* 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:
Vulcan Two (VUL.L) the AIM quoted investing Company aiming to create the UK's leading regulated ePharmacy through a buy-and-build strategy, announced that it has completed the acquisition of CloudRx, Hyperdrug Pharmaceuticals and Webmed Pharmacy. The Company raised £40m and its Ordinary Shares were re-admitted to trading on AIM at 8.00 a.m., alongside the new Ordinary Shares issued pursuant to the Placing and the Acquisitions.
Delistings:
None
What’s baking in the oven?
Potential IPOs:***
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 March 2026.
11 March: Halo Minerals, a mineral development Company focused on the evaluation and potential development of mineral assets, announced its intention to IPO onto AIM. The Company's principal asset is the Playa Verde Project comprising 6 mining concessions over an area of approximately 13.57km sq. of copper-bearing tailings located in northern Chile. The Company plans to advance the Playa Verde Project on an accelerated timeline to production, utilising the funds raised on Admission, which is expected to take the project to a final investment decision, or to a stage when alternative material project funding options are available for the Project. £4m is expected to be raised on Admission with a market capitalisation of approximately £20m. Expected Admission date is 30 March 2026.
4 March: Scotch Corner Designer Village Holdings plc, which is developing a largely pre-let retail and leisure destination in the North of England, announced its intention to apply for Admission to trading on the Aquis Real Asset Market (ARAM) segment of the Aquis Stock Exchange Growth Market. The Company is seeking to raise £25.5m. The listing is expected to complete in April 2026.
Reverse Transactions:***
4 March: Vulcan Two (VUL.L), the AIM quoted investing Company is aiming to create the UK's leading regulated ePharmacy through a buy-and-build strategy. On 26 February, the Company announced that it has conditionally agreed to acquire three companies in the UK ePharmacy market, being CloudRx, Hyperdrug Pharmaceuticals and Webmed Pharmacy. The total maximum consideration for the Acquisitions is approximately £41.7m andthe Company has conditionally raised gross proceeds of £40m. The Acquisitions, individually and collectively, constitute a Reverse Takeover. Anticipated market capitalisation on readmission will be £54.6m. Expected Admission date is 19 March.
Market Movers:***
25 February: Roquefort Therapeutics (ROQ.L),the Main Market listed biotech Company, is acquiring assets from Coiled Therapeutics, Inc. and A2A Pharmaceuticals, Inc. and at the same time moving to AIM. £8.5m is to be raised on Readmission at an issue price of 10 pence per share with an anticipated market cap of £42.6m. Expected Admission date is 27 March 2026.
Banquet Buffet****
Catenai 0.32p £5.45m (CTAI.L)
The provider of technology and digital solutions announced that at an investee company, Alludium Ltd, a developer of a no-code AI Agent Operating System, has advised the Company that it has secured its first paying customers since the platform's public-commercial launch on 10 March.
Corcel 0.44p £37.47m (CRCL.L)
The Angola-Brazil focused energy Company has raised £3.6m through a subscription with a number of its existing strategic investors at 0.4p. The additional capital will enable the Company to accelerate key workstreams, including the procurement of critical long lead items and the early securing of a drilling rig. This will reduce exposure to supply chain bottlenecks and position the Company to commence drilling within the next 12 months. Corcel aims to accelerate its dual track growth plan of advancing preparations for the KON16 high-impact exploration well while simultaneously progressing the acquisition of a producing asset and expanding its acreage position across the onshore Kwanza Basin. This enhances the Company's strategic position as it progresses farm down discussions, demonstrating clear operational momentum and reducing execution risk for potential partners.
East Star Resources 3.40p £17.59m (EST.L)
The Kazakhstan-focused gold and copper explorer has formalised a joint venture agreement with Hong Kong Xinhai Mining Services Limited to advance the Verkhuba Copper Deposit into production with an estimated investment of approximately US$65m for the feasibility studies, mine development, and plant construction. East Star will incorporate the joint venture company in Kazakhstan within 30 days under the Astana International Financial Centre and Xinhai shall earn into 70% of the JVCo. East Star is fully carried to production and will hold 30% of the producing mine with a current JORC Inferred Resource of 20.3Mt @ 1.16% copper, 1.54% zinc and 0.27% lead.
Eco Animal Health Group 103.50p £65.39m (EAH.L)
The animal health Company with a portfolio of marketed veterinary products and a maturing proprietary R&D pipeline updates on trading for the FY March 2026. The stronger trading in H1 has continued to the year end and revenue growth of c.8% is slightly ahead of market expectations of £83.5m (2025: £79.6m). Revenue growth has been particularly strong in North America and Latin America, despite currency headwinds and tariff challenges. Gross margins have improve primarily driven by improved product pricing and cost of goods. The combined effect of the stronger revenue and margins is expected to result in a material increase in adjusted EBITDA ahead of market expectations to £7.6m (2025: £7.3m). The audited results are expected to be reported in early July.
Focusrite 197.50p £116.94m (TUNE.L)
The music and audio products Company supplying hardware and software used by professional and amateur musicians and the entertainment industry provided an update on trading ahead of its results for the 18 month period ended 28 February 2026 (changed from 31 August), which are expected to be announced early June 2026. On a 12 month basis to February 2026, revenue is expected to be slightly ahead of the prior 12 month period at approximately £164m on a reported basis. Gross margins for the period have remained strong and slightly ahead of the prior 12 months, notwithstanding the impact of tariffs in the US. Operating margins are also expected to remain stable reflecting an ongoing focus on cost control. The Board expects adjusted EBITDA for the 12 months to February 2026 to be in-line with current market expectations.
Investacc Group 167.5p £82.29m (INAC.L)
The UK specialist pension administrator released its results for the year to 31 December 2025. Group revenues increased by 43% to £15.0m (FY24: £10.5m), primarily driven by organic growth of 28%, reflecting sustained demand for core administrative services, and complemented by £1.5m in revenue from the successful acquisition and integration of AJ Bell's Platinum SIPP and SSAS business. Trading EBITDA increased to £6.9m, reflecting the Group's continued commitment to operational excellence. Group EBITDA improved to £4.3m, with Group EBITDA margin progressing in line with long-term expectations.
Sancus Lending Group Ltd 1.15p £8.69m (LEND.L)
The finance provider reported its results for the year ended 31 December 2025, with Group revenue increasing by 32% to £22.1m from £16.8m. The Company expects a further expected credit loss credit of £0.2m (2024: £0.4m credit), reflecting continued stabilisation in the credit quality of the Group's on balance sheet loan portfolio and continued progress in managing legacy loan exposures. The Group profit before tax for the year was £1.2m (2024: £0.1m) including gains of £2.6m (£2024: £2.8m) on the buy-back of some Zero Dividend Preference Shares. Management is confident that the business is capable of delivering run-rate profitability in 2026. Sancus also this morning announced that it has agreed amendments to the terms of the redeemable preference shares of its wholly owned subsidiary, Sancus Loans Limited, held by Somerston Fintech Limited and, alongside those amendments, that Somerston has agreed to subscribe for £750,000 of its existing bond instrument.
Smiths News 62.00p £161.47m (SNWS.L)
The UK's largest news wholesaler and provider of early morning end-to-end supply chain solutions announced that it has successfully secured a new long-term contract with Guardian News and Media. The new contract with The Guardian is for all of Smiths News's current distribution territories in the UK through to 2031. Following this agreement Smiths News has now formally secured long-term contracts with over 96% of its newspaper and magazine revenues through to 2029.
Synthomer 25.00p £29.44m (SYNT.L)
The specialty chemicals Company announces that the year to 31 December 2025 audit process is well-advanced, with no change to the expectations indicated in the 29 January trading update of continuing revenue of c.£1.74bn and continuing EBITDA in the range of £135-138m. The operational execution and cost reduction programmes have enabled the Company to mitigate the impact of softer end-market demand since global tariff changes were announced, and deliver resilient earnings and an increased EBITDA margin, as well as positive Free Cash Flow in 2025.
tinyBuild Inc 6.75p £24.83m (TBLD.L)
The video games publisher and developer with global operations announced its audited results for the twelve months ended 31 December 2025. Revenue from continuing operations (excluding Red Cerberus) was $35.5m compared to $30.4m in FY24, while Adjusted EBITDA from continuing operations was $5.6m compared to a $6.1m loss. The Company reported cash and cash equivalents of $4.6m at 31 December 2025, and it is anticipated to reduce towards the spring as the Company continues to invest in a disciplined manner in upcoming game releases.
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