* 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:
Surface Transforms (SCE.L) has left AIM
What’s baking in the oven?
Potential IPOs:***
21 May: Coastal Africa Group, a newly formed incorporated Company focused on acquiring and investing in the oil and gas sector, energy infrastructure, energy services and energy assets across West Africa, has announced its intention to IPO onto AIM. The expected Admission date is anticipated early June 2026.
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 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.
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Banquet Buffet****
London Stock Exchange: Main Market and AIM
Calnex Solutions 74.50p £63.53m (CLX.L)
The provider of test and measurement solutions for global telecommunications, digital infrastructure and government & defence markets reports finals to 31 March 2026. Revenue increased 19% to £21.875m reflecting strong operational execution and growing momentum across adjacent end markets and there is a small improved gross margin to 76%. This led to a 53% increase in EBITDA to £1.756m and a 73% improvement in PBT to £1.344m to give EPS growth to 0.8p from 0.36p. The closing cash was 15% lower at £9.306m, funding a FY dividend of 0.99p compared to 0.95p. Product development continued with the next-generation Sentry offering for data centre assurance, and ongoing investment in 1.6Tb/s synchronisation technology. The expansion of the global partner network has strengthened the route to market so the Company is well placed to benefit from the continued global investment across digital structural growth markets.
CRISM Therapeutics Corporation 11.25p £5.95m (CRTX.L)
The UK clinical-stage drug delivery Company focused on the localised and sustained delivery of chemotherapy drugs announced that it has raised £2.5m at a price of 10 pence per share. The Placing Shares each have an attaching grant of warrants on a one for one basis, exercisable at a price of 15 pence per ordinary share and expiring on 16 December 2027. The Company intends to carry out a separate retail offer to raise further gross proceeds of up to £100,000. The CEO states the capital will take them beyond the dosing of their first patient in the Phase 2 open label clinical trial of irinotecan-ChemoSeed for glioblastoma.
Diaceutics 148.50p £141.40m (DXRX.L)
The technology and solutions provider to the pharma and biotech industry announced final results for the year ended 31 December 2025. Revenue grew by 20% in 2025 to £38.4m (FY 2024: £32.2m) and a return to profitability with reported profit before tax of £0.3m (FY 2024: loss £1.9m). Record order book of £38.9m at December 31 2025 representing 56% growth on an order book of £24.9m at December 31 2024. Q1 2026 has performed in line with the Board's expectations with constant currency revenue growth of 15% compared against Q1 2025.
The acquisitive energy services Company seeking to capitalise on the drive for global decarbonisation and reports finals to December 2025. Revenue increased to £11.8m from £2.6m and EBITDA was positive at £0.1m from a £1.0m loss in the prior period The LBT decreased to £1.7m from £3.6m with net debt of £1.2m compared to net cash of £0.3m in the prior period. The strengthened central support teams are in place for significant future growth and momentum has continued with further contract wins announced in Q1 2026. There is a strong pipeline of opportunities in all the businesses within the group. The Board remains confident in the outlook for FY26.
Kazera Global 1.18p £11.31m (KZG.L)
The AIM-quoted investment Company announced that its wholly owned subsidiary, Whale Head Minerals, has entered into a binding Production Sharing Agreement (PSA) with South African mineral processing group Rare Earth Minerals in relation to the Walviskop Heavy Mineral Sands project in the Northern Cape, South Africa. The PSA, which takes effect from 1 June 2026 and has an initial term of 12 months, is expected to materially enhance operational capability, accelerate production growth and significantly reduce the working capital burden associated with scaling operations at Walviskop.
MTI Wireless Edge Ltd 63.00p £52.58m (MWE.L)
The technology Company focused on comprehensive communication and radio frequency solutions across multiple sectors announced its financial results for the three-month period ended 31 March 2026.
There was a 6% increase in revenues to $12.8m (Q1 2025: $12.0m) and a 21% increase in operating profit to $1.5m (Q1 2025: $1.2m). Net cash as at 31 March 2026 was $8.5m (31 December 2025: $9.4m).
Panther Metals 137.5p £11.31m (PALM.L)*
The exploration Company focused on mineral projects in Canada announced the commencement of a discovery focussed diamond drilling programme at the Awkward Conduit Target, within the Company's Obonga Project located upon the Obonga Greenstone Belt, Ontario, Canada. The drilling programme has been specifically designed to test the Company's geological model by targeting the interpreted base of a potentially tube-like magma conduit system, or chonolith, modelled as the magmatic feeder to the Awkward Intrusion, which hosts anomalous levels of nickel (Ni), copper (Cu) and platinum group metals (PGE). The programme will remain fully results-driven, with ongoing decisions regarding drilling depth, follow-up work, and any potential expansion of the programme to be guided by geological observations and findings encountered during drilling. The Company will maintain a pragmatic and flexible approach as the programme advances.
Pathos Communications 33.00p £21.33m (NEWS.L)
The PR technology business announced that it has secured its largest contract in its history with a longstanding client, a major non-profit consulting firm. A US$0.7m 12-month contract was secured with an existing client and is expected to generate over US$0.5m EBITDA across FY2026 and FY2027. The engagement comprises a suite of Pathos's premium multi-channel offerings, including television placements on leading US national business TV networks, podcasts, written articles and book publishing services. The revenue visibility from this contract also further underpins management confidence in achieving market expectations for FY2026.
Aquis Market:
ProBiotix Health 7.875p £12.46m (AQSE: PBX)
The life sciences business developing probiotics to support cardiometabolic health announced a new strategic alliance with Spain based Bioksan. Under the terms of the new exclusive partnership for Spain and Portugal, worth approximately EUR200,000 a year in ProBiotix sales, ProBiotix has agreed to supply its patented LP LDL probiotic strain to Bioksan. As part of a product reformulation, Bioksan will use LP LDL as an anchor ingredient to replace red yeast rice which was previously being used within Lipok, a leading cardiovascular health product, positioned within the pharmacy and nutraceutical market in Spain and Portugal.
Sulnox Group 55.0p £79.5m (AQSE: SNOX)
The greentech Company delivering lower fuel costs and emissions announced a distribution agreement with Skyzone Technologies, a Pakistan-based energy and industrial solutions provider with operations spanning chemicals, diesel genset systems and solar-based energy microgrids. The agreement represents a further strategic expansion of Sulnox's land-based distribution network across South Asia, where the Company has recently announced major partnerships in India and Sri Lanka. It provides access to a significant diesel-powered industrial market where fuel efficiency, operating costs and energy reliability are increasingly pressing concerns.
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