* 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:***
24th February: Tapir Holdings announced its intention to IPO onto AIM. Tapir Holding Ltd (TPH.BH) listed on the Bermuda Stock Exchange on 11 March 2024. The Company is a strategic investment holding company incorporated on 24 January 2024. The Company's sole asset is its 10.04 per cent. equity stake in Rendeavour Holdings Limited, which is held through its wholly owned subsidiary Tapir Venture Holdings Ltd. Rendeavour is a private limited liability company incorporated in Bermuda and is a investor in East and West African urban development projects. On Admission, the Company will be an 'Investing Company'. The Company will seek to achieve its investment objective through further investments in Rendeavour and in other related and unrelated development projects or unquoted companies with suitable synergy across Africa. On Admission, the Shares will remain admitted to trading on the Bermuda Stock Exchange following Admission, but the Bermuda Stock Exchange will become the secondary listing and AIM the primary listing for the Shares. Deal details TBC and expected admission date is early March 2026.
Reverse Transactions:***
18 February: AIM quoted Beacon Energy (BCE.L) suspended on 27 June 2025, has published an Admission Document in relation to the Proposed Transaction announced on 7 October 2025 to make a significant strategic investment in LNEnergy Limited which constitutes a reverse takeover and raise gross proceeds of approximately £3.75m. The AGM is set for 5 March with restoration of trading of the enlarged shared capital expected on 6 March.
Market Movers:***
25 February: Roquefort Therapeutics (ROQ.L), the Main Market listed biotech company, is acquiring assets from Coiled Therapeutics, Inc. and A2A Pharmaceuticals, Inc. that and at the same time moving from the Main Market to the AIM market.
14 January: GlobalData (DATA.L), the data, insight, and technology Company expects to submit its application to move to the Main Market from AIM and to take place on 5 March.
Banquet Buffet****
Angling Direct 53.5p £39m (ANG.L)
The omni-channel specialist fishing tackle and equipment retailer, has provided the following unaudited trading update in relation to the financial year ended 31 January 2026, ahead of announcing its Final Results on 12 May 2026. The Board reports that the momentum experienced in Q3 continued into Q4 and it now expects to report Adjusted EBITDA of circa £4.8m, ahead of market expectations upgraded in October 2025. Revenue grew by 13.8% to £103.9m after a strong performance in the UK business.
Arkle Resources 0.525p £7.7m (ARK.L)
The energy metals explorer with a key focus on uranium, announced the initiation of its Phase 1 uranium exploration programme in Namibia, with airborne and ground based geophysical surveys now underway.
In January 2026, Arkle completed a transformative acquisition of four uranium exploration licences in Namibia's Erongo Region, covering 540 km sq. Following a successful sampling programme in 2025, which confirmed the presence of surficial uranium on Arkle's licences, the Company is fully funded to advance a two-phase work programme.
Conroy Gold & Natural Resources 15.25p £11.7m (CGNR.L)*
The gold exploration and development announced an operational and corporate update in respect to the work programme outlined in the announcement of 15 December 2025. The drilling of the first two holes has been carried out, and the drill core is in the process of being logged, cut, and sampled, with the results now awaited. The Company secured a third rig earlier this month and three holes are currently underway at Clontibret. The company expect to complete this round of drilling in Q2 2026, with the analytical and assay results to follow. The Board is also considering, and has taken initial exploratory steps, to dual list its shares on the TSX-Venture Exchange (TSX-V) in Canada.
Critical Mineral Resources 2.8p £9.5m (CMRS.L)
The explorer and development company focused on Morocco, announced that a Mining Licence has been awarded for Agadir Melloul. The Mining License is 14.6km sq. and covers Zone 1 North and Zone 2, which remain the focus of recent and ongoing drilling. This area forms the footprint of the planned Initial Mine, which is expected to be developed as an open pit. The company has targeted a Maiden Resource Estimate for late Q2 to early Q3 2026.
Croma Security Solutions 73.5p £10.1m (CSSG.L)
The innovation and service-focused security solutions provider reports Interims to December 2025. Revenue increased 9% to £5m helped back by security centre refurbishment and a temporary online sales reset. The profit before tax is £0.252m compared to £0.456m reflecting higher costs, primarily investment to build the business and in key management hires. There is no debt and the net cash is £4.4m compared to £4.2m with a further £0.85m due from the disposal of Vigilant by June 2026. Progress has been made on expanding the pipeline of acquisition targets with the expectation of completing further transactions. H2 has started positively with a strong new business pipeline particularly in the healthcare sector with clear opportunities to cross-sell additional Group services.
Eco Animal Health 107p £71.8m (EAH.L)
The animal health biotech company with a portfolio of marketed veterinary products and a maturing proprietary R&D pipeline, updates on its commercial launch strategy for ECOVAXXIN MS, its poultry vaccine against Mycoplasma synoviae, across the European Union. Following the European Commission granting marketing authorisation for ECOVAXXIN MS, announced in December 2025, ECO's management team are progressing a commercialisation plan designed to deliver market entry across key European territories throughout 2026 and 2027. The Company expects sales of ECOVAXXIN MS to be immediately margin accretive and anticipates a material contribution to EBITDA from the product's sales for the 2027/2028 financial year.
Eco Buildings Group 16.6p £20.2m (ECOB.L)
The modular construction company specialising in sustainable GFRG-based building systems, provided a further update on its strategic joint venture in Senegal with Eco Buildings' local partner, G2 Invest Group. Following continued strategic engagement with G2, the Company confirms that the parties have formally agreed to progress to the next stage of implementation of the Senegal manufacturing and housing programme. Under the structure for the new production line in Senegal, G2's 35% equity stake in the JV equates to a capital contribution of EUR1.75m, which has now been allocated into the JV subsidiary, Eco Buildings Senegal LLC. As previously announced by the Company in 2025, this payment is intended to support the operational scaling of Eco Buildings Senegal LLC and is designated for the establishment of a local manufacturing production line and the delivery of in-country project deployment. The contribution fulfils G2's agreed equity commitment in full and marks a significant milestone in the JV's development, aligning both parties ahead of operational deployment.
Hardide 32p £25m (HDD.L)
The provider of advanced surface treatment technology, confirms it has secured a further £1.8m of new orders from the major North American energy sector customer referred to in the announcements of 1 December 2025 and 3 February 2026, which will be delivered mostly over the course of the current financial year. These orders lead the Board to expect a further material improvement in revenues and performance for the current financial year to 30 September 2026 as against previous expectations. Hardide is in discussions with this customer regarding establishing a framework arrangement and schedule for the future that will support the customer's own business development ambitions and supply requirements.
Nexus Infrastructure 117.5p £10.6m (NEXS.L)
The provider of essential infrastructure solutions, reports finals to September 2025. Revenue increased by 16% to £65.9m, in line with management consensus, and gross margins improved to 15.6% from 13.5% with a 21% reduction in central costs. The operating loss reduced to £1.1m from £1.9m before exceptionals. The cash is £10.9m compared to £12.8m and a full year dividend of 3p is to be paid. Tamdown, the civil engineering division, have an £83.4m order book and have recently won further contracts worth £18m and is set to benefit from an anticipated upturn in the housebuilding sector. Coleman delivers civil engineering and building projects in the water, rail, highways and rivers & marine sectors. An increased level of activity is anticipated from the water sector as the AMP8 investment programme gets underway, with the programme running through to 2030.
Quantum Helium 0.035p £11.8m (QHE.L)
The helium, hydrogen and hydrocarbon company announced that it has received confirmation from the U.S. Bureau of Indian Affairs that the Indian Mineral Development Agreement relating to the Coyote Wash Project has been formally approved. This approval represents a significant regulatory milestone for the Company and follows the previously announced independent resource confirmation by Sproule ERCE at Coyote Wash. The Company is still awaiting formal approval of the Sagebrush assignment of operatorship with the BIA having confirmed that all documentation required for the assignment of the relevant leases and designation of operatorship has been received and is in good standing.
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