* A corporate client of Hybridan LLP.
** Potential means Intention to Float (ITF) or similar announcement has been made.
***Arranged by type of listing and date of announcement.
****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication.
Dish of the Day
Admissions:
None
Delistings:
None
What’s baking in the oven?
Market Movers:***
12th January: The Smarter Web Company (AQSE:SWC) announces its intention to cancel its Admission to trading of its ordinary shares on the Aquis Growth Market and seek admission onto the Main Market. Subject to shareholder approval, the Cancellation and Admission are expected to take place on 3 February.
19th December: Medcaw Investments (MCI.L), the fully listed shell, has announced a potential move the Main Market to AIM and trading in the shares is suspended. The switch is dependent on acquiring 90% of the Eagle Lake gold project in Ontario. Medcaw will pay £170k in cash and £4m in shares at 1.5p each. Eagle Lake has 95 mining claims in the Wabigoon Greenstone Belt of Ontario, which already has suitable infrastructure. Data compilation and digitisation is already being funded by 10% owner AIM-quoted Gunsynd. That will identify drilling targets. Cash raised in the move to AIM will fund initial work on the better targets. Cairn has been appointed nominated adviser. The date of the acquisition completion and AIM admission are uncertain.
12th December: Ultimate Products (ULTP.L) the owner of a number of leading homeware brands including Salter and Beldray has announced its intention to move from the Main Market to AIM.
The Company’s current market capitalisation is approximately £50m and no capital will be raised on Admission on 15 January.
11th November: CVS Group (CVSG.L) announced its plan to move from AIM to the Main Market on 29 January, subject to FCA approval of a prospectus and the ordinary shares being admitted by the FCA to the Main Market. The Group does not intend to raise funds in connection with the move.
Reverse Takeovers:***
31st December: Ovoca (OVB.L) announced a reverse takeover of Tadeen, a UK-registered company, which indirectly owns 100% of the Licences in Morocco, prospective for Copper and Silver through its wholly owned subsidiary, Horizons Mines SARL. Capital to be raised on Admission is £1.155m with an anticipated market capitalisation on Admission of approximately £4.9m. Expected Admission date is 28th January.
Media Speculation:
Rumored IPOs for 2026 include Oslo-based Visma, one of Europe’s biggest software companies, backed by the UK-based private equity company Hg Capital, suggested to be worth at least EUR20bn (£17.5bn). Other possibilities include the Bristol-based veterinary group IVC Evidensia, which would also be a larger cap float and a similar size to Visma. IVC Evidensia operates from 2,700 sites in 19 countries, the UK is its biggest single market, owned by a private equity consortium led by EQT. Other names include the RAC roadside recovery business, the combined Waterstones and Barnes & Noble bookshop chains, fintech payments platform Ebury and online travel agent Loveholidays.
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Banquet Buffet****
Active Energy Group 0.0825p £3.2m (AEG.L)
The renewable energy and digital infrastructure company provided a business update for the year ended 31 December 2025. During the Period, the Group continued to execute its strategy across four core pillars, all of which have progressed positively. CoalSwitch remains a core strategic asset of the Group, offering a lower-carbon alternative to coal for industrial and utility customers. During the Period, the Company has been working with Indigenous Canadian Energy to progress plans for a CoalSwitch / ICE black pellet production facility in Poland, targeting European markets seeking to transition away from traditional coal while maintaining energy security.
Brave Bison Group 73p £74.8m (BBSN.L)
The next-generation marketing and technology partner for global brands, updated on trading for the year ending 31 December 2025 ahead of publication of the Group's audited FY25 results. Net revenue of not less than £33.5m (FY24: £21.3m), which was ahead of consensus expectations and growth of 57% year-on-year. The Adjusted EBITDA was £6.5m (FY24: £4.5m) and Adjusted Profit Before Tax was £5.5m (FY24: £3.9m), an increase of 44% and 41%, respectively, year-on-year and both ahead of consensus expectations. The net cash at year end was £4.3m (FY24: £7.5m), ahead of consensus expectations following strong Q4 trading and an improved working capital position which is expected to partially unwind over the first half of 2026. As a result of strong trading in the second half of FY25, the Board now expects to be in a position to repay all outstanding bank debt prior to the end of 2026, meaning that debt facilities drawn to fund acquisitions completed in H2 2025 will be repaid ahead of prior expectations.
The SaaS and AI technology company that creates digital connections enabling personalised, real-time marketing at scale, has secured a multi-year contract with Wakefern Food Corp., the largest retailer-owned supermarket cooperative in the United States. Wakefern will use Eagle Eye's AIR platform and AI-powered Personalized Challenges and Personalized Promotion solutions to support its customer loyalty platforms, at scale. The program is expected to go live in mid-2026, with a material contribution to Group ARR, supporting the Board's FY26 expectations.
The specialists in the exploration and production of iodine and manufacturers of specialty chemical products, today provides a market update regarding its activities during Q4 2025 and for the full year ended 31 December 2025. In the Period, Iofina Resources produced 221.8 metric tonnes of crystalline iodine from its eight IOsorb plants in Central and Northwest Oklahoma (Q4 2024: 194.1 MT). Total crystalline iodine production during the second half of 2025 reached a record 437.6 MT (H2 2024: 358.0 MT), achieving the upper end of the Company's stated production guidance of 400-440 MT. Total crystalline iodine production for 2025 was a record 743.2 MT, up 17.2% from FY24 (FY24: 634.1 MT). As a result of achieving the upper end of its production forecast along with a strong sales cycle in the second half of 2025, Iofina expects to exceed market expectations for revenue and EBITDA. Revenues for 2025 are projected to surpass $65m, and EBITDA for 2025 is expected to be greater than $11m. Additionally, the Company's net cash as at 31 December 2025 was $5.2m (FY24: $2.9m).
An innovator in high-performance plant-based specialty polymers updated on Trading for FY December. Revenues have increased 59% to $10.3m generated across both existing and new customers, spanning major applications and geographies. As demand for the Company's patented plant-based polymers continued to strengthen as global consumer product manufacturers increasingly adopt sustainable, high-performance ingredients to enhance formulation performance and deliver added value in detergent, hygiene and beauty products. The Board remains optimistic for 2026 and believes that Itaconix is well positioned to deliver continued revenue growth, supported by a growing customer pipeline, expanding product adoption and a scalable, capital-efficient operating model.
The Mission Group 15.5p £14.0m (TMG.L)
The creator of Work That Counts, comprising a group of digital marketing and communications Agencies updated on Trading for the FY December. The underlying trading has remained resilient across all business segments, despite challenging trading condition. The pipelines remain strong and growing, but some major completions have carried into H1 2026. This has negatively impacted FY Dec2025 revenues which are expected to be £68.0m and headline operating profit to be £5.1m, which is below market expectations. The FY net debt is £0.5m lower at £9.0m. The new CEO, appointed in September, has undertaken a review of the Group's strategy aimed at positioning the Company to achieve a positive net cash position. The accounting date will be changed next financial year to 30 September 2026 and further Board changes have been made. The actions being taken are to simplify the structure for the next growth phase.
Petra Diamonds 19.2p £64.4m (PDL.L)
The independent diamond mining company has announced that it has recovered a 41.82 carat Type IIb blue diamond of seemingly exceptional quality in terms of both its colour and clarity at the Cullinan Mine in South Africa. The Company is in the process of analysing the stone and ascertaining the preferred method of the sale of this stone. The Cullinan Mine is known for the recovery of very rare and highly valuable blue diamonds.
The supplier of specialist insulation and building products across Europe, issued a trading update for the year ended 31 December 2025. Subject to audit, the Board expects to report FY25 sales of £2.6bn and underlying operating profit of c£32m, in line with market expectations. Reported operating expenses for FY25 are expected to show an absolute reduction of c£20m vs FY24, which before inflation and FX represents an underlying reduction of c£39m, or 6%, reflecting the benefit of the initiatives referred to above. Within this, restructuring initiatives delivered c£18m of savings vs prior year. The Group expects to report net debt as at 31 December 2025 of c£518m including leases (2024: £497m). Leverage at 31 December 2025 is expected to be c4.7x, unchanged vs the prior year-end.
Sosander 7.25p £18.9m (SOS.L)
The women’s fashion brand provided the following trading update covering the three-month period ended 31 December 2025 (Q3 FY26). Revenue was up 10% to £13.4m (Q3 FY25: £12.2m), with continued momentum in own site performance, with revenue up 27% on the prior year. The gross margin of 66.0%, up from 64.7% in the prior year, was driven by an improved intake margin. The company held cash of £9.7m at 09 January 2026 (£9.5m at 22 November 2025) after returning £0.8m to shareholders through market purchases of the Company's shares. Performance for Q3 is in line with management expectations and on track to meet market expectations for the full year.
Westmount Energy 7.85p £11.3m (WTE.L)
The oil and gas investing company reports that its investee JHI Associates Inc. has signed a non-binding Memorandum of Understanding with Navitas Petroleum LP for a farm-in under which Navitas will acquire a 65% Working Interest and operatorship of the PL001 North Falklands Basin Licence. JHI currently holds 100% W.I. in PL001 via a wholly owned subsidiary, JHI Falkland Inc. PL001 is located immediately to the west of PL032 containing the Navitas operated Sea Lion Project which recently achieved Final Investment Decision with respect to Phase 1 of this giant development complex with over 700 MMbbls of recoverable resources.
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