Admissions:
None
Delistings:
Apax Global Alpha Limited (APAX.L) left the Main Market
What’s baking in the oven?
Potential** Initial Public Offerings:***
8th September: Project Glow Topco Limited, the ultimate holding Company of The Beauty Tech Group Limited, a global leader in the rapidly growing at-home beauty technology market, has confirmed its intention to float on the Main Market. The Beauty Tech Group encompasses three distinct, innovative and premium beauty technology brands - CurrentBody Skin, ZIIP Beauty and Tria Laser - under which it develops, manufactures and retails at-home beauty devices. In FY24, the Group reported revenue of £101.1m and adjusted EBITDA of £22.9m. Between the financial period for the 16 months ended 31 January 2023 (FY22) and FY24, the Group's own-brand revenue and adjusted EBITDA grew at a compound annual growth rate of 73.6% and 92.9% respectively. Timing and deal details TBC.
12th August: B HODL has announced its application for Admission to the AQSE growth market with an Admission target date of 22 September. The Company has conditionally raised approximately £13.3m through a subscription at 14p per share and is proposing to raise a further £500k via a WRAP retail offer.The Company is focused on generating low-risk, sustainable revenue through operational activities focused on the acquisition, accumulation, and management of Bitcoin. The Company’s initial business model centres around the operation of Lightning Network nodes, which generate revenue by charging fees for routing Bitcoin transactions. By leveraging the scalability and efficiency of the Lightning Network, B HODL aims to capitalise on transaction fee income and provide inbound liquidity to other Lightning node operators as its first lines of business.
Market Movers
8th September: Pan African Resources (PAF.L) announced its intention to move from AIM to the Main Market. The Company is currently progressing workstreams to facilitate the Admission, is expected to occur prior to 31 December 2025.
8th September: Richmond Hill Resources (AQSE: SHNJ) announced its intention to move from AQSE to AIM. Deal details TBC and Admission expected late September 2025.
Banquet Buffet****
Buccaneer Energy 0.0235p £2.7m (BUCE.L)
The international oil & gas exploration and production company with development and production assets in Texas, USA, announces that it has signed a contract with BitGo, the digital asset infrastructure company. BitGo will serve as the Buccaneers' official custodian through its regulated entity BitGo Trust Company, Inc. The partnership will also include trading support through BitGo's OTC platform, offering access to liquidity. As noted in the Company's announcement on 19 August 2025, as part of the future Fouke area development in Pine Mills, the Company proposes to monetise its expected gas production from the development wells by partnering with a Bitcoin miner to power a Bitcoin mining operation.
Cobra Resources 3.8p £33.5m (COBR.L)
The mineral exploration and development company, announces that is has received Environmental Protection and Rehabilitation approval from the Government of South Australia's Department for Energy and Mining for the Company's exploration programme that will support planned pump and permeability testing at the Boland wellfield. Cobra is now completing its programme notification process that will see infield testing commence in mid-October and last for approximately two weeks. Field tests will provide an infield measure of the rate of permeability achievable through the in-situ recovery process.
ECR Minerals 0.3p £7.3m (ECR.L)
The gold exploration and development company focused on Australia, announced that ECR Minerals (Australia) Pty Ltd, a wholly owned subsidiary of ECR, has entered into a non-binding heads of terms with Exertis Pty Ltd trading as Bold Gold for a proposed joint venture covering the Company's Creswick Gold Project in Victoria, Australia. The completion of the Proposed JV is expected to fund exploration costs at Creswick without further dilution to ECR shareholders. The proposed initial A$250k exploration commitment is to be spent in the first 12 months.
Invinity Energy Systems 22p £96.9m (IES.L)
The global manufacturer of utility-grade energy storage, announces that the sale of a total of 4 MWh of VS3 vanadium flow batteries to Central European Vanadium Storage Kft, a subsidiary of Ideona Group for use in two separate solar plus storage projects in Hungary. These sales are Invinity's second product order from Ideona, which also acts as the Company's partner in the region. The batteries will be deployed alongside existing on-site solar arrays at two projects in western Hungary, which have been designed to receive grant funding support from the Hungarian government. 2 MWh of energy storage will be deployed at each site and will be used to stabilise solar output and provide flexibility to the local grid networks.
Journeo 515p £88.7m (JNEO.L)
The provider of intelligent systems for transport networks and critical national infrastructure, announces the receipt of a purchase order valued at £1.5m from a Northern Transport Partnership. The purchase order comprises the supply and installation of Journeo's latest high-definition TFT displays and ultra-low power ePaper displays, which will enhance the region's real-time passenger information estate. TFT displays will be deployed at powered in-shelter locations, while the ultra-low power ePaper displays, operating exclusively on renewable energy sources with battery back-up will be installed at locations without existing power provision.
Maintel 170p £24.1m (MAI.L)
The provider of cloud and managed communication services, reports Interims to June 2025. Revenue is virtually unchanged at £46.5m due to a small number of churned contracts as previously flagged. There is a decline in EBITDA to £14m from £14.7m to make an increased loss to £0.8m from £0.3m. The debt increased to £18.0m from £15.6m because of the lower cashflow generated although a new financing facility with HSBC was signed in March 2025, for 39 months to July 2028. The routes to market have been expanded to include physical events, digital campaigns, advertising, vendor deals, industry and technology forum membership, and independent consultants. The sales pipeline is reported to have reached a record high, climbing to £75m from H1 2024 of £50m. The ongoing transformation of the organisational structure, cost base, and operational efficiency are all to deliver efficiently when the execution of the growth strategy comes to fruition.
Petards Group 8.5p £5.2m (PEG.L)*
The AIM quoted developer of advanced security, communication and surveillance systems, reported on its interim results for the six months ended 30 June 2025. The Affini acquisition had a positive impact, with revenues increasing 78% to £7.9m from £4.4m in H1 2024 while EBITDA increased to £509k from £33k. Cash generated from operations increased to £0.86m from £0.44m, reducing net debt to £1.3 from £1.54. The company has also had strong interest in the new QRO Harrier Mini ANPR camera with first revenues through in Q2.
Tavistock Investments 5.6p £24.7m (TAVI.L)
The specialist advisory company for retail investors, reports finals to March 2025 which has of been a year of strategic transformation. Revenues are £32.63m down from £39.49m reflecting the planned reduction of the Group's Appointed Representative network, which has since been sold. The EBITDA is adjusted to remove the distorting effect of one-off gains and losses arising on acquisitions / disposals as well as other non-cash items to show a decline to £1.76m from £2.23m. The Operating profit after exceptional costs of £6.23m is £11.07m compared to a £0.4m. Net Cash is £7.40m against £4.12m after spending £5.5m in share buybacks. The new focus is on building a financial services technology platform that ‘should work for everyone not just the privileged few,’ that make appropriate use of AI, to support qualified professionals. The Rebranding is in progress with Company name to be changed to Vertex Money.
Tekcapital 8p £18.8m (TEK.L)
The UK intellectual property investment group focused on transforming university technologies into valuable products that can improve people's lives, announces that its portfolio company Guident Corp., has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission, for a proposed initial public offering of shares of its common stock in the United States. The number of shares of common stock to be sold and the price range for the proposed IPO have not yet been determined. Guident Corp. intends to commence the sale of its securities in the IPO following completion of the SEC review process, subject to market and other conditions.
ValiRx 0.7p £2.6m (VAL.L)
The life sciences company focusing on early-stage cancer therapeutics and women's health, provided updates on its wholly owned subsidiary Inaphaea Limited. Inaphaea has continued to expand its capability partnerships, it has signed a Collaboration Agreement with Swiss techbio company, TwinEdge Bioscience. TwinEdge combine computational biology, artificial intelligence, and personalized medicine to transform how new cancer therapies are developed. Under the agreement, TwinEdge will combine their proprietary methodology with drug response datasets obtained from Inaphaea's Patient derived Cells (PDCs) to create "patient avatars" which are digitally actionable representations of the patients' tumours, ready for testing with new drugs in "in-avatar" trials. Inaphaea also announces that its collaborative 3K Screen program with Dominion, announced on 12 May 2025, has identified around 250 hits from the initial screen against 5 different models. Around 50 of these molecules, included as controls to validate the approach, have known activity in cancer.
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