After a strong start to 2017, stock market valuations have drifted during the traditionally quiet summer months. One of the strongest index performances so far this year has been the Alternative Investment Market. AIM is home to literally hundreds of growth companies, but it presents a constant challenge to investors looking for high quality shares.
There are 963 companies on the AIM All-Share index, which has risen by around 27 percent over the past 12 months. The market has helped deliver some big success stories in recent years, including the likes of Boohoo.Com and Fevertree Drinks. But it’s also the source of plenty of disappointments, with Fairpoint and Naibu being recent examples.
The first line of defence against these sorts of disappointments is AIM’s use of Nominated Advisers. The Nomad system is part of a ‘light touch’ regulatory regime that was designed to make it easier for smaller companies to maintain a public listing. Nomads tend to be corporate brokers and investment banks, and it’s their job to advise companies on their responsibilities to the market.
One of the quirks of the system is that these Nomads can resign from their positions. Often the reasons are genuine and…
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