AIM Italia - Ernesto Mocci - Methorios Capital

More documents

Recommendations

Info

AIM Italia & MAC MTF’s‣ The table below shows the average trading volumes for the two MTF’s. As indicated the average volumes of AIMItalia are significantly higher than that of MAC however reflecting the fact that MAC is an investor only MTF thatexcludes trading by retail investors.‣ The two most liquid stocks listed on the two small cap MTF’s in 2011 YTD are Unione Alberghi Italiane (88,001shares/day) and Methorios Capital (28,739). These two listings accounted for 66.8% of shares traded on MAC andAIM Italia from Jan 1, 2011 to June 28, 2011. The significantly low average volume for Made In Italy 1 SPAC maybe due in part to the fact that the company’s shares had only been listed for a few trading days, therefore it is tooearly to make liquidity comparisons for this company.AIM Italia @ 28/6/2011Number of listed companies 12Average g daily y volume of shares (number( of shares) )NEUROSOFT - Average since IPO 13.470IKF - Average since IPO 8.667VRWAY COMMUNICATION - Average since IPO 3.434TBS GROUP - Average since IPO 6.363HOUSE BUILDING* - Average since IPO 8.416POLIGRAFICI PRINTING - Average since IPO 11.523PMS - Average since IPO 3.803FINTEL ENERGIA - Average since IPO 12.994METHORIOS CAPITAL - Average since IPO 28.424VITA SOCIETA EDITORIAL - Average since IPO 23.229FIRST CAPITAL - Average since IPO 37.124UNIONE ALBERGHI ITALIANE - Average since IPO 59.704MADE IN ITALY 1 - Average since IPO 161Market Average 2010 73.523Source: Bloomberg 28/06/2011Market Average 2011 152.080MAC @ 28/6/2011Number of listed companies 9Average daily volume of shares (number of shares)TESSITURA PONTELAMBRO - Average since IPO 1.386RAFFAELE CARUSO - Average since IPO 199AREAM IMPIANTI - Average since IPO 19SEI - Average since IPO 221GRUPPO EFFEGI - Average since IPO 142ROSETTI MARINO - Average since IPO 169EDITORIALE OLIMPIA* - Average since IPO 127IMVEST - Average since IPO 414VALORE ITALIA - Average since IPO 667Market Average 2010 1871 1.871Source: Bloomberg 28/06/2011Market Average 2011 3.58220
AIM Italia & MAC MTF’s‣ To date the listingsi of companies on AIM Italia tend to be aform of public placement to institutionsi i and individuals id thatwere already involved or close to the company. In reality Borsa Italiana has created a public market for private investors.‣ Borsa Italiana, together with the Associazione Bancaria Italiana (ABI) recently launched a € 1 billion lending program tosupport exchange listings. Over the next three years, SME companies that list in Italy will be eligible for loans on a “fasttrack” basis for up to twice the amount of the public subscription at thetimeof IPO,increasing access to the funds neededto support growth.‣ The incentive for companies listing on both AIM Italia and MAC does not appear to be a problem. The tightening of creditmarkets for smaller companies make equity capital markets a more attractive source of capital for companies seeking growth.However it is more an issue of attracting investor interest.‣ One possible solution for attracting investment to the markets could be in the form of tax benefits to both individualinvestors and corporate investors. This is a scheme which is already present for local investors in the Aim UK markets withvarious forms of incentives, such as for:• UK based Individual investors:• Gift relief on capital gains tax;• Enterprise investment schemes: 20% on gross investment for investments over adurationof 3years. Applicableinvestment size is capped at £500,000;• Inheritance tax relief;• Relief for losses: the potential for investors to recoup losses against capital gains taxes paid on other investments.• Venture Capital Trusts (VCT’s): individuals who invest in HM Revenue approved VCT’s can receive exemptionfrom dividend tax, capital gains (when selling VCT shares) and an income tax credit of 30% of total VCTinvestment (capped at £200,000).• UK based Institutional investors:• Corporate Venturing Schemes: corporate tax relief of 20% of investment for investments over 3 years in Aim listedcompanies.21
Page 1 and 2: Multilateral Trading FacilitiesJuly
Page 3 and 4: Index• AIM Italia Companies Analy
Page 5 and 6: IPO Market
Page 7 and 8: European IPO market‣ European equ
Page 9 and 10: The Italian IPO market‣ As shown
Page 11 and 12: New Potential listings on Borsa Ita
Page 13 and 14: AIM UK‣ Like the IPO market in It
Page 15 and 16: AIM Italia‣ The acquisition of Bo
Page 17 and 18: AIM Italiatraded ,000)Dailyvolume (
Page 19: Mercato Alternativo del Capitale (M
Page 23 and 24: AIM Italia & MAC MTF’s‣ An addi
Page 25 and 26: Market players for MTF listings‣
Page 27 and 28: Euronext Alternext - Paris, Lisbon,
Page 29 and 30: Euro MTF (Luxembourg)‣ Euro MTF,
Page 31 and 32: European MTF markets‣ From analys
Page 33 and 34: AIM Italia‣ The following section
Page 35 and 36: VRWay‣ In late 2009, VRWay brough
Page 37 and 38: TBS GroupEquipment and Medical Devi
Page 39 and 40: Made in Italia 1‣ Made in Italy 1
Page 41 and 42: Fintel EnergiaProject Output kWp Ty
Page 43 and 44: Methorios Capital‣ Methorios Capi
Page 45 and 46: Methorios CapitalMarket DataMarketS
Page 47 and 48: First Capital Investment CompanyMar
Page 49 and 50: Poligrafici PrintingMarket DataMark
Page 51 and 52: NeurosoftMarket DataMarketSectorPri
Page 53 and 54: IKF‣ In the first half of 2010, I
Page 55 and 56: PMS Group‣ PMS Group is aPublic r
Page 57 and 58: Vita Società Editoriale‣ Vita So
Page 59 and 60: Unione Alberghi Italiani‣ Unione
Page 61 and 62: Mercato Alternativo del Capitale(MA
Page 63 and 64: Rosetti Marino‣ Rosetti Marino Gr
Page 65 and 66: Rosetti MarinoMarket DataMarketSect
Page 67 and 68: Servizi Energetici Integrati (SEI)M
Page 69 and 70: Raffaele CarusoMarket DataMarketSec
Page 71 and 72:
Centro Servizi Metalli (CSM)Market
Page 73 and 74:
Tessitura Pontelambro‣ Tessitura
Page 75 and 76:
Gruppo Effegi‣ Gruppo Effegi inve
Page 77 and 78:
Valore Italia‣ Valore Italia is a
Page 79 and 80:
Imvest‣ Imvest is an operator in
Page 81:
Via Bocca di Leone, 7800187 RomaTel
show all

AIM Italia - Ernesto Mocci - Methorios Capital

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?