Small Cap Feast

1st October 2026

Dish of the day
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Our daily digest of news from UK Small Caps

* Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication.

** Arranged by type of listing and date of announcement.

*** Potential means Intention to Float (ITF)  or similar announcement has been made.

**** A corporate client of Hybridan LLP.

Dish of the Day

Admissions: 

Aimia Inc. (TSX: AIM; JSE: AII) the Canadian diversified conglomerate dual listed onto AIM. It owns a selection of businesses which include: (i) an 100% interest in Cortland International Inc., a global designer, manufacturer and supplier of synthetic fiber ropes, nets, slings and tethers; a (ii) 10.85% indirect stake in Clear Media Limited, the largest operator of bus shelter advertising panels in China; and (iii) the Company holds a portfolio of publicly listed securities amounting C$12m as of 30 June 2026.  No capital was raised on Admission, and the Market Capitalisation was c.£124.22m.

Delistings:  

None

 
  

Banquet Buffet*

London Stock Exchange: Main Market and AIM

Aptitude Software Group 256.0p £139.6m (APTD.L)

The provider of AI-native Finance ERP software announced a new strategic contract win for its Fynapse platform with a “Big Four” professional services firm. Under the two-year agreement, the Big Four Firm has signed a license for Fynapse and agreed to act as a re-seller of the platform. Fynapse will underpin the Big Four Firm's Digital Finance managed service, which enables organisations to outsource their back-office finance and accounting operations. The initial contract value is $150k per annum, with additional revenue as the Big Four Firm sells Fynapse to its underlying client base.

Cornish Metals 107.50p £127.98m (TIN.L)

The mineral exploration and development Company focused on advancing its wholly owned and permitted South Crofty tin project in Cornwall announced the final assay results from its 2026 surface drilling programme in the Roskear area of the South Crofty mine. The results show the known Roskear tin lodes continuing beyond the western limit of the current Mineral Resource Estimate, as the Company’s geological model predicted. The 1,131 metre second hole, SDD26_002, discovered a new high-grade tungsten zone, intersected high-grade copper, and identified several previously unmodelled tin bearing structures, adding to the exploration potential at South Crofty.

Critical Mineral Resources 2.50p £7.45m (CMRS.L)

The exploration and development Company announced a strategic equity investment of US$2.0m (approximately £1.51m) from Nebari Natural Resources AIV II, LP, a fund managed by Nebari Partners, LLC., a specialist natural resources investment and finance group focused on funding mining companies through development and into production. The investment follows a detailed investment review process and establishes Nebari as a strategic shareholder with a right of first refusal to provide construction finance for the Company's flagship Agadir Melloul copper-silver project and its future mine developments. Nebari will hold approximately 15.2% of the Company's enlarged issued share capital, becoming the Company's second-largest shareholder alongside Gilini Holdings Ltd.

DSW Capital 46.50p £11.43m (DSW.L)

The challenger professional services platform and owner of the Dow Schofield Watts and the DR Solicitors brands announces that DSW Legal, the legal division of business advisory group Dow Schofield Watts, has welcomed Apex Employment Solicitors as its first licensee, expanding its legal offering into employment law. The firm will operate as DSW Apex, led by founder Joanna Gooden, who becomes Partner and Head of Employment at DSW Legal. The legal platform was launched earlier this year to attract legal talent looking for an alternative to traditional partnership models.

Oracle Power 0.04p £6.19m (ORCP.L)

The international project developer announces that the requisite Mine Development and Closure Proposal has now been lodged with the Western Australian Department of Mines, Petroleum and Exploration, in respect of the Northern Zone Gold Project (M25/389) located 25km east of Kalgoorlie). This is the last major governmental regulatory approval required before mining can commence, and follows the grant of Mining Lease M25/389 (21-year term) in July 2026 and lodgement of the Native Vegetation Clearing Permit application with the Department of Water and Environmental Regulation on 28 August 2026.

Pulsar Helium Inc 66.00p £141.46m (PLSR.L)

The primary helium Company announced that, further to its announcements dated June 30, and August 3, it has signed, through its wholly-owned subsidiary, Pulsar Helium MN Inc., and accepted a proposal from Chart Energy & Chemicals, Inc., a wholly-owned subsidiary of Baker Hughes Company, which operates as dedicated segment of Baker Hughes following the July 2026 acquisition of Chart Industries, Inc. The Proposal establishes a staged framework for the supply of equipment for Pulsar's proposed Rare Gas Hub in Minnesota for an aggregate value of $85.5m paid in stages on achievement of applicable milestones before applicable taxes, duties, shipping, commissioning and other items.

RentGuarantor Holdings 112.00p £159.92m (RGG.L)

The rent guarantee services Company, which includes property protection, to tenants and landlords in the UK private rental sector, provided an unaudited trading update covering the nine months ended 30 September 2026 and a material upgrade to the Board’s expectations for the financial year ending 31 December 2026. Revenue in the month of September 2026 was £4.5m (September 2025: £0.24m), taking revenue for the Period to £13m, up approximately 656% from £1.72m in the corresponding period in 2025. This growth has been underpinned by a substantial increase in customer and contract volumes. The Board now expects to deliver revenue in excess of £19m (previous guidance of in excess of £14m) and net profit in excess of £9m for FY2026 (previous guidance of in excess of £4m) and is also encouraged by the outlook for FY2027.

Talon Resources 1.43p £8.11m (TAR.L)

The North American gold exploration Company announced the completion of its maiden diamond drilling programme at the Eagle Lake gold project in Ontario, Canada. The programme, which commenced in early September 2026, comprised 12 holes totalling 1,169 metres across the Company's priority target areas at East Fornieri Bay, West Fornieri Bay, Cedar Trench and Moss Knoll. The drill core is currently being logged and cut, with samples to be submitted for assay at Activation Laboratories Ltd’s certified facility in Dryden, approximately 25 kilometres from Eagle Lake. Assay results will be announced in batches as they are received and incorporated into the Company's geological model alongside existing exploration data and MINML's PRISM machine-learning analysis to inform the next phase of exploration at Eagle Lake.

Topps Tiles 35.00p £70.49m (TPT.L)

The UK’s tile specialist provides a trading update for the 52-week period ended 26 September 2026. Group revenue was c.£292m for the year, down c.1.3% year on year, reflecting the annualisation of prior-year store closures and the previously announced closure of underperforming Topps Tiles stores. Topps Tiles delivered resilient like-for-like revenue down c.0.1%, with Q4 trading affected by periods of extreme heat. Like-for-like sales improved in September and Topps Tiles continued to outperform the wider market, which declined by approximately 1.7% over the financial year.

AQSE Market:

Time to ACT 42.50p £9.34m (AQSE:TTA)

The Aquis-listed specialist engineering Company reported that its Diffusion Alloys subsidiary has received an order for a coating Project of approximately £600k.  The ultimate customer is a US Oil & Gas major, with Diffusion Alloys the only company selected to tender for the work. The order, which will be executed in the 2027 calendar year, includes a down-payment of approximately £300k.

What’s baking in the oven? **

Potential IPOs:***

29 September: Meantime Resources, announced its intention to IPO onto AIM, with an expected Admission date of mid-October 2026.  The Company has been established with the ultimate objective of creating value for its investors through the acquisition, development and operation of assets in the mining sector. The Company intends that the Acquisition will focus on precious and base metals assets, with a primary focus on gold and associated metals occurring within the same deposit or mineralised system, which may include base metals. The Company envisages a total investment size of up to US$1bn including acquisition costs and capital expenditure. 

23rd September: Chaleit Holdings a cyber security consultancy founded in 2021, announced its intention to list on the AIM Market. Chaleit plans to raise approximately £1.6m through a placing of new and existing ordinary shares and a direct subscription, with an anticipated market capitalisation of approximately £11.2m on Admission. The Cambridge-based company provides penetration testing and offensive security consultancy services, examining technology from an attacker’s perspective to identify vulnerabilities. Its services also include AI and language model security, cloud security, development security operations engineering, and cyber advisory and compliance work. The Company expects trading to commence on October 7, under the epic code CHA.

23rd September: Airtel Money, a scaled digital financial services platform operating across 13 African markets, has announced its intention to undertake an IPO on to the Main Market of the London Stock Exchange. As of 30 June, Airtel served approximately 53m monthly active users with a suite of mobile financial services such as micro-loans, savings accounts, insurance, wealth products. It was founded in 2011. Its growth to date has been helped by its relationship with Airtel Africa plc, its founding shareholder. Revenue reached US$1.346bn for the year ended 31 March 2026, with an EBITDA margin of approximately 50%. The Group has no external borrowings and capital expenditure represented just 3% of revenue in the year ended 31 March 2026. The IPO Offer consists solely of shares sold by existing shareholders; no new capital is being raised. The Offer will be made to qualified institutional buyers in the US and to certain institutional investors outside of the US. The Offer will also be made to retail investors in the UK through Retail Book Limited. In connection with the Offer, each of the Company, its directors and its existing shareholders are expected to agree to customary lock-up arrangements. The Prospectus is expected to be published in early October 2026 and the IPO complete mid-October 2026 with a free float of at least 10%.

Market Movers:***

25 September: Roundhouse AI (AQSE: ETHL) The AI technology Company announced its intention to move to AIM from AQSE.  £1.5m is expected to be raised on Admission with an anticipated market capitalisation of approximately c. £14m at the Placing Price.  Expected Admission date is 13th October. 

Rumoured IPOs:

30 September: FinTechpayments firmZilch, founded in London in 2018, views London as the favoured venue for a listing for a potential $2bn listing, likely to take place in H2 2027 / early 2028. Zilch has picked up a European banking licence via its acquisition of Lithuania's Fjord Bank, as it diversifies from its "buy now pay later" strategy to a consumer payments and ad-tech platform." Zilch investors include Goldman Sachs, Deutsche Bank and the venture capital arms of both the Daily Mail and Ebay among its investors.  Zilch recorded a £10.5m loss for the year ending March 2025, though this was a 79 per cent reduction on the previous year and revenue surged 93 per cent to £110.3m. Zilch is set to report its latest earnings in the next few weeks.

1 October 2026
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour

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