2014 Voting Panel

David Snell

(Voting Panel Chairman)

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David is a partner in PwC’s London Mid-Tier Assurance practice with over twenty-five years’ service with the firm. He specialises in providing audit and transaction support services to Mid-cap Listed businesses across a wide range of industry sectors and leads PwC’s services to AIM companies.

David’s clients include both private and publicly owned companies and he has extensive experience of working with Boards, applying his technical and business knowledge with a pragmatic, solutions-based approach.

In addition to his audit work, David is also a Transactions Support partner. Over recent years he has been involved in a number of IPOs, as well as Class I transactions (acquisitions and disposals).

David regularly presents and writes on topical issues affecting listed companies and has close contact with key advisors, including the London Stock Exchange.

Stuart Andrews


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Stuart joined finnCap in March 2012 and was appointed Head of Corporate Finance in July 2012. Stuart originally qualified as an accountant with PwC before joining Beeson Gregory, which was acquired by Evolution Group in 2002, where he worked until 2012. He has extensive experience of all aspects of public company work including fundraisings, Takeover Code work, the Listing Rules and AIM Rules. He is a member of the AIM Advisory Panel.

Peter Ashworth

Charles Stanley Securities

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Peter joined Charles Stanley in 2002, having worked previously for Teather & Greenwood, Albert E Sharp, Citicorp Scrimgeour Vickers and SG Warburg. He has specialised in the smaller companies sector for over 25 years, first as a salesman and subsequently as an analyst. He has focused on a number of sectors including Industrial Transportation as well as Distribution, Construction and Building Materials and Property Services among others. He covers a broad range of both Official List and AIM companies.

Andrew Banks

JM Finn & Co

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Andrew Banks is an Honours graduate in Business Studies and a Chartered Member of the Securities Institute. He has over 25 years’ experience of investment in the UK smaller companies sector. Andrew started his career with Hambros Investment Management in 1986 and then moved to Singer & Friedlander Investment Management in 1995. Singers were acquired by Williams de Broë in 2008 from where Andrew joined J M Finn in 2012. Andrew has been managing tax efficient investments, including IHT, EIS and VCT portfolios, since the launch of AIM in 1995. He has a vast experience of AIM and has a demonstrable track record in this area.

Sam Barton

Close Brothers Asset Management

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Sam has eleven years’ smaller companies experience, having joined Close Brothers in 2008 from Unicorn Asset Management. He has extensive experience in managing UK Smaller Companies funds and portfolios and is a holder of the Investment Management Certificate and the CISI Diploma.

Graham Bell

Allenby Capital

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Graham joined Allenby Capital in May 2010 as a director in equity sales. He has over 25 years’ experience of UK equity capital markets as either an analyst or salesman.

For most of the past 14 years, he has focused on smaller companies, being involved in numerous IPOs and secondary issues both on AIM and the Official List. During this time he worked at Williams de Broë, Teather & Greenwood, Bridgewell and Altium Securities. Before moving into sales, Graham was an equity analyst focusing on the oil and gas exploration and production sector.

Michael Bell

Sanlam Securities UK

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Michael joined Sanlam as Head of institutional sales and research in June this year. He has had over 30 years’ experience of fundraising on AIM, LSE and European Exchanges as Managing Director at HSBC, UBS and Fox-Pitt Kelton (Swiss re). He was previously Head of sales at finnCap focusing on small cap growth companies.

Andrew Buchanan

Octopus Investments

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Andrew originally joined Barclays Bank in 1973 to manage investment portfolios. After gaining an MBA from London Business School, he spent time with Mercury Asset Management and Hoare Govett, before joining Rutherford Asset Management in 1993. He established Beacon Investment Trust in 1994, the first fund to specialise in investment in AIM. He joined Close Brothers when it purchased Rutherford and left to join Octopus Investments Limited in 2008. He has been involved in the management of AIM and other smaller company funds for the majority of his 40-year career and has been instrumental in the launch of several funds specialising in AIM company investment.

Dr Elena Clarici

Equities First

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Elena is an experienced investment professional with some 20 years of capital markets experience gained at various financial institutions in the City of London, including ABN AMRO Bank, Hoare Govett and T. Hoare & Co. Prior to joining Meridian Equity Partners, the predecessor of Equities First (London) Limited, Elena was portfolio manager of Scipion Mining and Resources Fund and the mining investment analyst for the Scipion Capital group, an investment boutique focused on commodities and Africa. Elena received her PhD at Royal School of Mines, Imperial College of Science and Technology, London.

Daniel Conti

RBC Capital Markets

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Daniel joined the European ECM and Corporate Broking team at RBC in 2009, having previously been at Oriel Securities and at BDO where he qualified as a Chartered Accountant. Over the last eight years he has been involved in over 40 fundraisings on AIM and the Official List across both equity and equity-linked products, in addition to private placements. Daniel currently covers numerous AIM and Official List companies, predominantly in the Oil and Gas sector. He graduated from the University of Warwick with a degree in Accounting and Finance.

Chris Fielding

WH Ireland Limited

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Chris, a Chartered Accountant, joined WH Ireland in April 2010 after over 20 years advising small and mid-cap companies with BZW, Hoare Govett and Arden Partners. He has extensive experience in advising companies, both domestic and overseas, in IPOs, secondary fundraisings, public offers and M&A transactions on both the Official List and AIM.

Robert Finlay

Westhouse Securities

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Robert has over 25 years’ experience in advising UK and international companies on accessing and transacting in the UK capital markets. He joined Westhouse at the start of 2013. Prior to that he was Head of corporate finance at Canaccord Genuity’s London operations. He has also worked at James Capel & Co, Credit Lyonnais Securities and Hoare Govett.

Arun George

Canaccord Genuity

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Arun joined Canaccord Genuity in November 2013 as a technology analyst, having previously been part of the Institutional team at Edison. He has over eight years’ experience covering the software, hardware and semiconductor industries. He was formerly a technology analyst for Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Masters in Financial Engineering and Industrial & Operations Engineering from the University of Michigan. He obtained his Bachelors in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

Judith MacKenzie

Downing LLP

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Judith is a Partner with Downing LLP, responsible for Quoted Investments, with a particular focus on Small Cap and AIM. Prior to Downing, Judith spent seven years as a senior investment manager with Aberdeen Asset Management Growth Capital as co-Fund Manager of the five Aberdeen VCTs, focusing on technology and media investments in both the public and private arenas. Judith is a Fellow of the Securities Institute and has held a number of public and private company Board positions.

Fraser Mackersie

Unicorn Asset Management

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Fraser joined UK Small and Mid Cap specialists Unicorn Asset Management in 2008. He is Co-Manager of the Unicorn UK Income Fund and Acorn Income Fund and Lead Manager of the Unicorn UK Growth Fund. Fraser graduated from the University of St. Andrews with a degree in Economics and Management and held positions with F&C Asset Management plc and Geoghegan & Co Chartered Accountants prior to joining Unicorn. Fraser is a Fellow of the Association of Chartered Certified Accountants.

Laurence Marsh

Winterflood Securities

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Laurence Marsh joined Bisgood Bishop in 1981 as an Analyst and worked at County NatWest after the takeover of Bisgood Bishop. Laurence joined Winterflood Securities when Brian Winterflood founded the company in 1988.

Tim Metcalfe

Zeus Capital

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Tim Metcalfe is the Joint Chief Executive of Zeus Capital. Tim has over 20 years’ investment banking experience and, since joining Zeus in early 2013, has overseen Zeus Capital’s activities, which have included a number of high profile AIM IPOs, collectively raising over £900m and placing Zeus in the top 20 global IPO fundraisers for H1 2014. Prior to Zeus, Tim worked at Robert Fleming & Co, N M Rothschild & Sons, Westhouse Securities and was most recently Managing Director and Head of Corporate Finance at Northland Capital Partners. Tim has extensive experience in advising on IPOs, M&A, financing and company strategy.

Robert Mitchell

Bluehone Investors LLP

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Robert started his career as a small company investor with Framlington in 1987. After gaining an MBA at Exeter University in 1995 he joined Ivory and Sime to help launch The AIM Trust plc in 1996 and then went on to launch and run two AIM VCTs and a number of smaller company funds. He co-founded Bluehone Investors LLP in 2005 with long-time colleague Bill Brown and together they continue to help and support smaller companies raise growth capital. He is also a non-executive director of AIM listed Water Intelligence plc.

Brough Ransom

N+1 Singer

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Brough joined N+1 Singer as the healthcare specialist salesman in October 2013. He has been a healthcare specialist since joining Nomura in 1997, broking small, mid and large cap stocks in the sector. He has served on the sales desks at Merrill Lynch, ING and Nomura Code and has extensive experience in fundraising.

He is a graduate of Exeter University with a degree in Politics and also a Masters in Business Administration (MBA).

Tim Redfern

Canaccord Genuity

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Tim has over 18 years’ experience in equity capital markets, corporate broking and corporate finance, joining the ECM team at Canaccord in 2012. He has extensive transactional experience across all sectors and particularly technology and natural resources. He has advised UK and international companies on accessing the capital market through IPOs and secondary fundraisings on both the Official List and AIM. Tim previously worked at Evolution Securities and Beeson Gregory.

Ian Restall

Flathill Communications Group plc

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Throughout his career, Ian has been involved in the quoted growth companies sector. His early career was as a stockbroker, analyst, broadcaster and financial journalist in this area and, since founding The Design Portfolio Marketing Services in 1991, he has been active in helping many companies in this sector with their investor communication and corporate reporting requirements. Ian is also Chairman of Flathill Communications Group plc, President of The Design Portfolio Marketing Services Inc. and a member of the Investor Relations Society.

Philip Rodrigs

River and Mercantile Asset Management

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Philip Rodrigs is a Partner of the River and Mercantile Group’s Equity Solutions division, specialising as an investor in UK-listed firms. He joined River and Mercantile in March 2014 following a successful eight years with Investec Asset Management, having grown the multi-award winning Investec UK Smaller Companies Fund to over $1bn and being recognised as Investment Week Fund Manager of the Year 2010 and 2011 and the Morningstar OBSR Outstanding Rising Talent in 2012. He also managed the UK All-Cap Investec UK Alpha Fund and latterly co-managed the Investec UK Blue Chip Fund. Philip has been investing in AIM listed stocks since graduating from Oxford University in 2002, with spells at Invesco Asset Management and T Rowe Price Asset Management prior to joining Investec in 2005.

Graham Barry Shore

Shore Capital

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Graham joined Shore Capital in 1990 as Managing Director and has specialised in the smaller companies sector, both as a corporate financier and private equity investor, since then. Previously, he was a consultancy partner of Touche Ross (now Deloitte LLP), having begun his career as a Government economist. At Shore Capital, he was for many years in charge of the Corporate department and acted as a Nomad from the start of AIM in 1996. He has been involved in managing Shore Capital-promoted development capital funds for many years. He is now chairman of the Investment Committee of the various Puma Venture Capital Trusts and is a director of these funds and of St. Peter Port Capital, the AIM quoted pre-IPO fund.

Specialist presentations

Specialist presentations were made to the Voting Panel by Jessica Coles, Head of Client Services, Design Portfolio and Kay Kayachith, Corporate Reporting Strategist, Design Portfolio (Best Communication Award), and Arun George, Technology Analyst, Canaccord Genuity (Best Technology Award).

Jessica Coles

Design Portfolio

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Jessica is Head of Client Services at Design Portfolio, responsible for ensuring consistency and quality across the client services team, helping to develop long-term relationships with clients, as well as a focus on the monitoring of best practice. She is a member of the IR Society and holds the IR Society’s Certificate in Investor Relations.

Kay Kayachith

Design Portfolio

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Kay is a strategist with Design Portfolio responsible for helping the consultancy meet ‘best practice’ requirements and helping companies tell their stories in print and online. She has a wide range of corporate reporting, financial services, public relations and marketing experience that lends to her strategic outlook on projects.

Arun George

Canaccord Genuity

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Arun was also a member of the full Voting Panel – please see above for his biographical details.