7

500-1,000

> 1,000

Health Care; 14%

Jan-04

Jan-03

48

50 0

0-2

Industrials; 17%

110

101

Market Cap (£m)

250-500

Financials; 17%

131

100-250

Mining; 4%

100

145

126

50-100

Oil & Gas; 5%

140

150

25-50

Consumer Services; 16%

5-10

Real Estate; 6%

198

200

10-25

Consumer Goods; 7%

Technology; 10%

33

250

Basic Materials; 1%

Number of companies

Utilities; 1% Telecoms; 2%

AIM AVERAGE MKT CAP OF £70.5M, MEDIAN MKT CAP OF £19.8M

2-5

MARKET CONSTITUENTS BY SECTOR (MKT CAP)

Jan-02

Jan-01

0

AIM an international small cap market

Country of Incorporation

34

Information sourced from London Stock Exchange and Allenby Capital

2006 1,634 304 1330

2007 1,694 347 1347

2008 1,550 317 1233

2009 1,293 241 1052

2010 1,195 228 967

2011 1,143 225 918

2012 1,096 225 871

UK

2013 1,092 502 590

2014 1,104 481 623

2015 1,049 439 610

BUT 42% OF COMPANIES HAVE THEIR MAIN OPERATIONS OVERSEAS

48

37

33

30

27

22

21

18

12

10

9

7

Location of assets

7

6 Isle of Man

65

Middle East

87

Channel Islands

610

Caribbean

700 600 500 400 300 200 100 0

Canada

800 732 700 600 500 400 300 200 46 37 35 33 33 27 24 15 12 12 7 6 5 5 2 2 2 2 2 2 2 1 1 1 1 1 1 100 0 UK Jersey Isle of Man British Virgin Islands Cayman Islands Guernsey Eire Australia Canada Bermuda USA Israel Cyprus Singapore Gibraltar Hong Kong Belize (British Honduras) Falkand Islands Luxembourg South Africa Germany Finland Netherlands Bangladesh India Malaysia Malta Zambia

Number of companies

30% OF COMPANIES ARE INCORPORATED OUTSIDE OF THE UK

2005 1,399 220 1,179

Israel

2004 1021 116 905

Central and Eastern Europe

2003 754 60 694

India & Bangladesh

2002 704 50 654

Australia

2001 629 42 587

Russia and CIS

2000 524 31 493

China

1999 347 22 325

Latin America

1998 312 21 291

Asia Pacific

1997 308 22 286

USA

1996 252 17 235

Western Europe

1995 121 3 118

Africa

Total International UK

International

UK

1,800 1,600 1,400 1,200 1,000 800 600 400 200 0

Number of companies

Number of companies

TOTAL COMPANIES DOWN 38% FROM THE 2007 PEAK

AIM’S LARGEST COMPANY

MARKET CAPITALISATION £M

MARKET CAPITALISATION £M

ASOS Plc

Apparel Retailers

UK

2,795

New Europe Property Investments Plc

Equity Investment Instruments

Romania

2,328

Paysafe Group Plc

Financial Administration

UK

1,721

Hutchison China MediTech Ltd

Pharmaceuticals

China

1,509

GW Pharmaceuticals Plc

Pharmaceuticals

UK

1,194

Abcam Plc

Biotechnology

UK

1,143

James Halstead Plc

Building Materials & Fixtures

UK

1,014

Market Tech Holdings Ltd

Real Estate Holding & Development

UK

931

Clinigen Group Plc

Drug Retailers

UK

757

Dart Group Plc

Airlines

UK

748

Breedon Aggregates Plc

Building Materials & Fixtures

UK

736

Origin Enterprises Plc

Farming & Fishing

Ireland

715

Emis Group Plc

Computer Services

UK

682

Fevertree Drinks Plc

Soft Drinks

UK

663

Imperial Innovations Group Plc

Specialty Finance

UK

657

NewRiver Retail Ltd

Retail REITs

UK

653

Dalata Hotel Group Plc

Hotels

Ireland

631

Mulberry Group Plc

Clothing & Accessories

UK

552

Secure Trust Bank Plc

Banks

UK

540

Young & Co.'s Brewery Plc

Restaurants & Bars

UK

521

Nichols Plc

Soft Drinks

UK

509

Redde Plc

Specialty Finance

UK

502

Secure Income REIT Plc

Diversified REITs

UK

487

4D Pharma Plc

Pharmaceuticals

UK

482

Datatec (UK) Ltd

Computer Services

South Africa

470

Priced as of 09/12/2015

35

SUBSECTOR

Information sourced from London Stock Exchange and Allenby Capital

ALLENBY CAPITAL OVERVIEW

36

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

37

NORWAY Mining (Phosphate)

Nordic Energy**

RUSSIA Oil and Gas

Urals Energy

Oil & Gas

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

Eco City Vehicles

Transportation

Fulham Shore

Consumer Discretionary

Hunter Resources

Investment Company (Nat. Res.)

Infrastrata

Oil & Gas

K&C REIT

Property

MYANMAR

Palace Capital

Commercial Property

Paragon Resources

Investment Company

Myanmar Investments Intl.*

Plastics Capital*

Chemicals

Powerhouse Energy

Renewables

MALAYSIA

Reach4Entertainment

Media & Entertainment

CSF Group

Data centres

Macromac

Technology

SyQic

TMT

Mayair

Support Services

Totally

Software

Medilink Global UK

Support Services

Trafalgar New Homes

Construction

MobilityOne

Support Services

Treveria

Investment Company

Tricor

Investment Company

Resource Holding Management

International Media

TyraTech*

Specialty Chemicals

Vela Technologies

Investment Company

Xplorer***

Oil & Gas

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

Kodal Minerals

DENMARK

AFH Financial Group

DUBAI Tejoori

Investment Company

HONG KONG / CHINA

NORTH AMERICA

GREECE

Atlantic Coal

Natural Resources (Coal)

Halosource*

Specialty Chemicals

Rose Petroleum

Oil & Gas

Strategic Minerals

Mining (Iron Ore)

TekCapital

Specialty Finance

CDialogues

Mobile Marketing

SOUTH EAST ASIA AAA

LED Int. Holdings

Technology

MoneySwap

FX Payment systems

Investment Company

AUSTRALIA Cap-XX

Technology

INDIA Investment Company

DQ Entertainment

Media

Mortice

Security

ALLENBY CAPITAL TRANSACTION RECORD

38

CLIENT

SECTOR

LOCATION

TRANSACTION

DATE

ALLENBY CAPITAL’S ROLE

AFH Financial Group

Financial Services

UK

£6.5m fundraise

Dec-15

Nomad & Broker

R4E

Media & Entertainment

US

£4.0m fundraise

Nov-15

Nomad & Broker

Tyratech

Speciality Chemicals

UK/USA

£3.2m fundraise

Nov-15

Broker

Totally

Healthcare IT

UK

£1.05m fundraise

Sep-15

Nomad & Broker

K&C REIT

Property

UK

IPO & £3.6m fundraise

Jul-15

Nomad & Broker

Cyan Group

Technology

UK

£4.6m fundraise

Jun-15

Nomad & Broker

Character Group

Leisure

UK

£6.4m Director placing

Jun-15

Placing Agent

Palace Capital

Property

UK

Acquisition & £20m fundraise

May-15

Nomad & Joint Broker

AFH Financial Group

Financial Services

UK

£0.75m fundraise

May-15

Nomad & Broker

Rose Petroleum

Oil & Gas

USA

£3.1m fundraise

May-15

Nomad & Broker

CAP-XX

Technology

Australia

£1.0m fundraise

May-15

Nomad & Broker

MayAir

Air Filtration

Singapore

£16.2m fundraise

May-15

Nomad

Tekcapital

IP & Tech transfer

USA

£2.2m fundraise

May-15

Nomad & Joint Broker

The Fulham Shore

Consumer Discretionary

UK

£4.75m fundraise

Mar-15

Nomad & Broker

Cluff Natural Resources

Natural Resources

UK

£2.2m fundraise

Mar-15

Joint Broker

CAP-XX

Technology

Australia

£1.2m fundraise

Mar-15

Joint Broker

Rose Petroleum

Oil & Gas

USA

£3.5m fundraise

Dec-14

Nomad & Broker

Plastics Capital

Industrials

UK

£5.0m fundraise

Nov-14

Joint Broker

The Fulham Shore

Consumer Discretionary

UK

ISDX to AIM & £1.6m fundraise

Oct-14

Nomad & Broker

Palace Capital

Property

UK

Acquisition & £20m fundraise

Aug-14

Nomad & Joint Broker

SyQic

IPTV Media company

UK

Acquisition & £1.9m fundraise

Aug-14

Nomad & Broker

RapidCloud International

Cloud Computing

Malaysia

Acquisition & £0.6m fundraise

Jul-14

Nomad & Broker

TyraTech

Speciality Chemicals

UK/USA

£3.5m fundraise

Jul-14

Broker

LED International Hlds Ltd

Technology

Hong Kong

£2.5m fundraise

Jul-14

Nomad & Broker

Hunter Resources

Oil & Gas

UK

RTO & £1.0m fundraise

Jul-14

Nomad & Broker

Manroy Plc

Engineering

UK

£16m cash offer

Jul-14

Nomad & Broker

Rose Petroleum

Oil & Gas

USA

£6.5m fundraise

Jun-14

Nomad & Broker

AFH Financial Group

Financial Services

UK

IPO & £3m fundraise

Jun-14

Nomad & Broker

Sula Iron & Gold

Mining

Sierra Leone

£2.1m fundraise

Mar-14

Joint Broker

eProp

Property

UK

£4.5m fundraise

Mar-14

Placing Agent

TyraTech

Speciality Chemicals

USA

£1.9m fundraise

Feb-14

Broker

Kodal Minerals

Mining

Norway

IPO & £1m fundraise

Dec-13

Nomad

Information sourced from London Stock Exchange and Allenby Capital

ALLENBY CAPITAL TRANSACTION RECORD Continued...

39

CLIENT

SECTOR

LOCATION

TRANSACTION

DATE

ALLENBY CAPITAL’S ROLE

Arria

Technology

UK

AIM Introduction

Dec-13

Nomad & Broker

SyQic

IPTV Media company

UK

IPO & £3.2m fundraise

Dec-13

Nomad & Broker

Palace Capital

Property

UK

RTO & £23.5m fundraise

Oct-13

Nomad & Joint Broker

Bubbleology

Food & Drink

UK

£0.5m private fundraise

Oct-13

Placing Agent

Totally

Healthcare IT

UK

£0.6m fundraise

Sep-13

Nomad & Joint Broker

Macromac

Technology & Software

Malaysia

IPO & £0.5m fundraise

Sep-13

Nomad & Broker

RapidCloud International

Cloud Computing

Malaysia

IPO & £1.0m fundraise

Aug-13

Nomad & Broker

Trafalgar New Homes

Construction

UK

ISDX to AIM & £0.3m fundraise

Jul-13

Nomad & Broker

Xplorer

Oil & Gas

UK

IPO & £1.0m fundraise

Jul-13

Financial Advisor & Broker

Myanmar Investments Int. Ltd.

Investment Company

Myanmar

IPO & £3.4m fundraise

Jun-13

Broker

AAA

Investment Company

S.E. Asia

IPO & £3.6m fundraise

May-13

Nomad & Broker

Evolve Capital

Investment Company

UK

£1m Mandatory cash offer

Mar-13

Rule 3 Advisor

Sefton Resources

Natural Resources

USA

£0.75m fundraise

Feb-13

Nomad

The Fulham Shore

Consumer Discretionary

UK

ISDX Introduction

Feb-13

Corporate Advisor & Broker

IPSO Ventures

Investment Company

UK

Demerger & £0.4m subscription

Feb-13

Nomad & Broker

Camkids

Retail

China

IPO & £6.5m fundraise

Dec-12

Nomad & Broker

Sefton Resources

Oil & Gas

USA

£0.75m fundraise

Dec-12

Nomad

Evolve

Investment Company

UK

£1.0m fundraise

Sep-10

Nomad & Broker

Atlantic Coal

Natural Resources

US

£1.7m fundraise

Aug-10

Nomad & Broker

IPSO Ventures

Investment Company

UK

£0.3m fundraise

Jul-10

Nomad and Broker

Daniel Stewart

Financial Services

UK

£2.0m fundraise

Jul-10

Placing Agent

Mercator Gold

Natural Resources

Global

£1.2m fundraise

May-10

Sub - Agent

Vyke

Telecommunications

UK

£4.2m fundraise

Apr-10

Nomad and Joint Broker

Plant Impact

Agrochemicals

UK

£2.0m fundraise

Mar-10

Nomad & Lead Broker

Strategic Natural Resources

Natural Resources

South Africa

£2.9m fundraise

Mar-10

Nomad & Broker

Atlantic Coal

Natural Resources

US

£0.5m fundraise

Feb-10

Nomad & Broker

Ultima Networks

Software, Electronics, Environmental

UK

£1.0m fundraise

Dec-09

Nomad & Broker

AFC Energy

Fuel cells

UK

£2.15m fundraise

Dec-09

Joint Broker

Ultima Networks

Software, Electronics, Environmental

UK

£1.0m fundraise

Dec-09

Nomad & Broker

AFC Energy

Fuel cells

UK

£2.15m fundraise

Dec-09

Joint Broker

Information sourced from London Stock Exchange and Allenby Capital

ALLENBY CAPITAL Contact details

40

]]

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]

]]

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

]]

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

]]

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

]]

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

]]

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

]]

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

]]

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

]]

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

]]

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

]]

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

]]

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

]]

Simon Clements Corporate Finance 0207-167-6433 [email protected]

]]

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

]]

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

]]

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

]]

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

]]

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

]]

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

]]

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

]]

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

]]

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

]]

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

]]

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

]]

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

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

41

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. Helen’s Place London EC3A 6AB Tel: +44 (0)20 3328 5656 Email: [email protected] www.allenbycapital.com

44

Information sourced from London Stock Exchange and Allenby Capital