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Quoted Micro 29 December 2025
AQUIS STOCK EXCHANGE
Technology developer Vault Ventures (VULT) is finalising a strategic partnership with an organisation involved in quantum, post-quantum and security-critical software systems. This will support development of revenue generating quantum products for regulated organisations. Priority areas have been identified, and the partnership should accelerate development. There should be no requirement for a share issue to fund the partnership.
The WeShop share price fell back to $111.85, although volumes remain low. Even so, shares in both Aquis-quoted investors gained during the week. WeCap (WCAP) shares rose 8.11% to 2p and Hot Rocks Investments (HRIP) shares increased 3.08% to 1.675p.
Ajax Resources (AJAX) has signed a conditional option to acquire the Rachaite silver, lead, zinc and copper/gold prospect in Argentina. The prospect was previously owned by former AIM company Alexander Mining and its drilling confirmed mineralisation. The potential purchase price is $20,000 in shares or the option and $380,000 in cash when exercised. Ajax Resources also has to invest $200,000 in exploration over three years. A 1% net smelter royalty will be retained by the seller, and this can be purchased for $250,000 minus royalty payments made.
Mendell Helium (MDH) says costs were swelled by preparations for a move to AIM when the option to acquire M3 Helium is exercised. There was a cash outflow from operations of £1.1m in the six months to September 2025.
EDX Medical (EDX) chief executive Dr Michael Hudson bought 28,526 shares at 10.57p each.
SulNOx Group (SNOX) says 1.45 million warrants were exercised by existing shareholders at 29p each, raising £420,000. Constantine Logothetis now holds 27.75% and Nistadgruppen AS has 13.85%.
The Smarter Web Company (SWC) has agreed a new subscription agreement for a further 50 million shares and the existing 13.24 million shares not subscribed for from the previous agreement. Up to 25% of the trading volume in one week can be issued.
Valereium (VLRM) is talking to a potential new corporate adviser. It will soon be listing the WAGEEN Token (WAG1) on licenced tokenisation venue for real-world assets VLRM Markets. The token will be issued by Wageen Corp, which is building an integrated ecosystem combining terrestrial, air, and maritime transport services into one platform. This could generate revenues of $600,000 for Valereum.
Coinsilium Group (COIN) plans a comprehensive update on strategy in the New Year. Portfolio company Otomato Web3 Agent Protocol has secured a $2m investment from a UK technology company.
Oscillate (SRVL) has completed the first exploration programme on its licence in the Kalahari copper belt. The results will be available in the first quarter of 2026.
TechFinancials (TCH) has received the £250,000 raised in September at 0.25p/share. This will help fund the development of the 25%-owned Dilotiko iron ore operations in Kenya. There is an option to acquire up to 60% of Dilotiko. The company’s name will be changed to Ubunto Mining and Metals Inc.
B HODL (HODL) has approved a Strategic Bitcoin-Backed Loan Framework using CoinCorner’s product as part of its treasury management activities. CoinCorner is a shareholder in B HODL. The cash will finance Bitcoin purchases.
Oberon Investments (OBE) raised £625,000 at 3.7p/share.
Property investor Ace Liberty and Stone (ALSP) chairman Dr. Antonios Ghorayeb bought 36,000 shares at 25p each, taking his stake to 0.94%.
Amazing AI (AAI) is changing its year end from June to December. The next accounts will be for 18 months to December 2025.
JP JENKINS
Energy generator OPG Ventures (OPG) left AIM and joined JP Jenkins on 23 December. The India-focused company operates coal-fired power plants.
Medical imaging technology developer Polarean Imaging (POLX) left AIM and joined JP Jenkins on 23 December.
Gosport-based brewer and bars operator Powder Monkey (PMGL) has bought County Durham-based Maxim Brewery, which was formed after the closure of Vaux Breweries in 1999. A share subscription is planned.
AIM
Oil and gas company Sintana Energy Inc (SEI) completed the acquisition of Challenger Energy in early December and joined AIM on 23 December.
Indus Gas (INDI) is proposing to shareholders that it should leave AIM. A general meeting will be held on 8 January. There is a limited free float, and it has been difficult to raise funds or use shares for acquisitions. Gynia Holdings owns 82.7%. Interim figures show an improved pre-tax profit of $1.93m, up from $1.24m. Indus Gas is awaiting a production sharing contract extension so a new gas sale and purchase agreement can be signed.
Pipehawk (PIP) is selling Utsi Electronics to Hong Kong company Leidi Global Supply for £1m. A £25,000 deposit has been paid. This subsidiary lost £464,000 last year. Stripping that out, Pipehawk would have made a pre-tax profit of £154,000. This leaves utility infrastructure detection company Adien and rail-focused Thomson Engineering Design.
Professional services provider Christie Group (CTG) is selling visitor attraction software business Vennersys for an initial £500,000 in cash. There is also up to £900,000 of retained consideration subject to performance conditions. The sale should be completed by the end of January. Vennersys is loss making and the disposal could add around £500,000 to 2026 pre-tax profit – £2.8m is the current forecast.
Mobile Streams (MOS) shares returned from suspension down 62.6% to 0.23p following publication of an admission document and results for the year to June 2025. June 2025. The company, which is changing its name to Gana Media Group, is acquiring the shares it does not own in two Mexican sports betting and media companies. It already owns 28.7% to Estadio Gana, plus convertible loan stock, and 22.5% of Capital Media Sports. Buying the rest of Estadio Gana will cost £31.9m in shares at 0.625p each, while 584.2 million shares a 0.495p each will be issued for Capital Media Sports. Investment in existing Mexican operations enabled full year revenues to rise from £436,000 to £1.41m. Net cash was £1.52m at the end of June 2025 and by the end of September available cash was £991,000.
Store closures and exiting Boots meant that Mothercare (MTC) interim revenues fell by one-quarter to £90.7m. Like-for-like revenues were 6% lower. The pre-tax loss declined from £1.4m to £1.1m due to lower interest charges. The new South Asia joint venture made a positive contribution. Net debt was reduced from £17.1m to £5.8m. Chairman Clive Whiley has bought 42 million shares in Mothercare at 1p each taking his stake to 8.87%, while finance director Andy Cook bought 5 million shares at 1p each. Robert Quested reduced his stake from 9.39% to 1.05%.
Vast Resources (VAST) has announced the proposed acquisition of Gulf International Minerals in an all share deal and trading in the shares has been suspended. Gulf International Minerals is an explorer focused on Tajikistan. It has a joint venture with the Ministry of Industry and New Technologies in Tajikistan covering four gold mining operations and a central processing plant. Of these, Aprelevka produces 10,4000 ounces of gold and 80,000 ounces of silver each year and Vast has been managing the operation in return for 10% of earnings after tax. A placing will raise £7.5m and this will help to fund a JORC compliant resource estimate.
Quicklime producer and critical metals explorer Firering Strategic Minerals (FRG) has raised £860,000 at 1.25p/share. The $1m Ricca debt has also been settled. The cash will fund further development of the Limeco project in Zambia. This investment will help to increase revenues.
Synthetic binders developer Aptamer (APTA) has signed a licensing agreement with Alphazyme, a Maravai LifeSciences company that supplies speciality enzymes to the life sciences sector. The non-exclusive deal is for a developed Optimer® for use in hot-start PCR applications – when the enzyme switches on when heated. The original development deal was signed in June 2024, and another development project has recently completed.
Pantheon Resources (PANR) is suspending flow testing at the Duhle-1 well in order to save costs of around $150,000/day in the winter period. Costs will be lower in the spring. Results have been disappointing so far. The company will analyse data and assess opportunities in other parts of its oil and gas portfolio in Alaska. There is $27.2m in the bank. Zeus has cut its total risked NAV from 73p/share to 53p/share. Michael Spencer’s stake reduced from 8.19% to 7.59%.
Premier African Minerals (PREM) says it has been issued with a writ of execution of movable property at the Zulu project by a creditor seeking $2.2m. Discussions continue with the creditor, which is JR Goddard Contracting.
Alliance Lithium (ALL) has revised and resubmitted its mining licence application for the Ewoyaa lithium project in Ghana. The royalty rate will be between 5% and 12% depending on the spodumene price. Canaccord Genuity assumes 10% in its forecasts suggesting a price between $2,501/tonne and $3,000/tonne, but the price is currently lower. The new lease requires government ratification.
Litigation Capital Management (LIT) has to meet the costs of a failed claim in Queensland against Stanwell Corporation and CS Energy. Each company will receive A$16.2m. This partly covered by insurance, but the company still has to pay A$12.9m. An appeal has been filed and should be heard in March and there may also be an appeal against the costs award. The strategic review of operations is ongoing.
MAIN MARKET
Cash shell daVictus (DVT) had cash of £112.000 at the end of 2024. These annual figures were released just before the end of 2025.
Andrew Hore
Quoted Micro 22 December 2025
AQUIS STOCK EXCHANGE
Vault Ventures (VULT) has raised £555,000 at 1p/share. This will be invested in technology. The Vault Accelerator for blockchain and AI development and income generation is in the final stages of implementation.
Mendell Helium (MDH) says that the flow rate for the Rost 1-26 well in Fort Dodge, Kansas has more than doubled to 250Mcf of helium per day, which equates to $1.4m in income in one year. There are discussions with potential partners for additional wells.
SulNOx Group (SNOX) has been granted a patent in Australia. It covers a range of formulation versions which includes both the Berol® 6446 Heavy Sulphur Fuel Oils (HSFO) emulsifiers and Sulnox Eco™ Fuel Conditioners which enhance all diesel, petrol/gasoline and biofuels, and marine fuels.
DXS International (DXSP) was hit by a cyber incident on 14 December. This should net have a material effect on the full year figures.
B HODL (HODL) has joined the US OTCQB Venture Market under the code BHODF.
Ananda Developments (ANA) is pleased with the US Presidential executive order to reschedule cannabis in the USA from Schedule 1 to Schedule 3 under the Controlled Substances Act. This recognises the benefit of medicinal cannabis. This will make it more straightforward to gain FDA approval and potentially make it easier to raise money. Trading in Ananda Developments shares ends on 22 December.
Mark Horrocks has reduced his stake in Lift Global Ventures (LFT) from 19.96% to 17.9%.
The Smarter Web Company (SWC) has not raised any cash from share subscriptions in the past two weeks, which takes it to four weeks since any subscriptions.
Ajax Resources (AJAX) completed a share issue raising £1.2m at 5.5p each and creditors have converted £110,000 of money owed into shares at the same price. Total cash is £2.6m.
First Sentinel has resigned as corporate adviser to Valereum (VLRM) and trading in the shares The company is still trying to complete the transaction with Quorium Global Photonics SPC. The share price fell 7.41% to 12.5p prior to suspension.
EDX Medical (EDX) is commercially launching a new BC95 testing service for early detection of bowel cancer as well as providing assessments of hereditary risks. Interim revenues increased from £18,000 to £173,000, while the loss increased from £1.7m to £2.3m. Cash was £125,000 at the end of September 2025.
Phoenix Digital Assets (PNIX) is redomiciling to Gibraltar. This is due to the regulatory environment and crypto advisory infrastructure.
RootstockLabs Ltd has reduced its stake in Coinsilium (COIN) from 6.69% to 5.32%.
Oscillate (SRVL) has issued an unsecured convertible to raise $400,000. This is equal to the amount to be received for the sale of helium operations. That will be received over 5 months, and the loan note will provide cash in the meantime. It lasts five months and the annual interest rate I 15%. It can be converted into shares if the company moves to AIM.
Connecting Excellence (XCE) has bought 8.12682413 Bitcoin for £560,000, taking the holding to 24.77668182 Bitcoin at a total cost of £1.71m. The next update will be on 5 January.
Oberon Investments (OBE) published increased interim revenues rose 14% to £5.4m with the fastest growth from investment management. Investment in growing the business means that the loss increased from £1.24m to £2.39m. Management believes that like-for-like growth could be 30% this year.
In the six months to September 2025, business assurance provider Adsure Services (ADS) revenue dipped from £5.06m to £4.89m, and pre-tax profit edged down from £330,000 to £310,000. Management says the decline was down to timing issues. Cash was £610,000.
The Smarter Web Company (SWC) has not raised any cash from share subscriptions in the past two weeks, which takes it to four weeks since any subscriptions.
Property investor Ace Liberty and Stone (ALSP) chairman Dr. Antonios Ghorayeb bought 200,000 shares ag 60p each, taking his stake to 0.89%.
JP JENKINS
Bitcoin mining company Argo Blockchain (ARB) has exited the Main Market and joined JP Jenkins on 15 December.
Bigblu Broadband (BBB) has left AIM and joined JP Jenkins on 18 December.
Powder Monkey (PMGL) has appointed Jon Radford as managing director of the UK brewing operations.
ASSET MATCH
Greenshields Agri Holdings (GAH) improved revenues from £3.95m to £4.27m, while there was a swing from loss to a pre-tax profit of £3.12m. However, this was due to a £4m gain on disposals. Cash generated from operations increased from £340,000 to £1.65m because of a reduction in working capital. Net cash is £1.3m.
Shareholders in Gulfsands Petroleum (GPX) agreed to the capital reorganisation
AIM
Technology enabled PR company Pathos Communications (NEWS) raised £5m at 30p/share ahead of joining AIM on 15 December. Management plans to invest in staff, marketing and technology. The share price ended the week at 32.5p.
Music management company All Things Considered (ATC) switched from Aquis to AIM and raised £8.6m at 125p/share. The share price ended the week at 131.5p.
Kettle components supplier Strix (KETL) is transforming its balance sheet through the £110m sale of Billi, which supplies multifunctional taps, to a private equity-backed Australian bidder. Billi was acquired three years ago for £38m, although Strix has invested in the business since then. Billi has been a growing contributor to the group at a time when other parts of the business have found trading conditions difficult. There are plans for a manufacturing and development agreement. Shareholder approval is required so the sale will not be completed until early next year. Strix will move to a net cash position and a £10m share buyback is planned. The sale equates to 47.8p/share.
The Zimbabwe government has revised its changes to mining royalties and that is good news for Caledonia Mining Corporation (CMCL). The proposed royalty rate of 10% will only come into effect when the gold price exceeds $5,000/ounce, rather than $2,500/ounce. Changes to tax have been withdrawn. The rise in the gold price means that the payback on investment in the Bilboes project could be less than one year. Cavendish has raised its 2025 pe-tax forecast to $131.3m with $163.8m expected in 2026.
The new strategy of Naked Wines (WINE) is already showing signs of paying off and Panmure Liberum has upgraded expectations due to strong pre-Christmas trading. The wines supplier expects full year EBITDA to be at the top of guidance of £5.5m to £7.5m. Panmure Liberum forecasts £7.2m, up from £6.2m. Pre-tax profit of £800,000 is estimated when previously a small loss was expected.
Mkango Resources (MKA) joint venture HyProMag USA, a rare earth recycling and processing business, has expanded the Texas hub facility and is planning a listing in the US in around one year’s time. The NPV of the Texas project and two other sites is $409m based on current market prices. The figure is much higher based on forecast prices. Up front capital costs are $142m.
Chariot (CHAR) has completed a financing for two wind projects in South Africa. The funding is via a subsidiary, and the wind farms should be commissioned in mid-2027. Chariot retains 65% of the subsidiary and Mahlako is paying $17m for 35%. Chariot’s stake is valued at 2p/share. This is the start of the strategy to build up a portfolio of renewable energy assets. The water business, which primarily held the proof-of-concept desalination project in Djibouti, has been sold.
Scotland-based housebuilder Springfield Properties (SPR) has secured a deal with Scottish and Southern Electricity Networks which covers 293 homes across six sites. This will provide income from rentals to help cover building costs on the sites. This deal is part of the new strategy in the north of Scotland, where home will be leased to workers improving the electricity transmission infrastructure.
Bars operator The Revel Collective (TRC) is in discussions with potential acquirors of its businesses and they would not lead to any return for shareholders. There is no likelihood of raising money through a share issue. Trading in the shares will be suspended on 29 December because the 2024-25 annual report will not be published by the end of the year.
Offshore energy market services provider Tekmar Group (TGP) has won a contract with an existing customer worth €8m. This for a major UK offshore wind farm. Revenues should be recognised this year and next year.
Quantum Helium (QHE) says an independent resource report has been published and the best estimate for the Coyote Wash project in Colorado is 0.97bcf of gross recoverable helium. This takes the gross recoverable resource of the company’s projects to 1.1bcf, which have a gross value of $330m. There are also potential oil resources of up to 750,000 barrels. The company also has a 90% working interest in the Sagebrush helium project which has 2U helium reserves of 101MMscf net.
Gaming machines hardware and displays supplier Nexteq (NXQ) has traded in line with expectations in 2025, but management is cautious about next year. A small dip in revenues from $85.5m to $85m in 2026. This has been downgraded from $94.1m because the largest gaming customer has been acquired and the product range rationalised faster than anticipated.
Groundworks company Van Elle (VANL) completed the sale of the Canadian rail business. This raised C$2.7m with a deferred payment of C$2m to be paid during 2026. The total is equivalent to £2.5m but subject to balance sheet adjustments. Meanwhile, revenues of the continuing business rose 12% in the first half.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) investee company ICEYE along with its joint venture partner Rheinmetall has secured a €1.7bn contract for space-based reconnaissance capabilities for the German Armed Forces. This involves a dedicated synthetic aperture radar (SAR) satellite constellation with AI driven image evaluation. The contract starts at the end of 2025 and lasts for five years. ICEYE recently raised €150m in a financing round, which valued the company at €2.4bn. ICEYE is by far the largest investment at just over one-third of the portfolio. The latest contract indicates the maturity of the business and ICEYE could consider a listing in the future. At the end of September 2025, the Seraphim Space IT NAV was £283.6m, which is equivalent to 119.55p/share.
Cash shell Medcaw Investments (MCI) is proposing to acquire Ulvestone, which holds licences for the Eagle Lake gold project in Ontario, Canada, plus a move to AIM.
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
Quoted Micro 26 May 2025
AQUIS STOCK EXCHANGE
Arbuthnot Banking Group (ARBB) stated at the AGM that trading was in line with expectations in the first four months of the year. Activity is showing signs of picking up. There were loan and lease assts of £2.36bn at the end of April 2025. Deposits rose 3% to £4.26bn. There was an annualised 17% increase in assets under management in the wealth management division. Shore Capital forecasts a dip in full year pre-tax profit from £35.1m to £28.5m. That assumes a further 0.25 of a percentage point cut in interest rates.
Dermatology treatments developer Incanthera (INC) is finalising an agreement with a global direct to consumer and it will launch the Skin + CELL product range in return for royalties on sales. There are 100,000 units in stock ready for sale, and they should be sold by March 2026. This will improve gross margins and provide positive cash flow.
Valereum (VLRM) is investing $1.35m in DigiShares in four tranches up until July. DigiShares owns a real estate tokenisation platform called RealEstate Exchange.
Smarter Web Company (SWC) has raised a further £6.83m at 49p/share. It has purchased a further 39.51 Bitcoin for £3.13m. The total holding is 58.71 Bitcoin at a total cost of £4.54m. The additional funds will be used to buy more Bitcoin.
Coinsilium Group Ltd (COIN) subsidiary Forza! will be transferred an initial 15 Bitcoin. Coinsilium will announce purchase of Bitcoin by Forza! Institutional investors are interested in investing in Forza! There was £250,000 raised in a retail offer by Coinsilium at 3p/share.
Aquis Stock Exchange has enforced £15,000 of the suspended fine of £165,000 because of the delay by TruSpine Technologies (TSP) in announcing the issue of new shares in March. Axis MedTech has subscribed £49,500 for shares at 1.5p each, as well as acquiring £136,573 of convertible loan notes from Geoff Miller
Global Connectivity (GCON) says that the value of its 2.8% stake in Rural Broadband Services has fallen to £3.9m, which is equivalent to 1.3p/share.
Mendell Heloum (MDH) has an option to acquire M3 Helium, which is continuing work on the Rost 1-26 well recompletion project.
Gledhow Investments (GDH) has acquired a portfolio of quoted and unquoted shares for 9.95 million shares and £398,900 in 5% convertible loan notes, which are convertible at 0.425p/share. If they are convertible P3 Capital would own 45.3% of Gledhow Investments, while P4 Capital would own 15.3%. The £441,000 investment will increase the scale of the total portfolio.
Watchstone Group (WTG) has decided to end all legal proceedings and return any remaining cash to shareholders following a departure from Aquis. Net assets were £1.25m at the end of 2024.
Res Privata NV has raised its stake in WeCap (WCAP) from 11.3% to 13.6%, while Peel Hunt has a higher shareholding of 19%.
Newbury Racecourse (NYR) director James Richardson bought 2,878 shares a 625p each and his total shareholding is 5,515 shares.
Time to Act (TTA) raised £274,000 at 40p/share and converted £61,000 of loans into shares. Puma AIM VCT has a 3.38% stake.
Walls and Futures RIT (WAFR) is holding a general meeting on 19 June. The resolutions include the company’s proposal to leave the Aquis Stock Exchange and the requisitioners proposals to remove two directors and appoint a new one.
Tin and copper explorer Tamar Minerals (TMR) has agreed a £150,000 loan from Godolphin Minerals, which is owned by the Tamar Minerals chief executive and two of its major shareholders. The loan is repayable on 21 May 2026 and the interest charge is 12%.
Heart failure medicines developer Cardiogeni (CGNI) raised £650,000 at 17.3p/share. Amazing AI (AAI) has raised £37,775aat 0.5p/share from existing shareholders
Kasei Digital Assets (KASH) directors Jai Patel and Brian Coyne each bought 83,333 shares at 6.75p each.
SulNOx Group (SNOX) has issued 935,362 shares to EPS Ventures, which relates to the amount of Sulnox Evo purchased.
Supersearch Plus (SSP) is changing its year end from June to December.
JP JENKINS
Powder Monkey (PMGL) has acquired Durham-based Castle Eden Brewery, which has focused on contract brewing. There are plans to brew Powder Monkey brands and to resurrect the Castle Eden brand.
Renewable energy investment company Thrive Renewables (THRV) reported a decline in 2024 revenues from £29m to £25.9m and operating profit fell from £13.6m to £11.3m. A final dividend of 12p/share has been declared. There are plans to buy back 161,628 shares. Thrive operates 24 wind, solar and hydro projects and is crowdfunding for other projects.
AIM
Xeros Technology (XSG) offset a decline in 2025 revenues with cost savings, so the loss was reduced from £4.8m to £4.5m. Revenues have been modest, but that could change this year with £2.5m forecast. Existing contacts should start to generate income later in the year. Russel Hobbs will launch the XF3 filter than can be attached to existing washing machines. A strategic partnership has been secured with Donlim, which will supply the filter to Russell Hobbs. Management is hopeful of gaining at least one major manufacturer for its integrated filter this year that could lead to commercialisation in 2026. Net cash of £2.8m should be enough for this year.
A prospectus has been lodged by Greatland Gold (GGP) for the flotation of its new holding company Greatland Resources on ASX. There are plans to raise £24.2m, while Newmont Corporation is selling 50% of its shareholding. The new company will also be admitted to AIM, and there will be a UK retail offer to raise up to £6.7m. This will close on 17 June.
Telecoms testing equipment supplier Calnex Solutions (CLX) returned to profit in the year to March 2025 as revenues recovered from £16.3m to £18.4m. New product launches helped, as did greater focus on newer markets such as defence and cloud computing. There was a strong fourth quarter and net cash improved from £10.9m at the end of March 2025 to £12.7m at the end of April 2025. The order book has increased, and Cavendish forecasts an improvement in pre-tax profit from £700,000 to £800,000 this year. That is still well below peak profitability.
Artisinal Spirits Company (ART) says revenues grew in double digits in the first four months of 2025 even though the US and China markets remain tough. The growth is coming from bottled whisky sales in Europe and cask sales. The US importing model is being changed. Full year revenues are forecast to grow by 10% to £26m.
Revolution Beauty Group (REVB) has received a preliminary bid approach, and a formal sale process has begun. The cosmetics supplier requires more funding, and it is still talking to key shareholders.
telecoms enterprise software provider Cerillion (CER) had flagged a weaker first half and management remains positive about growth in full year revenues with a new contract helping to meet the target. In the six months to March 2025, revenues dipped from £22.5m to £20.9m. The mix of revenues was different with lower software income due to fewer renewals and higher services revenues. Pre-tax profit fell from £10.5m to £9.3m. R&D spending was increased. Net cash still improved from £26.6m to £31.2m over the 12-month period. The dividend has been raised by one-fifth to 4.8p/share.
Chain manufacturer Renold (RNO) has received two bid offers one is 77p/share in cash from Webster Industries and the other is 81p/share in cash from a consortium comprising Buckthorn Partners LLP and One Equity Partners IX, L.P.
Executive search firm Norman Broadbent (LON: NBB) revealed at its AGM that second quarter trading is materially ahead of the same period last year. Recent appointments are helping to enhance growth, and the company is moving into the Middle East market. This should ensure a return to profit this year. The £96,000 CBILs loan has been repaid. Shareholders approved the 35-for-one share consolidation.
Aquaculture company Benchmark (BMK) is asking for shareholder approval to leave AIM and Euronext Growth Oslo. There should be annual savings of £2.4m and there should also be overhead savings of £5.6m following the sale of the genetics business. Benchmark is launching a tender offer at 25p/share. The total amount of cash available through the tender is £56.7m out of the current net cash of £117m.
Composite kits supplier Velocity Composites (VEL) has been hit by delays to projects and Canaccord Genuity has reduced 2024-25 revenues by 15% to £23m and then means a loss instead of breakeven. This is despite the fact that margins are better than expected. Net cash will fall to £700,000 on that basis. Next year’s pre-tax profit forecast has been cut from £500,000 to £300,000. There have been problems with the ramp up of A350 production and final qualification sign-off of kits in the US has been delayed. The US base will offset any problems with tariffs.
Ascent Resources (AST) is acquiring a 49% interest in oil and gas leases in Colorado operated by Locin Oil Corporation and a 10% in oil and gas leases in Utah operated by ARB Energy. US-based geologist David Patterson will take over as chief executive and there will be cost savings. The first purchase costs $2.5m, including shares at 0.5p each and a $1.9m convertible loan note. The second purchase costs $750,000 in shares. The deal includes rights to earn a 50% economic interest in incremental production from these leases. There is an option to acquire a further 23% interest in the leases. A fundraising will generate £1.35m at 0.5p/share with £224,000 used to pay back part of the RiverFort secured loan with $100,000 converted into shares at 0.7245p/share.
Drug developer Poolbeg Pharma (POLB) is raising £4m at 2.5p/share and could raise up to £100,000 from a retail offer. The cash will last into 2027. It will be spent on th POLB 001 phase 2a trial to “prevent cancer immunotherapy-induced Cytokine Release Syndrome, a severe, potentially life-threatening side effect of cancer immunotherapies”. Topline data is expected by the end of 2026. An Oral GLP-1 proof of concept trial for an obesity treatment.
Healthcare services provider Totally (TLY) is considering offers for subsidiaries. This is the only practical way to pay off liabilities. However, the proceeds may not be enough to meet all liabilities.
Energy assurance and optimisation services provider Inspired (INSE) has published a document rejecting the 68.5p/share offer by Regent Gas. The argument is that the offer undervalues the business, and it is not in the best interests of shareholders to take control of Inspired.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) grew first quarter revenues by 19% to £61m. Acquisitions and the electric vehicle charging operations are driving the improvement. US tariffs are likely to impact on £4m of last year’s revenues.
Foam manufacturer Zotefoams (ZTF) says revenues are 8% ahead so far this year. They reached £50.7m at the end of April 2025. Footwear remains a strong market and there was 24% growth in transport and smart technologies sales. Construction is a weaker market.
Fully listed natural resources company Ajax Resources (AJAX) is applying to join the Aquis Stock Exchange Growth Access market. This follows a planned acquisition of Minas La Escondida, which has two copper and gold licences near to the company’s Eureka mine in Argentina, which has previously been in production. There are plans to raise £1.5m at 4p/share. There is currently £650,000 in the bank.
Andrew Hore
Quoted Micro 17 March 2025
AQUIS STOCK EXCHANGE
All Things Considered (ATC) has raised its stake in Brighton venture Concorde 2 to 80% and acquired the remaining shares in bar services provider JTR Productions for £2.49m and 60% of Brighton venue Volks, which is close to Concorde 2, for £400,000. This broadens the range of music-related services that can be provided by All Things Considered. In 2024, Concorde 2 generated pre-tax profit of £240,000, while JTR Productions made pre-tax profit of £150,000. The initial interest was acquired through Joy Entertainment, previously McKeown Asset, last year.
Marula Mining (MARU) has made the first copper concentrate sales from the Kinusi copper mine in Tanzania. The payment of 90% of the initial estimated value will be made in the coming week. The rest will be paid when specifications for the concentrate have been met.
Invinity Energy Systems (IES) will supply a 10.8MWh of its ENDRIUM flow batteries in Hungary and a 0.9MWh VS3 battery to a US customer. Progress is being made with the LODES project in the UK and grant funding may be recognised this year. OFGEM has published a technical decision document on the long electricity duration storage cap and floor. This will be designed to attract investment, which should be good for Invinity Energy Systems.
Richmond Hill Resources (SHNJ) has signed a letter of intent with Three Mile Beach to acquire mineral exploration licences in Quebec. There is a 60-day exclusivity agreement. The Saint Sophie copper project is located in the Beauce. There have been historic mines and there are also high-grade discoveries.
Gledhow Investments (GDH) reported a reduction in NAV from £1.41m to £989,000 in the year to September 2024. That includes £150,000 in cash and subsequent disposals have increased cash to £220,000.
Oscillate (MUSH) became a hydrogen explorer during the year to November 2024. Net assets were £1.75m, including £1.59m in cash and £158,000 in short term investments.
Peel Hunt has a 13% stake in WeCap (WCAP). Virya Solutions Group has taken a 7.37% stake in ChallengerX (CXS), while Hub Affiliations owns 10%.
There was a 62.2% take up of the One Health Group (OHGR) open offer and it raised £300,000, taking the total fundraising to £7.8m. Trading on AIM will start on 20 March.
ASSET MATCH
Remote Services provider RA International Group (RAI) has joined Asset Match on 11 March. The facility is expected to operate for a minimum of 12 months.
JP JENKINS
Eresos Holdings (ERS) joined JP Jenkins on 11 March. Eresos, which is a village in Lesbos, makes CBD-based cosmetics and nutraceutical products using Greek botanical science. Chief executive Carl Jat was previously part of the management team of Claire’s Accessories and is founder of Wellverse. The accounts of Eresos Holdings, which was formed in March 2023, for the year to May 2024 have not been published on the Companies House website yet.
Gosport-based brewer Powder Monkey Group Ltd (PMGL) joined JP Jenkins on 13 March. The company has acquired a range of brewing brands and hospitality sites in the UK and Australia. Further international acquisitions are planned. NAV was £4.33m at the end of 2023, including £342,000 in cash. Former England rugby union player Steve Thompson is a director of subsidiary Power Monkey Brewing. The company also owns Australia-based Southern Highlands Brewing.
Edison has published research on Studio Stays Hotel Group (SSHG). The recent start-up plans to buy underperforming hotels and encourage a combination of short and long stays. In 2025-26, management believes revenues could be £4.3m, which is enough to be profitable.
AIM
Shares in cash shell Rosebank Industries (ROSE) returned from suspension after it ended discussions with Cerberus Capital about the potential acquisition of critical electrical distribution systems supplier Electrical Components International Inc (ECI). Rosebank Industries says that there was support for the deal from existing and potential new shareholders it has decided not to go ahead with the deal because of stockmarket volatility.
Cakes retailer Cake Box (CBOX) is buying Indian sweets maker Ambala Foods from the executors of the founder for £22m. This includes the freehold of the Ambala facility. Ambala is a profitable business and Cake Box has identified £1m of annual cost savings. This includes head office and distribution efficiencies. Ambala has its own outlets, and the sweets could be sold via Cake Box stores. There is also scope for increasing online sales. Cake Box raised £7m through a placing at 180p/share and a retail offer could raise up to £200,000 more. The rest of the purchase price will come from debt. Panmure Liberum believes the acquisition could add £1.1m to pre-tax profit in 2025-26. This will enhance earnings by 5%.
US-based government relations and public affairs services provider Public Policy Holding Company Inc (PPHC) continues to grow via a combination of organic and acquisitive growth. In 2024, revenues rose 11% to $149.6m with organic growth of 3%. Underlying pre-tax profit edged up to $34.3m. Net debt was $17.5m, but this will rise when the acquisition of TrailRunner is completed at the beginning of April. The dividend was cut from 14.3 cents/share to 9.4 cents/share to preserve cash. Last year, the company made its first UK acquisition and TrailRunner further increases exposure outside of the US. The latest deal is earnings enhancing and 2025 pre-tax profit is forecast to be $41.8m.
Hornby (HRN) is the latest company to want to leave AIM. Phoenix Asset Management investment company Castelnau owns 54.9% of the hobby products supplier and other shareholders take the total in favour to more than 70%, so the departure is almost certain to be approved at a general meeting. Liquidity is limited and annual costs of £400,000 will be saved. JP Jenkins will provide a matched bargain facility. There is also an exchange facility where Hornby shares can be swapped for shares in fully listed investment company Castelnau at the equivalent of 19.3p/share to retain an indirect interest in Hornby.
Respiratory treatments developer Synairgen (SNG) is asking for shareholder approval to leave AIM less than two months after TFG Asset Management subscribed £18m at 2p/share. A related fundraising did not reach the minimum to scale back the investment by TFG. The general meeting is on 28 March and the cancellation is expected on 9 April.
Concrete levelling equipment supplier Somero Enterprises (SOM) reported a decline in revenues and profit in 2024, but that masks an improved second half. In 2024, revenues fell from £120.7m to £109.2m, which is well below the 2022 figure of $133.6m. Pre-tax profit dipped from $34.5m to $25.4m and that led to a decline in the dividend to 16.9 cents/share, which is twice covered by earnings as is normal. The excess cash enabled an additional special dividend of 4.1 cents/share. Net cash was $29.5m at the end of 2024. There remains uncertainty in the core US market because of labour shortages and concerns about the economy and the possible effect of tariffs. A flat pre-tax profit is forecast for 2025.
Ground engineering contractor Van Elle (LON: VANL) says the Building Safety Act id delaying approvals of residential projects and there are also delays in the Canadian subsidiary’s rail work. The future of the Canadian business is being considered. The construction market remains difficult with residential particularly weak. Zeus has reduced its 2024-25 pre-tax profit forecast by one-third to £4m, while next year’s forecast has been reduced from £7.6m to £7m.
Surveillance technology developer Thruvision (THRU) says potential contracts have been delayed. This means expected 2024-25 revenues will be between £5m and £6m. The previous expectation was £9m. Cash should last until May and talks have commenced with potential acquirers or providers of additional cash.
Distil (DIS) shares have recovered some of the loss sustained following yesterday’s trading statement. The drinks brands owner expects to improve fourth quarter revenues by one-third, but full year revenue is expected to fall to 31% to £1.1m. Trading remains difficult. Management believes that the switch of UK distributor to Global Brands will help to return the business to growth. Costs are being reduced and strategic options assessed – but not including an offer for the company. There will be a need for more cash by September.
Developer of kinase inhibitors for autoimmune disease and cancer treatments Sareum (SAR) raised £1.07m at 1.25p/share. This follows the acquisition of the licence for SRA737, which targets cancer cell replication and DNA damage repair mechanisms, following its return to the CRT Pioneer Fund by a US biopharma company. The deal includes an increase in Sareum’s share of future revenues to a net 63.5%, from 27.5%. In the short-term, the ongoing costs will be limited to data storage and IP management.
SIMEC Atlantis Energy (SAE) has been awarded a capacity contract for the AW1 120MW BESS project at Uskmouth in Wales. It will receive £60/KWh for 15 years in return for a reliable source of electricity supply. This will help to secure funding for the project.
Kingswood Holdings (KWG) has received a bid offer of 7p/share from HSQ Investments, which already owns 68.4% of the wealth management firm and it is in talks to buy the 21% stake of KPI (Nominees). There is a lack of liquidity in the shares. Kingswood’s growth HSQ has also provided additional loans to Kingswood in the past year, taking gross debt to £90.7m. The Kingswood independent directors “would be minded to recommend” the potential offer.
Dekel Agri-Vision (DKL) says February crude palm oil production was 6% lower at 3,527 tonnes as better extraction rates only partially offset the reduced crop. Year-on-year sales volumes rose 28.5% because of the timing of sales. The average sales price was €950/tonne, which is well above the average price assumption of €775/tonne for 2025. Palm kernel oil production rose, and the average price jumped 54.4% compared with one year ago. Raw cashew nut purchasing has started, and production rates are increasing. Quarterly data will be published next month.
Savannah Energy (SAVE) has completed the acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria, which gives it 100% of the Stubb Creek oil and gas field. This produces 2,700 barrels of oil equivalent/day and there are plans to increase production. The Stubb Creek field petroleum mining lease lasts until 2043.
Empire Metals (EEE) has reported positive test results and delivered a product which assayed at 91.6% TiO2. Purification and product finishing steps have been optimised. There are limited levels of deleterious elements. Larger scale test work will be undertaken.
NWF (NWF) has acquired Northern Energy Oil, which distributes 42 million litres of oil annually from five sites in north east England. This will cost a total of £8.3m and increase NWF’s volumes by 6%. Last year’s revenues were £35.1m and underlying pre-tax profit was £700,000.
In the six months to December 2024, Optimer binders developer Aptamer (APTA) increased revenues from £298,000 to £653,000, while the loss was reduced from £1.9m to £1.2m. The cash outflow was £1.3m. Net cash is £1.95m. Fee for service revenues have risen and progress has also been made with programmes that could lead to licencing deals. Unilever is starting human skin trials for deodorant using Aptamer’s ingredient.
Electric Guitar (ELEG) proposes a company voluntary arrangement and a subscription to raise £300,000 at 0.24p/share, plus £55,000 from heavily discounted convertible loan notes. The nominal value of the shares will be reduced to 0.01p so that new shares can be issued. The business has been sold. Debts are currently nearly total £1.4m. The debts would be converted into 236.8 million shares. The CVA requires £115,000 of cash to be contributed from the subscription. The CVA has to be approved by creditors.
MAIN MARKET
Thalassa (THAL) has taken a 21.3% stake in AIM-quoted Newmark Security (NWT). It also has a 5.21% shareholding in US-based Encision Inc.
LMS Capital (LMS) plans a managed realisation of its assets because of the discount to NAV and lack of liquidity. An initial capital distribution is promised, but the realisation could take years.
First Tin (1SN) has been awarded two new exploration licences near its Taronga tin project in Australia.
BSF Enterprise (BSFA) is progressing the commercialisation of its lab-grown leather. Collaborations will help to assess potential opportunities. There is a separate subsidiary called Lab-grown Leather Ltd, which could attract outside investment.
Bitcoin miner Vinanz (BTC) is considering a dual listing on Nasdaq. The company is relatively small for a Nasdaq listing.
Pyx Resources (PYX) reported more than halved revenues of $11m in 2024. The loss was reduced from $10.5m to $4.1m. Net cash was $5m.
Georgina Exploration (GEX) says staff has returned to the EP513 Hussar helium and hydrogen prospect in Australia to complete the environmental study and heritage reports. The reports should be completed in May. This will enhance the future field development.
Andrew Hore