* 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.
Admissions:
None
Delistings:
None
What’s baking in the oven?
It's a little empty
Banquet Buffet****
CML Microsystems 295.0p £45.67m (CML.L)
The Company that develops mixed-signal, RF and microwave semiconductors for global communications markets updated on trading before holding its AGM today. The business entered FY27 with encouraging momentum following a positive final quarter in the prior financial year with both revenue growth and an improving order intake. This progress has continued into the current financial year with firmer demand across all key market verticals. This uplift has supported trading, with the opening months delivering revenue in line with, and order intake ahead of expectations. The Board remains confident in its growth strategy and a return to operational profitability now looks likely to be achieved earlier in the current financial year than previously expected.
East Star Resources 4.15p £22.28m (EST.L)
The Kazakhstan-focused gold and copper exploration Company provided an operational update on the ongoing diamond drilling programme at the Verkhuba Copper Deposit, being advanced through its joint venture with Hong Kong Xinhai Mining Services Ltd. Seven diamond drill holes and >1,350 metres have now been completed, with a second diamond drill rig mobilised to site, increasing capacity and supporting timely completion. The current drilling programme is designed to support resource conversion, geological modelling, mine planning and feasibility studies, with a particular emphasis on defining the initial years of mining operations.
Genedrive 1.20p £18.46m (GDR.L)
The point of care pharmacogenetic testing Company reported that Neonatal Intensive Care Unit patient recruitment in the PALOH-UK programme has been completed, with nearly 6,000 babies in neonatal care receiving the Genedrive MT-RNR1 ID test. Clinical cohort analysis is underway with publication expected in scientific literature around October 2026. The PALOH-UK programme is funded by the National Institute for Health and Care Research in collaboration with the UK Government Office for Life Sciences to address the evidence generation requirements of the National Institute for Health and Care Excellence Early Value Assessment of the Genedrive MT-RNR1 ID Kit.
Helium One Global Ltd 0.41p £39.61m (HE1.L)
The primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA, notes the Blue Star Helium announcement issued today regarding the Galactica Project. Blue Star, the operator of the project, has delivered its third helium trailer from the Pinon Canyon Plant on schedule, with a fourth trailer on site and being filled. Continued increases in helium output are expected toward the plant's full design capacity, driven by planned production work, including debottlenecking the plant and gathering system, drilling additional development wells and deepening of existing wells. Blue Star advises that a third tube trailer of helium from the Pinon Canyon Plant at its Galactica Project in Las Animas County, Colorado has been delivered to the offtaker. A fourth tube trailer is on site and being filled. Trailer exchanges continue to proceed on a scheduled basis, consistent with previous announcements.
Hemogenyx Pharmaceuticals 670.00p £43.69m (HEMO.L)
The clinical stage biopharmaceutical Company developing new medicines and treatments to treat blood and autoimmune diseases has signed a definitive Collaboration Agreement with Cellin Technologies OÜ, an Estonian cell therapy company, for the manufacturing and clinical implementation of the Company's HG-CT-1 CAR-T cell therapy for the treatment of relapsed or refractory acute myeloid leukemia under the Hospital Exemption framework in Estonia. The Agreement converts the non-binding Letter of Intent between the parties announced on 23 September 2025 into binding commitments and marks a step toward the generation of the Company's first revenues from HG-CT-1.
Sunrise Resources 0.02p £1.88m (SRES.L)
Further to its announcement of 28 July, the Company focused on previous and base metal projects announced that the Government of Western Australia has now granted Prospecting Licence 51/3378 covering the high-grade gold target at the Bakers Gold Project. The Company's previous drilling intersected high-grade gold mineralisation with Hole 21SBRC002 intersecting 2m grading 14.4 g/t gold from 64m downhole. The high-grade mineralisation is open in all directions and occurs below an extensive gold-in-soil anomaly. The licence was granted for an initial four-year term to 6 August 2030, renewable for a further four years.
Synectics 200.00p £34.70m (SNX.L)
The advanced security and surveillance solutions provider announces a further milestone in its product-led growth strategy, with the introduction of Synergy SEARCH, which uses advanced AI to enable rapid, natural-language search across live and recorded video. The new technology allows operators to search large volumes of footage using everyday language to describe the people, vehicles, objects or activity they are looking for. This can deliver significant operational value across Synectics' markets. The CEO states the Company is building scalable products that solve real operational challenges for customers and create new opportunities for growth.
SysGroup 32.00p £25.95m (SYS.L)
The advisory-led, end-to-end Managed IT Service Provider focused on cybersecurity, managed services and AI-enabled operational delivery for the UK mid-market, has secured two new three-year cyber resilience contracts with a UK housing association and an English further education provider, with combined total contract value of over £1m. The contracts will see SysGroup deliver managed data protection, cyber resilience and recovery services using Rubrik's technology platform, to two organisations in public and community-facing services. The two contract wins demonstrate customer demand for the proposition and provide a platform for further growth in SysGroup's managed cyber resilience business.
TMT Investments $3.36 $101.50 (TMT.L)*
The venture capital Company investing in high-growth technology companies announced its unaudited interim results for the half-year ended 30 June 2026. The Company's net asset value increased by US$18.9m, mainly because of the US$25.6m positive revaluation of the Company's investment in Backblaze, Inc. TMT successfully capitalised on the periods of strength in Backblaze's share price by disposing of Backblaze shares for a total of US$7.75m in net cash proceeds during the period. The Company completed a US$1.45m share buyback in the first half of 2026 at a weighted average price of US$2.46 per share. As of 30 June 2026, the Company had cash and cash equivalent reserves of US$11.7m (31 December 2025: US$5.0m) and unaudited cash and cash equivalent reserves of US$14.9m as of 10 August.
Verici Dx 0.25p £5.15m (VRCI.L)
The developer of advanced clinical diagnostics for organ transplant announces it has achieved status as an Olink Certified Service Provider, part of Thermo Fisher's Life Sciences Solutions. This designation allows Verici Dx to provide Olink-based proteomics assay services at its CAP-certified/CLIA-accredited laboratory, supporting biomarker discovery, algorithm development, validation, application in clinical trials, and diagnostic use both internally and as a service. In addition to analysing samples from clients, Verici Dx will use the Olink platform to advance its own pipeline of protein biomarker-based development.
What’s baking in the oven?
Potential IPOs:***
Dual List:***
5th August: 1947 Oil & Gas, the newly incorporated oil and gas production Company focused on acquiring, operating and growing a portfolio of producing assets in the US, announced its intention to IPO onto AIM. In connection with Admission, the Company has entered into a conditional agreement to acquire Renaissance Offshore, LLC, a privately held, Houston-based oil and gas production company with interests in eleven fields located in the shallow-water Gulf of America. The Company is raising gross proceeds of £50m and the expected market capitalisation of the Company on Admission will be £65m. Admission is expected to occur in August 2026.
3rd August: Africa Bitcoin Corporation has announced its intention to dual list onto the AQSE Market. The company is a financial services group with a Bitcoin Treasury Strategy dedicated to providing financial services to SMEs across South Africa with a broad suite of solutions. The Company has a primary listing on the Main Board of the Johannesburg Stock Exchange and secondary listings on the A2X Proprietary Limited and the Namibia Securities Exchange and its ordinary shares also trade on OTCQB Market in the US and the Frankfurt Stock Exchange. Expected Admission date is 17th August.
Reverse Takeovers:***
4th August: Vast Resources (VAST.L), the mining exploration, development and production company, with assets in Tajikstan and Tomania, has proposed a reverse takeover of Gulf International Minerals, which holds a 49% stake in the Aprelevka JV in Tajikistan, alongside the Tajik government's 51%. The company intends to complete the transaction via an all-share consideration deal with Bay Square Pacific and its shareholders. Alongside the Acquisition, the Company has conditionally raised gross proceeds of £5.9m by way of a placing of 94,400,000 new ordinary shares and a subscription for 26,359,826 new ordinary shares, in each case at 6.25p per share. The Company also intends to launch a retail offer. The expected date of admission is 19 August 2026.
Status of this Note and Disclaimer
This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.
References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results. Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.
The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).
Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.
Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.
Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.
