* 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:
Ultimate Products (ULTP.L) The owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, est.1760) and Beldray (est.1872), announced it has moved from the Main Market to AIM.
Delistings:
None
What’s baking in the oven?
IPOs:***
14th January: Roundhouse Digital, an operational AI services business with complementary strategic treasury management (Ethereum denominated), has announced its intention to IPO onto AQSE. Offer details TBC and expected Admission date 27 January.
Market Movers:***
14 January: GlobalData (DATA.L), the data, insight, and technology companyexpects to submit its application to move to the Main Market from AIM and to take place at 8.00am on 5 March.
12th January: The Smarter Web Company (AQSE:SWC) announces its intention to cancel its Admission to trading of its ordinary shares on the Aquis Growth Market and seek Admission onto the Main Market. Subject to shareholder approval, the Cancellation and Admission are expected to take place on 3 February.
19th December: Medcaw Investments (MCI.L), the fully listed shell, has announced a potential move from the Main Market to AIM. The switch is dependent on acquiring 90% of the Eagle Lake gold project in Ontario. Medcaw will pay £170k in cash and £4m in shares at 1.5p each. The date of the acquisition completion and AIM Admission are uncertain.
11th November: CVS Group (CVSG.L) announced its plan to move from AIM to the Main Market on 29 January, subject to FCA approval of a prospectus and the ordinary shares being admitted by the FCA to the Main Market. The Group does not intend to raise funds in connection with the move.
Reverse Takeover:***
31st December: Ovoca (OVB.L) announced a reverse takeover of Tadeen, a UK-registered company, which indirectly owns 100% of the Licences in Morocco, prospective for Copper and Silver through its wholly owned subsidiary, Horizons Mines SARL. Capital to be raised on Admission is £1.155m with an anticipated market capitalisation on Admission of approximately £4.9m. Expected Admission date is 28th January.
Media Speculation:
Rumored IPOs for 2026 include Oslo-based Visma, one of Europe’s biggest software companies, backed by the UK-based private equity company Hg Capital, suggested to be worth at least EUR20bn (£17.5bn). Other possibilities include the Bristol-based veterinary group IVC Evidensia, which would also be a larger cap float and a similar size to Visma. IVC Evidensia operates from 2,700 sites in 19 countries, the UK is its biggest single market, owned by a private equity consortium led by EQT. Other names include the RAC roadside recovery business, the combined Waterstones and Barnes & Noble bookshop chains, fintech payments platform Ebury and online travel agent Loveholidays.
Banquet Buffet****
Agronomics 5.85p £60m (ANIC.L)
The Isle of Man-based Investment firm announced an additional investment of AU$3m in its portfolio company, All G Co Holdings Pty Limited, an Australian biotech specialising in precision fermentation of human and bovine milk proteins, notably lactoferrin. This technology enables the production of lactoferrin without the use of animals, supporting advancements in nutrition, sustainability, and health. All G's lactoferrin is cost-effective and environmentally sustainable, suitable for applications in infant and clinical nutrition, functional foods, skincare, and animal nutrition. The company has achieved milestones and in November 2024, All G became the first company globally to receive regulatory clearance for the sale of recombinant bovine lactoferrin in China. The new funding will support commercial-scale production, regulatory submissions, patent development and business expansion in Asia and Europe.
Aterian 24.5p £3.8m (ATN.L)
The Africa-focused critical metals exploration company, announced results from an independent geophysical study completed over Prospecting Licence PL265/2025 in the Kalahari Copperbelt, in the Republic of Botswana. The Licence is wholly owned by Atlantis Metals (Pty) Ltd, in which Aterian has a 90% interest. The study confirms that PL265/2025 is located within a proven, world-class copper-silver district, directly along strike from operating and advanced deposits in the Kalahari Copperbelt, including Sandfire Resources' Motheo Mine. Importantly, the work has identified multiple priority targets that materially enhance the potential scale, quality, and future value of the Licence.
Blencowe Resources 7.75p £36.1m (BRES.L)
The mineral exploration and development company announced further exceptional high-grade purification results from testwork undertaken in association with Alkeemia S.P.A., a specialist graphite processing organisation based in Porto Marghera, Northern Italy. This is the first Orom-Cross purification test work conducted within the EU and it represents a bridge into that significant market moving forward. The purification testing upgraded all Orom-Cross products to 99.99 carbon content, which is extremely rare.
Digitalbox 4.65p £5.24m (DBOX.L)
The mobile-first digital media business, which owns Entertainment Daily, The Daily Mash, The Tab, The Poke and TV Guide, updates on trading update for FY December 2026, which is to be reported on Tuesday 31 March 2026. Digitalbox expects EBITDA to be comfortably ahead of market consensus of c.£330k, with improved margins on the back of a more efficient H2 cost base. Revenue for the year is expected to be c.£3.9m and the Company had c.£1.8m in gross cash. AI is impacting publishers and Digitalbox's broad diversity of distribution channels and strong levels of audience engagement have proved increasingly important. Growth has been helped by the acquisition of the Media Chain Group's digital assets which has strengthened the platform’s ability to generate revenues.
Gelion 23p £53m (GELN.L)
The global energy storage innovator has announced the appointment of renowned scientist Professor Rachid Yazami as a Technology Advisor to the Group, effective immediately. He will provide strategic guidance on battery technology development, supporting Gelion's development of sulfur battery innovations. Professor Yazami, widely recognised as a world leading battery technologist, is well-known for his pioneering work in establishing the reversible intercalation of lithium into graphite in an electrochemical cell, a breakthrough which led to the lithium-graphite anode which is now used in commercial lithium-ion batteries, a product with over $80bn in market value.
Likewise Group 22.5p £64m (LIKE.L)
The flooring distributor in the UK, announced a trading update, with total group revenue for the year ended 31 December 2025 increasing by 8.6% to £163.8m while sales in Likewise Floors grew by 13.3%. With the infrastructure established, the Group is well on target to achieve its original objective of £200m of Sales Revenue. Following a number of years with zero inflation, the Flooring Industry in the UK is experiencing price increases in Carpet, Residential Vinyl, Laminate, Luxury Vinyl Tile, Adhesives, Levelling Compounds and Commercial Products. The company is implementing these increases during January and February.
Norman Broadbent 242.5p £4.5m (NBB.L)
The Executive Search and Interim Management firm, provided a trading update for the three months ended 31 December 2025 and the year ended 31 December 2025. Net Fee Income was £12.3m and underlying EBITDA was £1.3m, reflecting a strong trading performance against a tough market backdrop and delivers on the medium term EBITDA target set four years ago. The year-end net cash of £1.5m is a £1.4m positive swing from the prior year (FY24: £0.1m) reflecting the cash generative nature of the business as EBITDA grows.
Panther Metals 81.5p £5.7m (PALM.L)*
The exploration company focused on mineral projects in Canada, announced the signing of a three year term purchase option agreement over three multicell mining claims which comprise the Otter Gold, Z2 Gold and Wig properties which are located in the Obonga project area, the highly prospective Obonga greenstone belt located 160km north of Thunder Bay, Ontario, Canada. The Purchase Option signed with Mrs Karen Siltamaki is a partial replacement for the purchase option agreement announced 22 November 2021 signed with her late spouse Mr Aki Siltamaki and secures Panther options over the Properties through to January 2029.
The Pebble Group 47p £69.3m (PEBB.L)
The provider of technology, services and products to the global promotional products industry, announced that the Group's results for the year ending 31 December 2025, which will be published on Tuesday 17 March 2026, are expected to be in line with market expectations. Group revenue will be circa £125m (FY 24: £125.3m) with Adjusted EBITDA of not less than £15.8m (FY 24: £16.7m). This reflects a return to growth in H2 25 in Brand Addition and is net of circa $1.0m invested in operating costs in Facilisgroup to drive new Partner wins.
Titon Holdings 97.5p £10.97m (TON.L)
The international manufacturer and supplier of ventilation systems, and window and door hardware reports for the FY September 2025. Revenue increased 2.1% to £15.8m with an operating profit of £105k which is in line with expectations. The mechanical ventilation systems delivered the strongest UK sales performance in the business unit's history, despite challenging conditions. The turnaround strategy is embedded with successfully strategic execution, positioning the Group to make further progress towards Titon's 2028 targets. The Balance sheet strengthened with £3.5m of cash compared to £2.3m and no bank borrowings. The various strategic initiatives in progress and with a growing order book, gives the company confidence of further progress in the objective of returning the business to sustained profitability and growth.
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