* 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.
17 March: Vista Parcs Group has announced its intention to IPO onto AIM. The newly incorporated entity is proposing to acquire a portfolio of 13 UK-based holiday and residential parks currently owned by Barney Group 2 Ltd (BG2) and operated by Baslow Parks Ltd. Deal details TBC and expected Admission date anticipated late June 2026.
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
Bow Street Group 0.33p £7.50m (BOW.L)
The owner and operator of Wildwood and dim t restaurants updates on trading for the first four and a half months to 17 May 2026 at its AGM. Revenue has continued to increase on a like-for-like basis. Served by the investment in improving the Wildwood estate as the four refurbished restaurants are showing significant revenue growth. This month also sees the trial of the Group's new data dashboarding system and AI driven reporting, equipping its operations team with up-to-date trading and cost trends. The war in the Middle East could impact on its costs and consumer spending but there is also the potential opportunity from increased staycation footfall as a result, inter alia, of higher jet fuel costs. The Board remains confident that the Group is a highly attractive platform for restaurant brands, offering structural benefits of scale, operational synergies and attractive incentivisation plans for entrepreneurial management teams. Discussions are progressing with potential acquisition targets.
Chesterfield Special Cylinders 44.5p £17.2om (CSC.L)
The designer and manufacturer of high-pressure gas storage and transportation systems, used principally in safety-critical defence and hydrogen energy applications, reports Interims to March 2026. Revenue improved by 15.6% to £6.4m with a reduced EBITDA loss to £0.6m from a loss of £1.3m and reduced loss before tax of £1.1m against £2.5m. The results are broadly in line with management expectations. Defence industry revenue increased to £5.0m from £4.4m reflecting the phasing of newbuild contract milestones which are weighted heavily towards H2. The US Navy initial product trials completed with manufacturing stages on track to commence towards first product delivery in 2027. The net cash reduced to £0.6m from £1.4m with cautious cost management measures in place to help mitigate the impact of these delays. An improved H2 is expected for an adjusted EBITDA at similar levels to 2025 of £0.8m with revenue £16.6m.
CT Automotive Group 28.5p £21.0m (CTA.L)
The designer, developer and supplier of interior components to the global automotive industry reports FY results to December 2025. Revenue increased 4.1% to $114.8m, while EBITDA was unchanged at $14.8m with a 28% increased in PBT to $9.5m for a 23.9% increase in EPS of 11.4c. The net debt increased 24.2% to $7.6m. This is the highest level of new business wins in the Company's history due to the ability to rapidly support customers seeking tariff-resilient supply routes which has become a clear competitive advantage and has already translated into material new program wins. Further investment has been made in the Mexico facility to support growing demand, expanded the global sales team to deepen customer engagement, and continue to embed AI and automation throughout operations. These actions have underpinned the record activity, which is expected to deliver a continue improved performance.
Fulcrum Metals 8.5p £13.3om (FMET.L)
The pioneer of innovative cyanide-free technologies to recover precious and critical metals from mine waste and support site remediation, announced an agreement to acquire surface rights at the Teck Hughes tailings project over five surface rights. This amount to 270 acres of the Project area representing a significant milestone and the transaction is to close within 30 days. The overall land position within the Project area supports the Company's strategy to advance Teck Hughes into the next stage of development. The consideration for the surface rights includes CAD$220,000 in cash and the granting of a 1.5% Net Smelter Royalty to the vendors. The technical work programme will continue to advance the tailing’s strategy.
Helix Exploration 40p £78.20m (HEX.L)
The helium exploration and development company advancing the Rudyard Helium Project in northern Montana, has agreed terms for an initial short-term spot sales arrangement. This is with an industrial gases group, and the arrangement represents the Company's first contracted route to market for helium produced at Rudyard. The pricing reflects current prevailing spot market rates and significantly exceeds the Company's pre-IPO model assumptions. The Counterparty has committed to take 100% of helium volumes available for delivery from Rudyard for an initial period of approximately three months. The company continues to advance discussions for longer-term and larger-volume arrangements, consistent with the Board's strategy of building a diversified route-to-market portfolio. The CEO states, this is the beginning of an exciting new chapter.
Intercede Group 107.5p £62.om (IGP.L)
The cybersecurity software company specialising in digital identities has signed a new reseller agreement with OneSpan. OpenSpan is a global authentication provider, trusted by more than 60% of the world's 100 largest banks, with deep expertise in regulated industries. OneSpan will resell, Intercede's MyID platform which provides full credential lifecycle management and simplified provisioning, enabling enterprises to deploy passcodes at scale without the operational burden typically associated with high-volume hardware security key rollouts. The CEO states that the increased global reach, technical sales capability are highly complementary and will expands the Group’s addressable market.
Lords Group Trading 16.75p £28.7om (LORD.L)
The UK distributor of building materials reports finals for the FY December 2025. The Adjusted results showed revenue has increased 8.3% to £472.8m, with a 6.2% decrease in EBITDA to £21.0m and 26.3% reduction in PBT to £2.8m. The EPS is 1.14p down from 1.84p and the dividend was reduced by 28.0% to 0.52p. Net debt was reduced by 59% to £13.4m significantly strengthening the balance sheet. There were new branch openings during the year, further expanding Lords national network. The star performance was the renewables revenue which was up 57% and with increasing margins. Market conditions are expected to remain subdued in the near term, with ongoing uncertainty around inflation and interest rates. The CEO states, the Group is better positioned operationally and strategically than at any point in its recent history and supported by new banking facilities, there is the financial flexibility to continue investing selectively as opportunities arise.
Petards Group 10.25p £6.2om (PEG.L)*
The developer of advanced security, communication and surveillance systems, announced a four-year framework contract. The contract with Northumbria Police is for the provision of ANPR equipment and support to be supplied by its subsidiary, QRO Solutions (QRO). The estimated value of the ANPR Lot set out in the tender was £650,000, although current market indications lead QRO to believe that this estimated value to be a floor. The award follows a tender process run by Northumbria Police for all its IT hardware, with QRO being ranked first in the Lot related to the provision of ANPR equipment and support. QRO is therefore now the preferred supplier for any direct awards for ANPR systems and support placed under this framework.
TMT Investments 246c $75.5om (TMT.L)*
The venture capital company investing in high-growth technology companies has commenced an on-market share buyback programme for an aggregate consideration of up to $2m. Permission was granted at the AGM to purchase up to 10% and will operate until 20 November 2026 unless complete earlier or extended. The price will not be exceeding the lower of 105% of the average of the closing middle or $2.80. The purpose of the Programme is to take advantage of the discount to the NAV, to reduce the Company's share capital, and so return value to its shareholders.
Aquis Market
Adsure Services 30.00p £3.17m (AQSE: ADS)
The provider of advisory and assurance services and the holding company for TIAA Limited updates on the Group's expansion plans. It is to build a diversified portfolio of specialist professional services businesses across the UK, powered by the Group's proprietary AI technology. The strategic vision is to transform the Group into a leading cluster of specialist professional services companies, united by a commitment to independence, transparency, and ethical value creation. The Group will seek the acquisition or formation of subsidiary companies whose operations may include internal audit, management consultancy, digital consultancy and investigatory and security services. The CEO, states this is an exciting new chapter building on more than three decades of trusted assurance work at TIAA and the breakthrough of its proprietary AI technology. The focus is on finding the right businesses acquire.
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