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Quoted Micro 23 March 2026
AQUIS STOCK EXCHANGE
Brewer Shepherd Neame (SHEP) reported flat interim revenues and pre-tax profit of £84.7m and £4.2m respectively. Net debt is £84.7m and a £1m share buyback is planned. The dividend has been raised 3% to 4.5p/share. NAV is 1234p/share. Pubs traded strongly and that offset lower brewing volumes, which fell 6.6% representing a slowdown in the rate of decline. Over 37 weeks the like-for-like growth in retail pub sales it 4.4%, while tenanted pubs are 3% ahead over 35 weeks. Panmure Liberum forecasts a full year pre-tax profit of £7.7m, rising to £8.4m next year.
Stack BTC (STAK) raised £1.9m at 10p/share, including £94,700 from a retail offer. The cash will be used to fund acquisitions and purchase of Bitcoin. AlbR has been appointed as joint corporate broker.
Biotech company Cardiogeni (CGNI) has agreed a deal where Kira Health Invest AG will acquire 67.5% of subsidiary Cell Therapy in return for a 32.5% shareholding in Kira’s hotels and wellness clinics subsidiary Lumen Clinics, which has assets of more than €100m. Kira will make available to Cell Therapy up to $25m to fund the cost of achieving market approval for heart failure medicine CLXR-001. This will fund a phase 2b clinical study and provide enough cash for three years. This funding would be difficult to obtain in current stockmarkets.
S-Ventures (SVEN) is raising up to £2m at 3.5p/share and invest in HDL, a drone technology business. HDL is developing hybrid unmanned aerial vehicles and intends to raise cash from investors to finance progress. S-Ventures will invest up to £1.5m and could take a board position.
Marula Mining (MARU) says assay results from the Kilifi manganese processing plant indicate the potential for a significant manganese grade uplift from processing from four areas.
Investors were disappointed with drilling news from Wishbone Gold (WSBN) concerning Red Setter project in Western Australia, which is near to the Telfer mine.
BWA Holdings (BWAP) had a cash outflow from operations of £99,500 in the six months to December 2025. There was £47,666 in cash at the end of 2025.
Patrick Chophard and Oliver Murphy have stepped down from the Ethtry (ETHY) board and Steve Winfield has returned as an executive director. Ethtry says it plans to “concentrate on building a scalable platform at the intersection of digital infrastructure and next-generation computing, with particular emphasis on opportunities across data centre infrastructure, artificial intelligence and emerging quantum technologies”. There is also an Ethereum treasury policy.
B HODL (HODL) has bought one Bitcoin for £53,363. The total holding is 163.487 Bitcoin at an average cost of £82,319 each.
Coinsilium (COIN) has completed a strategic investment in Singapore-based Predictive Labs. It spent $150,000 for a 5.52% stake and Coinsilium could subscribed for shares to increase it to 16.3%. Additional options could take the stake to 29.85%.
Sulnox Group (SNOX) says results of an independent laboratory evaluation of Sulnox Eco™ confirmed full compatibility across all fuels tested and showed performance benefits.
Zentra Group (ZNT) has earned a £350,000 fee for the sale of the One Heritage Tower site. The residential developer has entered into a relationship agreement with majority shareholder GKU.
IntelliAM (INT) has appointed Cavendish as corporate adviser and broker.
TechFinancials (TECH) is changing its name to Ubuntu Mining and Metals Inc.
Hot Rocks Investments (HRIP) has reduced its stake in Mendell Helium (MDH) from 6.5% to 4.69%. Mustapha and Maya El Khalil have a 7.46% shareholding in Ace Liberty and Stone (ALSP).
Ajax Resources (AJAX) chief executive Ippolito Ingo Cattaneo bought 123,840 shares at 7.25p each and Richard Heyward acquired 33,172 shares at 7.536p each. BWA (BWAP) non-exec John Byfield bought 2.22 million shares at 0.225p each. VSA Capital (VSA) finance director Galin Ganchev bought an initial 32,833 shares at 3p each. Equipmake (EQIP) chairman Tim Metcalfe bought 682,730 shares at 1.245p each.
AIM
River Global (RVRG) plans to sell the asset management business it has built up to fully listed Liontrust Asset Management (LIO). The initial consideration will be £7.6m in Liontrust shares, followed by up to £2.1m shares depending on certain revenues being achieved. The deal will also release capital from the business. The Liontrust shares will be distributed to A share holders. The B shares are unaffected. The remaining interest will be a structured 30% interest in Parmenion, which is a high growth investment platform. Shareholders and the FCA have to approve the deal.
Pawnbroker Ramsdens Holdings (RFX) has published a second update in two months and it has sparked another forecast increase. Full year pre-tax profit is expected to be £24m, compared with £21.1m previously. Precious metals buying continues to boom with a 50% increase in volumes. Jewellery retail is 25% ahead, while pawnbroking is at record levels and forex is in line with expectations.
Africa-focused oil and gas company Afentra (AET), along with Sonangol and Etablissements Maurel & Prom S.A., is jointly acquiring Etu Energias’ 10% stake in block 3/05 and 13.33% stake in block 3/05A in Angola. Afentra will buy 3.33% and 3.66% of these bocks respectively. This will cost $15.2m, plus contingent consideration of up to $6.74m. The effective date of the transaction will be the end of 2023. Afentra has also launched a strategic review following bid approaches.
Retailer TheWorks.co.uk (WRKS) is closing its online channel and moving to a non-transactional website. Online is making a small and reducing contribution to revenues. There will be exceptional costs of £2m. There are plans to open more stores. Like-for-like growth has been 3.3% this year and the company expects to meet market EBITDA expectations of £11m, or £13.5m for continuing activities. Without the online loss, 2026-27 EBITDA has been upgraded from £12.7m to £15m.
Franchised lettings and property sales business The Property Franchise Group (LSE: TPFG) is well positioned for the Renters Rights bill coming into effect. In 2025, revenues were one-quarter higher at £84.3m. Organic growth was 9%. Underlying pre-tax profit improved from £22.3m to £31m, which was better than expected. Earnings jumped from 29.1p/share to 36.5p/share. Net debt has fallen to £2.3m and there will be net cash by the end of 2026.
Diagnostics developer and manufacturer Abingdon Health (ABDX) is benefiting from strong contract development revenues. Interim revenues were 44% higher at £4.5m. the loss was reduced from £2.6m to £2.3m. Capacity is being increased in North America, and this is helping to win new contracts. The full year loss is expected to fall from £3.2m to £1.7m.
Gaming technology and displays supplier Nexteq (NXQ) is diversifying its customer base and this helped when its major customer got taken over. Revenues improved 4% to $90.2m in 2025, while pre-tax profit fell by one-quarter to $3.6m. A further decline to $2m is expected this year, although the $25m cash pile could be used to acquire a business to boost profitability.
Payment services provider Boku (BOKU) increased 2025 revenues by 30% to $128.8m with the main growth coming from digital wallets and bundling. Active users are 31% higher at 114.4 million. Operating profit trebled to £18.9m. The company’s cash increased to £102.9m. The momentum is continuing. Boku intends to repurchase up to 4 million shares. Former boss Jon Prideaux is stepping down from the board.
Chemotherapy drugs developer CRISM Therapeutics (CRTX) has gained orphan drug designation from the US FDA for irinotecan for the treatment of malignant glioma. This utilises the company’s ChemoSeed technology, which is an implantable, biodegradable technology designed for the localised and sustained delivery of chemotherapy directly into cancer tissue. The orphan drug status will enhance the profile of the commercial development programme.
Strategic Minerals (SML) is raising £4.7m at 3.5p/share. A prominent international investor approached the company. The cash will be spent on the Redmoor Tungsten-Tin-Copper project in Cornwall. Following the fundraising, there was news concerning improvements in tungsten and silver recovery. Tungsten recovery is 85.8% and silver recovery is 58.7%. This will boost the forthcoming mineral resource estimate.
Cyber security services and software provider Shearwater Group (SWG) has grown interim revenues by 31% to £14m, but there was a loss. Contracts are being renewed and there is a good base for the second half. Net cash was £2.2m. Full year revenues are set to rise from £31.6m to £35.5m, and pre-tax profit is expected to be £1.1m.
Digital loyalty and promotions platform operator Eagle Eye (EYE) had a good first half and annualised recurring revenues were 3% ahead at £42.2m despite the loss of a major contract. There was a sharp decline in profit, but cash generated covered capital investment. The second half should mark the bottom for Eagle Eye before a strong bounce back next year. Pre-tax profit could slump to £900,000 this year before rebounding to £3m next year.
Retail software provider itim Group (ITIM) says 2025 revenues will be below 2024 levels at around £17.5m due to delays in contract wins. Former AIM-quoted retailer Quiz went into administration and that has increased the expected loss to £500,000. Cost savings could help itim breakeven in 2026 on limited growth in revenues.
Virgin Wines (VINO) is starting to see the benefits of its new strategy. There was a 40% increase in customers acquired in the first half and the new mobile app is yet to be fully launched. Interim revenues were 2% higher at £34.7m in a deteriorating market and growth has accelerated in the pre-Christmas period and accelerated further in January and February. Investment in the strategy led to a swing from profit to loss. Share buybacks continue.
Market research services provider Systems1 (SYS1) is trading in line with expectations and strong momentum has enabled a forecast upgrade for 2026-27. There have also been cost reductions. The current year forecast is maintained at £2.1m, down from £5.2m. A pre-tax profit of £4.5m is expected for 2026-27, up from £2.7m previously, based on unchanged revenues of £39.1m.
CPPGroup (CPP) says it has been told that it will not receive any of the potential $5m deferred consideration for its former business in India. CPPGroup is considering its options, but if it does not receive any cash it will have to raise funding within 12 months.
Concierge technology platform provider Ten Lifestyle (TENG) has increased first half EBITDA by 16% to £1m despite unfavourable foreign exchange movements. Active members are 23% higher at 436,000. Net cash is £9.3m.
Logistics Development Group (LDG) says 50.7%-owned WS Holdco has acquired transport and logistics business EV Cargo Solutions and Distribution. The combined business will have annual sales of more than £300m.
MAIN MARKET
Foam manufacturer Zotefoams (ZTF) is making strong progress and produced record results in 2025. Pre-tax profit improved from £15.6m to £21.2m. The OKC acquisition made a small initial contribution. There was growth in Europe and North America. Footwear volumes were strong, but they are expected to ease back this year. Transport and smart technologies provide growth potential. Aerospace volumes have been recovering. Construction has been weak but there is potential for recovery.
Panther Metals (PALM) has announced two batches of assay results for the Winston tailings project. The first results showed good grade consistency and were better than the preliminary results published last year. The second assay results also showed better results than the preliminary results.
New Frontier Minerals (NFM) intends to accelerate activities at the NWQ copper project, including the Big One copper deposit where a mining lease is in the process of being obtained. There is a strong working capital position of A$2.62m with potential funding from grants and R&D rebates.
Singer Capital has initiated research on digital assets investor KR1 (KR1). The focus is increasing income to help the company to be self-funding and increasing exposure to Digital Asset Financial Infrastructure It set a 12-month target share price of 25p.
Nanoco (NANO) has entered a binding term sheet with Shoei to stay ongoing litigation with no compensation payable by either party. They will not sue each other for use of their respective quantum dot patents. A definitive agreement will be negotiated.
Taylor Maritime (TMIP) returned $143.4m to shareholders in February and plans to return at least $30m in the third quarter. Details should be published at the end of April. There will still be a regular quarterly dividend of 2 cents/share. The sale of a vessel raised $17m. The managed realisation of assets will continue.
Andrew Hore
Quoted Micro 9 March 2026
AQUIS STOCK EXCHANGE
Mendell Helium (MDH) says M3 Helium, which it has an option to acquire that has been extended to 30 April, will commence drilling of the next Fort Dodge well during March. This is near to the Rost 1-26 well. Further drilling permits are being sought for deeper helium prospects. A US investor group may co-fund the Rost twin well. There is also a potential deal to co-develop a shut-in well. The publication of the AIM admission document should be in March.
Ajax Resources (AJAX) has entered an option to purchase 100% of the Macacha copper and silver project, previously known as the Leon project, in Argentina. An initial $100,000 will be paid in shares. Ajax Resources will pay $3m when the option is exercised within 36 months of Environmental Impact Assessment publication. There is a mineral resource estimate of 6.6 million tonnes of Indicated and Inferred resources at 0.62% copper and 18 g/t silver. This equates to approximately 40,900 tonnes of contained copper and 3.8 million ounces of silver, representing an in-situ gross metal value of approximately $900m at prevailing market prices. The deeper mineralisation has not been tested. Former AIM company Alexander Mining had undertaken trial mining at the project. Management is talking with two potential buyers of its interest in the Eureka gold and copper project.
Delta Gold Technologies (DGQ) is advancing the University of Toronto C$259,000 from the year 2 sponsorship earlier than expected. This is part of the C$1m commitment. The cash will finance the addition of a second component to the Cryo-refrigeration system, which allows testing of nano-scale structures.
Astrid Intelligence (ASTR) director Siam Kidd acquired 23.9 million shares at 0.187p each, prior to his becoming chief executive. The company has increased its TAO token deployment into an over the counter partnership transaction with video intelligence infrastructure developer Score (Subnet 44), operating within the Bittensor ecosystem. This means Astrid has bought 78,740.05 alpha at an implied price of 0.0127 TAO per alpha. Astrid has launched Astrid Vault, an on-chain platform designed to improve liquidity and stability across the Bittensor AI network.
Digital assets developer Coinsilium (COIN) has confirmed that the balance sheet has been strengthened and the portfolio is maturing. A subsidiary owns 182 Bitcoin. The Yellow Network Token and Trading Platform launch is scheduled for 8 March 2026. Coinsillium wants to have broader participation in the network.
Tamar Minerals (TMR) has raised £1.7m at 3p/share and acquired Godolphin Mining for £350,000 of shares at the same price. Godolphin Mining owns the Duke of Leeds mineral rights in Cornwall, and it is owned by Tamar Minerals chairman Mark Thompson. This will eliminate rent and lease-based royalties.
Emission reduction products developer Sulnox Group (SNOX) has secured a distribution agreement with Egypt-based Pan Marine Petroleum Services and the first commercial order has been placed. This deal provides access to trade in the Suez Canal.
Stack BTC (STAK) has bought an initial 21 Bitcoin at £53,729 each.
Capital for Colleagues (CFCP) investee company Morris Commercial, which is developing the Morris JE electric van, has raised a further £1.5m in convertible notes and Capital for Colleagues has invested an additional £500,000. Deliveries of the van could start in 2027.
Crushmetric Group (CUSH) has raised £160,000 through a share issue at 8.5p/share.
Equipmake (EQIP) finance director Ian Selby bought an initial 375,000 shares at 1.39p each. Chairman Tim Metcalfe and his wife acquired 971,222 shares at 1.39p each.
AIM
Restaurants operator Various Eateries (VARE) is acquiring a portfolio of premium pubs from Grosvenor Pubs and Inns. The first four sites should be acquired for £11.25m by 23 March, and another site could be bought soon afterwards. Four of the five sites are freehold. The initial four sites generated revenues of £10.5m and EBITDA of £1.5m. These sites will operate under the brand The Linwood Collection. A £15m debt facility will fund the acquisitions. The company will change its name to Coppa Collective.
FRP Advisory has been appointed as administrator of video streaming technology group Aferian (AFRN) and it has sold the subsidiaries of the company to Sapphire Technology Group for $1.3m, plus $700,000 of deferred consideration payable in January 2027 if the annual revenues of the subsidiaries are at least $30.6m and annual recurring revenues are greater than $8.9m. The outstanding debt of Aferian is $16.5m.
CyanConnode (CYAN) has negotiated a revised non-binding proposal from Esyasoft, which recently acquired Good Energy. The offer is 10.44p/share, valuing CyanConnode at £37.5m. The original indicative offer was 9.75p/share. The share price has not been above 10p since April 2025.
FIH Group (FIH) is selling The Portsmouth Harbour Ferry Company for £11.6m. The ultimate buyer is Collins River Enterprises, which trades under Uber Boat by Thames Clippers. The ferry operator has a net book value of £7.59m and made a pre-tax profit of £530,000 under the ownership of FIH.
General Motors has informed Surface Transforms (SCE) that is re-sourcing supply of brake discs. This contract generated £15.3m in 2025, which was 84% of group revenues. The contract was expected to last until 2030. General Motors has provided advanced payments and financial support of £14.4m. The company has not yet spoken directly to General Motors. The contract loss is a major blow and Surface Transforms will employ corporate restructuring advisers.
Molecular diagnostics company Novacyt (NCYT) has launched a preferential subscription rights issue to raise €785,000 at €0.40/share. Shareholders are offered one share for every 36 they hold. The subscription period ends on 17 March. This follows the acquisition of Southern Cross Diagnostics for £4.4m, which will enable entry to the Australian market as well as adding products that can be distributed in other countries. The previous owner of Southern Cross has committed to subscribe for shares, as have some members of the Novacyt board. The final subscriptions depend on the take up of other shareholders. Novacyt generated revenues of around £20m in 2025, but remains loss making, and cash was £19.2m at the end of 2025.
Business and healthcare software provider AdvancedAdvT (ADVT) has launched a £10m share buyback programme and is also considering a tender offer. This will depend on the potential for acquisitions. There was £96m in the bank at the end of February 2026.
Digital marketing services provider Silver Bullet Data Services (SBDS) expects to report flat revenues in 2025 because of a weak quarter four due to the US government shutdown and uncertainty over tariffs. Costs have been reduced and the company is making a positive EBITDA so far in 2026. Trading is improving and committed revenues are 73% of expected revenues for 2026.
Xeros Technology (XSG) says its filtration manufacturing partner has received an order from MediaMarkt, the largest consumer electronics retailer in Europe, for XF3 units that will be sold under its Koenic brand. Xeros receives a royalty on each unit. Russell Hobbs will launch XF3 in the second quarter of 2026.
Quantum Blockchain Technologies (QBT) has had a busy week. It has delivered its first Bitcoin mining rig to one of its three ASIC manufacturers that is a potential partner. The company is working on implementing the software version of Method C AI Oracle into the rig’s operating system. This follows progress with patent applications. Discussions have been held with interested parties at the Nashville Energy & Mining Summit in late January.
Beacon Energy (BCE) has been readmitted to AIM following the purchase of a 48% stake in Italian gas projects developer LN Energy, which holds 90% of the Colle Santo field in onshore Italy. The field has 2P gas reserves of 12mmboe and could start producing within 18 months. The rise in gas prices makes the field potentially even more strongly cash generative. This will cost $30m and be funded by debt. Beacon Energy has raised £3.75m at 3.9p/share.
Brave Bison (BBSN) has acquired a 22.9% stake in market research services provider System1 (SYS1) from the founder John Kearon in return for 9.81 million shares in Brave Bison (8.7%). He has stepped down from the System1 board. Brave Bison is supportive of System1’s strategy.
Investment company Onward Opportunities (ONWD) plans to move to the Main Market to broaden the potential investor base. This could happen in the second quarter. NAV was 136.9p/share at the end of February 2026.
MicroSalt (SALT) has received an order from a new flavours and ingredients customer in the UK.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) increased NAV from 118.5p/share to 142.3p/share in the six months to December 2025. The larger investments have all increased due to new contracts being won and some fundraisings at higher valuations in the period and they have continued to progress in 2026. This reflects the strong institutional interest in space investment. Increasing defence spending is increasing the potential market value of the space sector.
New Frontier Minerals (NFM) has identified tungsten at the harts Range project in Northern Territory, but significant concentrations or rare earth materials were not found.
Mears (MER) has sold education and health facilities management business Morrison Facilities Services for £18m. It generated a pre-tax profit of £2.8m last year.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has bought another 3 Bitcoin at £47,871 each. That takes the total holding to 2,692 Bitcoin. The company will become a constituent of the FTSE SmallCap index on 23 March.
Andrew Hore
Quoted Micro 16 February 2026
AQUIS STOCK EXCHANGE
Quantum computing IP developer Delta Gold Technologies (DGT) has secured a research sponsorship and technology licensing agreement with Penn State University. The sponsorship could cost $2.99m over three years. This will provide exclusive access to IP developed. Penn State will receive a running royalty of 1% of net sales of licensed products once net sales exceed $20m.
Macaulay Capital (MCAP) will earn £330,000 in fees from clients that invested in inspection business ICA, which is being acquired by Germany-based Certania for an enterprise value of £30.45m. AIM-quoted CEPS (CEPS) is selling its stake in for an upfront payment of £14m, which includes the repayment of loan notes. The disposal requires CEPS shareholder approval.
All five requisition resolutions were defeated at the Lift Global Ventures (LFT) general meeting. There were 60.5% of the votes against each resolution. A vote on the waiver of pre-emption rights did not receive the 75% of votes required.
Marula Mining (MARU) has agreed terms for the acquisition of 50% in a special purpose vehicle that holds mining rights in South Africa that include the operation ready Derdepoort manganese mine, which has a processing plant. Proven ore reserves of approximately 4.38 million tonnes of manganese ore at an average grade of 34.78% Manganese Oxide. Marula Mining will pay £1m in shares at 5p each and provide £1m of initial funding. A further £1m will be paid after due diligence. A bankable feasibility study targeting one million tonnes of manganese each year, or when the project is thought to be viable, will trigger a £9m cash payment. A further 20% stake can be acquired for £100,000. Marula Mining has already acquired the nearby Tonto Tshipi manganese mine.
EPE Special Opportunities (EO.P) had was cash of £14.1m at the end of January 2026. The NAV was 360p/share. The Luceco (LUCE) share price recovered, and Whittard of Chelsea was refinanced. Recent acquisition LSA has been integrated into Rayware. A £3m share buyback has been launched.
Valereum (VLRM) has signed a Memorandum of Understanding with RWO.io, which will integrate VLRM markets into its infrastructure. Longer-term, there are plans to develop a decentralised exchange and enable token assets to be used to secure loans.
Oscillate (SRVL) has agreed to acquire Kalahari Copper, which has interests in the Kaoko Basin in Namibia and the Kalahari copper belt in Botswana. The acquisition will be combined with a move to AIM. A further $80,000 has been received from Pulsar Helium Inc for the sale of hydrogen assets. One more payment of $80,000 is due.
Fibre optic cable materials supplier Unigel Group (UNX) increased full year turnover from £29.2m to £38.2m, enabling a jump in pre-tax profit from £2.13m to £3.75m. There was a recovery in international demand. This is set to continue due to investment in AI and 5G. Production capacity has been increased in the US because of tariff uncertainties. Net cash was £2.3m at the end of 2025.
SuperSeed Capital (WWW) increased NAV to 133p/share at the end of 2025. Portfolio revenues nearly doubled.
Sulnox Group (SNOX) has secured a distribution agreement with Motor Plus Panama, which will stock Sulnox emission reduction products for maritime, industrial and transport clients.
Wishbone Gold (WSBN) has expanded its interests in the area of Greatland Gold (GGP) owned Telfer gold mine in Western Australia. The company won a tender for 67km2 of mineral title on crown land, 25km north-west of Telfer.
Ajax Resources (AJAX) has agreed to an extension to the period of exclusivity for the purchase of Pereira Velho Exploração S.A., which owns the Pereira Velho gold project in Brazil.
AI business investor Mollyroe (MOY) raised £350,000 at 0.25p/share. A convertible loan note issue is planned.
Roundhouse Digital (ETHL) has purchased 346.6 Ethereum at an average cost of $2,020 each. The total holding is 468.8 Ethereum. The financial year end date is being changed to March.
Falconedge (EDGE) generated income of 0.368524 Bitcoin, taking the total Bitcoin holding to 19.878377 Bitcoin.
BWA Holdings (BWAP) managing director James Butterfield bought one million shares at 0.25p each, taking his stake to 8.88%. NYCE International (NYCE) has corrected director shareholdings. Farzad Peyman owns 12.2%, Stelios Michaelides 3.86% and Harmen Breninkmeijer 21.3%.
JP JENKINS
Thrive Renewables (THRV) has launched a £10m bond offer, including a retail offer of £5m via the Triodos Bank Crowdfunding platform. The bond lasts for 5 years and offers an annual interest rate of 5.5%. This will finance two onshore wind farms in Wales and Scotland. The offer closes on 16 April.
AIM
Scientific instruments supplier SDI Group (SDI) has secured the earnings enhancing acquisition of PRP Optoelectronics. The manufacturer of ruggedised LEDs for the aerospace, medical and industrial printing markets cost £9.3m, net of cash acquired of £2.8m, and could enhance 2026-27 earnings by nearly 8%. Forecast net debt will increase to £23.1m. This takes SDI into new markets, and the product range fits with some existing products.
Digitisation services provider TPXimpact (TPX) has won two major contracts this week. The latest is a four-year contract with DEFRA worth £39m. That is the second largest contract TPXimpact has ever won. The contract covers digitisation of programmes across agricultural, environmental and sustainability areas. TPXimpact already has contracts with DEFRA. The company also won a £22m contract with NHS England.
Cosmetics supplier Warpaint London (W7L) has acquired the Barry M brand from the administrator for £1.4m, but 2025 figures will be just below expectations. Cavendish has cut its 2025 pre-tax profit forecast from £20.7m to £19.2m, although the 2026 figure is maintained at £26m. Net cash was better than expected at £16m. Barry M is a value cosmetics brand and had revenues of £15m. It is likely to be loss making.
Zanaga Iron Ore Company (ZIOC) has secured funding for its Jumelles subsidiary, which owns the Zanaga iron ore project in Congo. Red Arc Minerals is investing $25m for a 20% stake in Jumelles. This will fund the project up to final investment decision. There is then a $125m option for Red Arc Minerals to take its stake to 87.5%. Zanaga Iron Ore Company will retain a 1% net smelter royalty, and Red Arc Minerals can acquire a 0.5% net smelter royalty from the company for $50m. Zanaga Iron Ore Company has enough cash to get to final investment decision when it can decide whether to continue to invest in the project as it moves to production. Red Arc Minerals can be required to swap Jumelles shares for Zanaga Iron Ore Company shares at 15p each if it does not complete each part of the deal in a defined period. Shareholder approval is required.
Video streaming technology developer Aferian (AFRN) has extended its $16.5m banking facilities to 20 March 2026. It could be further extended at a later date. The loan from major shareholder kestrel Partners is £1.59m and is repayable on 15 April 2026. The formal sale process continues, and this is leading to significant adviser costs. Some potential options for the trading businesses would not raise as much as the bank facility.
Interior furnishings brands owner Sanderson Design Group (SDG) says trading continued to improve in the second half, particularly in the US. Sales in the UK were lower last year. There has also been an improvement in manufacturing business, which should make a profit in the year to January 2026. Full year pre-tax profit is expected to improve from £4.4m to at least £5m. Cash is estimated to be £9.8m, which is more than one-quarter of market capitalisation.
Cora Gold (CORA) is raising £12.9m-£13.7m through a subscription by Singapore-based Eagle Eye Asset Holdings at 6p/share. There will be a retail offer to raise up to £2m. Eagle Eye’s investment will depend on the take up of the retail offer, so that it does not go above 29.9%. The definitive feasibility study for the company’s Sanankoro project in south Mali indicated a NPV8% of $221m, but that was at a gold price of $2,750/ounce. The money raised covers nearly 50% of the cash required to construct the mine.
Faron Pharmaceuticals (FARN) is planning to raise €40m to enable acceleration of development of its lead asset bexmarilimab and to run the Phase II portion of the FDA agreed Phase II/III trial in frontline high risk myelodysplastic syndrome. Lead asset bexmarilimab is an investigational immunotherapy designed to overcome resistance to existing cancer treatments by harnessing the power of immune cells and igniting the immune system. Management expects value inflection points in 2026 and 2027.
Phoenix Copper (PXC) has suspended chief executive Marcus Edwards-Jones and finance director Richard Wilkins due to their recent conduct and past payments. An investigation is underway. The company has limited cash available, and it will last until the second quarter of 2026.
Gift packaging and stationery supplier IG Design (IGR) is trading ahead of expectations. In the nine months to December 2025, margins of 4% are at the higher end of guidance. Full year pre-tax profit estimate has been raised from $7.1m to $9.9m. Cash could be more than $55m at the end of March 2026. A new chief executive is being recruited. The full year results will be published in June and there will be a return to reporting in pounds.
More positive new for Fulcrum Metals (FMET) concerning gold and other product recoveries at the Teck Hughes tailings project. Gold recovery has been increased to 78% with up to 95% silver recoveries. There are also high recovery rates for tellurium and copper and 20% recoveries of gallium – that could be improved. There is a potential recoverable value of more than $550m of all these metals. Further testing will be undertaken.
Wynnstay Group (WYN) is starting to see the benefits of its project genesis strategy. In the year to October 2025, revenues fell from £613.1m to £583.4m due to lower commodity prices, and pre-tax profit recovered from £7.6m to £9.2m. Efficiencies offset higher wage costs. The growth in profit was predominantly in feed and grain and arable divisions.
MAIN MARKET
Apax Partners has decided not to make an offer of 500p/share for motor dealer software provider Pinewood Technologies (PINE). It blames current market conditions.
Digital assets investor KR1 (KR1) has launched its financial infrastructure strategy. This includes starting to buy Bitcoin as well as Ethereum. Existing holdings will be actively managed.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has bought another 15 Bitcoin at a total cost of £785,773 and it owns 2,689 Bitcoin in total, which is an investment of £222.2m.
Panther Metals (PALM) has filed a prospectus for a proposed secondary listing on the Canadian Securities Exchange. PKF Littlejohn has been appointed as auditor. A placing raised £1.19m at 70p/share. This will be spent on a drilling programme for the Wishbone prospect at the Obonga project in Canada. The Winston mine tailings project is moving towards a mineral resource estimate.
Andrew Hore
Quoted Micro 9 February 2026
AQUIS STOCK EXCHANGE
Sulnox Group (SNOX) has generated £1.69m in the nine months to December 2025, compared with £650,000 in the comparative period. A further £335,000 of sales have been generated since then. So far this year, emissions reduction additive volumes grew 265%. Cash was £1.12m at the end of 2025.
Delta Gold Technologies (DQG) shares have started trading on the OTCQB Venture Market in the US. This will help the quantum computing IP company to access US investors. Jonathan Mark Swain has increased his stake from 21.3% to 22.6%.
Connecting Excellence Group (XCE) purchased 1.065 Bitcoin for £64,000 using cash generated by the executive search business, which had revenues of £253,000 in January. The total holding is 52.425 Bitcoin at a total cost of £3.15m. The share price declined 35.9% to 1.25p. The original placing and offer price was 2.1p/share.
Ethry (ETHY) has bought 250 Ethereum at an average price of £1,997 each. It owns 750 Ethereum at an average price of £2,272.33 each.
B HODL (HODL) owns 160.388 Bitcoin after earning 0.093 Bitcoin during January. The company has shareholder permission to buy back shares, as well as entering an At-The Market equity offering via Canaccord Genuity. Share issues have to be at a share price that is a premium to the market value of the company’s Bitcoin holdings.
Pieter Scholtz and Gerhardus “Gerhard” Kotzee of Quorium Global Photonics SPC have been appointed as executive directors of Valereum (VLRM). Grant Gischen has also been appointed as an executive director.
Seneca Partners has reduced its stake in Probiotix Health (PBX) from 6.6% to just under 5%.
Stack BTC (STAK) has raised £6,000 at 1p/share. This will provide working capital.
Fenikso Ltd (FNK) has received a further $437,000 from Lekoil Oil and Gas Investments out of crude oil sales, leaving $33.7m owed.
Tamar Minerals (TMR) sats White Energy Company says that four holes of the Specimen Hill project drilling have been completed with up to nine more planned. Tamar Minerals has a 3% Net Smelter Royalty (NSR) on all future mineral sales.
James and Alexandra Peace have a 6.58% stake in brewer Shepherd Neame (SHEP).
Falconedge (EDGE) shares have started trading on the OTCQB Venture Market in the US.
Marula Mining (MARU) has appointed Alpheus Nethononda, Martin Westerman and Boniface Mbithi as directors.
VVV Sports (VVV) has repaid a £250,000 loan from Campana Investments, which is controlled by VVV Sports chairman Jonathan Rowland.
ASSET MATCH
C4X Discovery (C4XD) will leave Asset Match after the final auction on 12 February. Further progress is required to secure partners for existing programmes. Operating costs have been reduced.
Gulfsands Petroleum (GPX) has closed the fractional share auction, and all the fractional entitlement shares have been placed.
AIM
Antennas components and systems supplier Filtronic (FTC) did well to report barely changed interim revenues of £25.3m given the exceptionally strong first half the year before. Investment in the business has increased costs, so pre-tax profit declined. There is a record order book. Full year revenues are set to be 4% lower at £54m and pre-tax profit could slip from £15.1m to £8.3m.
Chip designer and supplier EnSilica (ENSI) reported interims that were flagged in the recent trading statement. Revenues were 37% ahead at £12.7m with strong growth in chip supply revenues and design income for future supply. There is already 95% coverage of forecast full year revenues of £28m, which would lead to a return to profit. There are design deals that will become supply deals over the next couple of years, so future growth is already in the pipeline.
Online gaming marketing business B90 Holdings (B90) generated higher revenues than expected in 2025. Zeus has upgraded its revenues forecast by 11% to €7.1m. The pre-tax profit forecast is maintained at €1.1m because marketing costs have been increased to cover higher costs and continue the growth in revenues. Net cash is €900,000.
Specialist cleaning services provider React Group (REAT) increased full year revenues from £20.7m to £24.9m, helped by an acquisition, but pre-tax profit dropped from £2.1m to £2m and earnings fell further because of shares issued to fund the 24hr Aquaflow acquisition. There was an organic decline of 10% due to lower cleaning frequencies, but there was a stronger second half. Net debt is £2.2m, excluding leases. Investment in digital admin will help the LaddersFree business to grow.
Building products manufacturer Alumasc (ALU) has reported interim revenues that dipped from £57.4m to £50.4m, partly down to a £5.5m contribution from Chek Lap Kok airport in the previous period that was not repeated in the recent six months. Underlying pre-tax profit dropped from £7.5m to £4m. A further £1.1m of annualised cost savings have been achieved. The interim dividend was maintained at 3.5p/share.
Tungsten West (TUN), which owns the Devon-based Hemerdon tungsten and tin mine, published an updated project value on the back of strong metals prices. The NPV7.5% has increased from $190m to $1.7bn. Management followed this up with a fundraising of £44.4m at 18p/share, including a fully subscribed retail offer of £3m. The cash will finance the feasibility study and pay back the bridge facility. It will help to accelerate the move towards production in the third quarter. Debt financing discussions are continuing with multiple lenders.
Localisation and digital media services provider Zoo Digital (ZOO) is seeing signs of recovery in activity and has received initial orders from two major US studios. Gillian Wilmot and Mickey Kalifa are stepping down from the board after many years, and Nathalie Schwarz will replace Gillian Wilmot as chair. Two new non-executive directors will be appointed.
Image Scan (IGE) says a major defence contract that was going to use the company’s ThreatScan® portable X‑ray systems has been terminated. The was a 36-month programme that would have been a major contributor to 2026-27 and 2027-28 revenues. The termination reduces the order book from £4.67m to over £1m.
Advanced coating provider Hardide (HDD) continues to win new business and this has sparked an upgrade in the forecast for 2025-26. The latest order is from a North American energy company, and it is worth $1m. This should be delivered in the second half. Cavendish has upgraded its earnings forecast by one-quarter to 1.9p/share on a £1m increase in forecast revenues to £9m. That shows the operational gearing of the business.
Recruitment software provider Dillistone Group (DSG) announced a £1.5m fundraising at 10p/share. Management believes that the company has to become larger to take advantage of the AIM quotation. P&R Investment Management has taken a strategic stake of 26.8% via its fund. They are appointing Matthias Riechert and Aakash Vanchi Nath to represent them on the board.
Inspecs (SPEC) says that the votes received for the scheme of arrangement for the 84p/share offer by a bid vehicle established by Luke Johnson and Ian Livingsgtone would not be enough for it to go through. The general meeting has been delayed from 9 February to 23 February.
Trellus Health (TRLS), which has developed a digital platform to manage chronic health conditions, says it has enough funding for most of the first quarter of 2026, having reduced cash burn to $400,000/month, and it is in talks for additional funding. Revenues were $545,000 in 2025. Last year, the agreement with Pfizer to license patient support educational content for inclusion in Pfizer’s IBD digital application was renewed and it could be expanded this year. Trellus Health has begun launching the programme to support recruitment and enrolment optimisation for an ongoing mid-stage immunology and inflammation clinical trial sponsored by Takeda. There has been trimming of some major shareholdings in the company, including by Icahn School of Medicine, which has reduced the stake from 25% to 22.3%.
Sports and leisure products supplier Tandem (TND) improved revenues by 6% to £26.2m in 2025 despite weak consumer confidence. Bicycles and home and garden sectors grew fastest, offsetting the drop in toys, sports and leisure. Efficiency improvements mean that pre-tax profit should be slightly ahead of expectations of £500,000 – Cavendish forecasts £600,00. Management hopes to maintain the rate of growth in revenues this year. The results will be published on 23 March.
Huddled Group (HUD) has raised up to £730,000 from a share subscription at 1.75p/share and secured a debt facility of up to £600,000. There is also a retail offer of up to £100,000. The cash will fund additional stock for the retailer. New marketing initiatives are proving successful.
Financial market data software provider Arcontech (ARC) reported a 5% dip in revenues to £1.4m because of a loss of a contract and a decline in operating profit from £400,000 to £300,000. Reduced working capital helped net cash increase to £7.8m. Cavendish expects revenues to fall 13% and pre-tax profit to decline 30% to £700,000.
Automotive interior components supplier CT Automotive (CTA) expects to report adjusted pre-tax profit of at least $10m for 2025. This was after product launch-related costs of $400,000. Net debt was $7.7m at the end of 2025. Contracts have been won that will build revenues over the next few years. This year’s revenues will not get much of that benefit until later in the year and modest growth is expected.
Gold producer and explorer Ariana Resources (AAU) has settled outstanding loan balances due under the facility agreement with RiverFort Global Opportunities PCC, which issued a conversion notice. The outstanding balance of $782,575 was converted into 40.4 million shares and these are likely to be admitted to trading on 5 February. RiverFort is not likely to be a long-term shareholder so these shares could be sold in the near-term.
Chesterfield Special Cylinders (CSC) says the defence order book continues to strengthen following a new contract for specialised pressure vessels for French navy submarine. Management believes it could gain a major contract for hydrogen storage systems during this year. This year will be second half weighted and full year revenues are expected to be significantly higher. Revenues are forecast to be 18% ahead at £19.5m and the company should move close to breakeven.
Full year revenues at restaurants operator Various Eateries (VARE) were in line with expectations at £52.4m, but margins were better that expected and the loss was lower than expected at £2.4m. There was 2% like-for-like growth in revenues and there was a strong performance over the Christmas period. Zeus has reduced its 2025-26 loss estimate to £1m with forecast net cash of £1.9m.
MAIN MARKET
Bitcoin investor and wed development company The Smarter Web Company (SWC) moved to the Main Market on 3 February. The share price opened at 43p and ended the week at 36.75p.
Satsuma Technology (SATS) says that it has accepted the requisition of a general meeting by shareholders. The four resolutions proposed are for the removal of Henry Elder and Andrew Smith from the board and their replacement by Nicholas Lee and Paddy Dean. The board is aware that apparently the majority is supportive of these resolutions. It will make a further announcement.
Alkemy Capital Investments (ALK) says projections for the Front-End Engineering Design programme for its proposed lithium hydroxide refinery in Teesside are at the lower end of the global cost curve. Capex is US$243.6m and there should be an EBITDA of US$65.9m each year. The facility could produce 25,000 tpa of battery-grade lithium hydroxide monohydrate for batteries.
Andrew Hore
Quoted Micro 2 February 2026
AQUIS STOCK EXCHANGE
Roundhouse Digital (ETHL) joined Aquis on 30 January. It is an AI technology company with an Ethereum-denominated treasury. There was £1.1m raised at 4p/share. The company is valued at £10m.
Valereum (VLRM) has entered into a non-binding agreement with Injective Foundation, a Layer-1 blockchain for decentralised finance, and DigiShares inc, a provider of tokenisation technology. There would be a framework for a collaboration across the Injective blockchain, involving tokenisation and secondary trading. DigiShares has 200 issuers. Quorum Global Photonics has a 49.9% stake, while James Bannon’s shareholding has been diluted from 33.8% to 17.8%.
Property investor Ace Liberty and Stone (ALSP) moved from a loss of £243,000 to a pre-tax profit of £290,000 in the six months to October 2025. Admin costs were reduced and there was no fair value loss, compared with £1.6m in the corresponding period. NAV is £30.5m. Dr Antonios Ghorayeb bought 14,795 shares at 25p each and the chairman owns a 0.96% stake.
Vault Ventures (VULT) has publicly launched analytics platform vSignal.ai.
Equipmake (EQIP) has won a £2.4m order from Agrale for 23 electric drivetrain systems for 23 buses. This follows an order for 50 buses.
BWA Holdings (BWAP) corporate adviser Allenby has initiated research on the minerals exploration company. It believes the Aracari gold project in Cameroon could be transformational. The sum of the parts valuation is £11.2m, which is treble the current market capitalisation. Richard Battersby has transferred his shareholding to his daughter.
Interim figures from Vaultz Capital (V3TC) show initial revenues of £72,000 and a loss of £1.62m. The current value of Bitcoin is £8.68m, down from £11.2m at the end of October 2025, when net assets were £11.6m.
Sulnox Group (SNOX) has secured a South Korean patent for emissions reducing additives.
B HODL (HODL) has bought one more Bitcoin for £64,363, after drawing down£65,030 from its loan facility, taking the total to 160.295 Bitcoin costing a total of £13.3m.
WeCap (WCAP) reported a halved loss of £387,000 in the six months to October 2025. The WeShop share price has fallen back to $58.70, but the stake is still worth more than the WeCap market capitalisation.
Mendell Helium (MDH) raised £700,000 at 3p/share. There is also a proposal from US-based investors to co-fund a second well on M3 Helium’s Rost lease in Fort Dodge. Mendell Helium has an option to acquire M3.
Ajax Resources (AJAX) raised £1m at 8p/share with warrants exercisable at 16p each also issued. This will fund previously announced acquisitions.
Clinical support software DXS International (DXSP) revenues fell 3% to £1.68m in the first half, while the loss jumped from £254,000 to £1m. Management is hopeful that the NHS will begin to accelerate decision making later this year.
Cooks Coffee Company (COOK) says its Esquires Coffee subsidiary has entered a 10-year master franchise agreement for the UAE. The plan is to open at least 50 sites.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has raised £500,000 at 54p/share. Shareholders have agreed the move to the Main Market on 3 February.
Marula Mining (MARU) has terminated the planned sale of its main subsidiary to Europa Metals. Marula Mining will instead develop the assets itself.
In the year to July 2025, hydrogen producing wind turbine technology developer Energy B (NRGB) reported a reduction in loss from £1.05m to £645,000. There are no revenues. This is before the plans for a Bitcoin strategy and the raising of £400,000 at 1p/share and the settlement of creditors at the same share price.
Mental health treatments developer Shortwave Life Sciences (PSY) did not generate any revenues in the six months to October 2025. The loss was £211,000. Net assets were £2.58m.
Phoenix Digital (PNIX) has redomiciled to Gibraltar.
JP JENKINS
India-focused oil and gas company Indus Gas (INDI) left AIM and joined the JP Jenkins platform on 26 January.
ASSET MATCH
Fastjet (FJET) has published its 2024 accounts. The Africa-focused airline reported a 3% dip in revenues to $64.9m, while there was a swing from a loss of $9m to a pre0tax profit of $3.37m. That is due to a sharp fall in cost of sales.
Greenshields Agri Holdings (GAH) says there was a small improvement in 2024-25 post-tax profit at £2.71m. NAV is 160p/share.
Macdonald and Company (MAC1) is paying an interim dividend of 2p/share on 4 February.
AIM
Thor Explorations (THX) has announced a pre-feasibility study for the Douta gold project in Senegal and first production could be in 2028. The pre-tax project NPV5% is $908m at a long-term gold price of $3,500/ounce, while the post-tax NPV5% is $633m. This assumes 100% ownership. Payback of initial capital investment of $254m could be less than one year. There could be one million ounces of gold produced over nearly 13 years. The resource can be extended. Thor Explorations is buying out its 30% joint venture partner in the Douta West permit joint venture Birma Resources for an initial $1.5m.
Aerospace component kits supplier Velocity Composites (VEL) continues to be hit by delays and lower than anticipated Airbus A350 production rates. Lower overheads have offset the lower revenues in 2025, and the pre-tax loss was reduced from £1.3m to £1.1m. A major aerospace components programme in the US will not be transferred until later in 2026. New European business is being sought to offset the loss of a contract.
The Revel Collective (TRC) has appointed FTI Consulting as administrator and sold most of the bars and pubs. There are 20 sites that were not sold and those will close.
Electro-mechanical and electronics products supplier LPA Group (LPA) reported full year figures in line with the previous downgrade. The loss increased from £300,000 to £1.3m on lower revenues. The order book is worth £32.5m. This includes rail projects that have been subject to delays. There is a 41% like-for-like improvement in the first quarter of this year.
Public Policy Holding Company (PPHC) announced the price of the Nasdaq fundraising at $12.25/share. This will raise $50.8m.
Sancus Lending (LEND) shares jumped 362.5% to 1.8p on an unexpectedly strong trading performance in 2025. The finance provider increased revenues by one-third to £22.1m and a 2025 pre-tax profit of more than £1m is estimated, although that includes gains of £2.6m from repurchasing ZDPs. New lending facilities nearly doubled to £212m and total loans were one-third higher at £317m.
Late on Tuesday, Mind Gym (MIND) admitted that it is in discussions with third parties as part of a strategic review that could lead to a bid for the education and training company.
Great Western Mining (GWMO) has revealed the results of the geographical survey and the assay results of a drilling programme at Rhyolite Dome, which is part of the Olympic gold project in Nevada. The survey identified a deeper untested chargeable feature at more than 300 metres in depth. The drilling found low grade gold and more significant silver mineralisation. The geological model will be refined.
Empyrean Energy (EME) has come to an agreement with Conrad Asia Energy to resolve its dispute over the Duyung PSC and Mako gas field in Indonesia. First gas could be in the fourth quarter of 2027. A special purpose vehicle will be established to own these investments, and Empyrean Energy will own 8.5%. After this Empyrean will pay $353,000 to Conrad and a further $353,000 will be paid out of dividends from the special purpose vehicle. Empyrean’s secured convertible note will be restructured, and the lender will be paid out of dividends from the project. The share price jumped 138% to 0.0894p.
Ovoca Bio (OVB) has completed the acquisition of Tadeen International and it will change its name to Talisman Metals. There was £1.155m raised at 7.7p/share. This means the company has £2.255m in cash. The main asset is copper deposits in the Atlas Mountains in Morocco.
Video games art outsourcing provider Winking Studios (WKS) expects 2025 revenues to be at least 40% higher than the $31.9m reported in 2024. That is slightly higher than expectations. Organic growth was in mid-to-high single digits. EBITDA is anticipated to be between 7% and 13% ahead of the $4.8m reported in 2024. There are already approximately $34.6m of bookings to be recognised this year. The full year results are due to be announced on 27 February.
Physiomics (PYC) has been awarded a new contract by long-standing client Numab Therapeutics. The project is for modelling the company’s pipeline to accelerate development of therapies.
Contract proteomics services provider Proteome Sciences (PRM) has raised £840,000 via a placing at 1.75p/share and a retail offer raised £132,000, which was more than double the target. The cash will be used to increase Tandem Mass Tags plexing rate from 32x to 96x and introduce novel Solvent Shift chemoproteomic workflows. It will also go towards launching a new range of DXT isotopic plex tags and concluding a DXT licence, will increasing capacity in San Diego.
Sensing and measurement technology developer Transense Technologies (TRT) has not been securing new contracts as fast as it hoped. Also, iTrack royalty income is likely to be10% lower than expected at £2m with the total revenues for the group are forecast at £5.2m, down from £5.55m last year. The SAWsense and Translogik businesses should grow revenues by 30%. The company was profitable in the first half and had cash at £1.33m. The interim results will be released on 17 February.
Eqtec (EQT) is raising £1.3m at 0.035p/share and this represents 36% of the enlarged share capital. A restructuring of £5.79m of debt will lead to £1.93m being converted into shares. The rest will be changed into £1.93m secured, zero-coupon debt and £1.93m. There is £166,000 of debt owed on the convertible facility with GIS. As part of its new strategy Eqtec is acquiring 99% of the Green Rock copper gold exploration project. It is paying $150,000 in cash and shares. The remaining 1% stake has a carry up to $350,000 and after that it will be lent cash by Eqtec to pay for its contribution with repayment out of future revenues. There is also an option over a 99% interest in the Peak Hills gold copper exploration project in Western Australia. The waste to energy activities will continue to be a core part of the group.
Botswana Diamonds (BOD) been awarded eight prospecting licences in north west Botswana. They have been chosen for prospectivity for copper, gold, silver and other critical minerals. The company is speaking with potential joint venture partners.
Laundry technology developer Xeros Technology (XSG) says that 2025 revenues will be lower than expected. Cavendish has halved its forecast to £300,000, which increases the loss to £3.4m. The 2026 forecasts are unchanged and there should still be £4m in cash at the end of 2026. Longer-term, there is positive feedback concerning demand from a global OEM launching a product in 2027.
MAIN MARKET
Another upgrade for LED lighting and wiring accessories supplier Luceco (LUCE), which has been improving throughout 2025 after a weak start. Like-for-like growth is 6%. Pre-tax profit is expected to be £27.1m, up from £24.9m in 2024. There is demand for retrofitted energy efficiency products and there is UK government backing for energy efficiency measures. There was an 85% increase in EV charging sales.
In the AGM statement, Swindon-based newspaper and magazines distributor Smiths News (SNWS) says trading has been positive. The company should remain cash positive despite the payment of a special dividend of 3p/share. There is more to come from the diversification into other distribution activities.
Shell company Associated British Engineering (ASBE) had net assets of 15p/share at the end of September 2025. There are capital losses of £8m and £2m of trading losses.
Nanoco (NANO) has decided not to actively seek a buyer any more. There were discussions but no firm offers. Costs are being reduced and chief executive Dmitry Shashkov is leaving.
Andrew Hore
Quoted Micro 26 January 2026
AQUIS STOCK EXCHANGE
Cardiometabolic health products developer ProBiotix Health (PBX) increased sales by 45% to £2.72m in 2025 and reduced the loss. During the year, ProBiotix entered the Korean market and submitted applications for two new clinical trials. There was £1.27m in the bank at the end of £1.27m. The order book is worth £1.3m. The business has been structured to cope with further growth. There will be a focus on growth in Asia Pacific. In Europe, the company is seeking to substitute its LP LDL product for Monacolin K as a cholesterol lowering ingredient in supplements. There are opportunities in the US, but they could be delayed by the trade background.
AIM-quoted Pulsar Helium (PLSR) has issued a further 145,434 consideration shares to Aquis-quoted Oscillate (SRVL) as part of the deal to acquire Quantum Hydrogen. This takes the stake to 80% with an option to acquire the rest for $400,000 in shares issued in five equal instalments.
Astrid Intelligence (ASTR) has acquired TaoFi, which provides transactional and liquidity services that are essential to the operation of the Bittensor ecosystem. This strengthens the company’s position in protocol-level services. The consideration was paid in TAO tokens.
Connecting Excellence (XCE) has received settlement of 10 Bitcoin for the first XCE BTC Bond, issued on 31 December 2025 with a BTC price of £65,104.26. the company has 51.35988275 Bitcoin.
Bitcoin investor Stack BTC (STAK), formerly Kasei Digital Assets, returned £3.5m to shareholders and that was the major reason behind the 84.6% decline in the share price to 2p.
Ethereum and technology investment company Ethtry (ETHY) is seeking to develop activities in quantum technology, AI and energy transition services. It has bought 500 Ethereum at £2,412 each. A partnership has been secured with AMINA Bank, which will provide access to regulated banking infrastructure and digital asset services.
Ajax Resources (AJAX) has entered newly negotiated terms for the purchase of the Paguanta project in Chile. The initial payment is $50,000 in cash $350,000 of shares at 25p each. Deferred consideration is $500,000 on proved reserve exceeding 25 million tonnes at more than 5% zinc equivalent and/or $500,000 on proved reserve exceeding five million tonnes of copper.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has bought ten Bitcoin at £67,210 each, taking its holding to 2,674 Bitcoin at an average price of £82,800 each. The total value is £221.4m. The company is moving to the Main Market on 3 February.
Shares in Valereum (VLRM) returned from suspension 10% lower at 11.25p. A share subscription agreement has been signed with Quorium Global Photonics (QGP), which will subscribe for 243.5 million shares. There is a lock-in agreement until the shares are listed on Nasdaq or New York Stock Exchange, except for 1.44% of the shares each month. In return Valereum will receive $200,000 of medium term notes with an annual coupon of 7.95%. That will generate $15.9m/year for five years. A $1bn bank facility is provided for. There will be $200,000 in fees paid to QGP, which will also receive warrants. Guild Financial Advisory has been appointed corporate adviser
Sulnox Group (SNOX) has obtained another patent in South Africa. This is for an improved oil/water separation methodology for its emulsification products. Sulnox Group has issued 1.4 million shares to Eastern Pacific Shipping Pte Ltd based on the volume of Sulnox Eco it bought.
Brewer Shepherd Neame (SHEP) says beer volumes fell 6.6% in the first half, while own beer volumes slipped 11.6%. like-for-like pub sales were 4.5% ahead following a strong Christmas period. Tenanted pubs income was 3.1% higher. The interim results will be announced on 18 March.
Maiden figures from Delta Gold Technologies (DGQ) show an interim loss of £126,000 with no revenues. This is to October 2025, so it is before the quantum computing company joined Aquis, raising £2.5m at 10p/share. There is a sponsored research agreement with the University of Toronto.
In the year to August 2025, Capital for Colleagues (CFCP) generated revenues of £1.04m and there was a loss of £1.31m due to reductions in the value of investments. Excluding that, there would have been a profit. NAV was 72.86p/share. There is no dividend.
TechFinancials (TECH) has signed an agreement to acquire up to 60% of the Dilotiko iron ore project in Kenya. The issue of 57.1 million shares has led to the acquisition of 25%. A mining permit is going through an evaluation process. A further 50 million shares would be issued to take the stake to 60%. Gathoni Muchai Investments introduced the deal in return for 20 million shares. Hyde Park Holdings has disposed of its 5.78% stake.
Dr KS Tan bought 16,005 shares in Inqo Investments (INQO) at 47.8p each. He owns 35.6%.
BWA Holdings (BWAP) has generated significant sample results at the Aracan gold project in Cameroon. There were 50 samples that reported gold values greater than 15ppb.
JP JENKINS
Bigblu Broadband (BBB) has not come to an agreement over deferred consideration for the disposal of Skymesh. The buyer was due to pay up to $6.9m before Christmas. Shareholders have provided funds to support the company in its attempts to resolve the dispute.
AIM
Kitwave Group (KITW) is recommending a 295p/share cash bid from OEP Partners, but it is not supported by all analysts. The bid values the grocery distributor at £251m. The acquirer will support further growth through acquisitions. Interim figures show a 21% increase in revenues to £802.7m, but there was a like-for-like decline of 1%. Underlying operating profit rose 12% to £38m despite the increasing overheads due to higher staff costs. Net debt is £57.3m, down from £63.7m one year earlier. The May 2021 placing price was 150p.
TruFin (TRU) subsidiary Playstack has signed a contract with a global technology platform for a new video game to be released in the second half of 2026. The game will be developed and owned by Playstack. There will be a series of contractual payments and performance-based fees. The board of Playstack is establishing a new management incentive scheme, which could issue up to 15% of the fully diluted share capital in B and C shares. The B shares only vest if a minimum value of £19.6m is achieved on an exit, while the C shares only participate if the value is £45.9m, which increases by an annual interest rate of 12%. TruFin has launched a £6m share buyback.
Goldstone Resources (GRL) is raising £2m at 1p/share, which was more than double the share price ahead of the announcement. The cash will fund exploration at the Homase mine in Ghana to expand the JORC resource and to evaluate other gold projects, including one in Sierra Leone. Asian Investment Management is converting £1.45m of interest on its gold loan to shares at a conversion price base on a gold price of $4,250/ounce, taking its shareholding to 29.9%. This leaves 250 ounces of interest and the principal gold loan of 1,871.31 ounces. Directors are also taking 50% of fees owed in shares at 1p/share.
Phoenix Copper (PXC) says that the increased copper price means that the post tax NPV10 trebles to $185.2m. This is based on the copper price changing from $4.45/lb in the original estimate to $5.58/lb. Indigo Capital has converted $2.1m of loan notes into 26.98 million shares at 1.483p each and is selling 24.2 million shares to European investors.
Water mediation services provider MYCELX Technologies (MYX) grew 2025 revenues by 1405 to $11.7m and this, along with cost controls, has enabled the company to achieve an expected profit of around $360,000. A loss was previously forecast.
Oil and gas company Block Energy (BLOE) has completed the farm-out of licence XIQ (Project IV) following approval from the government of Georgia. Block Energy is fully carried through the staged work programme which could cost $95m. Aspect Georgia will earn up to 75% with an option to increase this to 92.5%.
Genetics based testing company GENinCode (GENI) has raised £3.9m via a placing and subscription at 1p/share – that is more than the £3.5m minimum sought. Up to £500,000 more could be raised by a retail offer, which closes on 26 January. The company has been working with the FDA to gain 510k approval for the CARDIO inCode-Score test. Highlighted deficiencies are being attended to, including a greater emphasis on African American community data and further clinical validation. The cash will fund this and expansion in the UK and EU.
Kromek (KMK) moved from loss to profit in the first half. In the six months to October 2025, revenues jumped from £3.7m to £15m due to a large payment from Siemens Healthineers for imaging technology expertise. Advanced imaging revenues were higher even if that payment is excluded. The CBRN detection division more than doubled revenues. Cavendish is maintaining its full year forecasts with more modest full year growth of revenues from £26.5m to £27.1m, which reflects the second half payment from Siemens last year. The underlying growth of the rest of the business continues. Forecast pre-tax profit is £2.3m. The share price has soared in the past six months.
Airea (AIEA) says demand for its floor tiles was softer in the second half, although full year sales were still 1% ahead at £21.4m. Uncertainty ahead of the Budget hit sales. International sales were 4% down. Operating profit should be better than that reported for 2024. The new manufacturing facility is in the final stages of commissioning.
Loyalty platform provider Eagle Eye (EYE) did better than expected in the first half with underlying growth in revenues of 16% to £22.4m, although the previously announced lost contract meant that the reported figure is 5% lower. Annualised recurring revenues were higher at £42.2m due to contract wins. EBITDA fell from £5.9m to £4.3m. A small full year pre-tax profit is now forecast.
Oil condition monitoring equipment supplier Tan Delta Systems (TAND) generated revenues of £1.2m in 2025, which is one-fifth higher than anticipated. There are customers undertaking trials of equipment that should be near to making purchasing decisions. Net cash was £1.4m at the end of 2025, but a fundraising may be required depending on the rate of new orders.
Iron deficiency treatment developer Shield Therapeutics (STX) expects to achieve an operating profit in 2026, having generated $1m in cash from operations in the fourth quarter of 2025. In 2025, revenues rose from $32m to $50m with $46m coming from iron deficiency treatment ACCRUFeR through a combination of higher prices and more prescriptions. There were 61,000 prescriptions in the fourth quarter, up from 41,000 one year earlier. Cash was $11.6m at the end of 2025, although there is still net debt.
Firering Strategic Minerals (FRG) intends to exercise the next tranche of the Limeco Resources option, which will take its shareholding to 36.2%. Firering Strategic Minerals boss Yuval Cohen will step down and concentrate on his role as chief executive of lime producer Limeco Resources in Zambia. A new kiln will increase production capacity. Youval Rasin will be interim chief executive of Firering Strategic Minerals.
MobilityOne (MBO) has formed a mobile money transfer collaboration in Bangladesh with bKash. It will share fees on remittance transactions by bKash account holders. There will be a modest contribution this year.
More good news for Oracle Power (ORCP) from drilling at the Kalgoorlie gold project in Australia. It has intersected shallow gold mineralisation at the Northern Zone Intrusive Hosted gold project. The best result is 8 metres at 5.81g/t gold. There are a further 16 drillholes due to report results in two batches. It is possible that there is a 600 metre wide zone of shallow oxide mineralisation overlapping the Northern Zone porphyry system.
Trading in Landore Resources (LND) shares recommenced after it published an updated mineral resource estimate for the BAM gold project in Ontario. It includes estimates for the B-47 nickel copper cobalt PGE deposit and VW nickel copper cobalt deposit at the Junior Lake nickel deposit. BAM has indicated gold of 622,300 ounces with 33,700 ounces inferred. B47 has indicated resources of 3,428 tonnes at 0.6% nickel, 0.41% copper, 0.05% cobalt, 0.13g/t platinum, 0.48g/t Pg and 0.03%g/t gold. VW has indicated resources of 3,428 tonnes at 0.4% nickel, 0.05% copper, 0.02% cobalt, 0.03g/t platinum, 0.04g/t Pg and 0.01%g/t gold. Strategic options are being considered for Junior Lake. There are potential changes at subsidiary Landore Resources Canada Inc.
Online retailer Huddled Group (HUD) generated revenues of £19m and an EBITDA loss of £2.5n in 2025. There is a new agreement with Temu and an expansion of product range on Amazon and OnBuy. This provides a showcase for the company’s own websites.
MAIN MARKET
Foam manufacturer Zotefoams (ZTF) had a strong fourth quarter with an improvement in the construction market and continued growth elsewhere. Full year revenues were £158.5m and pre-tax profit 38% ahead at £21.1m. The one weak region was Asia, but the new Vietnam factory should change that.
London BTC (BTC) has appointed Marex, which recently bought Winterflood, as joint corporate adviser as part of its plans to float on Nasdaq.
Golden Rock Global (GCG) is planning to acquire SSS Matrix Corp, which is described as “operating at the intersection of applied AI, commodity market and supply chain management, blockchain-based digital finance and payment systems”. There will be a share issue to pay for the acquisition. Trading in the shares is suspended.
Andrew Hore
Quoted Micro 19 January 2026
AQUIS STOCK EXCHANGE
Bitcoin investor and wed development company The Smarter Web Company (SWC) has published its prospectus for the move to the Main Market. A general meeting will be held on 28 January to gain shareholder approval. The listing is expected to cost £1.5m. Management wants to use the listing to fund acquisitions and further purchases of Bitcoin. The share price recovered 42.5% to 57p. The April 2025 reversal into an Aquis shell was done at 2.5p.
Ajax Resources (AJAX) says drilling has commenced at the Eureka gold and copper project in Argentina. Initial results will be at the end of the first quarter of 2026.
Vault Ventures (VULT) has entered into post-quantum security infrastructure. The initial focus is post-quantum encryption at the application layer.
Falconedge (EDGE) has achieved incremental Bitcoin growth of 0.23526 of a Bitcoin during December, taking the holding to 19.509853 Bitcoin.
WeCap (WCAP) has fallen 16% to 1.575p on the back of a further decline in the WeShop share price to $67.17. The stake is still probably worth nearly 10p/share.
Lift Global Ventures (LFT) has withdrawn resolutions 7 and 9 from its AGM. Revised authorities to allot shares and disapply pre-emption rights will be voted on at a general meeting. This is on top of the requisitioned general meeting to remove David Richards, Mark Horrocks and Sandy Barblett from the board and appoint Howard White and Nicholas Monson.
Zentra (ZNT) has formed a property management joint venture with Connor Moylan. Zentra will own 51% and continue with its own lettings and property management business. This deal will avoid adding fixed overhead to the group.
Sulnox Group (SNOX) has gained a patent for emulsification for Heavy Sulphur Fuel Oils (HSFO) and Sulnox Eco™ Fuel Conditioners in Vietnam.
Eight Capital Partners (ECP) has secured an agreement with Altarius Asset Management to establish and investment fund and two sub-funds investing in private debt and private equity. They should be established in the first quarter of 2026.
Ethtry (ETHY) has secured a partnership with the Liechtenstein Trust Integrity Network.
B HODL (HODL) has bought one more Bitcoin taking the holding to 159.295 Bitcoin costing an average of $83,103 each.
EPE Special Opportunities (EO.P) had net assets of 304.54p/share at the end of December 2025.
BWA Group (BWAP) says St. Georges Eco-Mining Corp has disposed of its shareholding. Three directors bought shares and David Butler took a 3.52% stake.
JP JENKINS
The JP Jenkins-15 index rose 5.4% to 1209.1 by the end of trading on 9 January. This is a 21% increase over the first year. THG Ingenuity has been a strong performer. OPG Power Ventures has replaced e-therapeutics in the index.
ASSET MATCH
Regenerative medical devices developer Tissue Regenix (TRX) has undertaken a review of executive directors’ activities and uncovered potentially serious corporate governance concerns. Sufficient funding has been secured for the company to support commercial operations and further investigation.
AIM
Pizza restaurants operator DP Poland (LON: DPP) gained momentum in the fourth quarter of 2025 and this has continued into this year. System sales were 14% higher on a constant currency basis and 22% on a reporting currency basis. Full year system sales were 8% higher at £16.4m on a constant currency basis. The growth rates in Poland and Croatia were similar. Group EBITDA rose from £4.8m to £6.3m. Cash was £1.6m at the end of 2025. Consolidation of commissary and dough production in a single facility should be completed in the first half. There are 135 Domino’s and 75 Pizzeria 105 locations. Panmure Liberum forecasts a reduced pre-tax loss of £300,000 in 2026, down from £500,000 in 2025.
Caledonia Mining Corporation (CMCL) has increased the offering of 5.875% convertible senior notes due 2033 from $100m to $125m. The initial purchasers have an option to purchase a further $25m for 13 days after the issue of the notes. The offer should close on 20 January. Net proceeds will be around $120m, or $144m if the option is fully taken up. There will be $12m spent on the cost of capped call transactions. The rest will fund development of the Bilboes gold project in Zimbabwe.
Retailer Shoe Zone (SHOE) reported 2024-25 results in line with the October trading statement, but Zeus has reduced its expectations for this year. Full year revenues fell 8% to £149.1m due to store closures and reduced footfall. Online sales did increase. Higher wage costs meant that pre-tax profit dropped from £10m to £2.4m. This year’s pre-tax profit forecast has been cut from £4.5m to £1m on a further fall in revenues for £145.8m.
Semiconductor wafer products supplier IQE (IQE) gained positive momentum in the second half of 2025 due to defence business. There was also strong photonics demand and higher sales of wireless products. Revenues will be full year revenues of around £97m and EBITDA at least £2m due to operational gearing. HSBC has provided a waiver for the EBITDA covenant test. Cash was £15.6m at the end of 2025. There is a strong order book. The board is negotiating with potential buyers of all or part of the business.
Online fashion retailer Sosandar (SOS) increased third quarter revenues 10% higher at £13.4m and gross margin improved. Sales from the company’s own site were 27% ahead, but the Marks & Spencer business is still being affected by the cyber incident. Net cash is £9.7m. Trading is in line with expectations of a full year pre-tax profit of £400,000.
Western Australia focused explorer Artemis Resources (ARV) plans to cancel its AIM quotation and concentrate of the ASX listing. Liquidity has been limited. There is an opportunity for each Depositary Interest holder can become a registered shareholder on the Australian share register. This is expected to happen on 13 February, which is three years after joining AIM. The introduction price was 3.75p and the share price has fallen by more than 90%.
Cyber security company Corero Network Security (CNS) says 2025 EBITDA was ahead of expectations. Revenues rose 4% to $25.5m instead of the anticipated dip and this meant that there was not a loss and instead it was positive EBITDA of $1m. Annualised recurring revenues are 23% higher at $23.9m. Net cash was $4m at the end of 2025. Zeus has maintained its 2026 EBITDA forecast of $1.4m and pre-tax loss of £1.3m. This will be reviewed when the full year figures are announced in March.
Distribution Finance (DFCH) has grown its loan book to £846m at the end of 2025, ahead of guidance, and it is targeting a figure of £1.5bn by 2030. New loan origination was more than £1.8bn in 2025. Full year underlying pre-tax profit will be at least £17.5m, up from £14.4m. Tangible net assets are at least 75p/share. The
Tern (TERN) has been notified by the general partner of SVV2 that Tern has ceased to be a limited partner in the SVV2 partnership because it has been classed as a defaulting investor. Tern’s interest has been transferred to other partners, and it is unlikely to receive any compensation. The general partner is also seeking default interest and costs of £40,000 and indemnity from consequence of default of £184,000. Tern is taking legal advice.
Virtual product advertising Miriad Advertising (MIRI) says 2025 revenues fell from £1m to £400,000. It expects a much stronger performance in 2026 with positive signs for February and March. There are joint venture discussions for emerging markets. Cash was £1.2m at the end of £1.2m and the monthly cost base is £220,000.
Eqtec (EQT) is broadening its strategy to gain exposure of critical and precious metals, while continuing with the core waste to energy technology business. They are viewed to be complementary segments of the energy transition sector. Lenders are supporting the move.
After trading problems for capital equipment supplier Mpac (MPAC) earlier in the year, the 2025 outcome is set to be in line with expectations. Helped by previous acquisitions’ full contributions, revenues grew from £122.4m to £170m, while pre-tax profit should be £13.5m. The order book is worth £92m and covers 50% of 2026 forecast revenues. Some orders were delayed.
Toys and games supplier Character Group (LON: CCT) says like-for-like sales in the fourth months to December 2025 were 11% lower, but sales should improve in the second half. Full year revenues are likely to be flat, but pre-tax profit could more than double. The £2.96m share buyback is complete.
Wellnex Health Ltd (WNX) improved gross margin from 22.8% to 31.3% in the first half. Breakeven was achieved in the second quarter. The core Pain Away product generated revenues of A$3.3m in the second quarter.
Anglo Asian Mining (AAZ) produced 7,915 tonnes of copper, 25,061 ounces of gold and 153,332 ounces of silver in 2025. Copper production was at a record level in the fourth quarter. The first sales of copper concentrate were made from the Demirli mine. Gedabek and Demirli mines both increased copper production, although copper production was slightly below guidance. There is inventory of 2,457 tonnes of copper valued at $12,504/tonne.
Public Policy Holding Company In (PPHC) has filed an amended Form S-1 with the US SFA for the proposed listing on Nasdaq. It will retain the AIM quotation after the listing.
Mkango Resources (MKA) has completed concept studies for expanding South Carolina and Nevada hubs, which will treble production of magnets and alloys to 4,656 metric tons. The expanded hubs could have a post-tax NPV of more than $2bn. This will help the proposed reversal into the US listed shell. The rare earth recycling and sintered magnet manufacturing plant in Birmingham has been officially opened.
Cancer diagnostics developer CelLBxHealth (CLBX) expects 2025 revenues to be £1.4m, which is lower than the forecast of £1.6m due to deferral of contracts. After the recent fundraising, year-end cash was £7.3m. The 2026 forecast is maintained with revenues of £3.6m and a £5.7m loss after annualised cost savings of £5.9m.
Shuka Minerals (SKA) has received the £815,000 payment from Gathoni Muchai Investments. A placing raised a further £1m at 4p/share. This funded the completion of the acquisition of Leopard Exploration and Mining and the Kabwe zinc mine. There are 5.723Mt of resources at Kabwe (including 700,000 tonnes of zinc and 100,000 tonnes of lead), with a value in excess of $2bn. The NPV10 is $561m.
MAIN MARKET
North East England-based investment company Develop North (DVNO) has published a prospectus to raise £58m to help its move towards its target of reaching £300m in assets. There is a subscription and retail offer at 81.6p/share.
Online travel hostel agency Hostelworld (HSW) increased revenues by 7% in the second half and marketing costs as a percentage of revenues declined to 45%. Social Passes were launched last November, which will help to generate income from social media. In 2025, net revenues were 2% ahead at €93.8m, while EBITDA was €19.9m, which is lower than the previous year. Net cash was €10.6m at the end of 2025.
Cadmium-free quantum dots developer Nanoco (NANO) has received $4.5m from LG Electronics with $500,000 withheld due to tax liabilities. Nanoco is seeking damages for IP infringement from rival Shoei. The case could go to trial in 2026.
Panther Metals (PALM) has signed a three-year purchase option over three mine claims in the Obonga project area in Ontario. There is a C$200,000 cash payment and 1.5% net smelter royalty.
Ecora Resources has changed its name to Ecora Royalties (ECOR) and has translated the interim dividend at 0.4471p/share.
Andrew Hore
Quoted Micro 5 January 2026
AQUIS STOCK EXCHANGE
Energy efficient technology developer Time to ACT (TTA) was held back by volatility of orders. In the six months to September 2025, revenues fell from £1.67m to £732,000, while the loss increased from £184,000 to £698,000. There are more than £4m of Large Parts contacts ready to be closed. In November 2025, Diffusion Alloys sold surplus coating compound of £540,000 and a further £472,000 is expected before the end of March 2026. This will make up for some of the shortfall in the first half.
Energy storage technology provider Invinity Energy Systems (LON: IES) has announced four agreements in the past seven working days, including two to supply 20MWh of vanadium flow battery system to a Hungarian client. The cost of production of the equipment continues to be reduced. The 2025 revenues should be £17m and there is an order book also worth £17m, although the timing of £9m of this is uncommitted.
Emissions reduction additives supplier Sulnox Group (SNOX) reported increased interim revenues of £1.2m, up from £440,000, while the loss was reduced from £4.2m to £3.7m. Cash was £1.36m at the end of September 2025. Momentum continues in the second half.
VSA Capital (VSA) reported flat interim revenues of £1.76m with higher overheads leading to a decline in profit from £298,000 to £131,000. VSA Capital says that the underlying pe-tax profit was £378,000. Cash inflow from operating activities increased from £389,000 to £673,000. There should be progress with the Drakewood Capital Management partnership in the coming year.
On the 30 December 2025, Hot Rocks Investments (HRIP) valued its stake in Nasdaq quoted WeShop at $51.2m. Prior to that, at the end of September 2025, NAV was £1.28m.
Residential developer Zentra Group (ZNT) revenues fell 45% to £8.06m and the loss declined from £3.56m to £1.71m. Four subsidiaries were sold for a gain of £1.41m. Overheads are being reduced. The focus is changing focus to larger projects and development management opportunities.
HRC World (HRC) is focusing on phase 1 of the data centre facilities in Subang Jaya, Kuala Lumpur. In the six months to September 2025, revenues dipped rom £436,000 to £357,000 and the loss increased from £52,000 to £256,000.
Personal care products contract manufacturer Amirose London Holdings (ALH) increased interim revenues from £5.13m to £7.19m, while the loss rose from £243,000 to £552,000, although that includes £331,000 of acquisition and flotation costs.
Art products maker Crushmetric Group (CUSH) generated revenues of HK$2.1m in the six months to September 2025. The loss increased from HK$3.7m to HK$6.12m.
TSP Advanced Technologies (TSP) is yet to generate revenues, and the interim loss was slightly down at £335,000, compared with £410,000. The medical device developer formerly known as TruSpine Technologies says long-term funding is required.
Southwest England-focused tin and copper explorer Tamar Minerals (TMR) plans to take advantage of the processing capacity being put in place by other miners in the region. There are options over two projects that were producing in the 19th century. There was £255,000 in cash at the end of June 2025.
Cell therapy treatments developer Cardiogeni (CGNI) expects to complete a £19m non-dilutive licence funding agreement in January. There were no interim revenues and the loss was £533,000. Cash was £149,000 at the end of September 2025. Regulatory filings should be submitted for a phase IIb/3 study in the Gulf states for CLXR-001, a heart regeneration medicine for the treatment of heart failure that is administered during coronary artery bypass surgery.
B HODL (HODL) has made an initial drawdown of £70,000 from its Bitcoin-backed loan. One Bitcoin was bought for £65,809. The total holding is 158.211 Bitcoin.
Shareholders voted in favour of Amazing AI (AAI) leaving Aquis on 7 January 2026.
Silverwood Brands (SLWD) has not published its accounts for the 18 months to June 2025 and trading in the shares was suspended on 2 January.
Nicholas Baxter increased hi holding in Vault Ventures (VULT) from 4.14% to 7.73%. Yorkshire AI Labs reduced its stake in IntelliAM AI (INT) from 15.4% to 13.7%. EDX Medical (EDX) founder and chief scientific officer Sir Christopher Evans bought 57,304 shares at 11.49p each. He owns 35.2% of the diagnostics company. Adnams (ADB) chief executive Jennifer Hanlon acquired an initial 1,051 B shares at £19 each and finance director David Driscoll bought 166 A shares at 500p each. Nicolas Baxter has increased his stake in Vault Ventures (VULT) from 4.14% to 7.73%.
Falconedge (EDGE) has appointed Fortified Securities and SI Capital as joint brokers.
AIM
Public Policy Holding Company Inc (PPHC) is taking on a professional with a client portfolio. There will be a payment of up to $1m depending on performance. The initial $400,000 was paid in shares.
e-commerce payment services provider Mobility One (MBO) has received conditional approval to carry on Islamic digital banking in Labuan in Malaysia. The business will be called MBO Bank (Labuan). No revenues are expected in 2026. Potential partners and investors will be explored.
Galantas Gold (GAL) has completed the acquisition of RDL Mining owner of the Indiana gold copper mine in Chile and closed a placing raising $14.9m at $0.08/unit (one share and one warrant exercisable at C$0.12). The updated mineral resource estimate shows inferred gold of 355,516 ounces and 64,690t of copper. Ocean Partners has been issued 7.81 million shares to satisfy a debt of $625,000.
Shareholders in Synergia Energy (SYN) agreed to the sale of its 50% stake in the Cambay PSC for $14m but did not agree to leave AIM. This sale requires India government approval. Synergia Energy will still return cash to shareholders via a share buyback. The focus will be the UK Medway Hub Camelot CCS project and finding a new partner. Additional oil and gas opportunities will be sought in India.
Healthy snacks supplier Tooru (TOO) has been adding new retailers of its brands. Sales of gluten-free brand OAF are building. Manufacturing of brands is being streamlined, and snack bar company Pulsin is currently using a contract manufacturer. However, there has been short-term disruption to sales. A refinancing has increased the bank facility to £3.9m, which lasts until 2030. Tooru says agency business Market Rocket is non-core, and it may be sold.
Jarvis Securities (JIM) has appointed S&W Partners to help with the wind down of the company. There is currently cash of £10.4m. Two more payments of £1m each are due for the sale of the broking clients. There are obligations to redress certain clients because of sharing commission with an introducer and misleading language in client terms. The estimated cost is £2.8m, but it could be more.
Westminster Group (WSG) did not publish annual accounts by the end of 2025 and trading in the shares was suspended on 2 January 2026. A strategic investor is interested in making a significant investment and collaborate on opportunities. Project financing is being negotiated.
Trellus Health (TRLS), which has developed digital technology to manage chronic conditions, plans to issue up to £5m of secured convertible loan notes to an institutional shareholder. This will be a facility lasting 12 months with multiple tranches that will come with warrants. This enhances the cash position and the first tranche of £737,500 should last for the first quarter of 2026. Average monthly cash burn has been reduced to $400,000. A general meeting will be held on 20 January. The company previously secured a $600,000 convertible loan from 25% shareholder Icahn School of Medicine at Mount Sinai.
Eurasia Mining (EUA) has agreed to sell West Kytlim mining operations. The loss-making operations are at risk of nationalisation by the Russian government. After taxes and other costs $9m should be received, even though the assets are valued at $251m. The remaining Arctic assets represent 99.7% of reserves and resources.
Heart-health functional food ingredients supplier Provexis (PXS) interim revenues slumped from £785,000 to £364,000 due to a decline in Fruitflow II SD from £725,000 to £302,000. That was due to a delay in receiving additional inventory. Several hundred thousand pounds of sales and orders have been received since September. The underlying interim operating loss rose from £98,000 to £155,000. Cash was £523,000 at the end of September 2025
Tap Global Group (TAP) increased revenues 31% to £3.48m and received £420,000 relating to recovery of historical referable bonuses paid in Bitcoin. The goodwill write down was reduced from £15.9m to £4.7m, which meant that the overall loss was reduced from £18.2m to £5.7m. There is £1.29m of goodwill left in the balance sheet. The cash outflow from operations was £184,000. The digital finance hub operator is focused on scaling up its business. Finance director Steven Borg is stepping down and being replaced by Andrew Milmine.
Executive chairman Colin Bird Bezant Resources (BZT) bought 30 million shares at 0.0745p each.
MAIN MARKET
Consultancy daVictus (DVT) has released its interims to June 2025 and this ended the trading suspension of the shares. Cash was £12,000 at the end of June 2025.
Critical Mineral Resources (CMR) confirm shallow copper mineralisation at Zone 2 North at Agadir Melloul in Morocco. This is suitable for open pit mining. There will be further drilling results in January and February.
KR1 (KR1) generated income of £211,000 from digital assets during November 2025. NAV was 32.8p/share, down from 41.5p/share at the end of October 2025.
Andrew Hore
Quoted Micro 29 December 2025
AQUIS STOCK EXCHANGE
Technology developer Vault Ventures (VULT) is finalising a strategic partnership with an organisation involved in quantum, post-quantum and security-critical software systems. This will support development of revenue generating quantum products for regulated organisations. Priority areas have been identified, and the partnership should accelerate development. There should be no requirement for a share issue to fund the partnership.
The WeShop share price fell back to $111.85, although volumes remain low. Even so, shares in both Aquis-quoted investors gained during the week. WeCap (WCAP) shares rose 8.11% to 2p and Hot Rocks Investments (HRIP) shares increased 3.08% to 1.675p.
Ajax Resources (AJAX) has signed a conditional option to acquire the Rachaite silver, lead, zinc and copper/gold prospect in Argentina. The prospect was previously owned by former AIM company Alexander Mining and its drilling confirmed mineralisation. The potential purchase price is $20,000 in shares or the option and $380,000 in cash when exercised. Ajax Resources also has to invest $200,000 in exploration over three years. A 1% net smelter royalty will be retained by the seller, and this can be purchased for $250,000 minus royalty payments made.
Mendell Helium (MDH) says costs were swelled by preparations for a move to AIM when the option to acquire M3 Helium is exercised. There was a cash outflow from operations of £1.1m in the six months to September 2025.
EDX Medical (EDX) chief executive Dr Michael Hudson bought 28,526 shares at 10.57p each.
SulNOx Group (SNOX) says 1.45 million warrants were exercised by existing shareholders at 29p each, raising £420,000. Constantine Logothetis now holds 27.75% and Nistadgruppen AS has 13.85%.
The Smarter Web Company (SWC) has agreed a new subscription agreement for a further 50 million shares and the existing 13.24 million shares not subscribed for from the previous agreement. Up to 25% of the trading volume in one week can be issued.
Valereium (VLRM) is talking to a potential new corporate adviser. It will soon be listing the WAGEEN Token (WAG1) on licenced tokenisation venue for real-world assets VLRM Markets. The token will be issued by Wageen Corp, which is building an integrated ecosystem combining terrestrial, air, and maritime transport services into one platform. This could generate revenues of $600,000 for Valereum.
Coinsilium Group (COIN) plans a comprehensive update on strategy in the New Year. Portfolio company Otomato Web3 Agent Protocol has secured a $2m investment from a UK technology company.
Oscillate (SRVL) has completed the first exploration programme on its licence in the Kalahari copper belt. The results will be available in the first quarter of 2026.
TechFinancials (TCH) has received the £250,000 raised in September at 0.25p/share. This will help fund the development of the 25%-owned Dilotiko iron ore operations in Kenya. There is an option to acquire up to 60% of Dilotiko. The company’s name will be changed to Ubunto Mining and Metals Inc.
B HODL (HODL) has approved a Strategic Bitcoin-Backed Loan Framework using CoinCorner’s product as part of its treasury management activities. CoinCorner is a shareholder in B HODL. The cash will finance Bitcoin purchases.
Oberon Investments (OBE) raised £625,000 at 3.7p/share.
Property investor Ace Liberty and Stone (ALSP) chairman Dr. Antonios Ghorayeb bought 36,000 shares at 25p each, taking his stake to 0.94%.
Amazing AI (AAI) is changing its year end from June to December. The next accounts will be for 18 months to December 2025.
JP JENKINS
Energy generator OPG Ventures (OPG) left AIM and joined JP Jenkins on 23 December. The India-focused company operates coal-fired power plants.
Medical imaging technology developer Polarean Imaging (POLX) left AIM and joined JP Jenkins on 23 December.
Gosport-based brewer and bars operator Powder Monkey (PMGL) has bought County Durham-based Maxim Brewery, which was formed after the closure of Vaux Breweries in 1999. A share subscription is planned.
AIM
Oil and gas company Sintana Energy Inc (SEI) completed the acquisition of Challenger Energy in early December and joined AIM on 23 December.
Indus Gas (INDI) is proposing to shareholders that it should leave AIM. A general meeting will be held on 8 January. There is a limited free float, and it has been difficult to raise funds or use shares for acquisitions. Gynia Holdings owns 82.7%. Interim figures show an improved pre-tax profit of $1.93m, up from $1.24m. Indus Gas is awaiting a production sharing contract extension so a new gas sale and purchase agreement can be signed.
Pipehawk (PIP) is selling Utsi Electronics to Hong Kong company Leidi Global Supply for £1m. A £25,000 deposit has been paid. This subsidiary lost £464,000 last year. Stripping that out, Pipehawk would have made a pre-tax profit of £154,000. This leaves utility infrastructure detection company Adien and rail-focused Thomson Engineering Design.
Professional services provider Christie Group (CTG) is selling visitor attraction software business Vennersys for an initial £500,000 in cash. There is also up to £900,000 of retained consideration subject to performance conditions. The sale should be completed by the end of January. Vennersys is loss making and the disposal could add around £500,000 to 2026 pre-tax profit – £2.8m is the current forecast.
Mobile Streams (MOS) shares returned from suspension down 62.6% to 0.23p following publication of an admission document and results for the year to June 2025. June 2025. The company, which is changing its name to Gana Media Group, is acquiring the shares it does not own in two Mexican sports betting and media companies. It already owns 28.7% to Estadio Gana, plus convertible loan stock, and 22.5% of Capital Media Sports. Buying the rest of Estadio Gana will cost £31.9m in shares at 0.625p each, while 584.2 million shares a 0.495p each will be issued for Capital Media Sports. Investment in existing Mexican operations enabled full year revenues to rise from £436,000 to £1.41m. Net cash was £1.52m at the end of June 2025 and by the end of September available cash was £991,000.
Store closures and exiting Boots meant that Mothercare (MTC) interim revenues fell by one-quarter to £90.7m. Like-for-like revenues were 6% lower. The pre-tax loss declined from £1.4m to £1.1m due to lower interest charges. The new South Asia joint venture made a positive contribution. Net debt was reduced from £17.1m to £5.8m. Chairman Clive Whiley has bought 42 million shares in Mothercare at 1p each taking his stake to 8.87%, while finance director Andy Cook bought 5 million shares at 1p each. Robert Quested reduced his stake from 9.39% to 1.05%.
Vast Resources (VAST) has announced the proposed acquisition of Gulf International Minerals in an all share deal and trading in the shares has been suspended. Gulf International Minerals is an explorer focused on Tajikistan. It has a joint venture with the Ministry of Industry and New Technologies in Tajikistan covering four gold mining operations and a central processing plant. Of these, Aprelevka produces 10,4000 ounces of gold and 80,000 ounces of silver each year and Vast has been managing the operation in return for 10% of earnings after tax. A placing will raise £7.5m and this will help to fund a JORC compliant resource estimate.
Quicklime producer and critical metals explorer Firering Strategic Minerals (FRG) has raised £860,000 at 1.25p/share. The $1m Ricca debt has also been settled. The cash will fund further development of the Limeco project in Zambia. This investment will help to increase revenues.
Synthetic binders developer Aptamer (APTA) has signed a licensing agreement with Alphazyme, a Maravai LifeSciences company that supplies speciality enzymes to the life sciences sector. The non-exclusive deal is for a developed Optimer® for use in hot-start PCR applications – when the enzyme switches on when heated. The original development deal was signed in June 2024, and another development project has recently completed.
Pantheon Resources (PANR) is suspending flow testing at the Duhle-1 well in order to save costs of around $150,000/day in the winter period. Costs will be lower in the spring. Results have been disappointing so far. The company will analyse data and assess opportunities in other parts of its oil and gas portfolio in Alaska. There is $27.2m in the bank. Zeus has cut its total risked NAV from 73p/share to 53p/share. Michael Spencer’s stake reduced from 8.19% to 7.59%.
Premier African Minerals (PREM) says it has been issued with a writ of execution of movable property at the Zulu project by a creditor seeking $2.2m. Discussions continue with the creditor, which is JR Goddard Contracting.
Alliance Lithium (ALL) has revised and resubmitted its mining licence application for the Ewoyaa lithium project in Ghana. The royalty rate will be between 5% and 12% depending on the spodumene price. Canaccord Genuity assumes 10% in its forecasts suggesting a price between $2,501/tonne and $3,000/tonne, but the price is currently lower. The new lease requires government ratification.
Litigation Capital Management (LIT) has to meet the costs of a failed claim in Queensland against Stanwell Corporation and CS Energy. Each company will receive A$16.2m. This partly covered by insurance, but the company still has to pay A$12.9m. An appeal has been filed and should be heard in March and there may also be an appeal against the costs award. The strategic review of operations is ongoing.
MAIN MARKET
Cash shell daVictus (DVT) had cash of £112.000 at the end of 2024. These annual figures were released just before the end of 2025.
Andrew Hore
Quoted Micro 22 December 2025
AQUIS STOCK EXCHANGE
Vault Ventures (VULT) has raised £555,000 at 1p/share. This will be invested in technology. The Vault Accelerator for blockchain and AI development and income generation is in the final stages of implementation.
Mendell Helium (MDH) says that the flow rate for the Rost 1-26 well in Fort Dodge, Kansas has more than doubled to 250Mcf of helium per day, which equates to $1.4m in income in one year. There are discussions with potential partners for additional wells.
SulNOx Group (SNOX) has been granted a patent in Australia. It covers a range of formulation versions which includes both the Berol® 6446 Heavy Sulphur Fuel Oils (HSFO) emulsifiers and Sulnox Eco™ Fuel Conditioners which enhance all diesel, petrol/gasoline and biofuels, and marine fuels.
DXS International (DXSP) was hit by a cyber incident on 14 December. This should net have a material effect on the full year figures.
B HODL (HODL) has joined the US OTCQB Venture Market under the code BHODF.
Ananda Developments (ANA) is pleased with the US Presidential executive order to reschedule cannabis in the USA from Schedule 1 to Schedule 3 under the Controlled Substances Act. This recognises the benefit of medicinal cannabis. This will make it more straightforward to gain FDA approval and potentially make it easier to raise money. Trading in Ananda Developments shares ends on 22 December.
Mark Horrocks has reduced his stake in Lift Global Ventures (LFT) from 19.96% to 17.9%.
The Smarter Web Company (SWC) has not raised any cash from share subscriptions in the past two weeks, which takes it to four weeks since any subscriptions.
Ajax Resources (AJAX) completed a share issue raising £1.2m at 5.5p each and creditors have converted £110,000 of money owed into shares at the same price. Total cash is £2.6m.
First Sentinel has resigned as corporate adviser to Valereum (VLRM) and trading in the shares The company is still trying to complete the transaction with Quorium Global Photonics SPC. The share price fell 7.41% to 12.5p prior to suspension.
EDX Medical (EDX) is commercially launching a new BC95 testing service for early detection of bowel cancer as well as providing assessments of hereditary risks. Interim revenues increased from £18,000 to £173,000, while the loss increased from £1.7m to £2.3m. Cash was £125,000 at the end of September 2025.
Phoenix Digital Assets (PNIX) is redomiciling to Gibraltar. This is due to the regulatory environment and crypto advisory infrastructure.
RootstockLabs Ltd has reduced its stake in Coinsilium (COIN) from 6.69% to 5.32%.
Oscillate (SRVL) has issued an unsecured convertible to raise $400,000. This is equal to the amount to be received for the sale of helium operations. That will be received over 5 months, and the loan note will provide cash in the meantime. It lasts five months and the annual interest rate I 15%. It can be converted into shares if the company moves to AIM.
Connecting Excellence (XCE) has bought 8.12682413 Bitcoin for £560,000, taking the holding to 24.77668182 Bitcoin at a total cost of £1.71m. The next update will be on 5 January.
Oberon Investments (OBE) published increased interim revenues rose 14% to £5.4m with the fastest growth from investment management. Investment in growing the business means that the loss increased from £1.24m to £2.39m. Management believes that like-for-like growth could be 30% this year.
In the six months to September 2025, business assurance provider Adsure Services (ADS) revenue dipped from £5.06m to £4.89m, and pre-tax profit edged down from £330,000 to £310,000. Management says the decline was down to timing issues. Cash was £610,000.
The Smarter Web Company (SWC) has not raised any cash from share subscriptions in the past two weeks, which takes it to four weeks since any subscriptions.
Property investor Ace Liberty and Stone (ALSP) chairman Dr. Antonios Ghorayeb bought 200,000 shares ag 60p each, taking his stake to 0.89%.
JP JENKINS
Bitcoin mining company Argo Blockchain (ARB) has exited the Main Market and joined JP Jenkins on 15 December.
Bigblu Broadband (BBB) has left AIM and joined JP Jenkins on 18 December.
Powder Monkey (PMGL) has appointed Jon Radford as managing director of the UK brewing operations.
ASSET MATCH
Greenshields Agri Holdings (GAH) improved revenues from £3.95m to £4.27m, while there was a swing from loss to a pre-tax profit of £3.12m. However, this was due to a £4m gain on disposals. Cash generated from operations increased from £340,000 to £1.65m because of a reduction in working capital. Net cash is £1.3m.
Shareholders in Gulfsands Petroleum (GPX) agreed to the capital reorganisation
AIM
Technology enabled PR company Pathos Communications (NEWS) raised £5m at 30p/share ahead of joining AIM on 15 December. Management plans to invest in staff, marketing and technology. The share price ended the week at 32.5p.
Music management company All Things Considered (ATC) switched from Aquis to AIM and raised £8.6m at 125p/share. The share price ended the week at 131.5p.
Kettle components supplier Strix (KETL) is transforming its balance sheet through the £110m sale of Billi, which supplies multifunctional taps, to a private equity-backed Australian bidder. Billi was acquired three years ago for £38m, although Strix has invested in the business since then. Billi has been a growing contributor to the group at a time when other parts of the business have found trading conditions difficult. There are plans for a manufacturing and development agreement. Shareholder approval is required so the sale will not be completed until early next year. Strix will move to a net cash position and a £10m share buyback is planned. The sale equates to 47.8p/share.
The Zimbabwe government has revised its changes to mining royalties and that is good news for Caledonia Mining Corporation (CMCL). The proposed royalty rate of 10% will only come into effect when the gold price exceeds $5,000/ounce, rather than $2,500/ounce. Changes to tax have been withdrawn. The rise in the gold price means that the payback on investment in the Bilboes project could be less than one year. Cavendish has raised its 2025 pe-tax forecast to $131.3m with $163.8m expected in 2026.
The new strategy of Naked Wines (WINE) is already showing signs of paying off and Panmure Liberum has upgraded expectations due to strong pre-Christmas trading. The wines supplier expects full year EBITDA to be at the top of guidance of £5.5m to £7.5m. Panmure Liberum forecasts £7.2m, up from £6.2m. Pre-tax profit of £800,000 is estimated when previously a small loss was expected.
Mkango Resources (MKA) joint venture HyProMag USA, a rare earth recycling and processing business, has expanded the Texas hub facility and is planning a listing in the US in around one year’s time. The NPV of the Texas project and two other sites is $409m based on current market prices. The figure is much higher based on forecast prices. Up front capital costs are $142m.
Chariot (CHAR) has completed a financing for two wind projects in South Africa. The funding is via a subsidiary, and the wind farms should be commissioned in mid-2027. Chariot retains 65% of the subsidiary and Mahlako is paying $17m for 35%. Chariot’s stake is valued at 2p/share. This is the start of the strategy to build up a portfolio of renewable energy assets. The water business, which primarily held the proof-of-concept desalination project in Djibouti, has been sold.
Scotland-based housebuilder Springfield Properties (SPR) has secured a deal with Scottish and Southern Electricity Networks which covers 293 homes across six sites. This will provide income from rentals to help cover building costs on the sites. This deal is part of the new strategy in the north of Scotland, where home will be leased to workers improving the electricity transmission infrastructure.
Bars operator The Revel Collective (TRC) is in discussions with potential acquirors of its businesses and they would not lead to any return for shareholders. There is no likelihood of raising money through a share issue. Trading in the shares will be suspended on 29 December because the 2024-25 annual report will not be published by the end of the year.
Offshore energy market services provider Tekmar Group (TGP) has won a contract with an existing customer worth €8m. This for a major UK offshore wind farm. Revenues should be recognised this year and next year.
Quantum Helium (QHE) says an independent resource report has been published and the best estimate for the Coyote Wash project in Colorado is 0.97bcf of gross recoverable helium. This takes the gross recoverable resource of the company’s projects to 1.1bcf, which have a gross value of $330m. There are also potential oil resources of up to 750,000 barrels. The company also has a 90% working interest in the Sagebrush helium project which has 2U helium reserves of 101MMscf net.
Gaming machines hardware and displays supplier Nexteq (NXQ) has traded in line with expectations in 2025, but management is cautious about next year. A small dip in revenues from $85.5m to $85m in 2026. This has been downgraded from $94.1m because the largest gaming customer has been acquired and the product range rationalised faster than anticipated.
Groundworks company Van Elle (VANL) completed the sale of the Canadian rail business. This raised C$2.7m with a deferred payment of C$2m to be paid during 2026. The total is equivalent to £2.5m but subject to balance sheet adjustments. Meanwhile, revenues of the continuing business rose 12% in the first half.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) investee company ICEYE along with its joint venture partner Rheinmetall has secured a €1.7bn contract for space-based reconnaissance capabilities for the German Armed Forces. This involves a dedicated synthetic aperture radar (SAR) satellite constellation with AI driven image evaluation. The contract starts at the end of 2025 and lasts for five years. ICEYE recently raised €150m in a financing round, which valued the company at €2.4bn. ICEYE is by far the largest investment at just over one-third of the portfolio. The latest contract indicates the maturity of the business and ICEYE could consider a listing in the future. At the end of September 2025, the Seraphim Space IT NAV was £283.6m, which is equivalent to 119.55p/share.
Cash shell Medcaw Investments (MCI) is proposing to acquire Ulvestone, which holds licences for the Eagle Lake gold project in Ontario, Canada, plus a move to AIM.
Andrew Hore