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Quoted Micro 20 July 2026
AQUIS STOCK EXCHANGE
Reveille Resources (REV) has submitted the Environmental Impact Assessment (EIA) for the Val Vedello uranium prospect in Lombardy. The review of this application should be completed within nine months. The Novazza EIA was submitted in April and the authorities have visited the site. The share price more than doubled after the first week of trading and there was some profit-taking which led to a decline of 30.4% to 8p. The issue price was 5p.
Skin treatments developer Incanthera (INC) has completed the acquisition of enielle assets and it is being integrated with the business. Laura Brogden is stepping up to the board as finance director and company secretary. Werner Burki has been appointed a non-executive director and Caroline Murray will become chair. The company intends to reduce costs with the board mainly getting paid via options until profitability is achieved.
Delta Gold Technologies (DGQ) says the sponsored research at The Pennsylvania State University and University of Toronto have been making progress. The former has filed three patents that confirm “gold nanoclusters are a genuinely distinct class of quantum material rather than an incremental improvement on existing approaches”. They have particular applications in computation, sensing, and communication. At the University of Toronto there are likely to be patent applications in 2027. This research uses work uses Molecular Beam Epitaxy to work with gold at an atomic level.
Ian Bagnall has taken a 3.21% stake in Ormonde Mining (ORM).
Ethry (ETHY) is refocusing its strategy from standalone battery storage to solar-led developments in response to grid connection reforms. Three solar sites are in development and there are negotiations over other sites. Quantum computing will no longer be a focus. A non-disclosure agreement has been signed for a US data centre project with a specialist provider and there are discussions with a second data centre provider in the UK. There are talks with strategic investor the Liechtenstein Trust Integrity Network over potential opportunities.
Investment company Mollyroe (MOY) has advanced a further £25,000 to Cascade Studio, which recently launched its AI platform for industry. The balance is £765,000.
Hydro Hotel Eastbourne (HYDP) reported interim revenues edged up from £2.13m to £2.18m, but the loss increased from £97,000 to £212,000. Net assets are £3.83m, including £2.14m in cash.
Roundhouse AI (ETHL) has sold all its 469.63246 Ethereum holding at an average price of $1,890.43 each. The related loan has been repaid. The remaining cash will be invested in AI operations.
Tamar Minerals (TMR) has appointed Dominic Claridge as chief executive.
Gowin New Energy (GWIN) is launching a real world asset tokenisation product for premium tea assets. Its tea trading subsidiary will buy the tea, which will be held in a warehouse. Approvals for a pilot are being sought from Bitfinex, which has a digital asset service provider licence in El Salvador.
AIM
Pawnbroker Ramsdens (RFX) has upgraded its pre-tax profit guidance to between £32m and £35m. This has sparked an increase in the bid by Nasdaq-listed pawnbroker FirstCash, which previously acquired H&T. The bid has been raised from 600p/share to 675p/share, plus 9p/share in retained dividends. The weight of gold purchased has fallen slightly in recent weeks, but sales to bullion dealers are higher than previously forecast. June was a record for pawnbroking and there was a World Cup boost for foreign currency volumes.
Building products supplier Alumasc (ALU) has suspended its new chief executive Pamela Bingham and it is investigating her professional conduct. She was appointed at the beginning of April 2026. The previous boss had run the company for decades. The divisions have experienced management. Alumasc says trading is broadly in line with expectations, although forecasts have been trimmed. Underlying pre-tax profit is expected to decline from £14m to £10m. Housebuilding products sales grew by 16%, but strong comparatives and delays to orders meant that water management sales fell.
Orcadian Energy (ORCA) has started the assessment phase for the development of the Earlham and Orwell gas fields on the P2680 licence. The preferred option is an offshore power station and carbon capture, with power used for an offshore data centre. The Earlham field has high levels of carbon dioxide means it is not good for sale via pipeline. A new company called Earlham Gigagrid will be formed for the project.
Infill Capital Partners says that it does not intend to make a bid for hostels operator Safestay (SSTY). The indicative bid could have valued the company at £40.9m. NAV was 22.21p/share at the end of 2025. Net debt was £18.6m.
Sustainable additives producer Itaconix (ITX) increased interim revenues 72% to $8.3m with dishwasher demand continuing to rise. Guidance for revenues has been raised from $13.3m to at least $14.8m. There was growth in North America and Europe. Gross margins are improving. This should be enough to breakeven and invest more. There is plenty of spare capacity to grow into and new products are being developed. Itaconix, which normally provides ingredients, will supply dish detergent tablets to a North American brand. They will be in the shops by the end of the year.
Phosphate producer Kropz (KRPZ) says its subsidiary that operates the Elandsfontein mine has agreed a $12.3m loan facility with Ubunto-Botho Investments. Mining volumes have been hampered by variability of the ore body. There have also been cost increases. In the quarter to June 2026, 95,956 tonnes of phosphate was produced, which was down 17% on the previous quarter. There was 94,000 tonnes in stock at the end of the period. This has increased working capital requirements.
Potentially AI (AGI) started trading on 13 July after the AI business reversed into Tiger Alpha. There was a ten-for-one share consolidation and £4.9m was raised at 5p/share. There are plans to launch three products in the second half of 2026.
Iodine producer Iofina (IOF) says first half production was 29% higher at 393 tons with growth accelerating in the second quarter. Production is higher than forecast. Guidance for the second half is 460-485 tons. IO#12 should be in production later this year. The iodine price remains above $70/ton.
Synthetic binders developer Aptamer Group (APTA) expects revenues to grow by one-quarter to £1.5m. This includes initial licence revenues. The sales pipeline is 55% higher at £4.8m, which includes repeat business, and the order book is worth £600,000.
There are signs of improvement in the US construction market and Cavendish has upgraded its forecast for concrete levelling equipment supplier Somero Enterprises (SOM). Delayed work is starting to commence. Revenues have been raised 5% to $90.6m and operating profit is 17% higher at $15.9m with the margin one percentage point higher than previously forecast. Share buybacks help to increase the 2026 earnings forecast from 18.6p/share to 22.3p/share.
Clean Power Hydrogen (CPH2) raised £500,000 from a retail offer at 1.5p/share and the conditional placing was increased, so the total fundraising is £7.3m. There is also a £750,000 convertible loan note raise from Hidrigin, which will become manufacturing partner.
MAIN MARKET
Newspaper and magazines distributor Smiths News (SNWS) continues to win new national contracts. These are with magazine distributors Frontline and Seymour. They account for three-fifths of the market. Again, these are existing clients where the company will take over national distribution. They will be fully up and running by 2030 when annualised revenues will be increased by £105m. They last until 2037.
New Frontier Minerals (NFM) says analysis of samples from the Mt Storm copper prospect show encouraging results with copper values ranging from 0.49% to 6.88%. High recoveries are anticipated.
Andrew Hore
Quoted Micro 22 June 2026
AQUIS STOCK EXCHANGE
Daniel Thwaites (THW) improved annual turnover 5% to £127m and earnings also rose 5% to 13.5p/share. Strong trading helped to offset the higher employment costs. Net debt was reduced to £67.7m at the end of March 2026. The total dividend has been raised from 3.5p/share to 3.75p/share. Growth in inns was much greater than in tenanted pubs. The main profit improvement was in the hotels and spas division. Early trading in the current financial year has not been as strong as last year, partly down to the weather.
Tomahawk Metals (TWHK) has completed due diligence on the Slovakian gold and antimony assets. Completion of the transaction should be in four to six weeks. The payment is five million shares issued in two tranches valued at 2p each. A further £100,000 is payable when the company moves to AIM.
Mollyroe (MOY) had cash of £113,000 at the end of 2025. There is an ongoing interest in AI-powered filmmaking platform developer Cascade Studio, which has been advanced £740,000.
Fenikso (FNK) had net assets of £22.9m at the end of 2025. The latest receipt of funds from Lekoil and Gas Investments is $971,881, leaving $31.4m owed.
B HODL (HODL) says its lightning service provider platform has achieved early demand for its liquidity services and this provides Bitcoin-denominated fee income. Management acknowledges that the Bitcoin price has been falling. It says that it has sufficient cash for its requirements.
Delta Gold Technologies (DGQ) has raised £143,000 through the exercise of warrants at 50p each. The quantum computing IP developer has renewed its research collaboration with the University of Toronto for a second year. A provisional patent has been filed.
Ajax Resources (AJAX) says Environmental Impact Assessment of the Macacha copper and silver project should be received in July. A tender process has begun for the proposed drilling campaign. This will be used to update the historical oxide Mineral Resource Estimate of 6.6 million tonnes grading 0.62% copper and 18 g/t silver. There are also additional prospective areas.
WeCap (WCAP) investee company WeShop has appointed Maria Weaver to help US expansion for the community-owned shopping platform. WeCap directly owns 806,022 class A shares and effectively owns a further 489,583 shares via its 23.5% stake in Community Social Investments. That is an effective stake of 11.8%.
Sterling Digital (ASIC) has raised £383,000 at 6p/share, which was a premium to the then share price. This will help to fund the energy-led Bitcoin mining infrastructure strategy.
New energy B (NRGB) director David Lenigas bought 100,000 shares at 13p each, taking his stake to 5.6%. Astrid Intelligence (ASTR) executive chairman Mark Creaser bought an initial 166.67 million shares and chief executive Siam Kidd also acquired 166.67 million shares all at 0.09p each.
Infinity Resource Group has taken a 6.6% stake in Marula Mining (MARU). RiverFort Global Capital has a 13% shareholding in Nomad Compute (NMD).
EPE Special Opportunities (EO.P) has recommenced share buybacks.
ASSET MATCH
Wadworth (WAD) has decided to suspend trading of A shares in Asset Match to move to the PISCES-based market operated by Asset Match. This ensures compliance and avoids disruption.
VP Fintech (VPF) investee company Valens Pay will be an official participant in the Circle Alliance Program. Circle issues USDC stablecoin. Valens Pay is developing a non-custodial digital asset payment ecosystem designed to enable individuals and businesses to hold, transfer, and utilize stablecoins.
AIM
Cinemas operator Everyman Media (EMAN) plans to leave AIM and shareholders will be asked to agree to the proposal at a general meeting. There is apparently backing from holders of two-thirds of the share capital. The board will initially hold discussions with key stakeholders before announcing the general meeting. Net debt was £22m at the end of 2025. There is no indication whether there will be a tender offer to shareholders who do not want to maintain their shareholding in a private company. Everyman Media has had a tough few years since Covid lockdowns, but there are signs of improvement. In the 21 weeks so far this year, revenues were 26.5% higher at £58.5m. Director Charles Dorfman continues to buy shares. He has acquired 227,000 shares at 35.89p each. This follows other purchases before and after the announcement. He owns 8.38%.
DBAY Advisers has acquired a 5.45% stake in capital machinery supplier Mpac (MPAC) following the disappointing results and downgrade. Richard Griffiths has a 3.74% interest. They obviously see value in Mpac at this level. Interim finance director Duncan Tyler has bought 4,000 shares at 233.6p each. Non-exec David Squires bought 10,000 shares at 249p each and 10,000 shares at 248p each.
Online retailer boohoo (DEBS) reported full year results in line with expectations. Cost reductions are going well, and the loss was reduced to £23.9m. Panmure Liberum raised its 2026-27 forecast revenues by 8% to £877m but kept the pre-tax profit forecast of £21.2m unchanged. Capex will be halved this year, helping to improve cash generation and nearly halve net debt to £47m at the end of February 2027. That is before a potential sale of the Burnley warehouse.
Quantum Helium (QHE) has confirmed helium-bearing gas, reservoir connectivity and commercial oil production following the Sagebrush-1 extended production test in Colorado. The company has a 90% working interest. Helium concentrations of 2.5% have been confirmed and there is an unexpected oil discovery that could produce up to 40 barrels per day.
University technology investor Frontier IP (FIPP) has raised £4m via a placing and subscription at 12p/share and a retail offer raised a further £400,000. There was £1.6m in the bank at the end of 2025. There are six core holdings in the portfolio and some of these may be nearing realisations. The cash will help to finance near-term opportunities. It will also help to fund development of the company’s new facility which will help to develop new investee companies. Annual overheads have been reduced to £2.5m. The NAV was 52.7p/share at the end of 2025.
Electricals retailer Marks Electrical (MRK) has been fined £1.2m, reduced to £700,00, by the CMA because of misleading presentation of optional paid services. There is also consumer redress of £600,000. New compliance measures are in place. This comes at a times when trading appears to be improving, although it is still tough. Full year revenues fell from £117.2m to £108.4m, and underlying pre-tax profit was £856,000.
Gift packaging and stationery supplier IG Design (IGR) returned to paying dividends and announced a share buyback programme. The latest figures have changed from US$ to pounds. Ongoing pre-tax profit fell from £14.9m to £8.6m. The decline was in the UK and Europe as IG Design sought to maintain market share. Net cash was £54.6m. The final dividend is 1p/share, and the plan is to pay dividends at least three times covered by earnings. The latest is covered seven times.
Offshore energy services provider Tekmar Group (TGP) improved interim revenues by 31% to £16.2m, and the loss was more than halved from £2.7m to £1.1m. Net debt was £3.6m at the end of March 2026. Activity is at record levels and capacity utilisation is increasing. Tekmar could get near breakeven in the year to September 2026.
Audio visual services provider MediaZest (MDZ) increased interim revenues from £1.91m to £2.67m and made a small underlying pre-tax profit. The reported pre-tax profit of £754,000 included a £546,000 gain on the write-off of interest on convertible loans and £198,000 gain on restructuring borrowings. Key projects are being rolled out. Full year revenues could reach £5m, up from £4.15m, and associated pre-tax profit of more than £250,000, compared with £103,000.
Driver monitoring technology company Seeing Machines (SEE) has agreed an expansion of an existing automotive programme. This extends the range of vehicles using the technology. There is an additional $31m that will be earned and production starts later in 2026. This follows the new contracts announced on Monday with two Japanese car manufacturers that are existing clients. Production starts in 2028 and the contracts will generate revenues of $11m.
Emmerson (EML) says that it has been granted a UK patent for its Khemisset multi-mineral process. This is designed for use on the Khemisset potash project in Morocco, but it could be used for other potash deposits. It halves water usage and increases recovery rates. Arbitration with the Moroccan government over the Khemisset project continues.
Neonatal ventilators supplier Inspiration Healthcare (IHC) increased full year revenues by 24% to £47.5m, helped by one-off exports. The company broke even following a loss of £3.1m in the previous year. The focus is own brand sales and the Mircel distribution contract is ending. That will hit revenues in 2026-27 along with expected lower exports after the one-off contract, and it means Inspiration Healthcare could return to loss. Underlying revenues should improve, though. Net debt could fall from £5.1m to £4.6m due to lower working capital.
MAIN MARKET
Nanoco (NANO) says that it would not have gained enough votes to gain approval to depart the Main Market. The general meeting was not held. It is engaging with shareholders.
Motor dealer Caffyns (CFYN) revenues dipped 2% to £270.7m and there was a move from profit to loss. The dividend is unchanged at 10p/share. Net debt is £7.3m. Costs are being reduced.
Quantum Data Energy (QDE) is considering its options after the resignation of Crowe as auditor. It believes that the reasons given were vague and it disputes them.
Andrew Hore
Quoted Micro 4 May 2026
AQUIS STOCK EXCHANGE
Audit and assurance services provider Adsure Services (ADS) is increasing customer numbers and market share in the housing sector and education has also been a strong market. Other markets have been weaker. Working capital was reduced.
Ajax Resources (AJAX) has made a £200,000 strategic investment in Reveille Resources, taking a 25% stake in the Italy-focused uranium explorer that wants to join Aquis. Reveille Resources has interests in the Novazza and Val Vedello uranium deposits. Ajax Resources is taking an option over the acquisition of Minerva Metals, which holds the Sebera exploration licence in Italy, which is targeting antimony, tungsten and gold. Ajax Resources is planning a listing on Euronext Growth Oslo.
Marula Mining (MARU) has been fined £55,000, reduced to £44,000 for early settlement by the Aquis Stock Exchange because of social media posts that provided information that had not been published as official announcements on the market. It also repeatedly failed to produce accounts on time and was slow in paying Aquis fees. Marula Mining is continuing talks with WEEE Centre over their potential collaboration on a lithium-ion battery recycling centre in Kenya. Final legal reviews of the agreement are near to completion and phase one of the operations should start by the end of the second quarter of 2026.
Inqo Investments (INQO) has opened the Pabidi Lodge in Uganda. This is an eco-luxury hospitality asset located in Uganda’s Budongo Forest, within the broader Murchison Falls National Park.
Mendell Helium (MDH) has exercised the option to acquire M3 Helium. Completion is expected in May and £5m is being raised at 4p/share. M3 Helium already has helium production and potential to increase this through drilling and building infrastructure. Dividends are possible in 2027.
WeCap (WCAP) investee company WeShop published 2025 results. It remains an early stage business and there is an initial rollout of the social commerce platform and beta testing of the WeShop app in the US. The company is recruiting in the US. WeShop processed transactions with a GMV of $140m. The WeShop share price drifted down to $8.80, although it has still risen by 50% over the past month.
Digital asset company Coinsilium (COIN) continues to make progress with advancing its operating model. Otomato has launched its application across web and mobile. There is increasing activity on the Yellow Network, and it is moving towards the launch of decentralised perpetual futures contracts trading.
Sulnox Group (SNOX) generated record annual revenues of £2.62m, with like-for-like fourth quarter revenues nearly doubled. Cash was £822,000 at the end of March 2026.
Visum Technologies has changed its name to Nomad Compute (NMD) to reflect its new strategic direction. The focus is modular edge AI compute infrastructure. A fundraising is planned. It has acquired Crowdtech AB, a technology development company, for £414,000. This is being paid for in the form of the shares in subsidiary C and C Gordon at book value.
Energy B (NRGB) had £6,000 in cash at the end of January 2026. Chairman Neil Ritson has subsequently provided a £50,000 loan facility and £30,000 has been drawn down.
B HODL (HODL) has bought one Bitcoin at £57,802.
S-Ventures (SVEN) has invested £200,000 in Hybrid Drones. Defence company MBDA is a fellow investor.
NYCE International (NYCE) has raised £50,000 at 17.5p/share.
Woodland Capital, where Hot Rocks Investments (HRIP) managing director Gavin Burnell is a significant shareholder, has acquired 1.85 million shares at 1.1p each, 855,259 shares at 1.35p each and one million shares at 1.45p share. This takes Gavin Burnell’s interest to 19.2%.
JP JENKINS
Hydrogen Capital Growth (HGEN), formerly HydrogenOne Capital Growth, has moved to JP Jenkins as part of the managed realisation of its portfolio of clean hydrogen and energy transition technology investments.
ASSET MATCH
Infection prevention IP developer Byotrol (BYOT) says 2025-26 sales were flat at £4.33m, although product sales were higher. The loss was higher. Cash was £457,000 at the end of March 2026. There is expected to be a positive EBITDA this year.
Greenshield Agri (GAH) had net assets of 160p/share at the end of 2025. The company has hedged all its requirement for fertiliser for 2026. Costs have been cut and crop prospects are good.
AIM
Cosmetics supplier Warpaint London (W7L) was hit by US tariffs and weak consumer confidence in 2025 and this continued into early 2026. Full year revenues edged up from £101.6m to £105m, but it would have been lower without the brands acquired last year. Gross margin improved, but pre-tax profit dipped from £24.6m to £19.2m. It could rebound to more than £20m this year, but it is still early in the year. This year will be more second half weighted with a much larger Christmas order from Walmart.
Iodine producer Iofina (IOF) reported better than expected figures for 2025. Revenues increased from $54.5m to $66.5m. Earnings jumped from 1.52 cents/share to 3.26 cents/share. A large plant will start production later this year leading to a big rise in production in 2027. More plants are in the pipeline. X-ray demand for iodine is keeping the price high and Canaccord is anticipating it staying above $70/tonne. This year earnings could reach 3.9 cents/share, and the 2027 figure has been upgraded to 6.3 cents/share.
Property technology company Built Cybernetics (BUC) moved into profit in 2025-26 and smart buildings revenues exceed architecture revenues for the first time. However, the master systems integrator business has been hit by poor demand, and the group could fall back into loss this year. Built Cybernetics has raised £570,000 at 1.5p/share.
A positive trading statement by IG Design (IGR) has led to upgrades for the year just ended and the current year. Ongoing gift wrap and stationery business is better than expected, although consumer confidence remains weak. In the year to March 2026, revenues were $292m, while the pre-tax profit estimate has been increased from $9.5m to $11.5m. This year’s pre-tax profit forecast has been raised from $12.3m to $14.3m, helped by an earnings enhancing acquisition in South Africa. Net cash is $72m before the £3.4m spent on the acquisition.
Professional services provider Christie Group (CTG) beat previously upgraded profit forecasts for 2025. Pre-tax profit jumped from £2.6m to £6m, helped by the sale of loss making operations, and the dividend was raised 56% to 3.5p/share. Additional hires will increase costs this year, so profit is forecast to fall to £4.6m.
Xeros Technology (XSG) 2025 results show a reduction in loss from £4.5m to £3.5m. The sustainable laundry technology developer expects a sharp rise in revenues this year, albeit from a low base. All three parts of the business should start to grow royalty revenues.
Sanderson Design (SDG) did well in North America last year and that helped to offset the weak UK market. Group revenues fell 1% to £99.5m, while underlying pre-tax profit improved from £4.4m to £5.3m, helped by a better performance by manufacturing. The dividend is unchanged at 1.5p/share. Net cash is £9.8m.
Digital content technology and direct carrier billing services provider Bango (BGO) is focusing on higher margin and subscription business. Subscriptions revenues were 22% ahead at $22.2m and annualised recurring revenues 30% higher at $18.2m. Net revenues retention was 117% last year, which indicates the growth in spending by existing customers. Overall group revenues for 2025 fell 2% to $52.2m. Adjusted EBITDA was 7% higher at $16.4m, which was more than the capitalised development spending of $13.6m. There were exceptional charges of $6.4m, which relate to the restructuring of the business and cost savings. Net debt was $9.2m at the end of 2025
Membrane-free electrolyser technology developer Clean Power Hydrogen (CPH2) has signed a memorandum of understanding with ABE Gruppe concerning a potential supply and installation of up to 175MW of capacity over ten years. ABE is a subsidiary of BKW a large Swiss infrastructure and energy services group, and it also has operations in Germany and other European countries. This would be a significant deal for Clean Power Hydrogen, and it would generate service revenues.
ProService Building Services Marketplace (PRO), formerly HSS Hire, says 2025-26 revenues from continuing operations is expected to be £248m, which is lower than forecast. That is due to a lower ramping up of the new arrangements with Speedy Hire and the weak construction market. The company is investing in further automation of its marketplace platform. Speedy Hire volumes are improving, and the deal should be earnings enhancing this year. Net debt was £27.2m at the end of March 2026 and the debt should be refinanced by August. Guidance for 2026-27 EBITDA is between £9m and £12m. Consensus was previously £19.6m.
Digital health company MedPal AI (MPAL) has acquired the Remedi Solutions pharmacy facility in Runcorn from administrators for £310,000. Historical annualised turnover was previously around £10m. MedPal has been operating the pharmacy ahead of approval for the transfer of ownership to the company.
Scancell (SCLP) has received FDA Fast Track designation for iSCIB1+ in advanced melanoma. Plans are being advanced for a phase 3 trial which could start in the second half of 2026. Progression free survival reached 77% at 20 months, which is 30 percentage points above standard care. Additional data is expected in the first half of 2027.
Shield Therapeutics (STX) generated revenues of $18m in the first quarter of 2026 with ACCRUFeR making $9.9m and a $7.9m milestone payment from China. The US sales continue to grow, but NY-Medicaid now requires prior authorisation for prescription approvals.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) investee company ALL.SPACE is being acquired by York Space Systems. It is a cash and shares bid. This investment was 15.9% of the net asset value at the end of 2025 and the value of the takeover should be similar to the current valuation.
Andrew Hore
Quoted Micro 16 March 2026
AQUIS STOCK EXCHANGE
Marula Mining (MARU) is still investigating various sources of additional finance. The directors and related parties are providing funding. An $8m copper concentrate purchase agreement has been secured with a New York company. This covers 2,500 tonnes of copper concentrate each month from the Kinusi copper mine. The 2024 accounts have still to be published. An agreement with Baosteel Resources South Africa covers initial deliveries of a minimum of 5,000 tonnes of manganese ore from the Kilifi manganese processing plant. Marula Mining will receive a provisional payment of 90% of each monthly shipment upon delivery to Mombasa Port. Marula Mining has not paid the £1m for the minority interest in the Kilifi plant. This will be settled for £856,000 in shares at 3.85p each. Marula Mining and the WEEE Centre have finalised phase 1 of implementation of the lithium-ion Battery Recycling and Critical Metals Processing facility (the “Project”) in Kenya.
Stack BTC (STAK) raised £260,000 at 5p/share early in the week. The cash for acquisitions and investing in Bitcoin. The company subsequently bought 5 Bitcoin at £51,850 each and 5 Bitcoin at £52,758 each.
B HODL (HODL) announced a capital deployment programme. It is redeploying £350,000 in cash to invest in Bitcoin or buy back shares, which still leaves 24 months of working capital. B HODL will participate in the rewards account set up by CoinCorner, which owns 14.3% in B HODL, that will provide a return on part of the Bitcoin holding that is not in the Lightning network.
Mendell Helium (MDH) says M3 Helium, which it has an option to acquire that has been extended to 30 April, will commence drilling of wells on Rost and Enwell leases. The drill rig should arrive in the week beginning 16 March.
Falconedge (EDGE) says that the February Bitcoin yield was 0.912%. The total Bitcoin holding is 20.059694.
Wishbone Gold (WSBN) won a contested ballot for 67km2 of mineral title on crown land, 25km north-west of Telfer, which was applied for by multiple parties.
Vault Ventures (VULT) is developing a post-quantum secure communications platform with Whitespace Global. The contract with Whitespace Global is worth £1.6m. Vault Ventures will have controlled ownership of the cryptographic architecture.
The WeShop share price has fallen to $16.40, which is a drop of more than 90% since the high just after flotation. The value of the WeCap (WCAP) shareholding is just over $20m.
Ajax Resources (AJAX) has signed an agreement to acquire the Pereira Velho gold project. The payment is $200,000 cash plus $1.9m in shares, plus a 1.5% net smelter return, depending on the level of the gold price, which can be bought back for $1.5m. Ajax Resources issued 927,000 shares for the option agreement for the purchase of 100% to the Macacha project. Ajax Resources chief executive bought 264,146 shares at 8p each, taking his stake to 16.3%.
Macaulay Capital (MCAP) edged up income from £277,000 to £283,000 in the year to December 2025. The loss was reduced from £500,000 to £425,000. NAV was reduced from £2.14m to £1.71m.
Gana Media (GANA) is providing a loan of up to £100,000 to NYCE International (NYCE). The loan lasts with 12% and the interest rate is 7%. There are “discussions to integrate ‘NirmataPlay’ games aggregator into Estadio Gana Mexico”. NYCE chief executive Farzad Peyman-Fard is a non-executive director of Gana Media.
Astrid Intelligence (ASTR) is acquiring and integrating an existing validator within the Bittensor network under the Astrid Validator brand. Validators verify results and ensures rules are followed.
Oscillate (SRVL) has renewed four prospecting licences in Botswana for two years. The final $80,000 has been received for the sale of hydrogen assets. Pella Ventures has a 4% stake in Oscillate
Coinsilium (COIN) says that the Yellow network token and trading platform has been launched.
Fidelio Partners has a 20.2% stake in Supernova Digital Assets (SOL).
Slater Investments has reduced its stake in Arbuthnot Banking (ARBB) from 5.15% to 4.99%.
JP JENKINS
The London Tunnels (TLT) is raising money via Crowdcube. It wants to raise up to £10m at 180p/share, which is a discount to the $3 share price published by JP Jenkins. The London Tunnels is developing the Kingsway Exchange Tunnels as a visitor attraction
AIM
All Things Considered (ATC) is acquiring digital marketing and fan engagement business Push Media Ventures and Cirkay, which has developed a platform to connect artists and fans. The Cirkay Fan Pass is a digital key that provides exclusive perks and engagement. The total cost is £1.05m, which is made up of £300,000 in cash and £750,000 in shares. The operations will be integrated with the group’s platform and services division. Push has annual revenues of £2.7m and is profitable. Cirkay is yet to report revenues.
Alien Metals (UFO) says West Coast Silver has announced results of a drone magnetic survey for the Elizabeth Hill silver project joint venture. This highlighted multiple new exploration target areas. There is also potential for a larger silver bearing mineralised system outside the existing area. Joint venture partner GreenTech Minerals has completed the phase 1 drill programme at Munni Munni Platinum-Palladium-Copper-Nickel project in Western Australia. Assay results will be published. This is part of the work to calculate a JORC resource. The previous mineral resource estimate is 24 Mt @ 2.9 g/t 4E (PGE+Au) for 2.2Moz.
Offshore energy services Tekmar Group (TGP) reported a dip in 2024-25 revenues from £32.8m to £28.7m, but recent contract wins should return the company to growth with £38.6m forecast for the year to September 2026. It should also mean that there will be a move from a loss to around break even. Net debt was £2.4m at the end of September 2025 and since then a surplus property has been sold for £2.84m. There is already a strong order book for this year and further out.
Semiconductors designer and supplier EnSilica (ENSI) raised £9.7m in an oversubscribed placing at 47p/share. A retail offer could raise a further £300,000. This is expected to unlock £2m of matching funding for the £10.4m UK Space Agency award that was previously announced. The cash will also help to accelerate supply volumes to customers. Earlier in the week, EnSilica announced another two contracts, plus a $4m extension to an existing contract with an automotive customer. The new contracts are in life science and healthcare worth an initial $1.6m and $200,000 for a feasibility study respectively.
Fulcrum Metals (FMET) has taken advantage of the share price rise to raise £550,000 at 11p/share, which was a small premium to the market price. This will help to progress the work towards a mineral resource estimate. This is much less dilutive that the £1.05m raised at 3p/share last year. Peter Hall took a 4.34% stake. Metals One (MET1) also took the chance to reduce its shareholding from 6.33% to below 3%. Further sales will not have to be reported. Metals One invested £175,000 in last year’s placing so it has already got more than its investment back.
Concrete levelling equipment supplier Somero Enterprises (SOM) had a tough time in the US and Europe in 2025. Revenues dipped from $109.2m to $88.9m, although the second half was stronger. Pre-tax profit fell from $23.4m to $16.3m. This also meant that the dividend was reduced to 10.24 cents/share, meaning it is nearly twice covered by earnings. Net cash is still $33.2m and after dividends and share buybacks it should continue at that level.
Agricultural and fire protection technology supplier Light Science Technologies (LST) is acquiring Injectaclad for up to £4.8m, as well as paying £600,000 for the 10% minority shareholding in UK Circuits and Electronics Solutions and a related property, which can also be used for the fire protection division. Injectaclad has developed a remedial cavity fire barrier for properties and Light Science Technologies has a subsidiary that installs this product. The deal could help to improve margins by streamlining the supply chain.
Earnz (EARN) is acquiring Zero Carbon Group, which takes annualised sales to £30m. The deal will initially cost £3m – £1.5m in cash and £1.5m in shares – with a further £2m plus depending on achieving profit targets. Earnz raised £3.56m at 5p/share.
Anglesey Mining (AYM) has raised £680,000 at 6p/share, following the completion a £4m debt settlement agreement with Energold. There is £250,000 earmarked for dewatering of an existing shaft, £50,000 for analysis of samples and £100,000 for ongoing exploration.
IT company CloudCoCo (CLCO) announced it is raising £275,000 at 0.12p/share. Chairman Simon Duckworth is investing £210,000. A capital reorganisation is required before new shares can be issued for less than 1p each. The cash will fund Project Brightstar, which will enhance the company’s position in the B2B market. Target revenues are £10m, compared with £8m in the year to September 2025.
Ilika (IKA) has made the first commercial delivery of Stereax batteries to Cirtec Medical.
MAIN MARKET
Marine services provider James Fisher (FSJ) significantly improved margins in 2025. In 2025, revenues adjusted for disposals and closures increased 4% to £377.2m. Last year’s profit was boosted by gains on disposals. Underlying pre-tax profit improved from £11.9m to £15.3m. Operating margin was 2.5 percentage points higher at 7.6%. All three divisions improved margins.
BATM (BVC) improved full year revenues from $117.3m to $123.2m, while pre-tax profit jumped from $3m to $13.6m, but this included an exceptional disposal gain. Net cash was $14.7m at the end of 2025. There are more non-core businesses to sell. The cyber and networks divisions are growing strongly. Pre-tax profit is expected to be modest this year before recovering in 2027.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has offered pre-IPO warrant holders the chance to realise value. The warrants are exercisable at 2.5p each. The offer price is 20.6p for each warrant. The current share price is 31.155p. The company has raised £63,000 at 37p/share. It bought three Bitcoin for £48,764 each.
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
Quoted Micro 17 November 2025
AQUIS STOCK EXCHANGE
In the six months to September 2025, pubs and hotels operator Daniel Thwaites (THW) revenues improved from £63.5m to £66.7m, while pre-tax profit rose from £7.6m to £8.3m despite higher employment costs. Net debt was £66.7m at the end of September 2025. The interim dividend was raised from 0.9p/share to 0.95p/share. Net assets are £257.1m, including a pension asset of £30.3m. Four pubs were sold during the period. Hotels benefited from the reopening of Langdale Chase. Current trading is patchy.
Mendell Helium (MDH) says that M3 Helium, which it has an option to acquire, has started helium production at Rost in Kansas. Flow rates are increasing, and production is more than 100 Mcf each day. Mendell Helium chief executive Nick Tulloch has bought 8.68 million warrants with 7.36 million exercisable at 3p each and 1.32 million exercisable at 6p each. They were all acquired for 1p each.
Online consumer loans Amazing AI (AAI) is disposing of 80% of its subsidiary based in Mauritius and retaining the minority stake. Existing company shareholders will receive shares on a pro rata basis. The subsidiary has a small holding of Bitcoin worth a low four figure dollar sum. The plan is to build up the business and list on the local stock market. Guild Financial Advisory has been appointed as corporate adviser of Amazing AI.
Hot Rocks Investments (HRIP) is buying a 25% stake in Sunshine Gold, which owns 100% of Dexter Gold, which has two exploration leases in Australia. A £100,000 drawdown facility will be supplied to Sunshine Gold, where its shareholders will be issued 1.5 million Hot Rocks Investments shares. There is a six-month option to acquire a further 26% if it provides another facility of £125,000. Once a compliant resource of 500,000 ounces of gold is achieved at one of the licences a further £100,000 of shares will be issued. Hot Rocks Investments has raised £100,000 at 1.125p/share.
Cannabis-based medicines developer Ananda Pharmaceuticals (ANA) has received a £168,000 research and development tax refund in relation to a phase 1 study in Australia. A further estimated refund of A$500,000 is due later next year.
WeCap (WCAP) has raised £100,000 at 2.4p/share from directors and other investors. Investee company WeShop intends to join Nasdaq.
Falconedge (EDGE) has bought another 4.112506 Bitcoin for £319,000. It holds 19.27508829 Bitcoin.
Valereum (VLRM) says its regulated subsidiary has been allowed by the regulator to adopt DigiShare Inc’s real world assets tokenisation platform. This will accelerate growth opportunities and should go live by the end of November.
The Smarter Web Company (SWC) has announced a general meeting to gain shareholder approval for amending the articles of association and seeking share buyback authorities. This follows the recent flurry of share issues.
MBS Global Investment has invested £1m in Ethtry (ETHY) at 0.25p/share, which gives it a 18.1% stake. This is an investment vehicle of the Private Office of Sheikh Nayef Bin Eid Al Thani, a member of the Qatari ruling family House of Thani.
Wishbone Gold (WSBN) says exploration confirms a mineralised strike over 3km for the Red Setter gold prospect in Western Australia. Drilling will be completed early next year.
Vaultz Capital (V3TC) has withdrawn resolutions 5 and 8 from the AGM agenda. These relate to a share capital reorganisation, which will no longer go ahead, following shareholder consultation.
B HODL (HODL) chief executive Frederick New bought 39,369 shares at an average of 12.7p each. He has a 1.54% stake. DXS International (DXSP) chairman Bob Sutcliffe bought 50,000 shares at 1.3p each.
BWA Group (BWAP) chairman Jonathan Wearing has increased his loan facility to the company from £240,000 to £750,000.
EPE Special Opportunities (EO.P) had net assets of 305.77p/share at the end of October 2025.
ASSET MATCH
Bars operator Nightcap (NGHT) improved full year revenues from £55.6m to £57.5m. Nightcap moved from loss to EBITDA of £1.5m. Like-for-like growth was 1.1% in the final four months of the year, although there was a decline over the year. The overall bar market declined by 5.7% last year. A new AI booking system has been launched. There will be a further £1m of annualised overhead savings this year. Acquisition will help further growth this year. Christmas bookings are 15% ahead of last year.
Trading in Tri-Star Resources (TSTR) shares has been suspended after Crispin Odey placed the company in liquidation. He was the only director and controlling shareholder for the former AIM-quoted antimony and gold production facility owner. This plant has been losing money and is not deemed to be commercially viable.
AIM
Low sodium salt developer MicroSalt (SALT) has secured a deal with Daiya Foods Inc, which produces dairy-free and plant-based food. This deal will help to diversify the customer base, as well as into products outside the snacks market. An initial order of $50,000 has been made and next year the deal is expected to generate $500,000. Daiya Foods has products in 25,000 grocery stores in the US and Canada. They are also available online. The initial focus of the MicroSalt deal is cheese and pizza dough. Prior to the Daiya Foods agreement, MicroSalt was forecasting 2026 revenues of $5m.
Jersey-based asset manager Team (TEAM) has approached WH Ireland (WHI) about an indicative, non-binding offer. The all-share offer would be 0.195 of a Team share for each WH Ireland share. The offer is being evaluated.
Cyber security software and services provider Shearwater Group (SWG) had a strong financial performance in the 15 months to June 2025, but this appears to have been overshadowed by accounting adjustments. However, the underlying momentum of the business is still good. Annualised figures show a rise in revenues from £24.4m to £31.6m, while EBITDA doubled to £1.8m. Revenues would have been slightly higher before a change in accounting policy spreading some income over the length of the contracts. The new finance director has reassessed intangible asset valuations and this led to an £11m write-down, but this is not relevant to current trading. Cavendish forecasts a 2025-26 pre-tax profit of £1.1m.
Crystal Amber Fund (CRS) has received a proposal from Tarncourt Capital, which is led by Roadside Real Estate (ROAD) chief executive Charles Dickson. It wants to become investment manager and continue to support investee company Morphic Medical Inc, which is 73.5% of the portfolio, while also investing in undervalued quoted companies and pre-IPO companies. Crystal Amber Asset Management has already said it wants to resign as investment manager. Terms will need to be agreed with Tarncourt and the change will require the acceptance by shareholders.
Three newly developed human challenge models have been the subject of presentations at conferences in Amsterdam and Valencia. hVIVO (HVO) has developed these models for influenza and Covid. These human challenge models have been developed over 18-24 months. They all had good safety and tolerability profiles. This is positive news for hVIVO, which has been hit by delays to programmes because of uncertainty in the US pharma and vaccine markets. This year revenues are expected to slump from £62.7m to £47m and this means the contract research company will fall back into loss. Another loss is forecast for 2026.
Amaroq (AMRQ) confirms that the 100%-owned Black Angel mine in Greenland has high-grade mineralisation. The average grades are 25% zinc, 28% and 295g/t silver. Amaroq will assess the requirements for the camp and infrastructure and undertake geophysical surveying. There will be a focus on the high grade Deep Ice body at the project. There are also critical minerals at the mine. They include germanium, gallium and cadmium. they could be highly valuable add-ons to the project enhancing its commerciality. Amaroq made a lower third quarter loss. Canaccord Genuity has a target share price of 120p.
Gfinity (GFIN) has raised £355,000 at 0.0475p/share and the cash will help with the development of Connected IQ, which is in discussions with major advertising agencies. It will also help to finance the company as it moves towards operating profitability in 2026.
Food allergy tests supplier Cambridge Nutritional Sciences (CNSL) reported a dip in interim revenues from £4.1m to £3.9m and a doubled loss of £400,000. There were weaker sales in Europe and management warns that full year revenues will be lower than last year. Previously they were expected to be flat. Cavendish expects revenue to fall from £8.3m to £7.5m, although the loss should be similar to the interim level. There is growth in the UK and India. The sales team is being restructured. There is £3.6m in the bank.
Uncertainty ahead of the Budget has hit demand at building materials distributor Lords Group Trading (LORD). Autumn is normally a strong trading period but like-for-like revenues of the merchanting division fell 1.8% in the four months to October 2025. Plumbing and heating like-for-likes declined 8.3%. The bright spot was the acquired CMO business, which has moved into profit. Guidance for full year revenue is £480m-£485m and adjusted EBITDA of between £20m-£21m. Cavendish has cut its pre-tax profit forecast from £6.7m to £2.7m.
Concierge technology platform developer Ten Lifestyle Group (TENG) increased full year net revenues by 4.5% to £65.7m and margins improved. Pre-tax profit jumped from £537,000 to £2.94m. The business is benefiting from a focus on customer loyalty by banks and other financial businesses. Net cash improved to £9.7m at the end of August 2025. Ten Lifestyle continues to invest in its platform with £12.6m spent last year, of which £6.7m was capitalised. Active members increased 7% to 375,000 by the end of August. Current trading is in line with expectations.
Gold recovery company Goldplat (GDP) improved first quarter pre-tax profit from £1.4m to £2.4m and is paying a dividend of 0.1171p/share. Gross cash was £2.2m at the end of September 2025. The record gold price has helped and there were foreign exchange gains in Ghana. There have also been operational efficiencies. The new Brazilian plant is progressing.
Aptamer Group (APTA) has won another two contracts worth a total of £192,000, which takes the order book to £1.95m. One is a repeat contract with an existing customer for bioanalysis of neurological samples, and the other is with a new customer for binders targeting a protein associated with acute myeloid leukaemia for use as a diagnostic.
Buccaneer Energy (BUCC) revealed that the Alla #1 well in the Pine Mills field in Texas, where it owns a 32.5% interest, does not contain commercial hydrocarbons. The well will be abandoned. The rig will be moved to drill the Fouke #4 well.
Oil and gas producer PetroTal Corp (PTAL) has suspended dividend payments, which will save $55m in a full year. Lower oil prices and reduced production led to this decision. Drilling activity has been postponed to mid-2026 following delays with the rig. Kite Lake Capital belated admitted that it had reduced its shareholding to 9.96%.
Defence consultancy RC Fornax (RCFX) is raising £2.25m at 6p/share and could raise up to £500,000 from a 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. The company raised £5.2m at 32.5p/share.
Lung imaging technology developer Polarean Imaging (POLX) is asking for shareholder approval to leave AIM. Management says that liquidity has been poor and Polarean Imaging needs to save money. It may be easier to raise money as and unquoted company.
Time Finance (TIME) says its loan book has reached £230m. Full year performance should be in line expectations. The interims will be published on 27 January. The strategic review continues.
Empresaria (EMR) finance director Tim Anderson has taken a leave of absence. It appears he is expected to return.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) is trading well, and this has led to upgrades for 2025. Third quarter revenues were one-fifth higher. The electric vehicles division is 64% ahead (like-for-like) this year, which makes up for any weakness elsewhere. The focus on repair and maintenance business rather than new build has helped the electrical accessories and wiring operations. The fourth quarter order book is promising.
New Frontier Minerals (NFM) has lodged a mining lease application for the Big One deposit, which I part of the NWQ copper project in Queensland. There are indicated and inferred resources of 2.1 Mt @ 1.1 % Copper, in addition to 7,000 t @ 1.3 % Copper of surface indicated stockpiles. Drilling approval has been granted at the Harts Range heavy rare earths and niobium project in Australia.
Georgina Energy (GEX) is acquiring interests in three exploration targets and at least one has a recorded the presence of helium isotope 3. The seller, Central Petroleum, will hold 25% of Georgina Energy. The deal is dependent on consent from the authorities in the Northern Territory and the consent of Santos and Georgina Exploration shareholders. The company will also have to raise £7m. A placing has already raised £200,000 at 5p/share and secured a debt facility of up to £1m from an institutional investor.
Andrew Hore
Quoted Micro 27 October 2025
AQUIS STOCK EXCHANGE
WeCap (WCAP) investee company WeShop has filed a registration statement with the SEC to register 12.5 million WePoints which are part of the ShareBack Rewards Plan for customer of the shoppable social network. This is part of the process towards the Nasdaq listing, which could happen by 10 November. WeCap owns 12% of WeShop shares, which could be worth 8.4p/WeCap share at a valuation of £300m. Hot Rocks Investments (HRIP) owns 150,000 WeShop shares.
Arbuthnot Banking (ARBB) had funds under management of £2.5bn at the end of Septemner 2025. Residential and private equity markets have been weak ahead of the Budget.
SulNOx Group (SNOX) has gained a European patent for Sulnox Reclaim, which can be used to deal with oily wastewater from ships. This is the third fuel reclamation patent in Europe. Shipping company Eastern Pacific Shipping has been issued 3.27 million shares. This relates to volumes of Sulnox Eco purchased.
The Smarter Web Company (SWC) has bought 10 Bitcoin for £832,584. It owns 2,660 Bitcoin, having invested £220.4m. A further £1.19m has been raised by the company at 89p/share.
EDX Medical (EDX) is raising £2m at 14p/share and up to £2m from a convertible loan note to founder Sir Chris Evans. He owns 35.2% of the share capital. The cash will accelerate development of digital diagnostic products.
Trading in Majestic Corporation (MCJ) shares has started on the US OTCQB Venture Market. Shares in Vaultz Capital (V3TC) have also started trading on the US OTCQB Venture Market.
Vault Ventures (VULT) has completed the third cycle of the vSignal.ai platform. Closed user testing starts on 29 October.
Three new directors have been appointed by Eight Capital Partners (ECP), including Federico Bazzoni as executive chairman. Two existing directors have stepped down.
Mendell Helium (MDH), which has an option over M3 Helium, says helium flow rates at Rost is increasing each day as dewatering progresses. It is currently generating $800 of helium each day. Production is expected to start by the end of October. Opportunities ae being assessed at the Jasper well in Nebraska.
B HODL (HODL) has taken its Bitcoin holding to 148 at a total cost of £12.5m. The company has applied for shares to be traded on the US OTCQB Venture Market.
ProBiotix Health (PBX) has secured a commercial partnership with Australia-based Wellizen. It focuses on nutrition, microbiome and lifestyle wellness and owns the THERONOMIC consumer brand. ProBiotix will supply LPLDL for a dietary supplement capsule product targeting cardiometabolic health: Tri-Biotic Cardi-Flo.
Clean Invest Africa (CIA) says it is working to address is financial obligations, but creditor days have extended beyond agreed terms. Funds are required to complete the audit of the 2025 accounts and publish the interims to June 2025. There was a default of a subscription agreement to raise $750,000 in April. Money has still not been received from another subscription deal of $1m and the payment time has been extended. This has delayed investment in investee businesses.
Fenikso (FNK) has received a further $552,000 repayment of a loan to Lekoil Oil and Gas and the remaining loan is $35.16m.
Cardiogeni (CGNI) has restated its 2024-25 accounts. Rental income has been reclassified and professional fees reallocated. This has reduced pe-tax profit from £1.1m to £1.02m.
Unigel Ltd has sold its stake in Unigel Group (UNX) at 90.6p/share. This reduces chief executive Eric Chhoa’s stake to 44.4%.
Hydrogen Future Industries has changed its name to energy B (NRGB).
AIM
Retailer Mothercare (MTC) has breached its financial covenant on its £8m debt facility, so it is repayable on demand. The lender has not demanded repayment. Mothercare says the trustee of its group pension fund has agreed to defer pension contributions for the rest of the financial year to March 2026. This takes the total deferred payment for this year to £3m. Payments will be resumed on 19 April at a level to be decided.
Wines retailer Virgin Wines (VINO) reported full year figures in line with expectations and the increased spending on marketing is showing signs of paying off. Revenues were flat at £59m and the pe-tax profit declined from £1.7m to £1.6m. However, customer retention is improving and there was a 29% increase in customer acquisition in the first quarter as the marketing spending starts to pay off. Commercial and Warehouse Wines sales are growing strongly. The additional investment in growing the business means that Virgin Wines will fall into loss on higher revenues this year before returning to profit next year.
Staffing company Empresaria (EMR) is no longer in an offer period following the announcement that Legacy Holdings does not intend to make an offer of 62p/share due to the changes in the board. The new board will conduct a review of operations, and it believes that Empresaria has the management teams to unlock untapped potential, particularly when there is a recovery in staffing markets. There will be an initial focus on efficiency and costs.
Wellnex Life (WNX) chief executive Zack Bozinovski has stepped down from the board, but he will remain with the company for six months. A repayment structure for his loan of A$2.3m will be agreed so he is repaid by the time he leaves. Executive chairman Ash Vesali, who joined the company in September, will oversee day-to-day operations while a new chief executive is identified. This follows the reporting of first quarter revenues of $5.4m. There was a drop in IP licensing revenues compared with the previous quarter. Delayed revenues should be received in the coming months. Additional debt of A$5.35m was secured and A$4.1m was drawn down. Cost saving is being pursued, and the company is exiting medicinal cannabis. Pain Away and contract manufacturing will be the focus.
Advanced coatings provider Hardide (HDD) had a strong fourth quarter that enabled it to move into profit. In the year to September 2025, revenues rose by around one-quarter to £6m, which is higher than forecast. Aerospace revenues are building up. Cavendish expects the pre-tax profit to improve from £100,000 this year to £700,000 this year. There is spare capacity to grow into.
Connection systems for automotive glazing and batteries supplier Strip Tinning Group (STG) has received the purchase order for the D phase of the Zoox Robotaxi project and this will be delivered over the next six months. Despite tough trading conditions, due to tariffs and supply restrictions management is confident of achieving market expectations. A £269,000 R&D tax credit has been received.
Lung imaging technology developer Polarean Imaging (POLX) is undertaking a strategic review of the business. This includes whether to stay on AIM, where liquidity has been poor. The cost base is also being assessed. Leaving AIM could help to reduce costs and could make it easier to generate additional funding.
Modular housing company Eco Buildings Group (ECOB) has secured a contract worth €420m over seven years to supply 20,000 homes in Chile. The first 1,214 homes have been funded with a 50% deposit of £12.75m. It has taken more than two years to go through the approval process in Chile and win the order.
Metals One (MET1) and Thor Energy (THR) have signed a binding agreement with DISA Technologies to treat uranium waste dumps in Colorado held by their joint venture. This includes a gross revenue sharing agreement for the uranium and other critical minerals produced. DISA has received its US Nuclear Regulatory Commission Service Providers License. Metals One owns 75% of the subsidiary holding rights to the uranium and minerals in the dumps with Thor Energy owning the other 25%. The subsidiary will receive between 2.5% to 4% of gross sale revenues. Metals One also says that first production at the Chilalo graphite project in Tanzania, where it has a minority stake, is being accelerated to October 2027.
Arc Minerals (ARCM) has ended its joint venture with Anglo American, which is merging with Teck, in Zambia. This covered the Domes region, which is an area where there have been recent copper discoveries. No drilling has taken place this year despite plans for significant spending on exploration. Arc Minerals is also involved in legal disputes in Zambia. There could be other large miners interested in the Domes licences if those disputes are sorted out.
Bars operator The Revel Collective (TRC) is conducting a strategic review, which includes a formal sales process. Cost savings have not offset the £4mm of additional annual costs from National Insurance and duty rises. First quarter like-for-like revenues were 7.4% lower. Net debt was £25.3m at the end of September 2025. Additional funding will be required to stay within banking limits.
Restaurants operator Various Eateries (VARE) expects full year revenues to be £52.4m, which was ahead of expectations. Pre-tax loss will be reduced from £3.6m to £2.9m after the absorption of higher labour costs. Like-for-like sales were 4% higher in the fourth quarter. Zeus has reduced its forecast 2025-26 loss from £4m to £2.5m on revenues of £56.6m. The cash in the bank is being spent on new openings.
Strategic Minerals (SML) generated third quarter revenues of $1.08m from the Cobre magnetite project in the US. This covers corporate overheads and provides funding for the Redmoor tungsten project in the UK.
Three directors are stepping down at syngas technology developer Eqtec (EQT) and James Parsons has been appointed chief executive. Operations have been streamlined and annualised savings will be €1.5m. Rebel Ion is progressing with the acquisition of the company’s secured debt. However, it has suspended subscriptions for shares worth up to £1.5m under an agreement in June with £250,000 already subscribed. Eqtec’s broker Global Investment Strategy UK is providing a £1.5m convertible loan facility with an immediate draw down of £300,000.
Oil and gas producer Prospex Energy (PXEN) says production at the Viura-18 well has reached 180,000 cubic metres/day since production restarted. Prospex Energy owns 7.24% of the Viura field. The company is progressing with its application for two licences in Poland.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) is showing signs of the benefits of past investments as income from the defence sector is flowing through to space businesses. For the first time the value of the portfolio is significantly above the cost. It was 104.7% of cost at the end of June 2024 and this has increased to 131.9% in the latest figures. The NAV has increased from £228.1m to £281.1m at the end of June 2025, which is equivalent to 118.52p/share. That includes £21.5m of cash. The NAV would have been higher without currency movements.
Packaging manufacturer and distributor Macfarlane Group (MACF) has warned that a fatality at its recently acquired Pitreavie business has led to suspension of production. The authorities are investigating. There has also been weaker demand for the packaging distribution business, where second half sales are likely to be flat.
Online travel hostel agency Hostelworld (HSW) is buying OccasionGenius Inc for $12m. The acquired business provides catalogues of events and things to do in various locations with added content.
Andrew Hore
Quoted Micro 8 September 2025
AQUIS STOCK EXCHANGE
AI technology developer Astrid Intelligence (ASTR) moved from the Main Market to the Access segment of Aquis on 3 September. The company was previously a CBD and health products retailer known as Cellular Goods and most recently it was called Cel AI. It is developing autonomous AI agents that provide personalised wellness recommendations and holds digital assets.
Brewer Adnams (ADB) reported a dip in revenues from £31.9m to £30.1m, but the loss was reduced from £2.55m to £1.47m, even though exceptional costs were higher. There was an operating profit before exceptional charges relating to packaging recycling requirements. Debt has been cut to £11.7m and could be down to £8m by the end of September due to disposals. There are nine managed and 19 tenanted pubs left. Gains on disposals enabled the first half profit. The distribution business had mixed fortunes in the first half
The Smarter Web Company (SWC) has appointed Strand Hanson to replace Peterhouse as corporate adviser. Albert Soleiman has joined the board as finance director. The company has signed a subscription agreement with Shard Merchant Capital, which will be issued 21 million shares at par value, and the company will receive 97% of net proceeds when they are sold.
Oberon Investments (OBE) is raising £1.85m at 4p/share and two institutional investors have agreed, subject to documentation, to subscribe for £3m of convertible loan notes. The cash will be used to finance further hires for the investment management division and acquisitions. There are discussions concerning the acquisition of the wealth management division of another Uk firm. That would add £850m to assets under administration.
VSA Capital (VSA) chairman Mark Steeves will stand down after the AGM on 30 September. Mark Thompson will take over the role at the broker. VSA has entered into a five-year lease for new office premises in London and has been loaned £95,715 by 19.9% shareholder Drakewood Capital Management, which is represented on the board by Mark Thompson.
In the year to March 2025, SulNOx Group (SNOX) increased revenues from £54,000 to £1.21m, although the loss rose from £1.86m to £4.21m. Sales growth is accelerating and £564,000 has been generated in the two months to August 2025, taking the five month total to £1.09m.
Oscillate (MUSH) has conditionally agreed to sell its hydrogen assets to AIM-quoted Pulsar Helium (PLSR) for $800,000 in shares. The focus switches to base metals. Oscillate has entered a joint venture to develop the Duekoue copper gold molybdenum prospect in Côte d’Ivoire. Geochemical results and magnetic data has identified the historical anomalies.
All Things Considered (ATC) has merged its ATC Live and Arrival Artists businesses to form ROAM. The two parts of the business will still maintain financial independence.
Capital for Colleagues (CFCP) has received the fourth tranche of the disposal proceeds of its A shares in investee company The Homebuilding Centre. This was £75,259, which was well above the minimum payment of £50,000, and a fifth tranche is outstanding. Capital for Colleague still owns 13% of the homebuilding advice business.
Kasei Digital Assets (KASH) has completed the sale of liquid assets as part of a voluntary winding up and has £3.5m in cash. A return of capital to shareholders is prioritised although there has been interest in the company from other parties.
Marula Mining (MARU) still has not completed the 2024 accounts. Trading in the shares remains suspended. Marula Mining has completed due diligence on the proposed purchase of a 60% stake in the Bamba Manganese mining project in Kenya. Manganese ore exports from Kilifi have been delayed as result of the Bamba deal and the fact that delivery arrangements are yet to be agreed. Further work on the Blesberg lithium and tantalum mine in South Africa continues and a sample is being prepared for test work. Due diligence has been completed on the Boteti lithium brines project in Botswana and the first payment advanced.
Mollyroe (MOY) is investing £150,000 in Cascade Studio via a convertible loan note with a conversion price at a 20% discount to the next funding round. Cascade Studio is developing a SaaS platform for AI filmmaking and storytelling.
Vautz Capital (V3TC) reported a loss of £361,000 in the year to April 2025, which was prior to the change in focus to crypto currency.
NYCE International (NYCE) has raised £150,000 at 0.2p/share. And the cash will fund the expansion in the crypto casinos channel. That includes gaining certifications for the company’s games platform and developing games and services.
Valereum (VLRM) has adopted the crypto and multi-currency payroll solution developed by investee company Fideum. There is potential for this as a white label service.
Directors continue to buy shares in EDX Medical (EDX). Sir Christopher Evans bought 51,225 shares at 10.88p each and Martin Walton acquired 20,000 shares at 10.8p each. Stephen Hill has taken a 6.48% in Ingraine (KING). Ventura Finance has increased its stake in Evrima (EVA) from 5.14% to 6.15%.
IntelliAM AI (INT) has appointed Victoria Brown as a non-executive director.
ASSET MATCH
Synairgen (SNG) says full year accounts will be published by the end of September. The drug developer is assessing its financial requirements. The company intends to change its articles of association to remove first right of refusal rights for shareholders. The company is preparing a phase 2 INVENT clinical study for SNG001 in mechanically ventilated patients infected with a range of respiratory viruses. Interim analysis should be available by mid-2026 and final analysis in mid-2027. A network of 60 clinical study sites has been established and progress made towards regulatory approvals.
Zytronic (ZYT) is advising shareholders to vote against resolutions at the requisitioned general meeting. Henry Spain Investment Services wants Tom Spain and former director Glen Arnold to gain appointment as directors of Zytronic and remove two current non-executives. The strategy is not to return cash directly to shareholders, but they would be offered the chance to sell shares via a tender offer at NAV. The plan is to invest in cash generative businesses with good management. They would have a niche market and competitive advantages. The meeting will be on 1 October.
JP JENKINS
The JP Jenkins-15 index rose 0.8% to 1095.2 in the four weeks to 29 August.
AIM
Cash shell Vulcan Two Group (VUL) raised £12m at 200p/share when it joined AIM at the beginning of September. The strategy is to acquire ePharmacy businesses and consolidate a fragmented market. A suitable target would have annual revenues of between £8m and £22m and be growing rapidly at an EBITDA margin of between 10% and 20%. Independent, owner managed businesses are preferred.
Fiinu (BANK) is taking advantage of the share price rise since readmission last week to raise £1.41m at 15p/share. The initial payment of £8m for Poland-based foreign exchange brokerage Everfex was satisfied by the issue of 80 million shares at 10p each. A previous subscription generated £801,000 at 10p/share. Luxembourg fund QVP is the main investor in the placing.
Bricks manufacturer Michelmersh Brick (MBH) has been held back by weak demand in the UK and Belgium, as well as an extended stoppage at one of its plants. Interim revenues were 1% ahead at £35.8m, but the pre-tax profit fell from £4.1m to £2.9m. Capital investment cut net cash to £1.5m. The interim dividend is maintained at 1.6p/share. Canaccord Genuity has cut its 2025 pre-tax profit expectations from £13.5m to £9.7m and made further cuts to forecasts for the next two years.
Churchill China (CHH) had already flagged the interim figures in its recent trading statement. UK and US trading held up, but Europe and the rest of the world were weaker. Interim revenues fell from £40.6m to £38.5m, while pre-tax profit was harder hit falling more than one-third to £3.1m. Efficiency is being improved and there are signs of recovery in Germany. Churchill China is reducing its interim dividend by 39% to 7p/share.
Building components manufacturer Alumasc (ALU) continues to outperform the UK construction market, as well as growing water management equipment exports. In the year to June 2025, revenues were 13% ahead at £113.4m, while underlying pre-tax profit was 9% higher at £14.2m. Net debt is £5.8m. All three divisions improved underlying operating profit. New products helped the housebuilding division to grow, despite a low level of housing starts. The roofing business has grown its share of the roof vents sector. The full year dividend is 11.1p/share
Flexible workplace software provider Essensys (ESYS) says it returned to positive EBITDA in the year to July 2025 even though revenues fell from £24.1m to £19.2m. Closing datacentres has helped to reduce costs. Net cash was £1.8m at the end of July. The new elumo meeting rooms bookings software has gained its first customers since the year end.
Bars and escape rooms operator XP Factory (XPF) reported figures for the year to March 2025. They may not look good compared to the comparatives but that is because they are for 15 months. There was a 19% increase in revenues to £57.8m over the previous 12 month period. Both Escape Hunt and Boom Battle Bars improved revenues with the latter buying out more franchisees. There was an underlying pre-tax profit of £800,000. There appears to be an improving trend for revenues, after a poor first quarter.
ImmuPharma (IMM) has filed a new patent application for P140, which can help to identify and treat a subpopulation of patients with Type M immune disorder that are P140 super-responders. This can be used to sped up diagnosis and treat up to 50 autoimmune diseases. The global market is worth more than $100bn.
Team Internet Group (TIG) was always expected to report a downturn in interim revenues following changes to Google search policy and they slipped from $409.7m to $263.9m. A loss was reported, but there was a profit before amortisation and impairment. The internet domains business continues to grow with new contract wins set to contribute to the second half. The comparison business had a weaker first half, but it has started to grow as revenues build up in newer countries. There are also signs of improvement in search, but they are relatively modest, with higher gross margin achieved on newer search services. Zeus forecasts a 2025 underlying pre-tax profit of $49.4m, recovering to $62m next year.
Supreme (SUP) is acquiring carpet care products brand 1001 for £1.65m, plus £1m for inventory, from WD-40. The business generated revenues of £4.5m in the year to August 2025. which is well below the peak of £8m in 2022-23. This purchase follows the recent acquisition of Typhoo Tea.
Gear4Music (G4M) forecasts have been upgraded on the back of its trading statement. The musical instruments retailer is continuing its recovery, and first quarter sales are 27% higher and the growth is continuing into the second quarter. UK and international sales are growing. The 2025-26 pre-tax profit forecast has been raised from £2.7m to £3.6m.
Newmark Security (NWT) had a much stronger second half and this is carrying on into the new year. In the year to April 2025, revenues rose 3% to £23m, while pre-tax profit improved from £388,000 to £643,000. The growth came in the Grosvenor Technology business, which provides software and hardware for access control and managing people, with recurring revenues growing faster than hardware sales. The launch of GT Tablet, a pure software product, will help to broaden the potential market. The Safetell security products revenues declined, but the services contribution increased. Increasing recurring services revenues is a core part of the company’s strategy.
Legal services provider Gateley (GTLY) is acquiring Groom Wilkes & Wright for up to £9m, which is a trademark and design law consultancy. The payment is three-quarters cash and one-quarter shares. The business generated revenues of £4.7m and pre-tax profit of £1.4m in 2024-25.
Iodine supplier Iofina (IOF) produced 74.3 MT of crystalline iodine during August, which was the record for a month. The IO#11 plant has started production and takes the number of plants to eight. Cash has reached $1.8m after a tax credit.
Atlantic Lithium (ALL) has secured up to £28m in funding though a deal with Long State Investments, who will receive 5% commission plus shares and warrants, and this will enable the Ewoyaa lithium project in Ghana to progress. A mining lease still has to be ratified by the authorities and cash outflows have been reduced until it is received. There is an initial placing to raise £2m at 8.07p/share with potential for three more placings of £2m each. A committed equity facility could raise up to £20m over 24 months. This is subject to shareholder approval.
Student accommodation and private rental housing develop Watkin Jones (WJG) has appointed Singer as joint broker alongside Peel Hunt, which is also nominated adviser.
MAIN MARKET
Cash shell Aura Renewable Acquisitions (ARA) still had £397,000 in cash at the end of June 2025. It has broadened the range of potential acquisitions by looking at healthcare and life sciences companies. Renewable energy acquisitions are still being considered, and the range of sectors could be broadened again.
Trading in Pineapple Power Corporation (PNPL) shares after the termination of the proposed acquisition of Buffalo Battery Metals.
US cybersecurity company Narf Industries (NARF) reported that the Ranger.ai threat and mediation platform has achieved “Awardable” status through the US Department of Defense’s Platform One (P1) Solutions Marketplace.
Structural steel supplier Severfield (SFR) reassured investors with its AGM statement. Bridge remedial works are in progress and the £20m insurance payment has been received. Expectations for 2025-26 are unchanged.
Andrew Hore
Quoted Micro 25 August 2025
AQUIS STOCK EXCHANGE
Wishbone Gold (WSBN) is the best performer on Aquis and AIM this week. The gold explorer says drilling at the Red Setter gold dome project in Western Australia has reached the top of a significant breccia pipe. Drilling has reached 777 metres, and the breccia pipe is 152 metres long. Drill core is being transported to be assayed.
Fibre optic cables materials manufacturer Unigel Group (UNX) increased interim revenues from £14.8m to £18.9m, while pre-tax profit improved from £1.28m to £2.03m. Cash was £2.41m at the end of June 2025. Tariff uncertainties mean that the outlook remains cautious.
Digital asset company Vaultz Capital (V3TC) has appointed James Bowater as global head of partnerships. He founded crypto publications Crypto AM.
Valereum (VLRM) has entered a memorandum of understanding with ZIGChain and DigiShares for a strategic collaboration to explore development of a scalable platform for real world asset tokenisation. Indirect investee company Nexstox Inc has been granted a Labuan Exchange licence, which is the fifth to be granted.
The Smarter Web Company (SWC) has appointed Jesse Myers as head of Bitcoin strategy.
NYCE International (NYCE) is planning to raise up to £150,000 at 0.2p/share. Chief executive Farzad Peyman-Fard plans to subscribe for at least two-thirds of these shares. The cash will be invested in games aggregation platform Nirmata Play and to develop games for crypto casinos. Also, money will be spent on performance marketing and advisory services. The subscription should close on 28 August.
Emissions reduction fuel additives developer SulNOx Group (SNOX) has secured a patent in Jordan, which has the second largest container port in the Red Sea. The patent covers a range of formulations.
BWA Group (BWAP) says that the initial sampling programme has been completed and there is evidence of heavy mineral sands mineralisation beyond holes analysed at the Dehane project in Cameroon. There is mineralisation from surface.
Oscillate (MUSH) had cash and short-term investments of £2.29m at the end of May 2025. This will be invested in mining projects.
Mendell Helium (MDH) says that M3 Helium has secured a land lease in Nebraska and drilling should start shortly. There are talks with potential partners to develop a plan for Bitcoin mining. There are preparations for dewatering at the Rost well at Fort Dodge, Kansas. The work has been under budget.
Non-board chief engineer Noah Deledda has pledged 21 million of his 69.7 million shares in CRUSHMETRIC Group Ltd (CUSH) as security for a loan.
Time to Act (TTA) executive chairman Chris Heminway bought 33,300 shares at 15p each. Vault Ventures (VULT) has completed a one-for-100 share consolidation. Prior to this Concreatd Ltd acquired a 3.98% shareholding. Mark Jackson has increased his shareholding in Evrima (EVA) from 4.13% to 5.14%.
ASSET MATCH
Greenshields Agri (GAH) says it expects to make a strong profit in the year to June 2025, helped by land sales. Estimated NAV is 160p/share after a marginal uplift in farmland value. Early grain yields appear promising. There are plans to approach companies about a quarry project that could transform earnings.
Brewer Wadworth and Company (WAD) says interim sales were 4% higher with own beer sales 9% ahead. EBITDA improved by 7%, although one-off costs will hit profit. Banking facilities will be refinanced in September and that should reduce interest charges.
AIM
MicroSalt (SALT) is gearing up to supply its third major customer. This will generate revenues in the second half and could generate $5m next year. There have been some delays in revenues because of changes in US regulations on food additives and the interim revenues figure is $900,000. Full year sales expectations have been reduced from $2.5m to $2m, rising to $6.7m in 2026. There was $900,000 in the bank at the end of June 2025.
Singer upgraded its forecast for Tribal Group (TRB) following the interim figures. In the six months to June 2025, revenues were 2% higher at £45.3m and pre-tax profit jumped from £600,000 to £5.6m. The core education software business is building up its cloud revenues and selling more subscription-based packages of products. Growth has been in the UK. Trading conditions are still tough for the Education services business Etio with a shortage of cash available for spending by universities and colleges in the US as well as the UK. Revenues declined but profit improved thanks to cost savings. Since June, more contacts have been won and annualised recurring revenues have reached £64m, although that includes £2.2m of revenues from older software where income is declining. Singer raised its 2025 pre-tax profit forecast to £10.8m.
Revolution Beauty (REVB) has ended its formal sales process and raised £15m at 3p/share. A retail offer could raise up to £1.5m. Co-founder Tom Allsworth is returning as chief executive, and the other co-founder Adam Minto, who still owns 15.8%, is returning as a consultant. The cash will be used to reduce debt, fund capital investment and pay for restructuring costs. There will be a focus on pricing policy, marketing and efficiency. Tom Allsworth, Adam Minto and largest shareholder Debenhams are acquiring a total of 298.8 million shares in the fundraising. Net debt was £29.7m at the end of July 2025. The credit facility will be reduced from £32m to £28m.
Fishing tackle retailer Angling Direct (ANG) increased interim UK revenues by 18% to £51.1m, with online revenues 21% ahead. Like-for-like sales were 14% higher. European sales edged up from £2.4m to £2.5m. The store in Utrecht was opened in May 2024. After investment and share buy backs net cash reduced to £12.5m. Trading is comfortably in line with consensus market expectations. The interim results to July 2025 will be published on 7 October.
Explorer and project incubator Power Metal Resources (POW) has sold its remaining 14.75% stake in tungsten project developer Guardian Metal Resources (GMET) to Duquesne Family Office for £13.6m at 55p/share. There was a £6.6m gain on book value. Power Metal Resources says it invested £1.9m in Guardian Metal Resources and it has generated £22.8m from selling shares.
Firering Strategic Minerals (FRG) has received notice that Ricca Resources is withdrawing from the earn-in for the Atex and Alliance lithium tantalum projects. These are on care and maintenance. Firering Strategic Minerals will not have to pay any money back to Ricca, but it expects Ricca to repay funds it advanced for the projects. Firering Strategic Minerals received a 10.6% stake in Ricca as part of the original deal.
Neo-natal medical devices developer Inspiration Healthcare (IHC) increased interim revenues by 41% to £24m and gross margins improved. During the period a $6m humanitarian aid contract was delivered. The sales momentum is continuing in the second half. Deliveries for the Middle East contract have started and should be completed in the second half. Net debt has been reduced by £1.6m to £6.7m.
Packaging manufacturer Robinson (RBN) increased interim operating profit by one-quarter to £2.04m on a 2% increase in revenues to £27.6m. Additional working capital increased net debt to £8.5m, but the second half should be a strong cash generator. The share price has been on an upward trend because of property disposals and profit upgrade.
Iron deficiency treatment developer Shield Therapeutics (STX) announced interim revenues were 177% higher at $21.4m. Total US prescriptions were 29% ahead at 84,000 in the first half. There was cash of $10.8m at the end of June 2025, but there is net debt. A full year loss of $18.9m is forecast for 2025. Cash flow could be positive by the end of 2025. Net debt could reach $36.3m at the end of 2025.
Empire Metals (EEE) has reported further assay results from the Pitfield project in Western Australia. This was focused on the weathered cap at the Thomas prospect. There are some of the highest titanium dioxide grades recorded at the project and many of them are more than 7% titanium dioxide. Nearly two-thirds of the drill holes had an average grade of more than 4%.
Pulsar Helium Inc (PLSR) has raised £3.72m at 23p/share and Universal Bancorp has raised its stake to 4.99%. The cash will be invested in developing the Topaz helium project in Minnesota. There are plans for ten appraisal wells. There will also be a preliminary economic assessment and resource update.
Aptamer Group (APTA) has released an update on licencing. There are multiple non-exclusive licence opportunities for the first enzyme-modulating Optimer. Initial sales forecasts have been provided by one potential licensee, and this could cover 15% of Aptamer’s overheads. A second enzyme-modulating Optimer is at a final development stage. There has been positive feedback concerning Optimer evaluation from a top five pharma company.
Animal treatments developer Animalcare (ANCR) has acquired the VHH NGF programme and related assets that were under a licence agreement with Orthros Medical for €700,000. The programme is assessing the effectiveness of antibodies in the treatment of pain caused by osteoarthritis in horses and dogs.
MAIN MARKET
BATM Advanced Communications (BVC) has sold non-core operations so that it can focus on core networks and cyber technology. Interim revenues improved 3% to $60.4m, while underlying pre-tax profit fell from $3m to $1.6m. That excludes the $4.3m loss on discontinued activities. There was a strong performance from the remaining diagnostics businesses and networks revenues are growing. A new product launch will help cyber. There was $27m of cash in the balance sheet.
Ikigai Ventures (IKIV) plans to acquire Dotlines Global and Audra Solutions for a total of £67m in shares and move to AIM. The businesses are based in Singapore and Malaysia and are involved in cyber security, AI and fintech. Pro forma revenues are £22m and EBITDA is £1.7m. Trading in the shares has been suspended.
Andrew Hore