Allenby Capital

Allenby Capital is pleased to share its H1 AIM Market Update. AIM's headline fundraising figure for H1 2026, £3.1bn tells only part of the story. The number is significantly flattered by Rosebank Industries' record £1.9bn placing, the largest single equity raise in AIM's history. Once this outlier is excluded, underlying issuance activity is still up 98% on H1 2025 and shows signs of a recovery in the market's fundraising capacity. New admissions, however, have not kept pace. Just 16 companies joined AIM in the first half of the year, well below the historical average of 70 per year, with Vulcan Two Group's £40m raise to fund an ePharmacy acquisition standing out as the largest. Meanwhile, the market continues to shrink: AIM ended June 2026 with 605 constituents, down from 619 at the start of the year, as 30 departures outpaced new arrivals. Acquisitions accounted for seven of these departures, with a further six M&A deals in progress, many driven by overseas buyers taking advantage of favourable UK valuations. Average bid premiums reached 62%, with US acquirors involved in six of the seven completed deals. Against this backdrop, one encouraging trend stands out: trading liquidity is improving, averaging 3.9% of market cap in H1 2026, up from 3.3% in 2025, with monthly turnover averaging £4.8bn. This continues a modest recovery from the downward trend seen between 2021 and 2024. This report examines each of these dynamics in turn, drawing on Allenby Capital's position as one of AIM's larger advisers (ranked 5th by NOMAD client numbers, with 44 clients) and its active H1 2026 transaction record, including roles on Zinnwald Lithium, EnSilica, Frontier IP and Dotlines Global.   Allenby Capital's Head of Equities, Matt Butlin discusses the AIM Market's H1 in more detail here https://lnkd.in/eBNVvVQF

Allenby Capital is delighted to have acted as Nominated Adviser and Broker on the recent fundraise for CAP-XX Limited Matt Butlin Amrit Nahal Tony Q. Joscelin Pinnington Kelly Gardiner Lauren Wright David Hart David Asquith Barnaby S. Lars Stegmann Graham Cooley

Allenby Capital is delighted to have acted as Rule 3 adviser to Zinnwald Lithium Plc in its acquisition by AMG Lithium B.V., a wholly owned subsidiary of AMG Critical Materials N.V., in its recommended £57.2m cash and shares offer. David Hart Liz Kirchner Barnaby S. John Campion

Allenby Capital is delighted to be appointed as adviser to Majestic Corporation, an Aquis quoted company recovering critical materials from catalytic converters, circuit boards, battery materials, solar panels etc, and feeding recycled metals back into global refining supply chains. Already profitable, founder led, and moving up the value chain from aggregator to higher margin processor, Majestic offers investors rare small-cap exposure to critical minerals security and the circular economy, at a time when demand for these materials is surging on the back of electrification, renewables and AI infrastructure. With its Wrexham facility now commissioned, 2026 looks set to be a pivotal year. We look forward to supporting the team. Matt Butlin Nick Harriss Harry N.

Allenby Capital is delighted to have acted as Nominated Adviser and Joint Broker on EnSilica Plc's recent fundraise. A further £14.9m has been raised at 91p, just four months after Allenby Capital completed a £10m fundraise for the company at 47p in March 2026. The raise introduces new institutional investors to the share register and gives EnSilica a platform to accelerate its penetration of both the space and photonics industries. Matt Butlin Tony Q. Kelly Gardiner Amrit Nahal Joscelin Pinnington Lauren Wright Jeremy Porter Vivek Bhardwaj Harry N. Ian Lankshear Mark H. Kristoff Rademan Alan Wong

Allenby Capital is delighted to have acted as Aquis Corporate Adviser to Reveille Resources Plc [AQSE:REV] on its recent IPO and fundraise.

Allenby Capital is delighted to have acted as Nominated Adviser and Joint Broker to Frontier IP Group plc on its recent £4.4m fundraise, following its appointment as Joint Broker to the company. Neil Crabb Shaun Claydon Jackie McKay Nick Athanas David Asquith Harry N. Matt Butlin Amrit Nahal Tony Q. Lauren Wright Joscelin Pinnington Kelly Gardiner Ian Jermin David Johnson

A big congratulations to our Equities team on winning Broker of the Year at Thursday night's Small Cap Awards 2026. Market conditions remain tough, but the team continues to raise funds for its client base.   Our success reflects the success of our clients and three were nominated for awards:  EnSilica plc (AIM: ENSI). The Oxfordshire-based designer of custom semiconductors for sectors including satellite communications has seen its shares rise 106% so far in 2026, with a market capitalisation now of £119m. Sulnox Group PLC (AQSE: SNOX). Now valued at over £85m, SulNOx continues to win new customers and sign distribution agreements for its fuel additive, which enables cleaner, more efficient fuel use across marine, mining and transport. MTI Wireless Edge Ltd. (AIM: MWE). Shares in MTI have risen 45% this year, taking its market capitalisation to £65m, and the shares still offer a dividend yield of over 4%.   The team would also like to congratulate Gervais Williams who delivered a great keynote speech and rightly won the Small Cap Champion award. Matt Butlin David Johnson Tony Q. Kelly Gardiner Joscelin Pinnington Amrit Nahal Lauren Wright Peter J Dupont Ian Jermin Brendan D'Souza Ian Lankshear Mark H. Kristoff Rademan Ben Richardson Alex Judd Moni Borovitz

📢 We are delighted to announce the nominees for the Broker of the Year award at the #SCNAwards2026 🏆 This award recognises organisations and individuals who have demonstrated exceptional innovation and creativity in supporting the UK small cap market — particularly through facilitating capital placements and fundraising transactions that enable quoted growth companies to invest, expand and create long-term value. The finalists have stood out through their ability to navigate challenging market conditions whilst continuing to support ambitious smaller companies across the UK growth sector. Congratulations to all of this year’s nominees 👏 Allenby Capital Cavendish Oberon Investments Ltd. Shore Capital Singer Capital Markets We look forward to celebrating with the finalists and the wider small cap community at Merchant Taylors’ Hall this June. 🎟️ Tickets & tables available 👉 https://bit.ly/4cli1Ev #SmallCaps #UKMarkets #Investing #CorporateFinance #GrowthCompanies #Nominees

Allenby Capital is acting as Rule 3 adviser to Deltic Energy plc (DELT.L) and Zinnwald Lithium Plc (ZNWD.L) in connection with recommended takeover offers with a combined value of over £60m. It has been a busy month for Takeover Code work at Allenby Capital with the team advising on two recommended takeover offers for clients. DELT has announced its proposed acquisition by NEO NEXT+ ENERGY UPSTREAM UK LIMITED in a recommended £7.2m cash offer. ZNWD has announced its proposed acquisition by AMG Lithium B.V, a wholly owned subsidiary of AMG Critical Materials N.V., in a recommended £57.2m cash and shares offer. Both offers are to be effected by Schemes of Arrangement.   #TakeoverCode # M&A #AIM David Hart Alex Brearley Liz Kirchner Barnaby S. DAC Beachcroft Michelle Jones Nick Garland Vicky Bills DWF John Campion Jemil Visram