EXPERT COMMENT ON SMALLER COMPANIES AND AIM SHARES FOR INHERITANCE TAX PLANNING

Is AIM becoming too boring?

20/04/2015 · boohoo.com plc (BOO)  · Camellia PLC (CAM)  · DX Group (DX)  · entu UK PLC (ENTU)  · Epwin Group PLC (EPWN)  · Fevertree Drinks PLC (FEVR)  · Gamma Communications PLC (GAMA)  · Manx Telecom PLC (MANX)  · Molins PLC (MLIN)  · Patisserie Holdings PLC (CAKE)  · Shoe Zone PLC (SHOE) 

A review of new arrivals on AIM over the past 15 months suggests that AIM is becoming the chosen destination for larger, more mature businesses, whose owners are seeking a partial exit, as opposed to Groups requiring new money to support their high growth aspirations.

There have also been a growing number of mature small cap movers from the Main Market who are attracted to AIM due to the lower costs, looser regulatory environment and inheritance tax attractions for shareholders.

This all appears to contrast markedly with the AIM of 5 or more years ago which saw larger numbers of smaller ventures list on AIM principally for the purpose of supporting their growth aspirations.

The larger more mature arrivals conceivably lower the risk profile of AIM but could also lessen the investment attractions for those seeking higher growth opportunities from the junior market.

While AIM has also seen a large number of higher growth smaller ventures join in the period we are certainly wary of the growing number of private equity or founder exits that have been facilitated through an AIM admission which could suggest that the easy money has been made in these issues.

We look forward to seeing a greater proportion of smaller (yet profitable), more innovative businesses joining the junior market over the coming months.

Notable arrivals on AIM over the past months that reflect some of the above include the following:


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