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Quoted Micro 24 August 2026
AQUIS STOCK EXCHANGE
Ajax Resources (AJAX) has agreed to acquire a 74.79% stake in the Paguanta project in Chile. The initial consideration is $50,000 in cash and $350,000 in shares at 25p each. Deferred consideration is $500,000 in cash when there is a JORC proven and probal ore reserve of more than 25 million metric tonnes at a grade of 5% or greater zinc and $500,000 in cash when there are least five million tonnes of contained metric tonnes of copper as part of proven and probable reserves. The option to buy Minerva Metals has been terminated. Chief executive Ippolito Catteneo bought 473,983 shares at 6p each and director Richard Heywood acquired 163,639 shares at 6.111p each. Edison has published research.
Oberon Investments (OBE) has raised £1.4m at 2.1p/share, which was the then market price, and this will provide working capital. At the end of March 2026, there was £1.95m in the bank. Last year, revenues increased from £9.36m to £11.7m. Investment management income rose from £5.77m to £7.64m and the contributions from corporate finance and financial planning also increased. Funds under management and administration were £1.4bn. The underlying operating loss increased from £3.87m to £4.74m. New teams appointed last year will contribute in the current financial year.
Cooks Coffee Company (COOK) systemwide store sales in the UK and Ireland grew 14% in the first quarter to June 2026, compared with the first quarter of last year. UK growth was slightly faster than that figure, although like-for-like sales growth was 1.4% compared with 2.7% in Ireland. There are 84 stores in the UK and 26 in Ireland.
VSA Capital (VSA) is asking shareholders to agree to a 10,000-for-one share consolidation at the AGM on 10 September.
Bitcoin investor B HODL (HODL) has started a new tranche of share buybacks because the share price is a discount to NAV.
Asia Wealth Group (AWLP) increased full year pre-tax profit from $2,000 to $31,000. The company is seeking acquisitions. There is cash in the bank of $842,000.
Coinsilium Group (COIN) says joint broker Oak Securities has initiated research.
Castlefield Investment Partners decreased its stake in Capital for Colleagues (CFCP) from 37.4% to 34.2%. Livia Hannah Meyer’s stake in Global Connectivity (GCON) is down from 10.2% to 9.49%, and Chris Akers shareholding was reduced from 6.5% to 3.04%, while Keith Harris raised his stake from 12.4% to 22.7% and Chris New increased his stake from 9.91% to 14.9%
Lift Global Ventures (LFT) director Mark Horrocks bought 4.175 million shares at 0.45p each, taking his holding to 19.96%, and fellow director Sandy Barblett bought the same number at the same price, taking his stake to 4.37%.
JP JENKINS
H and H Group (HHG), which is a livestock auctioneer, land agency and property services provider, joined JP Jenkins private trading platform on 17 August.
AIM
Vast Resources (VAST) shares returned from suspension following the completion of the reverse takeover of Gulf International Minerals. The sellers own 80.2% of the enlarged company. This brings a 49% interest in the Aprelevka joint venture, which has four mining licences in the Tien Shan gold belt. These produce 11,000 ounces of gold and 130,000 ounces of silver each year from mining and tailings. There was £7.8m raised at 6.25p/share following a 25-for-one share consolidation.
Small business finance provider Time Finance (TIME) is recommending a bid from Ultimate Finance, which itself was taken private when it was an AIM-quoted company. The offer is 59.1p/share, which values Time Finance at £55.1m. Both companies are focused on smaller businesses, while Ultimate Finance also provides property bridging loans. The three largest Time Finance shareholders back the bid.
Biotech company TheraCryf (TCF) is raising £1.05m at 0.18p/share. This will help to finance the clinical programme for the Orexin-1 antagonist addiction asset. There are plans to seek partnerships for the company’s neuropsychiatry assets. TheraCryf wants to complete the Orexin-1 programme and then secure a partner or out-licence deal. This would provide funds for further financial trials. There is already interest from potential partners. There is an accelerated pathway to gain approvals for phase 1 clinical trials. Cash should last until the first quarter of 2027.
Recruitment firm Gattaca (GATC) reported a strong trading update with net fee income 11% ahead at £43.2m. It is on course to increase pre-tax profit from £3.3m to £6.1m.
M2G boiler optimisation technology provider Sabien Technology (SNT) says discussions continue with Haydale (HAYD) and Intelligent Resource Management about a UK distribution agreement. The previously announced investment and financing framework will not go ahead. This means that the strategic investor group will not buy the Richard Parris shareholding. His group will continue to provide financial support to the company. Non-core activities are being reviewed.
Midlands-based property investor Real Estate Investors (RLE) continues to reduce debt. There are £15.7m of assets under offer with £10.7m exchanged or completed at 92% of 2025 book value. The existing pipeline of sale should repay debt. Timing of sales is uncertain and Panmure Liberum has halved its 2026 disposal expectations to £20m. There have been new lettings generating £400,000 of additional annual rents.
Surveillance systems supplier Synectics (SNX) reported a decline in interim revenues from £35.5m to £22.2m. This was partly due to a one-off contract in the previous period and meant that a pre-tax profit of £3m was turned into a loss of £443,000. The order book is worth £26.4m. There will be a more normal second half weighting this year, although the Middle East conflict creates uncertainty. EBITDA is expected to be between £3.7m to £4.1m.
Digital transformation services provider Made Tech Group (MTEC) has won a £40m contract with an unnamed UK government department. This contract lasts four years. The pre-tax profit forecast for the year to May 2026 has been raised from £4.6m to £4.9m following a previous trading statement and the 2026-27 figure has been increased from £5.6m to £6m due to the initial income from the new contract. Net cash is expected to be £14.5m at the end of May 2026.
Empire Metals (EEE) says the updated mineral resource estimate for the 70%-owned Pitfield titanium project shows it is the largest titanium resource in the world. The figure has increased to 8.16Bt at 4.3% TiO2 for 349 million tonnes of contained TiO2. The initial measured resource is 21.6 million tonnes of contained titanium. This is enough to move to the mine planning stage. Zeus has increased its fair value share price estimate from 84p to 144p, just based on the near-surface zone which has 194.5 million tonnes of TiO2.
Pageant Investments has taken a 7.24% stake in Everyman Media (EMAN), which is expected to make an announcement about its proposal to leave AIM following talks with shareholders.
Energy as a service provider eEnergy (EAAS) has been hit by delays to payments of £3.2m relating to completed work on the Mace project. Paperwork is still being completed. The company has agreed to an extension to the repayment of the £500,000 owed to Harwood Holdco to February 2027. An additional £500,000 loan is being provided by former director Nigel Burton.
Great Western Mining Corporation (GWMO) has commenced drilling at the Defender tungsten project in Nevada. This should deliver a maiden mineral resource estimate by the end of 2026. The initial results will be available in September and October.
Talisman Metals (TLM) has raised £501,800 at 7p/share. the cash will finance exploration at the Tirzzit copper project and the Fougnar copper project in Morocco.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) has recommended a 448p/share cash offer from Ridgeview Partners. This values the company at £545m. An alternative is an unlisted limited liability company in interest in Rollover Holdco for each share.
Mila Resources (MILA) says geophysical results from the Monal copper gold project in Queensland were highly positive. A clear target has been identified at the Basilica prospect. There are veins at surface that could reflect a deeper anomaly. Drilling is underway at the Yarrol gold project.
First Tin (1SN) has updated its definitive feasibility study for the Taronga tin project in Australia. This has increased the project value. Using $40,000/t for the tin price, which is well below the current price, and including the phase 2 extension the post-tax NPV8 is A$246m, up from A$98m.
Cadmium-free quantum dots developer Nanoco (NANO) is on track to complete the joint development agreement with its first Asian chemical customer. The second Asian customer is in talks concerning the next step to the existing programme. The shareholder consultation is continuing.
Rockpool Acquisitions (ROC) says the potential reverse takeover of European Lingerie has been delayed as the target seeks to refinance its debt. There is uncertainty whether Rockpool Acquisitions will be able to recover money owed by European Lingerie.
Andrew Hore
Quoted Micro 3 August 2026
AQUIS STOCK EXCHANGE
Ajax Resources (AJAX) has agreed to exchange the Rureka project and related assets for the Rachiate prospect and the El Salto project in Argentina. The deal and transaction structure are still to be finalised. No cash will be involved. Ajax was previously planning to acquire the Rachiate prospect. Ajax has also entered a binding option agreement for the acquisition of Nueva Celti copper project in Spain. A non-refundable option fee of $10,000 has been paid. The total cost will be $300,000. Orca Capital owns 9.64% of Ajax and John E Story no longer has a notifiable stake.
Supernova Digital (SOL) interim revenues slipped from £297,000 to £72,000 and the loss increased from £215,000 to £1.23m. That is down to the fair value reduction increasing from £98,000 to £810,000 due to the weak cyber currency market. NAV is £1.81m.
Falconedge (EDGE) says the launch of the recurring referral fee programme will help overall revenues to grow. Further referral agreements are being discussed. Stefania Barbaglio has left the board.
Zentra Group (ZNT) subsidiary developing One Victoria has terminated its agreement with contractor Torsion Construction has been terminated after it went into administration. The One Victoria residential development will appoint a replacement.
Macaulay Capital (MCAP) increased interim income from £157,000 to £478,000, helped by the sale of ICA Group, and it moved into profit. Net assets are £2.08m, including cash of £980,000.
Capital for Colleagues (CFCP) had net assets of 87.6p/share at the end of May 2026. There are 16 companies in the portfolio.
NYCE International (NYCE) says it had cash of £63,000 at the end of June 2026. Talks with a potential bidder have ended. More cash is required. Management is seeking shareholder approval to reorganise the share capital and issue shares at the AGM on 6 August.
EPE Special Opportunities (EO.P) has redeemed £1.73m of loan notes.
Majestic Corporation (MCJ) has appointed Allenby as corporate adviser and joint broker. VSA Capital has also become joint broker.
ASSET MATCH
Greenshields Agri Holdings (GAH) plans a share buyback in the fourth quarter. The Scottish agricultural land market remains resilient, although IHT changes could lead to more supply from 2027. Land values in England and Wales have slipped 1.5%. Wheat prices have risen with hot weather hitting production.
AIM
Floorcoverings distributor Likewise (LIKE) is taking advantage of the strong share price to raise £28.5m at 28.5p/share and a retail offer could raise up to £2m. This cash will finance the £9.8m cost of the proposed acquisition of a 60,000 sq ft warehouse freehold in Corby, as well as enabling further acquisitions of distribution facilities. The additional distribution facility will increase capacity to £300m each year. There are also £9m of bank facilities being negotiated. Net debt was previously expected to rise to £10.7m by the end of 2026 and net cash of £2.6m is now forecast.
Xcalibur Multiphysics Group has bought a 25.5% stake in subsurface resources data supplier Getech Group (GTC). Xcalibur is a global specialist in airborne and mapping geophysics. Octopus sold its 16.4% stake, and First Equity sold its 6.42% shareholding.
Cloud-based secure payments technology developer PCI-Pal (PCIP) did better than expected in 2025-26 and grew revenues 14% to £24.6m, which means the expected loss has been reduced to £800,000. Annualised recurring revenues were 29% higher at £24.4m, providing a strong base for 2026-27 forecast earnings of £27m, which will be reassessed when the full year figures are published. Net cash is £4m. The momentum continues, especially in the US. A new strategic partnership has been signed with reseller NiCE Systems Inc. Chief executive James Barham bought 26,466 shares at 56.5p each.
Cyber security software and services provider Shearwater Group (SWG) says the business won at the end of the period meant that trading was ahead of expectations in the year to June 2026. Revenues have been upgraded 18% to £42m and earnings have been raised from 4.5p/share to 4.9p/share. Net cash was £5.6m at the end of June 2026, which is around 50% of the market capitalisation. The board is considering share buybacks and /or dividends. At this point, Cavendish is not changing its 2026-27 forecast.
Brave Bison (BBSN) has launched a bid for System1 Group (SYS1), which valued the market research technology and services provider at £43.1m, or 327p/share, at the end of trading yesterday. The bid is 135p in cash and 2.04 Brave Bison shares for each Systems1 share. Brave Bison already owns 28% of Systems1 bought from founder John Kearnon and an institutional investor for an average cost of 242p/share. The original offer was valued at 297p/share and that was followed up with a 327p/share indicative offer. The combined business would have revenues of £79m.
Transport software and technology supplier Tracsis (TRCS) is acquiring UK rail software provider Mistral Data from FirstGroup for an enterprise value of £48m. In 2025-26, revenues were £13m and EBITDA was £4m. Annualised recurring revenues are 85% of group revenues. Using the cash pile to finance this will help the enhancement of earnings. The UK rail technology market is set to grow at 5%/year.
Furnishing fabrics and wallpapers designer Colefax Group (CFX) increased full year sales 5% to £115.9m, even though decorating sales declined, while pre-tax profit rose 18% to £10.5m due to a strong performance of the fabrics business in the US. Cash was £23.5m at the end of April, after £6.1m spent on share buybacks. The total dividend is 7% higher at 6.3p/share. US sales continue to be strong, but the UK is tougher.
Professional services network DSW Capital (DSW) full year revenues improved from £5m to £6.3m, helped by the contribution from DR Solicitors. Pre-tax profit fell from £1.6m to £1.3m. There was a decline in M and A revenues, down to 31% of the total, and there is caution about revenues this year. The dividend was increased to 3.2p/share.
Shield Therapeutics (STX) says US volumes of ACCRUFeR iron replacement treatment increased, but lower selling prices in the US meant that interim revenues from that market were lower. Group revenues were 41% ahead at $30.4m because of a $7.9m milestone payment from China. Operating profitability is being maintained, but it is not enough to cover interest charges. Cash was $8.3m at the end of June 2026, but there is debt to offset against this.
Media localisation and services provider Zoo Digital (ZOO) is seeing signs of improvement in the TV and film market for localisation and dubbing. Approaches from customers are increasing and Zoo Digital is moving into new areas such as live sport. Restructuring the business has helped to reduce costs. Revenues declined from $49.6m to $42.3m. The loss was reduced from $8.3m to $2.3m. The operations generated enough cash to more than cover investment in technology. The trading improvement has continued into the first quarter of this financial year.
Mobile games developer Gaming Realms (GMR) says interim revenues will be 3% lower at £15.5m. That is because non-core brand licence revenues slumped from £2.4m to £700,000. That will hit profitability in the first half. The core business did well. Net cash is £13.5m.
Fluidpower products distributor Flowtech Fluidpower (FLO) grew like for like sales by 13% in the first half as the company gains market share. Overall sales were 24% ahead at £70.4m. This was despite the lack of sales to two bridge infrastructure projects, which are likely to come through in the second half. Full year pre0tax profit is set to jump from £1.7m to £4m.
AI-enabled PR company Pathos Communications (NEWS) interim revenues rose 14% to $7.3m and it is on track to achieve full year forecasts, which appear conservative. Revenues of $14m are estimated with underlying pre-tax profit improving from $2m to $2.7m. This is despite adding to the cost base by investing in growing operations, including a new team in Asia Pacific. Cash generation is improving.
CyanConnode (CYAN) is recommending a 10.165p/share in cash from Esyasoft, valuing the smart meter technology company at £36.5m. Esyasoft previously bought Good Energy.
Newmark Security (NWT) is selling loss making physical security business Safetell for £1 and concentrating on the human capital management division.
MAIN MARKET
Online travel hostel agency Hostelworld (HSW) has reported its interims and they were in line with the trading statement with revenues 12% ahead at €52.2m. Profit was held back by one-off charges and an additional €2.3m of marketing investment. Underlying profit after tax fell from €5.1m to €4.9m. The interim dividend is €0.0083/share. Net cash is €2.5m. Guidance is unchanged with deferred income expected to unwind in the second half.
Fully listed financial management software developer Aptitude Software (APTD) has grown annualised recurring revenues for AI autonomous finance software by 12% to £20.1m thanks to Fynapse software sales. A $5.54m, three-year contract has been won in Canada. Overall annualised recurring revenues dipped to £49.9m because of lower legacy revenues. Churn should be reduced in the second half. The quality of revenues is improving and operating profit has increased in the first half. Net cash is £15.7m, after £2.6m of share buybacks.
US cybersecurity technology company Narf Industries (NARF) increased full year revenues by 50% to $4.5m. The cash outflow from operating activities was $226,000. There is $4.1m of revenues to be recognised this year. That is despite one project has been cancelled.
Andrew Hore
Quoted Micro 15 June 2026
AQUIS STOCK EXCHANGE
Sterling Digital (ASIC) has entered a gas purchase agreement with a US supplier to power the Bitcoin mining operations in West Texas. The agreement lasts five years and includes the rights over 1.5 acres of land to establish the Bitcoin mining site. There is a minimum buying commitment of 96,360MMBtu of gas each year. Site installation works have commenced.
energy B (NRGB) is acquiring the 35% working interest in the Horse Hill oil field near Gatwick owned by UK Oil and Gas (UKOG), as well as the 77.9% shareholding in Horse Hill Developments. The combined interest in the relevant licences is 85.6%. The cost is £1m with an initial deposit of £100,000. A placing will raise £1.2m at 12p/share. This deal is part of plans to build a portfolio of oil and gas projects, as well as continuing with the wind turbine business. The Bitcoin treasury strategy has been withdrawn. David Lenigas is joining the board as executive chairman and Neil Ritson becomes chief executive.
Mendell Helium (MDH) has published updated details of its move to AIM. The move has been set for 16 June.
BWA Group (BWAP) has released results from the Aracari gold project ground magnetic survey. Major regional thrust and strike-slip faults were highlighted. A soil sampling programme has been completed.
Marula Mining (MARU) says copper sales from the Kinusi copper mine have been delayed from May to June. The Kilifi manganese processing plant postponed the initial manganese ore trial shipment due to the conflict in the Middle East. The budget for the NCLT tungsten project in South Africa has been set at $8.1m. This will be spent in two phases over 14 months. The first phase costs $2m.
Capital for Colleagues (CFCP) investee company Morris Commercial has unveiled the pre-production Morris-JE electric van. There is a path to pilot production in 2027 and commercial scale production the following year.
Wishbone Gold (WSBN) has completed 14 holes of the 25 hole drilling programme at the Red Setter project in Western Australia. Samples are being sent to Perth and results are expected at the end of July.
Ormonde Mining (ORM) investee company TRU Precious Metals has commenced a field works programme at the Golden Rose project in Newfoundland.
Falconedge (EDGE) has generated an income of 0.1766 Bitcoin during May. It holds 20.6736 Bitcoin.
Ethtry (ETHY) bought 75 Ethereum at £1,250 each for a total cost of £93,750. The company owns 1,000 Ethereum.
Unicorn Asset Management has reduced its stake in Incanthera (INC) from 9.47% to 8.61%.
Sebastian Marr and family have taken a 16.1% stake in Vaultz Capital (V3TC). Regent Resources Capital Corp owns 17.6%. Bryan Reid has sold his 7.28% shareholding.
Mark Barry has taken a 3.6% stake in Vault Ventures (VULT).
ASSET MATCH
Broker Direct (BRKD) fell into loss in 2025. The company stopped distributing EDI products to brokers and it launched new products for its clients. Revenues declined from £18m to £14.5m. There was a swing from a pre-tax profit of £368,000 to a loss of £1.85m. Cash was £11.5m at the end of 2025.
Marshall of Cambridge (MCH) has announced more details of the sale all its property holdings in Cambridge, including Cambridge Airport, to The Hill Group and Homes England. The gross purchase price is £200m before costs and tax. There is potential for further payments if the development outperforms expectations. This enables the company to focus on the aerospace business, although there are plans to sell this. Equity Development estimates a mid-point NAV of 324p/share.
VP Fintech Group (VPF) plans to acquire GlblNexus Inc. The Wyoming-based company is developing a crypto-to-crypto payment gateway designed to for digital asset payments, settlements, and blockchain-based transaction processing. The cost is currently confidential.
AIM
Marketing services provider Silver Bullet Data Services (SBDS) is asking for shareholder approval for a departure from AIM. It argues that the weak financial markets mean that the company is undervalued and hampers its ability to raise money. This will also save £500,000 each year. A general meeting will be held on 25 June. A matched bargains facility operated by JP Jenkins will operate for at least 12 months.
Virgin Wines (VINO) says full year revenues are 4% ahead even though the wine retail market is down by one-fifth. The fourth quarter was slightly weaker than expected. Higher rent costs and lower interest income have led to an increase in forecast 2025-26 loss to £1.5m. Warehousing is being consolidated in Preston. Cavendish expects a lower loss in 2026-27 and forecast net cash of £4m at the end of June 2027 should be the low point.
Genetic testing developer GENinCODE (GENI) reported 14% growth in 2025 revenues to £3.1m, but investment in preparation of growth in the US and other markets meant that the loss increased. There was a £4.12m cash outflow from operating activities during the year. Earlier this year, £4.3m net was raised at 1p/share, so there is enough cash to take the business into 2027. This year the new manufacturing and distribution deal with Thermo Fisher will start to make a contribution and an FDA submission for the CARDIO inCode-Score test assessing coronary genetic risk is expected in the third quarter. If things go to plan approval could be received by the end of 2026. Updated guidelines for this type of test were announced in March, and they should provide additional momentum for sales. This year Spain will continue to be the main generator of revenues, but GENinCODE is laying the foundations for additional growth in other markets next year. Ian Amiee, Daryl Amiee and Doolittle SSAS account Amiee has acquired a 3.06% stake.
Professional project services provider Diales (DIAL) management says the company’s turnaround is complete with legacy issues sorted out and selective hiring will help to maintain growth. Europe and North America were the main engine of growth in the first half. Interim revenues were 10% ahead at £23.7m and pre-tax profit improved from £700,000 to £1m, even after a £500,000 impairment charge. The gross profit margin rose from 26% to 29%. Utilisation levels dipped from 71.4% to 70.2%, although there was improved utilisation in Asia Pacific which moved back into profit on lower revenues. Revenues and profit were lower in the Middle East. Net cash was £3.9m at the end of March 2026. Full year pre-tax profit is expected to improve from £1.4m to £1.5m reflecting caution concerning global uncertainty.
Pri0R1Ty Intelligence (PR1) generated revenues of £174,000 in the year to September 2025 and the underlying loss was £3.3m. Cash was £796,000 at the end of September 2025. So far this year contracted revenues are more than £400,000. Prior to the results announcement the company announced an unsecured convertible loan note of £1.25m, and an At-The-Market facility will enable repayment of the convertible through share issues. The cash will provide working capital.
Capital machinery supplier Mpac (MPAC) is selling its subsidiary Lambert and trading remains tough. Lambert produced specialist packaging lines and differed from the rest of the business which supplies more standardised capital equipment. Lambert lost money last year, but it is expected to return to profit in 2026. Italy-based Mech.i. Tronic is paying an initial £16m for Lambert with up to £4m more depending on performance in 2026. This deal is part of the reason behind a sharp cut in the 2026 pre-tax profit forecast, but there are also tough trading conditions putting pressure on margins.
Shares in skin treatments developer SkinBioTherapeutics (SBTX) returned from suspension after the restated annual results and the most recent interims were published following an investigation in the financial affairs of the business. Royalty revenues of £770,000 were inappropriately recognised in 2024-25 due to fabricated documentation. That and the timing of bonuses hit past profit. Bonuses paid to Martin Hunt and Dr Cathy Prescott have subsequently been repaid. Interim revenues improved from £1.58m to £2.17m, while the loss was reduced from £1.04m to £794,000, but that was due to a £250,000 write back of contingent consideration.
Podcast platform operator Audioboom (BOOM) has concluded its strategic review. There were three potential bidders, but they were deemed to be undervaluing the business. First quarter revenues were a record and a 2026 pre-tax profit of $6.5m is forecast.
Atome Energy (ATOM) says that a presidential decree relating to the fixed price power purchase agreement with ANDE in Paraguay has been revoked. This means that there is uncertainty about the electricity tariffs for the Viletta fertiliser production project.
Medpal AI (MPAL) says that the UK regulatory approval of the first oral GLP-1 receptor agonist tablet developed by Novo Nordisk has come earlier than expected and this will provide a boost for the company’s New Health weight management clinic. It broadens the potential market.
Mindflair (MFAI) says CameraMatics, an investee company of Sure Valley Ventures, is raising up to €49m and Sure Valley Ventures first fund is realising part of its investment. This means that Mindflair, which invests in the fund, will receive a share of €280,000 in cash and will have a €320,000 working capital facility repaid. It also owns 24.4% of Sure Ventures plc which will receive €880,000.
Thor Energy (THR) has achieved impressive results from the phase 2 soil-air geochemistry survey at the HY-Range project, where it has a 80.2% interest, in South Australia. Peak natural hydrogen recorded was 0.3%, which is much higher than previous readings and the normal background levels. Exploration targets are being identified. Detail will be added by a 2D seismic survey.
Corporate finance business Marechale Capital (MAC) has obtained FCA approval for the acquisition of Stanford Capital Partners.
Great Western Mining Corporation (GWMO) shares will start trading on the US OTCQB market today and they should be attractive to US investors because of the mining assets in Nevada.
MAIN MARKET
Ground engineering and piling business Keller (KLR) has won an order for the I-40 highway in the US. This valued at $207m, taking the total work on the highway to $380m, of which $70m has been completed. The total order book is worth £1.9bn.
Seraphim Space Investment Trust (SSIT) has made another large book gain on a mature investment. ICEYE is valued at more than €10bn following the latest fundraising. Based on this the value of the holding has more than doubled to £202m. The increase is equivalent to 73p/share.
Cindrigo Holdings (CINH) has completed subsurface analysis and reservoir modelling for the Eich Hamm geothermal licence area. The estimated exploitable energy is 50% higher at 157.8MW, plus 7,230 tonnes per annum of lithium carbonate equivalent could be produced.
Neo Energy Metals (NEO) has suspended finance director De Wet Schutte after a misconduct allegation, although it does not relate to financials.
Andrew Hore
Quoted Micro 1 June 2026
AQUIS STOCK EXCHANGE
ProBiotix Health (PBX) has secured a new strategic alliance with Spain-based Bioksan, covering Spain and Portugal. ProBiotix will supply the LPLDL® probiotic strain to Bioksan to replace red yeast rice, which has a compound that might be prohibited in the EU. This deal is worth €200,000. There could be other companies that require a replacement and the market could be worth €26m each year.
Brewer Adnams (ADB) reported a dip in full year revenues from £68.1m to £63.7m as brewery volumes fell 6%, although this outperformed the market. A sub-contract distilling contract was lost. Off-trade volumes also outperformed the market. The pre-tax loss declined by three-quarters to £700,000. Net debt was reduced to £9.2m. There are plans to focus on the profitable opportunities.
Cooks Coffee Company (COOK) group store sales increased 23% to NZ$95.8m. That translates into recognised franchise and managed store revenues of £5.4m, up from £2.9m. Net debt has fallen from £1.8m to £1.1m. There are 109 cafés in operation.
Capital for Colleagues (CFCP) improved interim revenues from £404,000 to £424,000 and there was a swing from a loss of £1.43m to a pre-tax profit of £2.13m. That reflects an upward valuation of the investment portfolio of £2.3m. NAV was 85.5p/share at the end of February 2026.
Mendell Helium (MDH) is approaching de-watering of the well bore of Rost 2-26. Data obtained is being analysed. A permit has been received for increased water disposal at the Brobee salt water disposal well. A new disposal well is being drilled at the Schneweis Ventures 13A well, which is part of a joint venture with Ritchie Exploration. Schneweis previously produced helium and recorded a drill stem test in excess of 10,000 Mcf/day. There is a higher methane content than the Rost wells. Premier Miton has taken a 15.7% shareholding.
VVV Sports (VVV) is acquiring TOPSERIES Pickleball and raising £5m at around the market price. There are plans to seek a Nasdaq listing, while retaining the Aquis quotation. VVV Sports is planning to develop the Abu Dhabi Padel Centre of Excellence with a partner, and it could cost more than £120m.
EPE Special Opportunities (EO.P) sold 1.8 million shares in fully listed Luceco (LUCE) and raised £4.8m. It still owns 21%.
Sulnox Group (SNOX) has secured an emissions reduction additives distribution agreement in Pakistan.
Wishbone Gold (WSBN) has exercised its option to acquire the Silver Lake project in Western Australia. The purchase is funded by the issue of 3.57 million shares at 29p each. Silver demand is growing and Silver Lake has significant surface-level silver mineralisation. Drilling should start before the end of the year.
Paul Compton has increased his shareholding in Time to ACT (TTA) from 4.55% to 5.5%.
Stack BTC (STAK) has appointed Oberon Capital as corporate adviser.
Cardiogeni (CGNI) has repaid £810,000 convertible loan notes.
ASSET MATCH
Zytronic (ZYT) is sending a circular to shareholders to convene a general meeting on 26 June to gain agreement on the winding up of the company.
AIM
Telecoms test equipment supplier Calnex Solutions (CLX) has changed the way it reports its revenues, which shows how important non-telecoms are. In the year to March 2026, more than two-thirds of total revenues of £21.9m, which represents a recovery, but it is not quite the level at the peak. Pre-tax profit improved from £700,000 to £1.2m. The total dividend has been edged up to 0.99p/share, even though it is not covered by earnings. Net cash is £9.3m.
Household electricals brands owner Ultimate Products (ULTP) says third quarter trading shows revenues ahead of expectations. This marks an end to quarter-on-quarter declines. There is also a change in the management with the founder stepping down and a new boss appointed as chief executive. Simon Harrison was previously boss of Princes Group, so he has consumer experience.
Anglo Asian Mining (AAZ) brought two new mines into production during 2025, and it returned to profitability. A final dividend of 4 cents/share means that the company is returning to paying dividends. Revenues more than trebled to $122.8m. There was a move from net debt of $14.7m to net cash of $2.6m.
Diagnostics developer and manufacturer Abingdon Health (ABDX) has entered into a Business Development Tax Credit Agreement with the Wisconsin Economic Development Corporation. This means that the company is eligible to earn up to $370,000 over three years to the end of 2028. This includes $320,000 linked to taking on additional full-time employees with the rest relating to capital investment at the Wisconsin facility.
Specialist coatings services provider Hardide (HDD) has won a significant order worth £2.4m in the energy sector in North America. The US facility has improved its operational efficiency. This has increased the earnings forecast by 17% to 4p/share.
Low sodium salt developer MircoSalt (SALT) reported a jump in revenues from $800,000 to $2.1m in 2025 and they could more than double again this year as new contracts come through. However, the 2026 revenues forecast has been downgraded from $7m to $4.6m because of a delay in production at customer 3. Zeus says that this delay pushes revenues out by five months and 2027 guidance remains that revenues could be $15m. Net debt could be $1.9m by the end of 2026 with 2027 set to be cash generative.
Staffing provider RTC (RTC) says that the trajectory of positive trading in the first quarter of 2026 and six major contracts have been won and rail maintenance demand is in line with 2025 levels. Rising costs will hit margins in rail and energy divisions, and it is also holding back activity levels in the second quarter. Permanent recruitment vacancy levels are at their lowest point since 2021. Daavid Stredder has put forward AGM resolutions for the appointment of Paul Hooper, former Alumasc boss, as independent chairman and Gerard Oates as an independent non-executive director. He objects to Andy Pendlebury being chairman and chief executive and there being only one independent non-executive director and he is employed by the company’s broker. He also complains about the rise in board pay.
Kazera Global (KZG) subsidiary Whale Head Minerals has entered a production sharing agreement with minerals processor Rare Earth Minerals International (REMI) for the Walviskop heavy mineral sands. Taking effect form the 1 June and lasting 12 months, REMI will deploy processing plant valued at £1m and receive 50% of revenues. It will also contribute £27,000/month to project costs. Production should ramp up to 10,000 tonnes of processed heavy minerals sands/month by the end of September.
Ariana Resources (AAU) has updated its pre-feasibility study for the Dokwe gold project in Zimbabwe. The post-tax NPV10 is $740m at a gold price of $4,250/ounce. There was a 42% increase in ore reserves to 1.13Moz. Total pre-production capex is estimated at $163.9m.
Sound Energy (SOU) is selling its development assets in Morocco for $57m in cash and relinquishing nearby exploration assets. This will leave the company with $11m in cash after debt repayment. There are also solar and hydrogen joint ventures. Annual overheads are $2.9m. New oil and gas assets outside Morocco are being considered.
Oil and gas company Prospex Oil (PXEN) reported a 2025 loss of £2.81m, but that was after an investment valuation write down of £2.54m. Increased income from the Selva field in Spain reduced the underlying loss from £745,000 to £273,000. The income from Selva is included in finance income rather than being reported as revenues because of the way the investment is held. These figures are prior to the recent rise in the gas price. First quarter income from Selva was £912,000, which is similar to the income from the field for the whole of 2025. Prospex Energy will use the cash it is generating to expand production at Selva and develop other interests in Spain and Poland.
Pharma industry technology and data provider Diaceutics (DXRX) had annualised recurring revenues of £20m at the end of 2025. Reported revenues rose by one-fifth to £38.4m and the business returned to profit even after redundancy and acquisition costs of £798,000. The largest customer accounted for 18% of revenues. The order book grew 56% to £38.9m, with £21.1m of visibility for the next 12 months, up from £17.7m last year. Constant currency revenues growth was 15% in the first quarter.
Europa Oil and Gas (EOG) has received government approval in Equatorial Guinea for the farm out of EG-08 to Chinese company Fuhai. The final requirement is Chinese government approval. Drilling could start on the Barracuda well in early 2027. Tennyson Securities values the company’s 17% stake at 19p/share.
Borders & Southern Petroleum (BOR) says that there is multiple potential farm out partners for its Falkland Islands oil exploration assets. The final investment decision for the Sea Lion prospect, offshore Falkland Islands, has increased interest. In 2025, there was a cash outflow of $2.4m leaving $2.56m in the bank, which should fund the company in 2025.
Tooru (TOO) is not progressing with the acquisition of Mylky, a business selling small plant-based home milk making machines and associated products throughout Europe, because of concerns about the level of debt required given the current geopolitical conditions and issuing shares would have been too dilutive. There were also concerns about potential legislation.
Logistics Development Group (LDG) NAV was 1.2% lower at 26.4p/share at the end of the quarter to March 2026.
MAIN MARKET
Quantum dots developer Nanoco (NANO) plans to save £700,000 annually by leaving the Main Market. There was still £10.1m in the bank in May. The plan is to move to JP Jenkins.
Foams manufacturer Zotefoams (ZTF) says sales were 26% ahead at £64.1m in the first four months of the year. That is 7% organic growth. Footwear demand has reduced from its peak, but this has been replaced in other sectors. North America was a growth region with 30% organic growth. Surcharges have been issued to cover raw materials rising costs. Cross selling is already coming through from the OKC acquisition.
Shell Highway Capital (HWC) raised £67,000 in debt in the seven months to February 2026. The interest rate is 10%. The cash enabled the preparation of the 2023-24 accounts and work is ongoing on the next two years of accounts, after which trading in the shares could resume. A company voluntary arrangement is planned.
Digital assets investor KR1 (KR1) generated £50,046 from technology operations and £10,129 from financial operations during April 2026. NAV was 20.8p/share at the end of April 2026.
Red Capital has changed its name to Apertura Energy (VZLA), following the proposed change in investing strategy and new management appointments. Greig Gilbert is chief executive, and Scott Gilbert is chairman. The focus will be on the energy market in Venezuela.
Andrew Hore
Quoted Micro 27 April 2026
AQUIS STOCK EXCHANGE
Silverwood Brands (SLWD) has published delayed results for the 18 months to June 2025. There were delays in consolidating the Japanese subsidiary accounts and the company intends to improve its financial reporting capability. Full year revenues were £23.9m and the reported loss was £18.3m. That was predominantly down to impairment charges. Cash was £3.07m at the end of June 2025, but net debt was just over £11m. The latest interims show a small dip in revenues to £9.2m, which was held back by movements in the Yen.
Purebond has increased its stake in Delta Gold Technologies (DGQ) from 3.1% to 3.7%. An issue of shares after the exercise of warrants at 30p each raised £71,000.
Valereum (VLRM) has agreed terms of a definitive exclusivity agreement with Quorium Global Photonics SPC. The existing $200m medium term loan notes with VGOLD-CORE tokens valued at $279.5m. These will be released at $13.975m each quarter over five years. Valereum has settled its dispute with Blubird and will receive 504,524 shares in Blubird (5.66%), plus two BLU tokens over two years.
Oscillate (SRVL) shareholders approved the move to AIM.
Ajax Resources (AJAX) has had the exclusivity agreement for the purchase of the Paguanta project in Chile extended to 15 May.
Shortwave Life Sciences (PSY) has raised £215.000 at 1.5p/share and is planning to move to AIM. Ut has options over antimony gold and polymetallic licences in Slovakia and the Saturn gold project in Western Australia. Keith Coughlan, a director of European Metals Holdings, has replaced Ron Lipsky on the board. Steve Xerri owns 6.4%.
Adam Back is investing £585,500 in Connecting Excellence Group (XCE) at 1.75p/share. He will own around 8%. The company has bought ten Bitcoin for £585,000.
M3 Helium, which Mendell Helium (MDH) has an option to buy, has secured a trailer to deliver helium from the Rost 1-26 well.
S-Ventures (SVEN) raised £9,382 from its retail offer at 3.5p/share and issued 428,571 shares to new joint broker Oberon Capital. The retail offer takes the total raised to £310,000.
Astrid Intelligence (ASTR) says that earlier in April, a subnet operator withdrew from the Bittensor network and liquidated a substantial part of their holdings, leading to volatility. This led to a decline in value of some subnet tokens. Astrid was not materially impacted at an operational level.
Sulnox Group (SNOX) has been granted a patent in Hong Kong for an improved demulsification methodology.
Wishbone Gold (WSBN) raised £1.1m via a placing arranged by Marex Financial at 26.35p/share. Every two shares come with a warrant exercisable at 40p each. A rig has been mobilised for the Red Setter project.
Falconedge (EDGE) shares have started trading on Frankfurt Stock Exchange.
Roundhouse Digital (ETHL) has entered into a loan agreement with Payward Oceanic for $350,000 at an interest rate of 9%. This is secured against Ethereum holdings.
S-Ventures (SVEN) raised £9,382 from its retail offer at 3.5p/share and issued 428,571 shares to new joint broker Oberon Capital. The retail offer takes the total raised to £310,000.
Capital for Colleagues (CFCP) has appointed AlbR Capital as corporate adviser. Ut had a NAV of 85.5p/share at the end of February 2026.
ASSET MATCH
Asset Match has been approved by the FCA to operate a trading venue in the PISCES framework.
Harrogate Group (HGTE) has agreed to acquire Iceland-based Myntfund ehf, which “owns a blockchain based exchange and ecosystem which offers an opportunity for companies to access capital through tokenised shares”. The payment will be £9.3m in shares at 0.5p/share. That would be 92% of the enlarged share capital.
Brewer Wadworth and Co (WAD) increased its full year pre-tax profit from £923,000 to £1.25m. There has been a solid first quarter performance.
AIM
Helium projects developer Rift Helium (RIFT) joined AIM on Wednesday having raised £8.09m at 10p/share. The shares initially went to a premium but ended the first day at 9.75p but was back at 10p by the end of the week.
Concierge services technology platform provider Ten Lifestyle (TENG) reported interim figures in line with the recent trading statement and said that digital contracts won in recent months mean that profit will be better than expected next year leading to forecast upgrades. Interim revenues were 6% ahead at £33.7m, or 9% in constant currency. Underlying pre-tax profit improved from £1m to £1.6m, although that is before an £800,000 loss on foreign exchange, mainly from Latin American currencies, compared with a £100,000 gain in the corresponding period. Cash was generated after capitalised spending on technology. Net cash was £9.3m at the end of February 2026. Active members that use the service at least once in the year are 23% higher at 436,000. The focus has previously been on high net worth individuals. Investment in digital services will broaden the potential market.
Surgical instruments supplier Surgical Innovations (SUN) reported a slightly higher loss in 2025, but it expects a much lower loss this year. There has been a good start to the new financial year. New product launches and increased sales from distribution of third party products provide potential for the future. Manufacturing efficiency is improving.
Atome (ATOM) has raised £6.59m via a placing at 60p/share in addition to an £18m subscription by Casale, the EPC contractor for the planned Villeta green fertiliser facility, directors and existing shareholders. A retail offer raised £1m, which was double the original intention. Once shareholders approve of the share issues the final investment decision will be declared. Atome will have enough cash to take a 29.8% in the Villeta project. Atome will receive 100% of revenues until it has a 15% IRR on its $60m carried value in the project and after that 29.8% of revenues.
Oil and gas company Kistos (KIST) says pro forma production for the first quarter was 21,800boe/day, while full year guidance is 19-21,000boe/day. Net debt was $78m. There are plans to issue a $300m four-year senior secured bond to refinance the existing $282m. The acquisition of producing assets in Oman is near completion and this oil and gas is exported via the Arabian Sea and not through the Strait of Hormuz.
In content advertising technology developer Mirriad Advertising (MIRI) says trading conditions are difficult, and the US joint venture partner has performed below expectations. Costs have been reduced, but cash is running out. The board believes it may have to place operating subsidiaries in administration or liquidation if no new capital is raised. That would lead to a suspension in trading of the shares. Omar Ahmad has a 6.18% stake.
Microchip designer and supplier EnSilica (ENSI) has won two new space contracts and one could be worth more than $50m over its life. There should initially be $6,8m of non-recurring engineering revenues in the next three years and potential UK Space Agency funding of up to $3m on top.
Retailer Shoe Zone (SHOE) says trading conditions continue to be difficult because of the weak consumer market that has been made worse by concerns relating to the Middle East conflict. Guidance has been downgraded to a loss of between £1m and £2m for this year with another loss expected next year. Net cash should be £7m at the year end.
Health and beauty brands owner Creightons (CRL) is changing its name to Potter & Moore, which has always been the main trading name, as part of a corporate rebrand. Full year revenues were flat at £53.8m with problems at customers and reduced contract manufacturing business hampering the progress of the business. Gross margin was maintained as NI and other cost increases were offset by improved efficiency. Even so, pre-tax profit is expected to decline from £3.5m to £2.7m. Cash was £3.6m at the end of March 2026.
Billing and CRM software provider Cerillion (CER) reported an 14% dip in first half revenues to £18m, but new order intake doubled to £39.6m. This means that there will be an even greater second half weighting this year. Management believes it can still achieve the forecast full year pre-tax profit improvement from £21.8m to £23.2m. The interims will be published on 1 June.
Quicklime producer Firering Strategic Minerals (FRG) is raising £2.5m at 1p/share. The cash will fund an increase in ownership of main subsidiary Limeco and help progress to exercising the final tranche of the Limeco option. Two more kilns could be brought online in the future.
Alien Metals (UFO) joint venture partner West Coast Silver announced a JORC compliant 2.79 million ounces mineral resource estimate for the Elizabeth Hill silver project. The cut off was 20g/t.
Professional services provider Diales (DIAL) says interim operating profit will be 43% higher at £1m on revenues up 10% at £23.7m. Cash was £3.9m at the end of March 2026. The interims will be published on 1 June.
Caledonian Holdings (CHP) is changing its investing policy and plans to consolidate 1,000 shares into one new share on 12 May. Caledonian Holdings intends to acquire financial services and payments company, and this requires the change in investing policy. Aspire will provide an operating and technology platform, which can be used to deploy products of investee companies.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) reported 2025 revenues of £40.5m, up 30% year-on-year, while underlying pre-tax profit was £8.8m. Total contracted value is £64.5m. Implementations are taking longer than expected because of delays by customers. Zeus has trimmed its 2026 pre-tax profit forecast from £18m to £12m.
Hydrogen Utopia International (HUI) has signed an agreement with Saudi Arabia waste management company RECYCLEE for the supply of waste feedstock in that country. The feedstock will be unrecyclable plastics and old tyres, and this will be used to generate energy in a planned facility.
Nanoco (NANO) increased interim revenues from £3.4m to £7.7m. There was an operating profit of £4.1m. This reflects recognition of part of the Samsung settlement. Net cash is expected to be £8.8m at the year end.
S and U (SUS) increased full year pre-tax profit from £24m to £31.8m even though revenues declined. The impairment charge fell from £35.6m to £13m. The dividend was raised by 12.5% to 45p/share. The main improvement was in the motor finance business, but Aspen Bridging also raised its profit after a lower impairment charge. Peel Hunt has a target price of 95p.
Andrew Hore
Quoted Micro 9 March 2026
AQUIS STOCK EXCHANGE
Mendell Helium (MDH) says M3 Helium, which it has an option to acquire that has been extended to 30 April, will commence drilling of the next Fort Dodge well during March. This is near to the Rost 1-26 well. Further drilling permits are being sought for deeper helium prospects. A US investor group may co-fund the Rost twin well. There is also a potential deal to co-develop a shut-in well. The publication of the AIM admission document should be in March.
Ajax Resources (AJAX) has entered an option to purchase 100% of the Macacha copper and silver project, previously known as the Leon project, in Argentina. An initial $100,000 will be paid in shares. Ajax Resources will pay $3m when the option is exercised within 36 months of Environmental Impact Assessment publication. There is a mineral resource estimate of 6.6 million tonnes of Indicated and Inferred resources at 0.62% copper and 18 g/t silver. This equates to approximately 40,900 tonnes of contained copper and 3.8 million ounces of silver, representing an in-situ gross metal value of approximately $900m at prevailing market prices. The deeper mineralisation has not been tested. Former AIM company Alexander Mining had undertaken trial mining at the project. Management is talking with two potential buyers of its interest in the Eureka gold and copper project.
Delta Gold Technologies (DGQ) is advancing the University of Toronto C$259,000 from the year 2 sponsorship earlier than expected. This is part of the C$1m commitment. The cash will finance the addition of a second component to the Cryo-refrigeration system, which allows testing of nano-scale structures.
Astrid Intelligence (ASTR) director Siam Kidd acquired 23.9 million shares at 0.187p each, prior to his becoming chief executive. The company has increased its TAO token deployment into an over the counter partnership transaction with video intelligence infrastructure developer Score (Subnet 44), operating within the Bittensor ecosystem. This means Astrid has bought 78,740.05 alpha at an implied price of 0.0127 TAO per alpha. Astrid has launched Astrid Vault, an on-chain platform designed to improve liquidity and stability across the Bittensor AI network.
Digital assets developer Coinsilium (COIN) has confirmed that the balance sheet has been strengthened and the portfolio is maturing. A subsidiary owns 182 Bitcoin. The Yellow Network Token and Trading Platform launch is scheduled for 8 March 2026. Coinsillium wants to have broader participation in the network.
Tamar Minerals (TMR) has raised £1.7m at 3p/share and acquired Godolphin Mining for £350,000 of shares at the same price. Godolphin Mining owns the Duke of Leeds mineral rights in Cornwall, and it is owned by Tamar Minerals chairman Mark Thompson. This will eliminate rent and lease-based royalties.
Emission reduction products developer Sulnox Group (SNOX) has secured a distribution agreement with Egypt-based Pan Marine Petroleum Services and the first commercial order has been placed. This deal provides access to trade in the Suez Canal.
Stack BTC (STAK) has bought an initial 21 Bitcoin at £53,729 each.
Capital for Colleagues (CFCP) investee company Morris Commercial, which is developing the Morris JE electric van, has raised a further £1.5m in convertible notes and Capital for Colleagues has invested an additional £500,000. Deliveries of the van could start in 2027.
Crushmetric Group (CUSH) has raised £160,000 through a share issue at 8.5p/share.
Equipmake (EQIP) finance director Ian Selby bought an initial 375,000 shares at 1.39p each. Chairman Tim Metcalfe and his wife acquired 971,222 shares at 1.39p each.
AIM
Restaurants operator Various Eateries (VARE) is acquiring a portfolio of premium pubs from Grosvenor Pubs and Inns. The first four sites should be acquired for £11.25m by 23 March, and another site could be bought soon afterwards. Four of the five sites are freehold. The initial four sites generated revenues of £10.5m and EBITDA of £1.5m. These sites will operate under the brand The Linwood Collection. A £15m debt facility will fund the acquisitions. The company will change its name to Coppa Collective.
FRP Advisory has been appointed as administrator of video streaming technology group Aferian (AFRN) and it has sold the subsidiaries of the company to Sapphire Technology Group for $1.3m, plus $700,000 of deferred consideration payable in January 2027 if the annual revenues of the subsidiaries are at least $30.6m and annual recurring revenues are greater than $8.9m. The outstanding debt of Aferian is $16.5m.
CyanConnode (CYAN) has negotiated a revised non-binding proposal from Esyasoft, which recently acquired Good Energy. The offer is 10.44p/share, valuing CyanConnode at £37.5m. The original indicative offer was 9.75p/share. The share price has not been above 10p since April 2025.
FIH Group (FIH) is selling The Portsmouth Harbour Ferry Company for £11.6m. The ultimate buyer is Collins River Enterprises, which trades under Uber Boat by Thames Clippers. The ferry operator has a net book value of £7.59m and made a pre-tax profit of £530,000 under the ownership of FIH.
General Motors has informed Surface Transforms (SCE) that is re-sourcing supply of brake discs. This contract generated £15.3m in 2025, which was 84% of group revenues. The contract was expected to last until 2030. General Motors has provided advanced payments and financial support of £14.4m. The company has not yet spoken directly to General Motors. The contract loss is a major blow and Surface Transforms will employ corporate restructuring advisers.
Molecular diagnostics company Novacyt (NCYT) has launched a preferential subscription rights issue to raise €785,000 at €0.40/share. Shareholders are offered one share for every 36 they hold. The subscription period ends on 17 March. This follows the acquisition of Southern Cross Diagnostics for £4.4m, which will enable entry to the Australian market as well as adding products that can be distributed in other countries. The previous owner of Southern Cross has committed to subscribe for shares, as have some members of the Novacyt board. The final subscriptions depend on the take up of other shareholders. Novacyt generated revenues of around £20m in 2025, but remains loss making, and cash was £19.2m at the end of 2025.
Business and healthcare software provider AdvancedAdvT (ADVT) has launched a £10m share buyback programme and is also considering a tender offer. This will depend on the potential for acquisitions. There was £96m in the bank at the end of February 2026.
Digital marketing services provider Silver Bullet Data Services (SBDS) expects to report flat revenues in 2025 because of a weak quarter four due to the US government shutdown and uncertainty over tariffs. Costs have been reduced and the company is making a positive EBITDA so far in 2026. Trading is improving and committed revenues are 73% of expected revenues for 2026.
Xeros Technology (XSG) says its filtration manufacturing partner has received an order from MediaMarkt, the largest consumer electronics retailer in Europe, for XF3 units that will be sold under its Koenic brand. Xeros receives a royalty on each unit. Russell Hobbs will launch XF3 in the second quarter of 2026.
Quantum Blockchain Technologies (QBT) has had a busy week. It has delivered its first Bitcoin mining rig to one of its three ASIC manufacturers that is a potential partner. The company is working on implementing the software version of Method C AI Oracle into the rig’s operating system. This follows progress with patent applications. Discussions have been held with interested parties at the Nashville Energy & Mining Summit in late January.
Beacon Energy (BCE) has been readmitted to AIM following the purchase of a 48% stake in Italian gas projects developer LN Energy, which holds 90% of the Colle Santo field in onshore Italy. The field has 2P gas reserves of 12mmboe and could start producing within 18 months. The rise in gas prices makes the field potentially even more strongly cash generative. This will cost $30m and be funded by debt. Beacon Energy has raised £3.75m at 3.9p/share.
Brave Bison (BBSN) has acquired a 22.9% stake in market research services provider System1 (SYS1) from the founder John Kearon in return for 9.81 million shares in Brave Bison (8.7%). He has stepped down from the System1 board. Brave Bison is supportive of System1’s strategy.
Investment company Onward Opportunities (ONWD) plans to move to the Main Market to broaden the potential investor base. This could happen in the second quarter. NAV was 136.9p/share at the end of February 2026.
MicroSalt (SALT) has received an order from a new flavours and ingredients customer in the UK.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) increased NAV from 118.5p/share to 142.3p/share in the six months to December 2025. The larger investments have all increased due to new contracts being won and some fundraisings at higher valuations in the period and they have continued to progress in 2026. This reflects the strong institutional interest in space investment. Increasing defence spending is increasing the potential market value of the space sector.
New Frontier Minerals (NFM) has identified tungsten at the harts Range project in Northern Territory, but significant concentrations or rare earth materials were not found.
Mears (MER) has sold education and health facilities management business Morrison Facilities Services for £18m. It generated a pre-tax profit of £2.8m last year.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has bought another 3 Bitcoin at £47,871 each. That takes the total holding to 2,692 Bitcoin. The company will become a constituent of the FTSE SmallCap index on 23 March.
Andrew Hore
Quoted Micro 26 January 2026
AQUIS STOCK EXCHANGE
Cardiometabolic health products developer ProBiotix Health (PBX) increased sales by 45% to £2.72m in 2025 and reduced the loss. During the year, ProBiotix entered the Korean market and submitted applications for two new clinical trials. There was £1.27m in the bank at the end of £1.27m. The order book is worth £1.3m. The business has been structured to cope with further growth. There will be a focus on growth in Asia Pacific. In Europe, the company is seeking to substitute its LP LDL product for Monacolin K as a cholesterol lowering ingredient in supplements. There are opportunities in the US, but they could be delayed by the trade background.
AIM-quoted Pulsar Helium (PLSR) has issued a further 145,434 consideration shares to Aquis-quoted Oscillate (SRVL) as part of the deal to acquire Quantum Hydrogen. This takes the stake to 80% with an option to acquire the rest for $400,000 in shares issued in five equal instalments.
Astrid Intelligence (ASTR) has acquired TaoFi, which provides transactional and liquidity services that are essential to the operation of the Bittensor ecosystem. This strengthens the company’s position in protocol-level services. The consideration was paid in TAO tokens.
Connecting Excellence (XCE) has received settlement of 10 Bitcoin for the first XCE BTC Bond, issued on 31 December 2025 with a BTC price of £65,104.26. the company has 51.35988275 Bitcoin.
Bitcoin investor Stack BTC (STAK), formerly Kasei Digital Assets, returned £3.5m to shareholders and that was the major reason behind the 84.6% decline in the share price to 2p.
Ethereum and technology investment company Ethtry (ETHY) is seeking to develop activities in quantum technology, AI and energy transition services. It has bought 500 Ethereum at £2,412 each. A partnership has been secured with AMINA Bank, which will provide access to regulated banking infrastructure and digital asset services.
Ajax Resources (AJAX) has entered newly negotiated terms for the purchase of the Paguanta project in Chile. The initial payment is $50,000 in cash $350,000 of shares at 25p each. Deferred consideration is $500,000 on proved reserve exceeding 25 million tonnes at more than 5% zinc equivalent and/or $500,000 on proved reserve exceeding five million tonnes of copper.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has bought ten Bitcoin at £67,210 each, taking its holding to 2,674 Bitcoin at an average price of £82,800 each. The total value is £221.4m. The company is moving to the Main Market on 3 February.
Shares in Valereum (VLRM) returned from suspension 10% lower at 11.25p. A share subscription agreement has been signed with Quorium Global Photonics (QGP), which will subscribe for 243.5 million shares. There is a lock-in agreement until the shares are listed on Nasdaq or New York Stock Exchange, except for 1.44% of the shares each month. In return Valereum will receive $200,000 of medium term notes with an annual coupon of 7.95%. That will generate $15.9m/year for five years. A $1bn bank facility is provided for. There will be $200,000 in fees paid to QGP, which will also receive warrants. Guild Financial Advisory has been appointed corporate adviser
Sulnox Group (SNOX) has obtained another patent in South Africa. This is for an improved oil/water separation methodology for its emulsification products. Sulnox Group has issued 1.4 million shares to Eastern Pacific Shipping Pte Ltd based on the volume of Sulnox Eco it bought.
Brewer Shepherd Neame (SHEP) says beer volumes fell 6.6% in the first half, while own beer volumes slipped 11.6%. like-for-like pub sales were 4.5% ahead following a strong Christmas period. Tenanted pubs income was 3.1% higher. The interim results will be announced on 18 March.
Maiden figures from Delta Gold Technologies (DGQ) show an interim loss of £126,000 with no revenues. This is to October 2025, so it is before the quantum computing company joined Aquis, raising £2.5m at 10p/share. There is a sponsored research agreement with the University of Toronto.
In the year to August 2025, Capital for Colleagues (CFCP) generated revenues of £1.04m and there was a loss of £1.31m due to reductions in the value of investments. Excluding that, there would have been a profit. NAV was 72.86p/share. There is no dividend.
TechFinancials (TECH) has signed an agreement to acquire up to 60% of the Dilotiko iron ore project in Kenya. The issue of 57.1 million shares has led to the acquisition of 25%. A mining permit is going through an evaluation process. A further 50 million shares would be issued to take the stake to 60%. Gathoni Muchai Investments introduced the deal in return for 20 million shares. Hyde Park Holdings has disposed of its 5.78% stake.
Dr KS Tan bought 16,005 shares in Inqo Investments (INQO) at 47.8p each. He owns 35.6%.
BWA Holdings (BWAP) has generated significant sample results at the Aracan gold project in Cameroon. There were 50 samples that reported gold values greater than 15ppb.
JP JENKINS
Bigblu Broadband (BBB) has not come to an agreement over deferred consideration for the disposal of Skymesh. The buyer was due to pay up to $6.9m before Christmas. Shareholders have provided funds to support the company in its attempts to resolve the dispute.
AIM
Kitwave Group (KITW) is recommending a 295p/share cash bid from OEP Partners, but it is not supported by all analysts. The bid values the grocery distributor at £251m. The acquirer will support further growth through acquisitions. Interim figures show a 21% increase in revenues to £802.7m, but there was a like-for-like decline of 1%. Underlying operating profit rose 12% to £38m despite the increasing overheads due to higher staff costs. Net debt is £57.3m, down from £63.7m one year earlier. The May 2021 placing price was 150p.
TruFin (TRU) subsidiary Playstack has signed a contract with a global technology platform for a new video game to be released in the second half of 2026. The game will be developed and owned by Playstack. There will be a series of contractual payments and performance-based fees. The board of Playstack is establishing a new management incentive scheme, which could issue up to 15% of the fully diluted share capital in B and C shares. The B shares only vest if a minimum value of £19.6m is achieved on an exit, while the C shares only participate if the value is £45.9m, which increases by an annual interest rate of 12%. TruFin has launched a £6m share buyback.
Goldstone Resources (GRL) is raising £2m at 1p/share, which was more than double the share price ahead of the announcement. The cash will fund exploration at the Homase mine in Ghana to expand the JORC resource and to evaluate other gold projects, including one in Sierra Leone. Asian Investment Management is converting £1.45m of interest on its gold loan to shares at a conversion price base on a gold price of $4,250/ounce, taking its shareholding to 29.9%. This leaves 250 ounces of interest and the principal gold loan of 1,871.31 ounces. Directors are also taking 50% of fees owed in shares at 1p/share.
Phoenix Copper (PXC) says that the increased copper price means that the post tax NPV10 trebles to $185.2m. This is based on the copper price changing from $4.45/lb in the original estimate to $5.58/lb. Indigo Capital has converted $2.1m of loan notes into 26.98 million shares at 1.483p each and is selling 24.2 million shares to European investors.
Water mediation services provider MYCELX Technologies (MYX) grew 2025 revenues by 1405 to $11.7m and this, along with cost controls, has enabled the company to achieve an expected profit of around $360,000. A loss was previously forecast.
Oil and gas company Block Energy (BLOE) has completed the farm-out of licence XIQ (Project IV) following approval from the government of Georgia. Block Energy is fully carried through the staged work programme which could cost $95m. Aspect Georgia will earn up to 75% with an option to increase this to 92.5%.
Genetics based testing company GENinCode (GENI) has raised £3.9m via a placing and subscription at 1p/share – that is more than the £3.5m minimum sought. Up to £500,000 more could be raised by a retail offer, which closes on 26 January. The company has been working with the FDA to gain 510k approval for the CARDIO inCode-Score test. Highlighted deficiencies are being attended to, including a greater emphasis on African American community data and further clinical validation. The cash will fund this and expansion in the UK and EU.
Kromek (KMK) moved from loss to profit in the first half. In the six months to October 2025, revenues jumped from £3.7m to £15m due to a large payment from Siemens Healthineers for imaging technology expertise. Advanced imaging revenues were higher even if that payment is excluded. The CBRN detection division more than doubled revenues. Cavendish is maintaining its full year forecasts with more modest full year growth of revenues from £26.5m to £27.1m, which reflects the second half payment from Siemens last year. The underlying growth of the rest of the business continues. Forecast pre-tax profit is £2.3m. The share price has soared in the past six months.
Airea (AIEA) says demand for its floor tiles was softer in the second half, although full year sales were still 1% ahead at £21.4m. Uncertainty ahead of the Budget hit sales. International sales were 4% down. Operating profit should be better than that reported for 2024. The new manufacturing facility is in the final stages of commissioning.
Loyalty platform provider Eagle Eye (EYE) did better than expected in the first half with underlying growth in revenues of 16% to £22.4m, although the previously announced lost contract meant that the reported figure is 5% lower. Annualised recurring revenues were higher at £42.2m due to contract wins. EBITDA fell from £5.9m to £4.3m. A small full year pre-tax profit is now forecast.
Oil condition monitoring equipment supplier Tan Delta Systems (TAND) generated revenues of £1.2m in 2025, which is one-fifth higher than anticipated. There are customers undertaking trials of equipment that should be near to making purchasing decisions. Net cash was £1.4m at the end of 2025, but a fundraising may be required depending on the rate of new orders.
Iron deficiency treatment developer Shield Therapeutics (STX) expects to achieve an operating profit in 2026, having generated $1m in cash from operations in the fourth quarter of 2025. In 2025, revenues rose from $32m to $50m with $46m coming from iron deficiency treatment ACCRUFeR through a combination of higher prices and more prescriptions. There were 61,000 prescriptions in the fourth quarter, up from 41,000 one year earlier. Cash was $11.6m at the end of 2025, although there is still net debt.
Firering Strategic Minerals (FRG) intends to exercise the next tranche of the Limeco Resources option, which will take its shareholding to 36.2%. Firering Strategic Minerals boss Yuval Cohen will step down and concentrate on his role as chief executive of lime producer Limeco Resources in Zambia. A new kiln will increase production capacity. Youval Rasin will be interim chief executive of Firering Strategic Minerals.
MobilityOne (MBO) has formed a mobile money transfer collaboration in Bangladesh with bKash. It will share fees on remittance transactions by bKash account holders. There will be a modest contribution this year.
More good news for Oracle Power (ORCP) from drilling at the Kalgoorlie gold project in Australia. It has intersected shallow gold mineralisation at the Northern Zone Intrusive Hosted gold project. The best result is 8 metres at 5.81g/t gold. There are a further 16 drillholes due to report results in two batches. It is possible that there is a 600 metre wide zone of shallow oxide mineralisation overlapping the Northern Zone porphyry system.
Trading in Landore Resources (LND) shares recommenced after it published an updated mineral resource estimate for the BAM gold project in Ontario. It includes estimates for the B-47 nickel copper cobalt PGE deposit and VW nickel copper cobalt deposit at the Junior Lake nickel deposit. BAM has indicated gold of 622,300 ounces with 33,700 ounces inferred. B47 has indicated resources of 3,428 tonnes at 0.6% nickel, 0.41% copper, 0.05% cobalt, 0.13g/t platinum, 0.48g/t Pg and 0.03%g/t gold. VW has indicated resources of 3,428 tonnes at 0.4% nickel, 0.05% copper, 0.02% cobalt, 0.03g/t platinum, 0.04g/t Pg and 0.01%g/t gold. Strategic options are being considered for Junior Lake. There are potential changes at subsidiary Landore Resources Canada Inc.
Online retailer Huddled Group (HUD) generated revenues of £19m and an EBITDA loss of £2.5n in 2025. There is a new agreement with Temu and an expansion of product range on Amazon and OnBuy. This provides a showcase for the company’s own websites.
MAIN MARKET
Foam manufacturer Zotefoams (ZTF) had a strong fourth quarter with an improvement in the construction market and continued growth elsewhere. Full year revenues were £158.5m and pre-tax profit 38% ahead at £21.1m. The one weak region was Asia, but the new Vietnam factory should change that.
London BTC (BTC) has appointed Marex, which recently bought Winterflood, as joint corporate adviser as part of its plans to float on Nasdaq.
Golden Rock Global (GCG) is planning to acquire SSS Matrix Corp, which is described as “operating at the intersection of applied AI, commodity market and supply chain management, blockchain-based digital finance and payment systems”. There will be a share issue to pay for the acquisition. Trading in the shares is suspended.
Andrew Hore
Quoted Micro 15 December 2025
AQUIS STOCK EXCHANGE
Greengage and Co Group plans to join the Access segment of Aquis in mid-December. It has developed a fintech platform that provides business-to-business introductions which generates subscriptions and fees. There are more than 40 active clients. The strategy is to expand this part of the business and buy Bitcoin to establish a Bitcoin Yield Reserve strategy. Greengage will borrow on a non-recourse basis using Bitcoin as collateral and uses the cash to invest in high-yield private credit portfolios. The returns from this will be put into the business and buying more Bitcoin. There will be a placing and retail offer. Coinsilium Group Ltd (COIN) owns 27,133 shares in Greengage. In August 2021, Coinsilium bought up to 15,000 A shares for £300,000 and invested £200,000 in convertible loan notes. Greengage was valued at £27.3m. In June 2023, the loan notes were converted and Coinsilium invested a further £25,000. The current investment is valued at £652,537.
Ajax Resources (AJAX) is raising £1.2m at 5.5p/share and acquiring the Pereira Velho gold project in Brazil from Appian Capital Advisory, which will receive in $200,000 in cash and $400,000 in shares. Appian estimates that there is a resource of 110,000 ounces of gold having drilled 10% of the area. Ajax Resources has also signed a conditional Option-to-Purchase Agreement for the Leon copper and silver project in Argentina. The EIS for the Eureka project in northern Argentina has been approved and exploration activities can commence. Chief executive Ippolito Cattaneo bought 106,000 shares at 7.75p each and executive director Richard Heywood 144,754 shares at 6.9p each.
Connecting Excellence (XCE) raised £500,000 via an oversubscribed retail offer ahead of its flotation on 11 December. A placing and subscription had already raised £2.8m at 2.1p/share to invest in its Bitcoin strategy. Leeds-based XCE is an international executive search company which owns the Spencer Riley brand. XCE has started an operation focused on recruiting Bitcoin experts for companies seeking to commence a Bitcoin treasury strategy or for Bitcoin businesses. The share price ended the week at 2.5p.
Pete Allaway increased his stake in Evrima (EVA) from 3.13% to 6.28% and Ventura Finance raised its shareholding from 6.15% to 7.42%.
Wishbone Gold (WSBN) plans to release assay results for the Red Setter gold dome project in Australia over the next few months. It will then formulate a plan for 2026. An application has been made to build a new access road, and this will make it easier to undertake drilling.
The WeShop share price has fallen to $116 over the past week, having fallen below $100 at one point. WeCap (WCAP) has an 11.8% stake and the share price slipped 15% to 1.7p.
Dermatology treatments developer Incanthera (INC) generated revenues of £6,000 in the six months to September 2025. Cash used in operating activities was £313,000. Cash was £215,000 at the end of September 2025.
Bitcoin mining company Sterling Digital (ASIC) has bought natural gas generators for Bitcoin mining operations. The next step is a gas purchase agreement. It raised £5m at 5p/share when it joined Aquis last week.
The new board of Eight Capital Partners (ECP) has reviewed strategy and intends to launch a mid-market merchant banking advisory and investment business for Europe. Middle East and Asia. The first investment fund should be launched in 2026. Digital asset investment products will be developed. D4R is taking a 29% stake and Monfor SA a 29.2% shareholding. Trumar Capital’s stake is reducing to 31.5%.
Capital for Colleagues (CFCP) had net assets of 72.86p/share at the end of August 2025, which is down from 75.18p/share at the end of May. There was £821,582 in the bank.
Zentra Group (ZNT) has completed the disposal of Seaton House in Stockport at a loss of £140,000. Contactor disruption means that a new plan is required for the development of One Victoria, Manchester, where Zentra owns 30%. So far, 72 units have been sold.
Mendell Helium (MDH) has raised £513,000 from a convertibles issue. AlbR has been appointed joint broker.
Kasei Digital Assets has changed its name to Stockbitcointreasury (STAK).
EPE Special Opportunities (EO.P) had net assets of 311.54p/share at the end of November 2026.
Lift Global Ventures (LFT) has adjourned the AGM because shareholders are unhappy with the proposed disapplication of pre-emption rights. There will be discussions with shareholders.
Ananda Pharma (ANA) shareholders agreed to the departure from Aquis on 22 December.
Falconedge (EDGE) has spent a significant amount of its Bitcoin treasury into fully regulated yield generation platform operated by FIM.
Chris Heminway has switched from executive chairman to chief executive of Time To ACT (TTA) and Jeremy Earnshaw becomes chairman.
AIM
US automotive electrical diagnostics tools supplier Power Probe (PWR) raised £11.2m at 82p/share and joined AIM on 11 December. The market capitalisation was £60m. Power Probe has developed a range of products including powered circuit probes, testing kits, measuring tools and other accessories. It has 64% of the US powered circuit probe market. In 2022, revenues were $25m, rising to $31.3m by 2024. EBITDA increased from $4.8m to $8.3m over the same period. The latest interims show revenues of $20.5m and EBITDA of $5.3m, helped by new products. The share price ended the week at 89.5p.
Business support services provider Restore (RST) has sold relocations business Harrow Green to PIckfords for up to £5.5m so that it can concentrate on its core operations with better prospects. Information management has inflation linked prices and the technology division’s performance is improving. There will be integration benefits for Datashred next year. Underlying trading is better than expected. Non-exec Patrick Butcher bought 19,076 shares at 261.7p each.
Dispute resolution service provider Diales (DIAL) continues to improve underlying profit, but there could be more to come if utilisation levels improve. Revenues were flat at £43m, but pre-tax profit improved from £1.2m to £1.4m. Net cash was £3m at the end of September 2025. The dividend is maintained at 1.5p/share. The core UK and European operations, which are the hub of the business, improved their profit as did the other regions, except for Asia Pacific which continues to make a small loss. Group utilisation rates are currently 71.6% and the company believes that this could reach 80%, but that will not happen immediately. A pre-tax profit of £1.5m is forecast for 2025-26 and cash could improve to £3.4m.
Education software and services provider Tribal Group (TRB) had a strong second half. Revenues are in line with expectations, but EBITDA is higher than the previous forecast of £15.5m. Net cash will be at least £5m at the end of the year. That will enable a special dividend of 1.5p/share and the shares go ex-dividend on 2 January.
Digital transformation business Made Tech (MTEC) increased interim revenues 27% to £27.7m and the full year will be better than expected. The contacted backlog slipped 8% to £74m, from what was a very strong level. Net cash was £11.9m at the end of November 2025. Full year pre-tax profit is expected to improve from £2.9m to £3.9m.
Geospatial software and services provider 1Spatial (SPA) has reached agreement in principle to a 73p/share offer by VertiGIS, whose products it already distributes. That values 1Spatial at £87.1m. Shareholders owning one-third of the shares are in favour of this level of offer. Management believes that VertiGIS will help to accelerate growth. A further announcement will be made about the progress towards a recommendation.
Oil and gas company Empyrean Energy (EME) had a cash outflow from operating activities of £440,000 in the six months to September 2025. There was cash of £3.06m at the end of September 2025. There are convertible loan notes valued at £9.84m. The interest rate is 20% and the conversion price is 2.5p/share.
Petro Matad (MATD) has received a farm-in proposal that would help to further develop Block XX in Mongolia. Due diligence has been caried out. Production averaged 350 barrels of oil per day in November. Petro Matad is still in discussion with PetroChina concerning the oil sales agreement.
Premier African Minerals (PREM) says J Goddard Contracting has demanded immediate payment of $2.3m. Total group liabilities are $62.1m. More cash needs to be raised.
Ghana-focused Alliance Lithium (ALL) says that the Ghana parliament has temporarily withdrawn the mining lease for the Ewoyaa lithium project. This relates to the consultation on the mining code and royalties.
Haydale Graphene (HAYD) has agreed to acquire Intelligent Resource Management, which trades as SMCC for an initial £12m in shares at a notional price of 0.645p each. This deal will add consultancy and project installation to Haydale Graphene’s energy transition technologies and provide access to potential customers. A placing will raise £5.91m at 0.5p/share and a retail offer could add up to £500,000. Octopus is converting £500,000 of convertible loan notes into 417.88 million shares.
Cinemas operator Everyman Media Group (EMAN) has been hit by disappointing box office for films in the second half of the year. UK admissions have declined in recent months. Forecast revenues have been reduced to £114.5m, while EBITDA has been cut to £16.8m, which is slightly higher than last year.
Digital loyalty and promotions platform operator Eagle Eye (EYE) has won another new US contract. It is with a large regional grocery chain that has 500 stores. There is a fixed fee for a six month proof of concept period followed by a three year contract.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) continues to outperform the market. There are strong like-for-likes plus new store openings. There has also been trading up to higher priced products, so average spend is higher. Interim revenues were 21% ahead at £34.1m. Opening costs meant that the loss edged up from £2.88m to £2.94m. Net debt was £4.1m due to investment in store openings, but the second half cash flow is much stronger. Both stores and ecommerce grew strongly after the period end, but ecommerce like-for-like growth was 29%, compared with 9.8% for stores, although that is still a good performance. There are 1.2 million active customers.
Public services provider Mears (MER) released a trading statement revealing that underling 2025 pre-tax profit will be at the top end of guidance.
Financial management software developer Aptitude Software (APTD) says there has been a significant renewal for Fynapse software. The US-based global communications company has renewed for three years and this is worth £7.6m.
Andrew Hore
Quoted Micro 8 September 2025
AQUIS STOCK EXCHANGE
AI technology developer Astrid Intelligence (ASTR) moved from the Main Market to the Access segment of Aquis on 3 September. The company was previously a CBD and health products retailer known as Cellular Goods and most recently it was called Cel AI. It is developing autonomous AI agents that provide personalised wellness recommendations and holds digital assets.
Brewer Adnams (ADB) reported a dip in revenues from £31.9m to £30.1m, but the loss was reduced from £2.55m to £1.47m, even though exceptional costs were higher. There was an operating profit before exceptional charges relating to packaging recycling requirements. Debt has been cut to £11.7m and could be down to £8m by the end of September due to disposals. There are nine managed and 19 tenanted pubs left. Gains on disposals enabled the first half profit. The distribution business had mixed fortunes in the first half
The Smarter Web Company (SWC) has appointed Strand Hanson to replace Peterhouse as corporate adviser. Albert Soleiman has joined the board as finance director. The company has signed a subscription agreement with Shard Merchant Capital, which will be issued 21 million shares at par value, and the company will receive 97% of net proceeds when they are sold.
Oberon Investments (OBE) is raising £1.85m at 4p/share and two institutional investors have agreed, subject to documentation, to subscribe for £3m of convertible loan notes. The cash will be used to finance further hires for the investment management division and acquisitions. There are discussions concerning the acquisition of the wealth management division of another Uk firm. That would add £850m to assets under administration.
VSA Capital (VSA) chairman Mark Steeves will stand down after the AGM on 30 September. Mark Thompson will take over the role at the broker. VSA has entered into a five-year lease for new office premises in London and has been loaned £95,715 by 19.9% shareholder Drakewood Capital Management, which is represented on the board by Mark Thompson.
In the year to March 2025, SulNOx Group (SNOX) increased revenues from £54,000 to £1.21m, although the loss rose from £1.86m to £4.21m. Sales growth is accelerating and £564,000 has been generated in the two months to August 2025, taking the five month total to £1.09m.
Oscillate (MUSH) has conditionally agreed to sell its hydrogen assets to AIM-quoted Pulsar Helium (PLSR) for $800,000 in shares. The focus switches to base metals. Oscillate has entered a joint venture to develop the Duekoue copper gold molybdenum prospect in Côte d’Ivoire. Geochemical results and magnetic data has identified the historical anomalies.
All Things Considered (ATC) has merged its ATC Live and Arrival Artists businesses to form ROAM. The two parts of the business will still maintain financial independence.
Capital for Colleagues (CFCP) has received the fourth tranche of the disposal proceeds of its A shares in investee company The Homebuilding Centre. This was £75,259, which was well above the minimum payment of £50,000, and a fifth tranche is outstanding. Capital for Colleague still owns 13% of the homebuilding advice business.
Kasei Digital Assets (KASH) has completed the sale of liquid assets as part of a voluntary winding up and has £3.5m in cash. A return of capital to shareholders is prioritised although there has been interest in the company from other parties.
Marula Mining (MARU) still has not completed the 2024 accounts. Trading in the shares remains suspended. Marula Mining has completed due diligence on the proposed purchase of a 60% stake in the Bamba Manganese mining project in Kenya. Manganese ore exports from Kilifi have been delayed as result of the Bamba deal and the fact that delivery arrangements are yet to be agreed. Further work on the Blesberg lithium and tantalum mine in South Africa continues and a sample is being prepared for test work. Due diligence has been completed on the Boteti lithium brines project in Botswana and the first payment advanced.
Mollyroe (MOY) is investing £150,000 in Cascade Studio via a convertible loan note with a conversion price at a 20% discount to the next funding round. Cascade Studio is developing a SaaS platform for AI filmmaking and storytelling.
Vautz Capital (V3TC) reported a loss of £361,000 in the year to April 2025, which was prior to the change in focus to crypto currency.
NYCE International (NYCE) has raised £150,000 at 0.2p/share. And the cash will fund the expansion in the crypto casinos channel. That includes gaining certifications for the company’s games platform and developing games and services.
Valereum (VLRM) has adopted the crypto and multi-currency payroll solution developed by investee company Fideum. There is potential for this as a white label service.
Directors continue to buy shares in EDX Medical (EDX). Sir Christopher Evans bought 51,225 shares at 10.88p each and Martin Walton acquired 20,000 shares at 10.8p each. Stephen Hill has taken a 6.48% in Ingraine (KING). Ventura Finance has increased its stake in Evrima (EVA) from 5.14% to 6.15%.
IntelliAM AI (INT) has appointed Victoria Brown as a non-executive director.
ASSET MATCH
Synairgen (SNG) says full year accounts will be published by the end of September. The drug developer is assessing its financial requirements. The company intends to change its articles of association to remove first right of refusal rights for shareholders. The company is preparing a phase 2 INVENT clinical study for SNG001 in mechanically ventilated patients infected with a range of respiratory viruses. Interim analysis should be available by mid-2026 and final analysis in mid-2027. A network of 60 clinical study sites has been established and progress made towards regulatory approvals.
Zytronic (ZYT) is advising shareholders to vote against resolutions at the requisitioned general meeting. Henry Spain Investment Services wants Tom Spain and former director Glen Arnold to gain appointment as directors of Zytronic and remove two current non-executives. The strategy is not to return cash directly to shareholders, but they would be offered the chance to sell shares via a tender offer at NAV. The plan is to invest in cash generative businesses with good management. They would have a niche market and competitive advantages. The meeting will be on 1 October.
JP JENKINS
The JP Jenkins-15 index rose 0.8% to 1095.2 in the four weeks to 29 August.
AIM
Cash shell Vulcan Two Group (VUL) raised £12m at 200p/share when it joined AIM at the beginning of September. The strategy is to acquire ePharmacy businesses and consolidate a fragmented market. A suitable target would have annual revenues of between £8m and £22m and be growing rapidly at an EBITDA margin of between 10% and 20%. Independent, owner managed businesses are preferred.
Fiinu (BANK) is taking advantage of the share price rise since readmission last week to raise £1.41m at 15p/share. The initial payment of £8m for Poland-based foreign exchange brokerage Everfex was satisfied by the issue of 80 million shares at 10p each. A previous subscription generated £801,000 at 10p/share. Luxembourg fund QVP is the main investor in the placing.
Bricks manufacturer Michelmersh Brick (MBH) has been held back by weak demand in the UK and Belgium, as well as an extended stoppage at one of its plants. Interim revenues were 1% ahead at £35.8m, but the pre-tax profit fell from £4.1m to £2.9m. Capital investment cut net cash to £1.5m. The interim dividend is maintained at 1.6p/share. Canaccord Genuity has cut its 2025 pre-tax profit expectations from £13.5m to £9.7m and made further cuts to forecasts for the next two years.
Churchill China (CHH) had already flagged the interim figures in its recent trading statement. UK and US trading held up, but Europe and the rest of the world were weaker. Interim revenues fell from £40.6m to £38.5m, while pre-tax profit was harder hit falling more than one-third to £3.1m. Efficiency is being improved and there are signs of recovery in Germany. Churchill China is reducing its interim dividend by 39% to 7p/share.
Building components manufacturer Alumasc (ALU) continues to outperform the UK construction market, as well as growing water management equipment exports. In the year to June 2025, revenues were 13% ahead at £113.4m, while underlying pre-tax profit was 9% higher at £14.2m. Net debt is £5.8m. All three divisions improved underlying operating profit. New products helped the housebuilding division to grow, despite a low level of housing starts. The roofing business has grown its share of the roof vents sector. The full year dividend is 11.1p/share
Flexible workplace software provider Essensys (ESYS) says it returned to positive EBITDA in the year to July 2025 even though revenues fell from £24.1m to £19.2m. Closing datacentres has helped to reduce costs. Net cash was £1.8m at the end of July. The new elumo meeting rooms bookings software has gained its first customers since the year end.
Bars and escape rooms operator XP Factory (XPF) reported figures for the year to March 2025. They may not look good compared to the comparatives but that is because they are for 15 months. There was a 19% increase in revenues to £57.8m over the previous 12 month period. Both Escape Hunt and Boom Battle Bars improved revenues with the latter buying out more franchisees. There was an underlying pre-tax profit of £800,000. There appears to be an improving trend for revenues, after a poor first quarter.
ImmuPharma (IMM) has filed a new patent application for P140, which can help to identify and treat a subpopulation of patients with Type M immune disorder that are P140 super-responders. This can be used to sped up diagnosis and treat up to 50 autoimmune diseases. The global market is worth more than $100bn.
Team Internet Group (TIG) was always expected to report a downturn in interim revenues following changes to Google search policy and they slipped from $409.7m to $263.9m. A loss was reported, but there was a profit before amortisation and impairment. The internet domains business continues to grow with new contract wins set to contribute to the second half. The comparison business had a weaker first half, but it has started to grow as revenues build up in newer countries. There are also signs of improvement in search, but they are relatively modest, with higher gross margin achieved on newer search services. Zeus forecasts a 2025 underlying pre-tax profit of $49.4m, recovering to $62m next year.
Supreme (SUP) is acquiring carpet care products brand 1001 for £1.65m, plus £1m for inventory, from WD-40. The business generated revenues of £4.5m in the year to August 2025. which is well below the peak of £8m in 2022-23. This purchase follows the recent acquisition of Typhoo Tea.
Gear4Music (G4M) forecasts have been upgraded on the back of its trading statement. The musical instruments retailer is continuing its recovery, and first quarter sales are 27% higher and the growth is continuing into the second quarter. UK and international sales are growing. The 2025-26 pre-tax profit forecast has been raised from £2.7m to £3.6m.
Newmark Security (NWT) had a much stronger second half and this is carrying on into the new year. In the year to April 2025, revenues rose 3% to £23m, while pre-tax profit improved from £388,000 to £643,000. The growth came in the Grosvenor Technology business, which provides software and hardware for access control and managing people, with recurring revenues growing faster than hardware sales. The launch of GT Tablet, a pure software product, will help to broaden the potential market. The Safetell security products revenues declined, but the services contribution increased. Increasing recurring services revenues is a core part of the company’s strategy.
Legal services provider Gateley (GTLY) is acquiring Groom Wilkes & Wright for up to £9m, which is a trademark and design law consultancy. The payment is three-quarters cash and one-quarter shares. The business generated revenues of £4.7m and pre-tax profit of £1.4m in 2024-25.
Iodine supplier Iofina (IOF) produced 74.3 MT of crystalline iodine during August, which was the record for a month. The IO#11 plant has started production and takes the number of plants to eight. Cash has reached $1.8m after a tax credit.
Atlantic Lithium (ALL) has secured up to £28m in funding though a deal with Long State Investments, who will receive 5% commission plus shares and warrants, and this will enable the Ewoyaa lithium project in Ghana to progress. A mining lease still has to be ratified by the authorities and cash outflows have been reduced until it is received. There is an initial placing to raise £2m at 8.07p/share with potential for three more placings of £2m each. A committed equity facility could raise up to £20m over 24 months. This is subject to shareholder approval.
Student accommodation and private rental housing develop Watkin Jones (WJG) has appointed Singer as joint broker alongside Peel Hunt, which is also nominated adviser.
MAIN MARKET
Cash shell Aura Renewable Acquisitions (ARA) still had £397,000 in cash at the end of June 2025. It has broadened the range of potential acquisitions by looking at healthcare and life sciences companies. Renewable energy acquisitions are still being considered, and the range of sectors could be broadened again.
Trading in Pineapple Power Corporation (PNPL) shares after the termination of the proposed acquisition of Buffalo Battery Metals.
US cybersecurity company Narf Industries (NARF) reported that the Ranger.ai threat and mediation platform has achieved “Awardable” status through the US Department of Defense’s Platform One (P1) Solutions Marketplace.
Structural steel supplier Severfield (SFR) reassured investors with its AGM statement. Bridge remedial works are in progress and the £20m insurance payment has been received. Expectations for 2025-26 are unchanged.
Andrew Hore
Quoted Micro 21 July 2025
AQUIS STOCK EXCHANGE
Probiotics developer ProBiotix Health (LON: PBX) increased interim revenues by one-third to £1.34m and the loss was reduced. The first orders have been delivered to Kemin China Technology. The current order book is at record levels. There was £1.3m in cash at the end of June 2025. The full interims will be published on 8 September.
Hydro Hotel Eastbourne (HYDP) increased interim turnover by 9% to £2.13m. Increased repair costs meant that the loss increased from £77,000 to £97,000. There is £2.18m in cash and deposits.
Fintech Amazing AI (AAI) wanted to raise £200,000 via a book build and ended up raising £150,000 at 0.5p/share. The cash will be used to buy Bitcoin. Chief executive Paul Mathieson bought shares in the book build and converted debt at the same price. There were more than 86 million shares issued to him. He also bought 70,000 shares at 1p each in the market. He owns 54.75%.
Digital assets company Vaults Capital (V3TC) completed a placing raising £1m at 16.5p/share. New director Sarah Gow bought 236,000 shares at 16.5p each.
Coinsilium Group Ltd (COIN) has purchased 112.0009 Bitcoin, and the total cost of the holding is £9.99m.
The Smarter Web Company (SWC) has raised another £17.5m at 295p/share, having sought a minimum of £15m. The company held 1,600 Bitcoin which had a total cost of £127.25m. The 30-day BTC yield is 419%. There was £4m in cash available at the beginning of the week.
Vault Ventures (VULT) holds 4 Bitcoin, 711.93 Ethereum and 2,200.32 Solana. The market capitalisation is greater than NAV.
Valereum (VLRM) entered into a non-binding agreement with fully listed First Class Metals to explore asset-backed tokenisation of mineral exploration projects in the latter’s portfolio. This could generate non-dilutive capital for projects and enhance liquidity.
RentGuarantor Holdings (RGG) is moving to AIM on 15 August. No fundraising is planned.
Majestic Corporation (MCJ) is launching a 50,000 square foot recycling facility in Wrexham. This will produce precious metals, base metals and critical materials.
Capital for Colleagues (CFCP) investee Bright Ascension has concluded a £2.35m fundraising. Capital for Colleagues has switched a £1m short-term loan into new convertible loan notes in the space software company. The interest rate is 10%. Capital for Colleagues is also providing a revolving credit facility of £200,000 up until the end of January.
Igraine (KING) investee company Fixit Medical has received grants for its advanced catheter securement solutions, as well as being selected for several national programmes. Igraine owns 19.8%.
Hot Rocks Investments (HRIP) has sold six million shares in Hamak Gold (HAMA) at an average price of 2.61p/share. This raised £156,600 after costs. They were bought for 0.8p each.
EPE Special Opportunities (EO.P) had net assets of 321.56p/share at the end of June 2025.
Zentra (ZNT) will transfer to the newly launched Aquis Real Asset Market on Monday 21 July.
ASSET MATCH
Fintech investment company VP Fintech (VPF) say investee company Valens Pay is joining with MSTRpay to offer its banking services. The partner is required because of the international nature of customer base and the services will be offered to more than 700,000 MSTRpay customers.
Macdonald and Company (MAC1) is paying an interim dividend of 4p/share.
JP JENKINS
Powder Monkey (PMGL) is acquiring the brands of Wayward Brewing Company and Akasha Brewing Company, two Sydney breweries.
AIM
Advanced materials and paper manufacturer James Cropper (CRPR) is starting on a revised strategy under new chief executive David Stirling. In the year to March 2025, revenues fell from £103m to £99.3m, while pre-tax profit improved from £800,000 to £1.3m. The company plan to deliver more sustained growth from advanced materials by focusing on markets with the best potential. There are also plans to improve margins and profit for paper and packaging by not chasing sales and becoming more efficient.
Womenswear retailer Sosandar (SOS) reported a lower than expected underlying pre-tax profit of £200,000 in the year to March 2025, because of stock adjustments. There was a loss in the previous year. Revenues fell from £46.3m to £37.1m as the move to reduce online price promotion activity hit sales but improved margins. Six stores have been opened. The four store in market town are trading well, but the two in shopping centre have not been as successful. Online sales have benefited in the areas where there are stores. No new stores are planned for this year. There is a strong start to this financial year with first quarter revenue 15% ahead. Initial licensing revenues will come through later in the year. Net cash is £7.3m.
Egg-free celebration cakes supplier Cake Box (CBOX) continues to grow in a tough retail environment and the acquisition of Indian sweets supplier Ambala provides further potential. In the year to March 2025, revenues improved 13% to £42.8m, while underlying pre-tax profit was 17% better at £7.08m. There was a £840,000 contribution to revenue from Ambala. System sales for franchisees were nearly 10% higher at £86.3m. Like-for-like growth was 3%. Net debt was £9m following the acquisition of Ambala. The total dividend was raised from 9p/share to 10.2p/share.
Iodine supplier Iofina (IOF) increased iodine production was 11% higher at 305.5 ton in the first half, which was better than expected. That was after a one-fifth increase in the second quarter. This shows the weak performance early in the year was a blip. The iodine price remains strong and should remain above $70/kg. IO#10 has been commissioned, which will boost second half production. Iodine production guidance for the second half of 2025 is 400-440 tons.
Primorus Investments (PRIM) has been accused of beaching the lock-in agreement by selling shares in Pri0r1ty Intelligence (PR1). The lock-in period lasts until 30 December 2025. In June, Primorus Investments sold its 8.05% stake raising £977,000.
Investment company Seed Innovations (SEED) plans a tender offer for up to 45% of the shares and change its investing policy to focus on robotics and AI. Jim Mellon and Denham Eke will join the board and Ed McDermott and Alfredo Pascual will step down. Existing investee company Litte Green Pharma generated cash in the latest quarter. Seed Innovation owns 2.4% of the ASX-listed company, which made profit after tax of A$3.3m in the year to March 2025. The Seed Innovations NAV was 6.1p/share at the end of March 2025.
Alba Mineral Resources (ALBA) is acquiring a majority stake in Motzfeldt critical metals project in south Greenland. Motzfeldt is a niobium tantalum zirconium rare earth project, and it has very large deposit status. The inferred resource is 340Mt, containing 41,000t of tantalum, 629,000t of niobium, 1.56Mt of zirconium and 884,000t of total rare earth oxides. The 51% stake will cost £30,000 in cash and £945,000 of shares at 0.02414p each. A placing has raised £550,000 at 0.017p/share.
Ceramic products manufacturer Churchill China (CHH) says that there is reduced demand from hospitality and May and June were materially below target. Market share is being maintained. That will hit profit. The UK and US are holding up better than other markets. There is also trading down from dearer products. Replacement business is at expected levels. Production has been reduced, thereby hitting operating levels and margins.
Building components manufacturer Alumasc (ALU) is on course to meet expectations this year. Cavendish forecasts a rise in pre-tax profit from £13m to £14.2m. Organic growth was 7%, whereas the market grew 2%. Exports increased. Net debt was £6m at the end of June 2025, but this still provides scope for earnings enhancing acquisitions. The results will be announced on 2 September.
AFC Energy (AFC) raised £23m at 10p/share via a placing and subscription, which was more than initially asked for, and up to £5m can be raised via a retail offer. The cash will fund commercialisation of hydrogen technology, particularly for generator and hydrogen supply. It will fund the manufacture of Hy-5 and 30Kw units for Volex.
Eco Animal Health (EAH) reported a drop in full year revenue from £89.4m to £79.6m, but non-core disposals helped pre-tax profit improve by one-third to £4m. Net cash was £25m at the end of March 2025. North America was the only region where sales increased.
Oxford BioDynamics (OBD) says Pfizer has published information on its use of EpiSwitch biomarkers as a liquid biopsy in evaluating tumours and treatment outcomes for the JAVELIN bladder 100 trial. The EpiSwitch test can determine whether a tumour has high or low immune activity. This confirmation of efficacy will help to grow EpiSwitch sales.
Audioboom (BOOM) is acquiring podcast network Adelicious for up to £4.5m and has raised £3m through a placing at 270p/share. Podcasters on the Adelicious network include Frank Skinner and Jeff Stelling. The UK market is less developed than the US market.
Cybersecurity service provider Corero Network Security (CNS) has increased annual recurring revenues by one-quarter to $21.6m because of demand for managed services, but recognised revenues are lower in the first quarter. Canaccord Genuity has cut its 2025 forecast revenues from £28.7m to £24.1m and that would mean the company returning to loss. Software and equipment sales are lower, and visibility of orders is poor.
Digital loyalty and promotions platform operator Eagle Eye (EYE) did better than anticipated in the year to June 2025 with revenues 1% higher at £48.2m and EBITDA is 9% ahead at £12.2m. A recent contract loss led to the downgrading of 2025-26 forecasts. Annualised recurring revenues are £32m after that contract loss.
MyHealthChecked (MHC) is supplying lateral flow tests under the Boots own brand. This covers 13 tests, and the initial term is 12 months.
Argentex (AGFX) is appointing administrators after the FCA ordered it to stop all regulated activity. The company was not able to secure additional finance.
Mulberry (MUL) raised £105,000 in a retail offer. There was up to £1.25m on offer.
Logistics Development Group (LDG) is investing £15m as part of DBAY’s acquisition o 78.3% of The Alternative Parcels Company, the largest independent delivery network. LDG will effectively have a 50.2% stake in the acquisition, which made an operating profit of £7.1m. There are also plans to acquire William Stobart.
MAIN MARKET
Structural steel supplier Severfield (SFR) has agreed an option with its joint venture partner in India. Severfield can choose to sell its partner up to 24.9% of the 50/50 joint venture for up to £20m.
Andrew Hore