We invite all our readers to take part in our Hybridan Newsletters
and Equity Research Survey by clicking on the link: here
* 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?
Potential IPOs:***
30 April: Reveille Resources, the European-focused investment Company, intends to list on the Aquis Growth Market. Zenith Energy (ZEN.L) has agreed to spin out Futuro Energetico Italiano Srl (FEI) to Reveille on a “no profit, no loss basis”. Reveille has been established to pursue a strategy focused on identifying undervalued historical mineral deposits with significant exploration potential across Europe. The Lombardy Project will be Reveille's flagship project. Deal details and Timing TBC.
16 April: The National Investment Fund of the Republic of Uzbekistan (UzNIF) announced that it has confirmed its intention to proceed with an IPO in the form of ordinary shares and Global Depositary Receipts. All of the Securities to be offered as part of the Offering will be secondary shares from The Ministry of Economy and Finance of the Republic of Uzbekistan. The Offer Price has been set at USD 25.00 per GDR and UZS 4.65 per Offer share. With 5,054,262,531,127 Shares in issue, the Offer Price implies a market capitalisation of approximately USD 1.95bn. The LSE Admission and commencement of unconditional trading in the GDRs on the LSE are expected to take place on or around 18 May.
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 mid-May.
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 whilst continuing to progress its litigation claim under the Energy Charter Treaty which has now received litigation funding to pursue a minimum of US$100m (plus interest) claim against Ireland in relation to the Barryroe project. The Company has published its AIM Admission Document and has conditionally completed an equity fundraising of £1.9m by way of a placing. Net proceeds of the Fundraising will allow for the advancement of Macaubas Project through an active exploration programme and provide general working capital. 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.
Market Movers:***
13th April: EDX Medical (AQSE:EDX) which develops digital diagnostic products and services supporting personalised treatments for cancer, cardiovascular and infectious diseases, announced its intention to move to AIM from AQSE. No new capital is to be raised on Admission and the anticipated market capitalisation is £44.28m. Expected Admission date of 13th May.
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
Autins Group 13p £7.1m (AUTG.L)
The UK and European-based manufacturer of its proprietary Neptune melt-blown material and specialist in acoustic and thermal insulation solutions, provided an update on its financing arrangements. Further to the Group's recent trading update, Autins confirms that it has now repaid the remaining £0.75m balance of its existing loan facility with Maven Capital Partners that was originally entered into in 2020. The Group has also entered into a new £1.0m 4 year term loan facility, also with Maven via MEIF II. The new facility, together with the expected repayment of the Group's final CBILS obligation in July 2026, provides the Group with significant additional working capital funding flexibility to support its forecast revenue growth over the coming years.
Character Group 273p £47.6m (CCT.L)
The designer, developer and international distributor of branded toys, games and giftware, announces its half year report for the six months to 28 Feb, 2026. Revenue in the period was £48.3m which was down 9% against the comparable period last year. Despite the reduction in HY 2026 sales, the Group is reporting an increased profit before tax and highlighted items of £2.4m (HY 2025: £2.1m), while EBITDA was £4.2m (HY 2025 £3.7m; FY 2025: £3.9m). The group made significant purchases in US dollars, hence the business is therefore exposed to foreign currency fluctuations and manages the associated risk through the purchase of forward exchange contracts and derivative financial instruments. After making dividend payments of £0.5m and financing share buybacks of £1.2m, the Group had cash and cash equivalents of £13.7m alongside no long-term debt.
IXICO 6.75p £14.7m (IXI.L)
The company that provides neuroscience imaging and biomarker analytics, using its AI-driven platform to help advance drug development in neurological disorders, today announced the latest version release (v.10) of IXI, IXICO's proprietary AI enabled neuroimaging platform that delivers clinical trial imaging and biomarker insights in neurological disease research. The IXI 10.0 release brings advances in image reading precision and analysis, enables larger and faster image data processing, and integrates new tools for remote image access and data quality qualification. The latest generation of IXI lays the foundation for IXICO's technology to move beyond its traditional iCRO remit as part of the Group's TechBio strategy. The strategy is focused on increasing IXICO's addressable market by enabling external organisations to directly access IXICO's technology via licensing, technology integration and partnering models such as the recently announced collaboration with Medidata.
Macfarlane Group 66.45p £103.6m (MACF.L)
The protective packaging specialist provided a trading update ahead of its AGM today. Trading is currently in line with market expectations for the full year to 31 December 2026, with group revenue in Q1 2026 marginally ahead due to gains from the Distribution and Manufacturing Operations. While Q1 profits were lower than the previous year due to temporary outsourcing costs at Pitreavie and restructuring initiatives, the Group expects performance to strengthen in the second half of the year as new equipment becomes fully operational and cost-control measures take hold. Despite navigating inflationary pressures on logistics and input prices caused by geopolitical tensions in the Middle East, the Group maintains a solid financial position. Subject to the renewal of authority to purchase shares at today's AGM, the Group intends to extend the timescale to complete its £4.0m share buyback programme, announced in May 2025, through to the end of 2026 with £2.6m spent to 31 March 2026.
Mycelx Technologies 50.5p £12.3m (MYX.L)
The clean water and clean air technology company announces the award of its third offshore produced water treatment contract in the Gulf of Mexico with a global integrated oil company. The contract is for the lease of MYCELX proprietary produced water treatment equipment for offshore operations and includes recurring monthly rental revenue with expected significant recurring filtration media sales. The lease has commenced and, depending on overall media use in the current financial year, management expects this contract to contribute approximately $850k to the Company's FY2026 revenue and c$1.5m on an annual basis. The Board believes this contract further validates MYCELX's refocused strategy in the U.S. where the Company's opportunities to scale align with customers' need to meet stringent discharge regulations while improving operational reliability.
NWF Group 136p £67.5m (NWF.L)
The specialist distributor today provided a trading update for the year ending 31 May 2026. The fuels division had a stronger final quarter due to volatile oil prices and concerns due to the Middle East conflict, offsetting a disappointing first half. While Food and Feeds division performed in line with expectations, however market sentiment for food has softened with the reduction in the milk price over the last few months. Given the stronger performance in Fuels, the Group adjusted profit before tax for the full year is expected to be significantly ahead of market consensus with headline operating profit to be £14.9m and Headline profit before tax of £10.3m The Board remains mindful that the future performance of the fuels business is difficult to predict.
Physiomics 0.635p £2.9m (PYC.L)*
The data-driven consultancy company that provides mathematical modelling & simulation, biometrics and data science solutions announced the appointment of Stewart Williams FCILT as a consultant to the Company. Mr Williams brings more than 30 years of experience advising and leading complex transformation programmes across life sciences and other regulated sectors. His background includes senior consulting roles with PwC and KPMG, alongside leadership positions delivering large-scale operational and digital transformation programmes for organisations including AstraZeneca, Victrex, BAE Systems and Co-operative Financial Services. He currently serves as Head of Planning for AstraZeneca’s c. $2bn AXIAL transformation programme.
RUA Life Sciences 25p £15.5m (RUA.L)
The medical device group focused on the exploitation of long-term implantable biostable polymers, will spinout and complete a fund raise by its subsidiary, RUA Structural Heart Ltd (RSH). The £3m CLN at 5% deal is led by the Leducq organization, which is dedicated to combating cardiovascular disease and includes a Charitable Trust. The spin off de-consolidation impact on RUA will be to recognise a non-cash accounting gain of around £4.9m and reduce cost by around £0.75m pa. RSH will operate as an independent company with its own expanded board and governance structure, and the funds will help prepare for the initiation of a first-in-human clinical study. RUA’ CEO , states that Leducq’s commitment to tackling rheumatic heart disease and advancing polymer-based valve solutions makes them an ideal partner.
Safestay 13.5p £8.8m (SSTY.L)
The hostel group a strategic marketing partnership with Zostel, India's largest hostel network. Whilst both brands will remain fully independent, under the agreement, 82 Zostel hostels will feature on Safestay.com and 24 Safestay hostels will be listed on Zostel.com, creating a hostel alliance spanning more than 8k beds across Europe, the UK and India. The partnership comes as travel from India into Europe grew by 17% year-on-year in 2025, underlining the opportunity for hostel operators to capture demand from travellers planning multi-stop trips across Europe and the UK. The agreement reflects Safestay's strategy to expand its international reach and broaden its proposition to customers who want trusted, safe, great value hostel experiences. The partnership is also designed to capture growing demand from travellers increasingly combining Europe and India in a single trip, while creating stronger cross-referral opportunities and a potential route to more direct bookings over time
Aquis Market:
Mendell Helium 4.75p £12.1m (AQSE:MDH)
The helium company announced that M3 Helium Corp. has signed two further leases for land in Fort Dodge, Kansas that it considers to be prospective for helium production. The Durler and Leffert leases are located very close to M3 Helium's existing Bleumer and Enlow leases, around four miles from the Rost 1-26 and Rost 2-26 well sites, and were obtained for a modest cash consideration. Adding to M3 Helium's land holdings in Fort Dodge is consistent with the strategy set out in the Company's announcement of its fundraising on 30 April 2026, namely to accelerate the development of its production plans in Fort Dodge. As with the other leases, Mendell Helium believes that each of the Durler and Leffert leases could potentially accommodate two production wells
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”.
