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Quoted Micro 19 January 2026
AQUIS STOCK EXCHANGE
Bitcoin investor and wed development company The Smarter Web Company (SWC) has published its prospectus for the move to the Main Market. A general meeting will be held on 28 January to gain shareholder approval. The listing is expected to cost £1.5m. Management wants to use the listing to fund acquisitions and further purchases of Bitcoin. The share price recovered 42.5% to 57p. The April 2025 reversal into an Aquis shell was done at 2.5p.
Ajax Resources (AJAX) says drilling has commenced at the Eureka gold and copper project in Argentina. Initial results will be at the end of the first quarter of 2026.
Vault Ventures (VULT) has entered into post-quantum security infrastructure. The initial focus is post-quantum encryption at the application layer.
Falconedge (EDGE) has achieved incremental Bitcoin growth of 0.23526 of a Bitcoin during December, taking the holding to 19.509853 Bitcoin.
WeCap (WCAP) has fallen 16% to 1.575p on the back of a further decline in the WeShop share price to $67.17. The stake is still probably worth nearly 10p/share.
Lift Global Ventures (LFT) has withdrawn resolutions 7 and 9 from its AGM. Revised authorities to allot shares and disapply pre-emption rights will be voted on at a general meeting. This is on top of the requisitioned general meeting to remove David Richards, Mark Horrocks and Sandy Barblett from the board and appoint Howard White and Nicholas Monson.
Zentra (ZNT) has formed a property management joint venture with Connor Moylan. Zentra will own 51% and continue with its own lettings and property management business. This deal will avoid adding fixed overhead to the group.
Sulnox Group (SNOX) has gained a patent for emulsification for Heavy Sulphur Fuel Oils (HSFO) and Sulnox Eco™ Fuel Conditioners in Vietnam.
Eight Capital Partners (ECP) has secured an agreement with Altarius Asset Management to establish and investment fund and two sub-funds investing in private debt and private equity. They should be established in the first quarter of 2026.
Ethtry (ETHY) has secured a partnership with the Liechtenstein Trust Integrity Network.
B HODL (HODL) has bought one more Bitcoin taking the holding to 159.295 Bitcoin costing an average of $83,103 each.
EPE Special Opportunities (EO.P) had net assets of 304.54p/share at the end of December 2025.
BWA Group (BWAP) says St. Georges Eco-Mining Corp has disposed of its shareholding. Three directors bought shares and David Butler took a 3.52% stake.
JP JENKINS
The JP Jenkins-15 index rose 5.4% to 1209.1 by the end of trading on 9 January. This is a 21% increase over the first year. THG Ingenuity has been a strong performer. OPG Power Ventures has replaced e-therapeutics in the index.
ASSET MATCH
Regenerative medical devices developer Tissue Regenix (TRX) has undertaken a review of executive directors’ activities and uncovered potentially serious corporate governance concerns. Sufficient funding has been secured for the company to support commercial operations and further investigation.
AIM
Pizza restaurants operator DP Poland (LON: DPP) gained momentum in the fourth quarter of 2025 and this has continued into this year. System sales were 14% higher on a constant currency basis and 22% on a reporting currency basis. Full year system sales were 8% higher at £16.4m on a constant currency basis. The growth rates in Poland and Croatia were similar. Group EBITDA rose from £4.8m to £6.3m. Cash was £1.6m at the end of 2025. Consolidation of commissary and dough production in a single facility should be completed in the first half. There are 135 Domino’s and 75 Pizzeria 105 locations. Panmure Liberum forecasts a reduced pre-tax loss of £300,000 in 2026, down from £500,000 in 2025.
Caledonia Mining Corporation (CMCL) has increased the offering of 5.875% convertible senior notes due 2033 from $100m to $125m. The initial purchasers have an option to purchase a further $25m for 13 days after the issue of the notes. The offer should close on 20 January. Net proceeds will be around $120m, or $144m if the option is fully taken up. There will be $12m spent on the cost of capped call transactions. The rest will fund development of the Bilboes gold project in Zimbabwe.
Retailer Shoe Zone (SHOE) reported 2024-25 results in line with the October trading statement, but Zeus has reduced its expectations for this year. Full year revenues fell 8% to £149.1m due to store closures and reduced footfall. Online sales did increase. Higher wage costs meant that pre-tax profit dropped from £10m to £2.4m. This year’s pre-tax profit forecast has been cut from £4.5m to £1m on a further fall in revenues for £145.8m.
Semiconductor wafer products supplier IQE (IQE) gained positive momentum in the second half of 2025 due to defence business. There was also strong photonics demand and higher sales of wireless products. Revenues will be full year revenues of around £97m and EBITDA at least £2m due to operational gearing. HSBC has provided a waiver for the EBITDA covenant test. Cash was £15.6m at the end of 2025. There is a strong order book. The board is negotiating with potential buyers of all or part of the business.
Online fashion retailer Sosandar (SOS) increased third quarter revenues 10% higher at £13.4m and gross margin improved. Sales from the company’s own site were 27% ahead, but the Marks & Spencer business is still being affected by the cyber incident. Net cash is £9.7m. Trading is in line with expectations of a full year pre-tax profit of £400,000.
Western Australia focused explorer Artemis Resources (ARV) plans to cancel its AIM quotation and concentrate of the ASX listing. Liquidity has been limited. There is an opportunity for each Depositary Interest holder can become a registered shareholder on the Australian share register. This is expected to happen on 13 February, which is three years after joining AIM. The introduction price was 3.75p and the share price has fallen by more than 90%.
Cyber security company Corero Network Security (CNS) says 2025 EBITDA was ahead of expectations. Revenues rose 4% to $25.5m instead of the anticipated dip and this meant that there was not a loss and instead it was positive EBITDA of $1m. Annualised recurring revenues are 23% higher at $23.9m. Net cash was $4m at the end of 2025. Zeus has maintained its 2026 EBITDA forecast of $1.4m and pre-tax loss of £1.3m. This will be reviewed when the full year figures are announced in March.
Distribution Finance (DFCH) has grown its loan book to £846m at the end of 2025, ahead of guidance, and it is targeting a figure of £1.5bn by 2030. New loan origination was more than £1.8bn in 2025. Full year underlying pre-tax profit will be at least £17.5m, up from £14.4m. Tangible net assets are at least 75p/share. The
Tern (TERN) has been notified by the general partner of SVV2 that Tern has ceased to be a limited partner in the SVV2 partnership because it has been classed as a defaulting investor. Tern’s interest has been transferred to other partners, and it is unlikely to receive any compensation. The general partner is also seeking default interest and costs of £40,000 and indemnity from consequence of default of £184,000. Tern is taking legal advice.
Virtual product advertising Miriad Advertising (MIRI) says 2025 revenues fell from £1m to £400,000. It expects a much stronger performance in 2026 with positive signs for February and March. There are joint venture discussions for emerging markets. Cash was £1.2m at the end of £1.2m and the monthly cost base is £220,000.
Eqtec (EQT) is broadening its strategy to gain exposure of critical and precious metals, while continuing with the core waste to energy technology business. They are viewed to be complementary segments of the energy transition sector. Lenders are supporting the move.
After trading problems for capital equipment supplier Mpac (MPAC) earlier in the year, the 2025 outcome is set to be in line with expectations. Helped by previous acquisitions’ full contributions, revenues grew from £122.4m to £170m, while pre-tax profit should be £13.5m. The order book is worth £92m and covers 50% of 2026 forecast revenues. Some orders were delayed.
Toys and games supplier Character Group (LON: CCT) says like-for-like sales in the fourth months to December 2025 were 11% lower, but sales should improve in the second half. Full year revenues are likely to be flat, but pre-tax profit could more than double. The £2.96m share buyback is complete.
Wellnex Health Ltd (WNX) improved gross margin from 22.8% to 31.3% in the first half. Breakeven was achieved in the second quarter. The core Pain Away product generated revenues of A$3.3m in the second quarter.
Anglo Asian Mining (AAZ) produced 7,915 tonnes of copper, 25,061 ounces of gold and 153,332 ounces of silver in 2025. Copper production was at a record level in the fourth quarter. The first sales of copper concentrate were made from the Demirli mine. Gedabek and Demirli mines both increased copper production, although copper production was slightly below guidance. There is inventory of 2,457 tonnes of copper valued at $12,504/tonne.
Public Policy Holding Company In (PPHC) has filed an amended Form S-1 with the US SFA for the proposed listing on Nasdaq. It will retain the AIM quotation after the listing.
Mkango Resources (MKA) has completed concept studies for expanding South Carolina and Nevada hubs, which will treble production of magnets and alloys to 4,656 metric tons. The expanded hubs could have a post-tax NPV of more than $2bn. This will help the proposed reversal into the US listed shell. The rare earth recycling and sintered magnet manufacturing plant in Birmingham has been officially opened.
Cancer diagnostics developer CelLBxHealth (CLBX) expects 2025 revenues to be £1.4m, which is lower than the forecast of £1.6m due to deferral of contracts. After the recent fundraising, year-end cash was £7.3m. The 2026 forecast is maintained with revenues of £3.6m and a £5.7m loss after annualised cost savings of £5.9m.
Shuka Minerals (SKA) has received the £815,000 payment from Gathoni Muchai Investments. A placing raised a further £1m at 4p/share. This funded the completion of the acquisition of Leopard Exploration and Mining and the Kabwe zinc mine. There are 5.723Mt of resources at Kabwe (including 700,000 tonnes of zinc and 100,000 tonnes of lead), with a value in excess of $2bn. The NPV10 is $561m.
MAIN MARKET
North East England-based investment company Develop North (DVNO) has published a prospectus to raise £58m to help its move towards its target of reaching £300m in assets. There is a subscription and retail offer at 81.6p/share.
Online travel hostel agency Hostelworld (HSW) increased revenues by 7% in the second half and marketing costs as a percentage of revenues declined to 45%. Social Passes were launched last November, which will help to generate income from social media. In 2025, net revenues were 2% ahead at €93.8m, while EBITDA was €19.9m, which is lower than the previous year. Net cash was €10.6m at the end of 2025.
Cadmium-free quantum dots developer Nanoco (NANO) has received $4.5m from LG Electronics with $500,000 withheld due to tax liabilities. Nanoco is seeking damages for IP infringement from rival Shoei. The case could go to trial in 2026.
Panther Metals (PALM) has signed a three-year purchase option over three mine claims in the Obonga project area in Ontario. There is a C$200,000 cash payment and 1.5% net smelter royalty.
Ecora Resources has changed its name to Ecora Royalties (ECOR) and has translated the interim dividend at 0.4471p/share.
Andrew Hore
Quoted Micro 1 December 2025
AQUIS STOCK EXCHANGE
Valereum (VLRM) has entered into an agreement to raise $200m of royalty and streaming capital from new special purpose segregated portfolio company, Valereum QGP-SP, which is being formed to list on a US National Exchange. There will be a one year option over a stake of 49.9% in Valereum in return for the royalty and streaming income. This will help to accelerate development of the crypto and blockchain platforms and finance acquisitions.
Digital asset company Vaultz Capital (V3TC) holds 135 Bitcoin. Two resolutions related to a share capital reorganisation and a reduction in nominal value were withdrawn from the AGM following shareholder feedback.
Ajax Resources (AJAX) had cash of £1.37m at the end of August 2025. It is in the process of acquiring the Paguanta silver lead zinc project in Chile. Drilling should commence soon at the Eureka project. The cash will finance this and a JORC compliant mineral resource estimate.
AI software company IntelliAM AI (INT) has won contracts in the building products sector. They cover 15 sites and should generate £250,000 in this financial year. Annual recurring revenues were £1.18m at the end of September 2025, Cash was £786,000 and a further £250,000 has subsequently been raised at110p/share. A WRAP retail offer could raise up to £150,000 more. This will fund the delivery of the co-development partnership with a global engineering manufacturer.
WeShop (NASDAQ: WSHP) shares ended the week at $145.21. WeCap (WCAP) has an interest valued at around 28p/share. The share price increased 8.33% to 2.6p. Res Privata NV has cut its WeCap stake from 13.6% to less than 3%. Hot Rocks Investments (HRIP) owns a stake worth $21.8m and the share price rose 3.7% to 1.4p, which values the investment company at £3.4m.
Mendell Helium (MDH) has extended the broker option of up to 10 million shares until 3 December. A further £12,000 has been raised via subscription at 3p/share.
Cannabis medicines developer Ananda Developments (ANA) is calling a general meeting on 12 December to gain shareholder approval to leave Aquis. This will save money and may make it easier to raise cash. Initial data from a phase 1 human study for MRX1 has shown a positive safety profile. The final study should be complete in the second quarter of 2026.
Trading in Amazing AI (AAI) shares was suspended following the resignation of Guild Financial Advisory as corporate adviser. The company has hired Rosenblatt Law to pursue a legal action against Tom Winnifrith and Share Prophets Ltd. Chief executive Paul Mathieson is also pursuing legal action, although his social media comments will not help him.
Wishbone Gold (WSBN) is consolidating 100 shares into one new share and trading will commence on 1 December. The pre-consolidation share price was 19.4% lower at 0.725p.
Café chain Cooks Coffee Company (COOK) increased interim revenues by 111% to NZ$5.77m, helped by managed stores in Ireland via the partnership with Dairygold. Pre-tax profit fell from NZ$530,000 to NZ$68,000. Overall store sales were 26.9% ahead at NZ$45.5m. There are currently 100 stores, most of which are franchised, with a target of 300 by 2034. Net debt is NZ$1.73m.
Sulnox Group (SNOX) has secured a major distribution agreement for its reduced emissions additives in the marine sector through Drew Marine USA, which operates in 1,200 ports around the world.
Marula Mining (MARU) is acquiring an initial 50% stake in the Tonto Tshipi manganese mine in South Africa for five million shares. It can increase its interest to up to 70%. Open pit mining should start in mid-December. On completion of due diligence, a further payment of £250,000 and Marula Mining will fund 100% of exploration with a minimum spend of £1m over 12 months. Once a bankable feasibility study is completed there will be a further payment of £5m and an option fee of £100,000 would take the interest to 70%.
In the year to May 2025, Equipmake (EQIP) revenues fell from £7.3m to £3.5m, while the loss increased from £9.1m to £10.9m. The company has been restructured and there is a focus on better margin business. Costs are much lower. There was cash of £3.9m at the end of May 2025. In recent months there have been significant contract wins.
Oscillate (SRVL) says drilling results confirm copper mineralisation for the Koko Basin project in Namibia. It is also targeting sites that are highly prospective. Multiple soil samples at the Duekoue molybdenum copper project in Cote d’Ivoire show moderately anomalous concentrations of gold. Richard and Charlotte Edwards have reduced their shareholding from 5.21% to 4.03%.
Africa-focused social impact investment company Inqo Investments (INQO) had net assets of R211.5m, including cash of R33.4m, at the end of August 2025.
NYCE International (NYCE) has appointed Oberon Capital as corporate adviser and broker. Game aggregator and content innovation arm Nirmata Play was launched in October, while online gaming media agency ClickSpin Media was launched in June. They are generating revenues.
SuperSeed Capital (WWW) had an unchanged NAV of 121p/share at the end of September 2025. The managed fund SuperSeed II is expected to make two more investments by the end of 2025.
BWA Group (BWAP) is starting due diligence ground truthing at the Aracari gold project in Cameroon.
Wishbone Gold (WSBN) is consolidating 100 shares into one new share and trading will commence on 1 December. The pre-consolidation share price is 0.725p.
Fenikso (FNK) has received $535,650 as partial repayment of a loan and there is still $34.6m outstanding.
Chairman Richard Oldfield bought 25,000 Shepherd Neame (SHEP) shares at 467.6p each.
JP JENKINS
Rocksteady Coffee Company (ROCK) joined JP Jenkins on 18 November. It was founded in 2012 and produces organic Jamaica Blue Mountain coffee.
ASSET MATCH
Isle of Scilly Steamship (IOS) interim revenues improved from £16.8m to £18.1m, while pre-tax profit rose from £6.72m to £7.44m. There was cash of £8.01m at the end of September 2025. Passenger bookings are 0.7% ahead of the same time last year. The Skybus airline has been awarded the Newquay to London route. New passenger and freight vessels will be delivered next year. Management targets EBITDA of £8m by 2030.
Marshall of Cambridge (MCH) has completed the sale of Marshall Land Systems.
AIM
essensys (ESYS) founder and non-executive director Mark Furness, who stepped down as chief executive in May, has submitted an indicative offer of 20p/share for the developer of Software-as-a-Service and cloud services for the flexible workspace sector. Mark Furness owns 30.4% and this offer would value essensys at £13m. A trading statement revealed revenues of £4.1m in the quarter to October 2025, but a contract worth £900,000 each year is set to end in December. There will be cost savings, but 2025-26 results will be lower than expected. A debt facility is being negotiated. The figures for the year to July 2025 have not been published, but a previous trading statement indicated a fall in revenues from £24.1m to £19.2m with cash of £1.8m. essensys joined AIM on 29 May 2019 when it raised £14m at 151p/share.
Online retailer Boohoo (DEBS) is starting to improve its performance, but there is a long way to go. In the six months to August 2025, revenues fell from £385.4m to £296.9m, but there was a swing from an adjusted loss of £9.2m to an operating profit of £1.8m. There was still a pre-tax loss. Cost savings have been made and a full year pre-tax loss of £11.5m is forecast. Net debt should start to decline. There is a new incentive scheme for executives. Chief executive Dan Finley could be paid £148.1m if the share price reaches 300p within five years. Goldman Sachs has raised its share price target for the online retailer from 16p to 17p, but still says sell, while Barclays has cut its target from 13p to 11p and remains underweight.
European Metals Holdings (EMH) joint venture Geomet has secured a €360m grant for the Cinovec lithium and tin project in the Czech Republic. This is Europe’s most advanced lithium project. EMH owns 49% of Geomet, which is expected to publish a definitive feasibility study soon. Zeus has modelled a 25-year mine life and an NPV10 of $1.04bn. Zeus has a fair value share price of 75p.
Savannah Resources (SAV) is progressing towards a final investment decision on the Barroso lithium project in Portugal. Lithium demand is increasing and the spodumene price has risen 80% since the end of June and is currently around $1,100/t. Discussions continue with potential customers. Savannah Resources is also acquiring a nearby mining lease. There is potential for a German government guarantee on a project finance loan of up to $270m. After the recent fundraising at 3.7p/share the company has £21m in cash.
Battery technology developer Gelion (GELN) has made strong progress over the past year and recently strengthened its balance sheet through a £10.5m fundraising that should give it enough cash for two years. In the year to June 2025, revenues increased 36% to £2.7m, with one-third coming from the first commercial sales. That helped the operating loss fall by one-quarter to £6m. Gelion is making strong progress with partners, including TDK Corporation, with whom it expects to produce a commercial pouch cells prototype within the next 12 months. The Li-S technology is achieving strong results in relation to battery life and power performance.
Egg-free celebration cakes supplier Cake Box (CBOX) reported a dip in profit in the first half, but this should be more than made up for by a much stronger second half. Like-for-like sales have grown strongly despite the tough consumer environment and group sales were £28.8m with the Cake Box contribution 19% ahead including new store openings. Pre-tax profit fell 4% to £2.6m.
Professional services firm DSW Capital (DSW) has decided to raise the interim dividend by one-fifth to 1.2p/share. Interim network revenues were 32% higher to £10.3m. Company revenues increased from £1.09m to £2.79m, which includes more recent acquisitions. Pre-tax profit grew from £101,000 to £237,000. Less than one-third of revenues are from the volatile M&A sector, which used to dominate the business.
Lung imaging technology developer Polarean Imaging (POLX) has signed a distributor agreement with DK Healthcare in South Korea. It has also won an order from the National Taiwan University Hospital for a Xenon MRI research system through its partner Philips. Polarean Imaging is asking for shareholder approval to leave AIM at a general meeting on 15 December. It plans to join matched bargain market JP Jenkins.
Team (TEAM) has launched a recommended bid for WH Ireland (WHI). It is offering 0.195 of a share for each WH Ireland share and the WH Ireland shareholders will own 43.5% of the enlarged group, which will be valued at around £30m.
ACG Metals is considering making an offer for gold and copper producer Anglo Asian Mining (AAZ), which has a resource base of more than 400,000 ounces of gold and one million tonnes of copper. The Xarxar and Garadag projects are still to be brought into production.
Tanfield Group (TAN) says the US courts have granted a motion for partial summary judgement in the dispute over Snorkel International, where Tanfield has a 49% stake that is the subject of a call option by the other shareholder. This summary judgement says that the 49% stake cannot be acquired for nil as the partner wanted to. A valuation plus interest will be calculated. The trial will begin in October.
Security technology supplier Thruvision (THRU) grew interim revenues 36% to £2.6m, even though retail revenues were lower. Cash was £2.1m at the end of September 2025. The second half will be tougher than expected and Allenby has reduced its full year revenues forecast from £8m to £5m, while the loss is raised from £2.21m to £3.55m. There will still be cash by the end of March 2026. Herald has sold its 8.89% stake and Dr Graham Cooley has raised his shareholding from 6.8% to 7.02
Premier African Minerals (PREM) has raised £500,000 at 0.0575p/share. This will be invested in the processing plant for the Zulu lithium and tantalum project.
CelLBxHealth (CLBX) raised £6.8m at 1p/share and could raise up to £1m more from a retail offer closing on 1 December. A capital reorganisation will reduce the nominal value of the shares so that they can be issued at this price. There will be £1.9m spent on R&D, £1m for sales and market and £1.2m for reorganisation and IT systems. The cancer diagnostics company will progress partnerships and reduce annual operating costs by more than £5.9m. Ther will also be development of additional assays for the Parsortix platform.
Telematics supplier Microlise Group (SAAS) says lower OEM volumes due to tariffs and the weak economy. There have also been delays in projects. There are plans to cut annualised costs by £4m. That is too late for 2025 when forecast revenues have been cut from £91.3m to £84m, while earnings have been slashed from 5.5p/share to 3.1p/share. The 2026 earnings forecast has been cut to 4.9p/share. Customer churn remains low.
Womenswear retailer Sosandar (SOS) is gaining momentum this year. Interim revenues were 15% higher at £18.7m, while sales were 28% ahead on the company’s website. Sales to Marks & Spencer were hit by that retailer’s cyber incident, but they have started again. The six stores are loss-making, but the first two are moving towards breakeven. The interim loss increased from £700,000 to £1.1m, but a full year pre-tax profit is anticipated. Net cash was £7.7m at the end of September.
Trellus Health (TRLS), which has developed digital technology to manage chronic conditions, has secured a $600,000 loan from 25% shareholder Icahn School of Medicine at Mount Sinai. There is no interest charge for nine months and then the annual rate is 8%. The loan is convertible into shares, but the stake cannot go above 29.9%. This will provide enough cash until late January when more cash will be required.
Kropz (KRPZ) produced 87,496 tonnes of phosphate concentrate n the third quarter and sales were 28% higher at 72,408 tonnes. September was a record production month, and the mine is still in its trial production phase.
Oil and gas producer Prospex Energy (PXEN) has generated revenues of £4.2m so far this year, despite the downtime at Viura and El Romeral and lower gas prices. Viura is back in production in the fourth quarter. This will enable much larger revenues in the period and generate cash for investment.
MAIN MARKET
Digital assets investor KR1 (KR1) has moved from Aquis to the Main Market on 25 November. Trading ended on Aquis at 25.5p and the share price rose to 27p at the end of the week. KR1 has a portfolio of digital assets. The update for the end of October 2025 showed net assets of 41.5p/share. Income of £305,543 was generated during the month.
New Frontier Minerals (NFM) is raising $2.25m via a placing at $0.021/share. Every two shares come with an option exercisable at $0.04 each. The cash will be used to advance the Harts Range project. The focus is to target heavy rare earth elements for US magnet and defence clients. Using Metallium’s Flash Joule Heating (FJH) technology on Harts Range raw ore delivered exceptional beneficiation results. There will be further drilling results released over the next few weeks. There will also be some cash used for the mining lease application at the NW Queensland copper project.
Cardiff Property (CDFF) increased NAV from £29.31/share to £30.53/share in the year to September 2025. The dividend was raised from 25.5p/share to 27.5p/share.
First Tin (1SN) is raising £6.3m at 7p/share. This will finance the completion of the updated DFS for the Taronga tin project in Australia. There will also be cash for preparatory work on the project site. There will be some cash for the Tellerhauser project in Germany.
Walker Crips (WCW) has agreed a 14p/share bid from PhillipCapital, valuing the company at £6m.
IT services provider Triad (TRD) reported a rise in interim revenues from £10.2m to £12m, while pre-tax profit was 10% higher at £820,000. The interim dividend was raised by 50% to 3p/share.
Motor dealer Caffyns (CFYN) slipped into loss in the six months to September 2025. It is still paying a 5p/share interim dividend. Net debt is £9.6m.
Andrew Hore
Quoted Micro 24 November 2025
AQUIS STOCK EXCHANGE
Kasei Digital Assets (KASH) plans a return of cash to shareholders. There should be £3.4m in cash after selling assets and this should be returned to shareholders. A subscription of £200,000 at 1p/share will provide an additional £100,000 for distribution. The new investors include new executive chairman Kwasi Kwarteng, the former Chancellor of the Exchequer, new non-exec Paul Withers, Daniel Howe and Sam Daughtry, plus existing directors Jai Patel, who will become chief executive, and Brendan Kearns. Bryan Coyne, Steven Davis and Jane Thomason will resign from the board. The unsuccessful digital assets strategy will be adapted with a greater focus on Bitcoin, and more cash raised.
WeCap (WCAP) owns 11.8% of WeShop Holdings (NASDAQ: WSHP), which has joined Nasdaq, There are 806,022 shares owned directly and 2.08 million shares via a 23.5% holding in Community Social Investments Limited (CSIL). The share price was well above $200 at one point last week and ended at $113.40, which means that the stake is worth $31m. Peel Hunt has cut its shareholding in WeCap from 18.4% to below 10%.
Hot Rock Investments (HRIP) has a portfolio of shares, including 150,000 shares in WeShop. The stake is valued at $17m.
Music agent All Things Considered (ATC) is moving to AIM and raising £8.6m at 125p/share. The expected admission date is 17 December, which is four years after joining Aquis at 153p/share. Trading is second half weighted and is currently in line.
Ajax Resources (AJAX) says the terms of the conditional acquisition of the Paguanta zinc, silver and lead project have been revised. It will acquire a company with a 74.81% stake in the project for $37,500 in cash and $37,500 in shares. The seller will retain a 1% net smelter royalty capped at $500,000. The Environmental Impact Assessment has been submitted for the Eureka project and the company issued formal notices to relevant communities. The Environmental Impact Declaration should be issued in early December.
Online consumer loans provider Amazing AI (AAI) is exploring the options of quotations on the Mauritius Stock Exchange and/or the US OTCQB Market. This follows the decision not to go ahead with spinning off 80% of its subsidiary based in Mauritius and retaining the minority stake. Existing company shareholders will receive shares on a pro rata basis.
Evrima (EVA) investee company Eastport Ventures Inc has joined the TSX Venture Exchange. Evima owns 3.83% of the Botswana-focused critical minerals explorer and also holds warrants.
Wishbone Gold (WSBN) is holding a general meeting on 28 November to gain shareholder approval for a 100-for-one share consolidation.
Dominic White has stepped down as a director of technology-based financial services company Eight Capital Partners (ECP).
Energy transition engineering Time To ACT (TTA) says the main subsidiary Diffusion Alloys is likely to be profitable in 2025-26 and 2026-27, although this depends on timing. The order book of large project work is worth more than £4m and most of this will be recognised during 2026. There is enough cash for at least 12 months, but it appears it will not last as long as previously expected. Oberon Capital has been appointed joint broker. The general meeting was postponed.
Financial media company Lift Global Ventures (LFT) intends to change its name to Yorkshire AI and focus on AI investments. It will work with Yorkshire AI Labs (YAIL), where its new executive chairman David Richards is a partner. YAIL has bought a 0.45% stake in IntelliAM. In the year to June 2025, revenues declined from £477,000 to £281,000, but lower costs and a fair value gain rather than loss mean that the loss was reduced from £976,000 to £27,000. Cash was £196,000 at the end of June 2025.
TechFinancials (TECH) has not received placing proceeds of £250,000. Gathoni Muchai Investments has money in the bank, and it is still awaiting regulatory clearance. A further £100,000 will no longer be accepted.
Ethtry (ETHY) has appointed Patrick Chopard as chief executive and David Levis will become a non-executive to devote attention to the battery storage investments.
BWA Group (BWAP) used £980,000 of cash in operations and investment last year. There was £20,000 in cash at the end of June 2025.
Asia Wealth Group (AWLP) reported interim revenues falling from $504,000 to $395,000. Pre-tax profit fell from $13,000 to $8,000. There was cash of $977,000 at the end of August 2025.
AI company Astrid Intelligence (ASTR) has appointed Mark Creaser as chief executive.
NYCE International (NYCE) has appointed Alex Crockford as chief commercial officer.
The Smarter Web Company (SWC) has raised another £141,000 at 61p/share.
Valereum (VLRM) has completed a subscription to raise raised £600,000 at 5p/share. Chairman James Bannon and chief executive Gary Cottle contributed £225,000 each and they will each receive 2.5 million warrants exercisable at 50p each and 2.5 million warrants exercisable at 100p each. The rest comes from another investor, which will also receive warrants. A further £50,000 has been raised by the exercising of warrants at 4p each.
Mendell Helium (MDH) raised £200,00 at 3p/share. This is a direct investment by an existing shareholder.
B HODL (LON: HODL) has taken its Bitcoin holding to 155.039 and the total cost was £13.1m.
Shepherd Neame (SHEP) non-executive director Marion Sears bought 4,000 shares at 466p each.
JP JENKINS
JP Jenkins has been awarded a PISCES (Private Intermittent Securities and Capital Exchange System) operator licence by the Financial Conduct Authority. This will be called the JP Jenkins Private Market, and the JP Jenkins Matched Bargain Facility will continue.
Bespoke kitchens designer and installer John Lewis of Hungerford (JLH), which left AIM on 29 June 2023, joined JP Jenkins on 18 November.
London and Associated Properties (LAS) left the Main Market on 19 November and joined JP Jenkins. The property investor expects to make annual savings of £350,000. There has been a lack of liquidity in the shares.
AIM
CML Microsystems (CML) interims wee hit by supply problems but they should reflect the base from which the semiconductors designer can grow. Interim revenues wee 27% lower at £9.2m and there was a loss. Net cash was £10.7m at the end of September 2025. The interim dividend is unchanged at 5p/share. CML has received £4m of the £7m proceeds of the sale of land. There are no forecasts, but a better second half is expected, and this could enable a full year profit. A major £30m plus contract over 12 years has been won from a satellite systems company.
Telecoms testing instrumentation supplier Calnex Solutions (CLX) improved interim revenues despite the telecoms market remaining weak. Demand for datacentres and defence is providing growth opportunities. In the six months to September 2025, revenues were 9% higher at £8m. The loss was reduced from £1.3m to £1m. Telecoms is a minority contributor to revenues. Additional sales personnel have been hired to develop the other markets. Full year revenues are forecast to rise from £18.4m to £20.3m and the pre-tax profit will edge up to £700,000. That is before any recovery in the telecoms market, which probably will not happen until next year.
NWF (NWF) says its businesses have had a mixed first half performance. Heating oil volumes have been lower than normal and the winter increase in demand is not likely to make up for this. Commercial fuels demand has also been lower, and this is higher margin. This has led to pricing pressures as the company rolls out a new regional operating model. The food distribution and feeds businesses are doing well, with the former picking up new contracts.
Cloud-based digital media services provider Zoo Digital (ZOO) has significantly reduced its cost base and generated $549,000 in cash from operations in the six months to September 2025. Interim revenues fell 19% to $22.4m, but this was an increase on the second half revenues from last year. Zoo Digital has launched its Fast Track service that can provide a premium service for streaming programming that can turn around dubbing and subtitling in hours rather than days. Zoo Digital is still expected to report an underlying operating loss of $2m in 2025-26, but it will continue to generate cash from operations.
Transport software and services provider Tracsis (TRCS) says full year revenues improved from £81m to £81.9m, although like-for-like growth was 3%. Underlying pre-tax profit edged up to £10.2m. Recurring licence revenues were £23.2m. Net cash was £23.4m at the end of July 2025. The dividend was raised to 2.72p/share. The business has been reorganised and there were £2.4m of exceptional provisions with around £1m of the cash outflow expected next year. A major geointelligence contract has been won with DEFRA. This is worth up to £9m over ten years. Singer forecasts a 2025-26 pre-tax profit of £11.1m.
Eyewear supplier Inspecs (SPEC) says trading improved in October with order books 10% higher than one year ago. US tariff disruption will affect the timing of shipments. Full year revenues of £191m and EBITDA of £17.7m are expected. Safilo Group made an approach to Inspecs to acquire the Eschenbach and BoD businesses. It made two non-binding cash offers, and they we rejected by Inspecs.
Musical instruments retailer Gear4Music (G4M) has bounced back from a troubled couple of years. It is set for its best year since the Covid-boosted 2020-21. In the six months to September 2025, revenues jumped from £61.7m to £80.7m, while a loss of £1.25m was turned into a pre-tax profit of £2.72m. Gear4Music was helped by smaller rivals going out of business. This helped grow revenues and also enabled the retailer to pick up stock at attractive prices that boosted margins. Net debt was £16m at the end of September 2025 as cash generated was invested in stock. There is an upgrade to full year pre-tax profit from £5.5m to £6.7m.
Bigblu Broadband (BBB) is in talks with the buyer of Skymesh about the post-acquisition performance of the business and whether there is going to be any deferred consideration. Bigblu Broadband may have to compensate the buyer for debtors that have not been collected. Bigblu Broadband plans to ask for shareholder permission to leave AIM at a general meeting on 8 December. It could leave on 18 December. Management will seek to realise value form the remaining assets.
Floorcoverings distributor Likewise (LIKE) has reported 8.9% growth in revenues in the first ten months of the year. Zeus raised expectations for 2025 revenues, but the pre-tax profit forecast has been cut. Higher than expected cost increase have led to a one-quarter reduction in the 2025 pre-tax profit forecast to £3m. Capital investment will increase annual capacity to £250m.
Whisky supplier Artisanal Spirits Company (ART) has been hit by the US government shutdown, having already been hampered by tariffs. It is taking more than six weeks to gain approval from the US authorities for new product labels. This means that $3.2m of shipments will not clear customs this year. This will reduce EBITDA by £2m. The US strategy is being changed and the contract with the current distributor will end in March 2026. There will be a stock provision of more than £1.5m. Full year underlying revenues ae expected to be flat, excluding the one-offs.
Battery technology developer Ilika (IKA) says interim revenues will be £600,000 and are mainly from grants. Initial Stereax battery deliveries could be before the end of 2025 with commercial revenues possible in this financial year. The interims will be published on 22 January 2025.
Northern Bear (NTBR) interims exceeded expectations. The building services provider increased revenues from £37.6m to £49.4m, while pre-tax profit jumped from £1.54m to £4m. The pre-tax profit included a £1.3m one-off gain. Underlying full year pre-tax profit has been upgraded to £3.9m.
Empyrean Energy (EME) says Conrad Asia Energy has signed an agreement with PT Nations Natuna Barat for farming into the Mako gas field in the Duyung production sharing contract and the new partner will pay 100% of project development costs for a 75% non-operated participating interest in the Duyung PSC. The deal could be completed by the third quarter of 2026. Empyrean Energy is in dispute with Conrad Asia Energy about its interest in the Duyung PSC.
Industrial equipment distributor HC Slingsby (SLNG) is asking for shareholder approval to leave AIM. The shares are illiquid and the cost of being on AIM adds to the company’s loss, which was £237,000 in the nine months to September 2025. Net debt was £340,000. There is already support from shareholders owning 73.2% of the shares. HC Slingsby transferred from the Main Market to AIM on 24 May 2005. It has been on the London Stock Exchange for many decades. The cancellation could be on 23 December. No matched bargain facility is planned.
Defence consultancy RC Fornax (RCFX) raised £2.25m in a placing at 6p/share and raised £70,000 out of the £500,000 retail offer. The cash will fund development of the Procure X Marketplace to connect small companies with defence buyers and provide working capital. Directors and management are investing £156,800 in new shares. This includes Paul Reeves and Daniel Clark who raised £1m in the flotation back in February, when the company raised £5.2m at 32.5p/share. Cavendish has increased its 2025-26 forecast loss to £2m and expects a lower loss next year.
Great Western Mining Corporation (GWMO) has completed 6,158 feet of drilling at the West Huntoon copper project and the Rhyolite Dome prospect. This includes an extra hole at West Huntoon. Assay results are expected within eight weeks. Exploration is being accelerated at other sites.
Sabien Technology (SNT) says Korea-based partner City Oil Field has commissioned its first regenerated green oil production plant. The partnership is being progressed to a strategic agreement. Sabien Technology will acquire a 1.12% stake in City Oil Field for £600,000 in shares, and the UK sales agreement has been extended for ten years and will be expanded to other countries. There will also be a deal to sell products from the new plant. City Oil Field will own 15.9% of Sabien Technology.
Litigation finance provider Manolete Partners (MANO) says interim figures were hit by slower than expected revenues and cash generation, partly due to the lower average settlement values. There have also been delays in collecting money owed. Settlement values have increased in the second half, and it should be a stronger period. Even so, Canaccord Genuity has cut its 2025-26 pre-tax profit estimate from £2.8m to £1.5m.
Circulating tumour cells diagnostic device developer CellBxHealth (CLBX) has entered a non-exclusive deal with QIAGEN Manchester, which will offer the Parsortix platform to its pharmaceutical customers alongside its own molecular analysis tools. There could be joint development of products combining technologies.
MAIN MARKET
US cybersecurity company Narf Industries (NARF) reported a 74% increase in interim revenues to $2.05m and the loss fell from $1.87m to $555,000. There was cash of $224,512 at the end of September 2025 and the chief executive loan has been extended.
Trading in New Frontier Minerals (NFM) shares has been halted on the ASX ahead of a fundraising. The company has entered a binding commercial framework with Metallium Ltd to create a “western heavy rare earth pathway for Harts Range raw ore that will target US magnetic and defence customers”. This is an exclusive processing contract lasting ten years. There are plans to produce concentrate samples for potential customers in 2026.
Nanoco (NANO) has agreed a $5m settlement with LG relating to the dispute over quantum dot technology. There have been $600,000 of costs incurred last year. An underlying pre-tax profit of £700,00 was reported for the year to July 2025. The cash position will be boosted to enable further investment in technology.
J Smart (SMJ) continues to lose money on construction activities, but revenues from investment properties and the valuation surplus rising from £994,000 to £5.82m, helped pre-tax profit rise from £2.37m to £5.11m. So, there was an overall loss before the valuation surplus. The total dividend is 3.25p/share.
Andrew Hore