* 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?
Potential IPOs:***
13 May: 1947 Oil & Gas, the newly formed oil and gas production Company operating a material production portfolio in the US is applying for an Admission to AIM which is expected to occur in the Summer of 2026. This follows the successful over subscribed pre-IPO fundraise of £7m, which was supported by UK, US and Canadian institutional investors.
Reverse Transactions:***
1 May: Lansdowne Oil & Gas (AIM: LOGP), the Company currently suspended from trading on AIM, announced the conditional acquisition of Sao Gabriel Mineracao Ltda. a graphite project in Brazil. The Company has published its AIM Admission Document and has conditionally completed an equity fundraising of £1.9m by way of a placing. The Company will change its name to Lansdowne Resources and readmission to AIM is expected to occur on 27 May.
19th December 2025: Talon Resources (TAR.L), previously Medcaw Investments, the Company focused on identifying and acquiring prospective mining projects in the precious metals sector, with a primary focus on gold and other high-value commodities announced that it has entered into binding heads of terms (which includes an exclusivity agreement until 31 October 2026) with Ulvestone Ltd in respect of the proposed acquisition by the Company of 90% of the legal and beneficial interest in certain mineral exploration licences located in Ontario, Canada. The aggregate consideration payable by Medcaw is £4.17m, to be satisfied £70k in cash on execution of the definitive share purchase agreement, £100k in cash on AIM Admission, and £4m satisfied through the issue of new ordinary shares in Medcaw at a price of 1.5p per share, to be issued on AIM Admission, which is expected to become effective on 16 June.
Market Movers:***
26th March: Seed Capital Solutions, a Company formed for the purpose of acquiring a business or businesses operating in market sectors that can display strong ESG credentials, announced that it is working towards finalising the documentation required for the proposed acquisition of Cuarta Dimension Medica SL in exchange for the issue of new ordinary shares in the Company. Subject to completion of the Proposed Acquisition, the enlarged Group will operate as an AI-driven medical diagnostics business, initially focused on the veterinary sector with scope to expand into the wider healthcare market. In conjunction with the Proposed Acquisition, the Company intends in due course to request the cancellation of the listing of its ordinary shares on the FCA's Official List and to cease trading on the London Stock Exchange's main market for listed securities. Instead, the Company intends to apply for its enlarged issued share capital to be admitted to trading on AIM.
Banquet Buffet****
London Stock Exchange: Main Market and AIM
Abingdon Health 11.50p £30.13m (ABDX.L)
The international developer, manufacturer and regulatory services provider for rapid diagnostic tests and med-tech announces that the earn-out conditions in respect of its acquisition of IVDeology Holdings Ltd, originally announced on 7 May 2024, have been satisfied. Pursuant to the terms of the share purchase agreement, earn-out consideration of £200k has become payable following the achievement of the maximum revenue target for the two-year earn-out period following acquisition. Accordingly, the Earn-out Consideration will be satisfied by the issue of new ordinary shares in the Company to the vendors, Stuart Angell and Nancy Consterdine.
Ascent Resources 0.50p £4.05m (AST.L)
The onshore US focused oil and gas Company announced that it has today entered into a Deed of Amendment and Restatement with Riverfort Global Opportunities PCC Ltd in respect of its existing secured loan facility. Further to the US$250k repayment due on 21 April 2026, the Company has agreed with Riverfort that US$100k of this amount will be satisfied by the issue of 14,925,373 new ordinary shares at a price of 0.5p per share. The remaining US$150k has been extended to 6 June 2026 in consideration for a US$6k extension fee payable in cash. Legal and professional costs of £7.5k have been added to the outstanding balance. Riverfort will also receive 7,462,686 additional Preference 2 (or SPV 2) Shares in accordance with the Company's existing contractual obligations. At the same time, the Company is settling approximately £35k of outstanding trade creditors by the issue of new ordinary shares at the same price of 0.5p per share.
Gana Media Group 0.20p £35.47m (GANA.L)
The sports entertainment Group announced that Estadio Gana, the Group’s Mexican gaming platform, has signed an agreement with One Services Mexgro S.A., an Influencer Agency that is well known in Mexico, to execute a large-scale influencer marketing campaign. The partnership is aimed at accelerating brand awareness, community engagement and customer acquisition in Mexico's growing online gaming and sports entertainment market. The collaboration brings together several sports-focused micro and mid-tier influencers with a combined significant audience of followers on Instagram, leveraging authentic sports commentary and entertainment-driven content.
Hamak Strategy Ltd 0.83p £3.84m (HAMA.L)
The Company combining traditional gold exploration in West Africa with a Digital Asset Treasury Management strategy announces that it has received further encouraging assay results from the ongoing 4,125m reverse circulation drill programme at the Akoko oxide gold project in southwest Ghana. The results were collected from 11 RC drill holes at the Akoko Gold project in Southwest Ghana, with gold assays up to 1.87g/t over 13m, including 3.64 g/t over 4m, which supports the geological model of wide, near surface gold mineralised horizons. Further results are to be announced when received.
The neuroscience imaging and biomarker analytics Company using its AI-driven platform to help advance drug development in neurological disorders reports interim results to 31 March 2026. Revenues improved 23% year on year to £3.9m, driven by new contract wins and contract extensions, with an increase in gross margins to 53% from 50% in the prior year. The Loss before interest, tax, depreciation and amortization reduced to £0.5m compared to a £0.7m for March 2024, reflecting increased costs as investments are made scaling the business for sustained revenue growth. The order book increased 38% to £18.1m with progress made on the technology and product roadmap particularly in Alzheimer's and Parkinson's disease that increases commercial opportunities. The YE cash was £1.7m with a further net £9.4m raised post the year-end which is to support the Company’s TechBio strategy. The Company expects to be at least in line with market expectations for the full year 2026.
Pennant International Group (UK) 23.0p £9.53m (PEN.L)
The systems support software and training solutions Company announced that following the launch of its new conversion services capability earlier this month, it has secured its first customer. The contract will support the conversion of unstructured legacy documentation-including PDF, Word and scanned files-into fully compliant S1000D data modules for a North American military customer. Pennant's conversion services capability combines intelligent process automation with rigorous human quality assurance. This blended approach delivers material improvements in conversion speed, while maintaining the accuracy and standards compliance required for mission-critical defence documentation. This first win validates Pennant's investment in scalable, standards-compliant conversion services and reinforces growing customer demand to modernise legacy technical data in support of digital sustainment and through-life support strategies.
React Group 46.0p £10.99m (REAT.L)
The specialist support services provider to the Facilities Management industry reports interim results to 31 March 2026. Revenue increased 9% year on year to £13.2m of which recurring and repeat revenue remains above 85% and is supported by strong performance in the acquired 24hr Aquaflow Services. A more disciplined, value led sales approach focused on profitable work helped the EBITDA increase year on year by 7% to £1.5m while also investing in customer facing capability. The loss after tax reduced to £72k from a loss after tax of £280k. Net debt increased to £2.5m from £1.9m, with cash generated from operations increasing to £0.8k from £204k. Early activity in H2 has been encouraging.
Talisman Metals 8.00p £4.81m (TLM.L)
The exploration and development Company of multiple copper deposits across the Atlas Mountains reported results from its recently completed stream sediment sampling program at the Company's Fougnar licenses, which are 25km west of the Tizert copper-silver mine. The stream sediment work, in combination with historical field work and mapping, confirms the priority of established drill targets. Additionally, a previously unknown area of potential mineralisation has been discovered and will be added to the anticipated drill program scheduled for the summer 2026. The survey yielded copper assay results up to 200ppm, Barium assay results up to 6,510ppm and identified new target corridors that extend over approximately 4 km across six distinct target areas, in addition to the existing 2.5 km mineralised trend identified along strike.
Aquis Market:
Time To ACT 8.5p £1.9m (AQSE:TTA)
The specialist engineering Company announced the acquisition of the business and assets of MTE Heat Treatment Limited from its administrators, RSM UK Restructuring Advisory LLP. All operational employees have transferred with the business and continuity of customer service and trading are maintained under the MTE brand. In its last financial year to 31 December 2025, MTE Heat Treatment Limited recorded a turnover of £2.834m, a decline of 21% from £3.562m in the prior period. Time To ACT believes that a target of £3.0m of sales and positive EBITDA and cash flow are realistic ambitions for the first annualised trading period (noting that MTE's initial consolidation into the group accounts will cover a 10½ month period only). The acquisition consideration of £500k comprises £390k for the plant and equipment (independently valued at over £1m on an in-situ basis) and £110k for the trade and business (including up to £200k of inventory, work-in-progress and finished goods). An amount of £286k of equipment finance has been raised on attractive terms as part the acquisition funding from a pension fund of director and shareholder, Chris Heminway.
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