Admissions:
None
Delistings:
Spirent Communications (SPT.L) left the Main Market on Friday
What’s baking in the oven?
Potential** Initial Public Offerings:***
6th October: Shawbrook Group, the high-growth, high-return UK digital banking platform, confirmed its intention to proceed with an IPO onto the Main Market. The Offer will comprise new Shares to be issued by the Company, with the intention to raise £50m of net proceeds, and existing Shares to be sold by the Company's existing sole shareholder, Marlin Bidco Limited. In addition, it is expected that Shares representing up to a further 15 per cent of the Offer would be made available pursuant to an over-allotment option. Any additional details in relation to the Offer, including the indicative price range and size range for the Offer, will be disclosed in a Prospectus which is expected to be published in connection with the Offer in mid-late October 2025. Trading on the Main Market is currently expected to occur in early November 2025.
3rd October: Princes Group, a leading international platform in the UK and European food and beverage sector, confirmed its intention to proceed with an IPO on the Main Market. The Group's branded product portfolio includes leading, recognised brands such as 'Princes', 'Napolina', 'Branston', 'Batchelors', 'Flora', 'Crisp 'N Dry', 'Delverde', 'Naked Noodle' and 'Vier Diamanten'. The Group achieved proforma revenues of £2.1bn in the 12 months to 31 December 2024, generating pro forma adjusted EBITDA of £122.3m at a margin of 6.0%. The final offer price will be determined following a bookbuilding process. It is currently expected that trading will commence by the end of October. The offer would be comprised of new ordinary shares to be issued by the Company to raise net proceeds that support the Group in adding further inorganic growth via further acquisitions.
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, which as updated on 23 September, is expected to occur on around 23 October 2025.
Banquet Buffet****
Arc Minerals Limited 0.50p £15.21m (ARCM.L)
The exploration Company focused on developing Tier 1 copper deposits announces that the joint venture agreement in respect of the Zambian mining tenements between its subsidiary Unico Minerals Limited with a subsidiary of Anglo American plc has by mutual agreement been terminated and Anglo American has accordingly withdrawn from the joint venture and surrendered its interests, which were held through the joint venture company, Handa Resources Limited. This follows a protracted period of no drilling activity during 2025. It has been further agreed that circa US$800k will be left in Handa's bank account and Arc will resume control of that company, with Anglo American surrendering its shares in Handa. The Company reverts to a controlling position of the prospective copper tenements.
Cleantech Lithium 5.75p £11.96m (CTL.L)
The exploration and development Company advancing sustainable lithium projects in Chile updates in relation to the 23 Laguna Verde Licence Payments that form the sale and purchase agreement executed in April 2024. The Company's subsidiary company CleanTech Laguna Verde SpA entered into a sale and purchase agreement in 2024 with the Laguna Verde Option Vendors to acquire 23 licences out of the then total 108 licences comprising the Laguna Verde project. The Company currently owns in total 160 licences covering the Laguna Verde project. While the first payment was made on the execution of the LV Purchase Agreement, the Company has chosen not to make the second and third payments at this time. Deferring the payments does not directly impact the Company's ownership of licences at Laguna Verde, although the Vendors could gain a minority interest, should they request this, in CLV SpA that holds the Laguna Verde Option Licences, however the Company can at any point pay the outstanding amount with interest and recover 100% ownership of the shares. The Company will seek to engage with the Vendors of the relevant licence blocks and will update the market in due course.
Cobra Resources 4.40p £38.77m (COBR.L)
The South Australian mineral exploration and development Company released preliminary results from flow-sheet optimisation studies aimed at reducing cost and maximising the value of strategic rare earth metals, particularly Dysprosium and Terbium, from its Boland In situ recovery project in South Australia. The Boland Project is unique when compared to traditional ionic clay hosted rare earth deposits as REEs have been mobilised from underlying weathered granites (saprolite) and absorbed to fine organics within the Pidinga Formation, a highly permeable paleo-sediment bound by impermeable clays. This unique environment not only enables ISR, the lowest cost and most sustainable form of mining, but forms anoxic conditions where organic matter breaks down and forms Pyrite. Pyrite (FeS2) is a primary source of sulphur used in the generation of sulphuric acid, the largest consumable cost in the treatment of Ionic clays. A recent large scale ISR column yielded 66% HREO recoveries from a 55kg sample using an (NH4)2SO4 "AMSUL" 0.3M lixiviant (pH3) in just 17 days where acid consumption was just 3.88kg/t.
Defence Holdings 2.60p £52.56m (ALRT.L)
The UK-listed defence technology Company today issued a business update highlighting material progress across product development and partner collaboration, marking alignment with the priorities of the UK’s Strategic Defence Review. Multiple sovereign-AI products are in development and soon to be in deployment, with collaboration deepening across both government and industry. Project Ixian is progressing toward commercialisation following validation with UK defence stakeholders, while the Company’s second sovereign-AI product is in active co-development with a new hyperscale partner. The software-led, AI-enabled capability extends the value of existing hardware by performing time-critical inference at the edge, fusing multi-sensor data to improve identification confidence, accelerate response cycles, and reduce operational risk. The Company has also recently been formally recognised by senior defence leadership as a “Tier 1 asset” within the UK’s innovation ecosystem.
ProBiotix Health 7.75p £12.26m (AQSE.PBX)
The science business developing probiotics to support cardiometabolic health announces a commercial partnership with Australia based Wellizen. Wellizen is an innovation-driven wellness consumer brand company with a focus on health solutions in nutrition, microbiome, and lifestyle wellness operating across New Zealand, Southeast Asia, North America, and the Middle East. ProBiotix will supply its clinically proven LPLD a new innovative dietary supplement capsule product targeting cardiometabolic health. The commercial rollout starts this month, with an initial launch in Singapore through Wellizen's direct retail consumer e-commerce platform, followed by a direct-to-consumer launch in Australia. Additional market entries across New Zealand, Southeast Asia and other Asian markets are planned for the coming months. The CEO reports this marks a significant step for ProBiotix, further validating the increasing application of the Company’s innovative technology to target those suffering with high cholesterol which is a major and fast-growing cardiometabolic health challenge globally.
Prospex Energy 4.50p £17.58m (PXEN.L)
The AIM quoted investing Company focused on European gas and power projects has informed shareholders that gas production has resumed from the Viura-1B well in the Viura gas field in northern Spain. The operator of the Viura field, HEYCO Energía Iberia S.L. brought the well back into production on 17 October. The well was started with a reduced choke setting and ramped up in stages to reach 120k cubic metres per day with 7 cubic metres per day of water by 19 October. Start-up is ongoing with the target of reaching 180k cubic metres per day plateau production this week. Prospex owns 7.24% of the Viura field through its ownership of 7.5% of HEI. Prospex is accruing 14.47% of the production income from the Viura gas field until payback of its initial capital investment (expected to be £8m) plus the accrued 10% p.a. interest thereon.
Seraphim Space Investment Trust 84.80p £191.66m (SSIT.L)
The SpaceTech investment Company report Finals to June 2025. The NAV increased 23.2% to £281.1m which is 118.52p per share and has driven fair value net gains on defence related investments particularly from the Company's largest holding, ICEYE, which doubled in value. The cash in hand reduced 20.3% to £12.5m with £14.2m in new investments and £12.5m received from disposals. The listed portfolio, including Voyager, (19.2% of the portfolio by number of companies) represented just 3.3% of NAV. There is a robust cash runway for 66% of the portfolio of which 58% are expected to be fully funded and 8% funded for 12 months or more from June 2025. The outlook for the space sector appears to be positive, driven by increasing defence budgets such as Europe which has committed EUR1 trillion in new defence budgets with space expected to be a major beneficiary. The Company is targeting an annualised total return on the portfolio of at least 20%.
Strip Tinning Holdings 27.5p £4.19m (STG.L)
The supplier of specialist connection systems for battery modules and automotive glazing applications updates on Trading. The Company has received the purchase order for its battery system connector for the D phase of the Zoox Robotaxi project. This BT nomination for the supply of the battery pack modules for the Robotaxi vehicle programme is the largest of the Company's 3 major development nominations. Parts will be delivered during Q4 2025 and Q1 2026 and is the final stage before the start of serial production which is scheduled for April 2026. Strip Tinning will also receive a £269k R&D Tax Credit from HMRC. The focused is on the booked business which is expected to deliver significant growth, while also continuing to work on development phase projects.
Tap Global Group 2.80p £15.98m (TAP.L)
The digital finance hub that brings money payments and crypto settlement services together in a single user-friendly app has launched its Bitcoin Treasury as a Service, a comprehensive, institutional-grade platform designed for publicly listed companies adopting Bitcoin as a primary treasury reserve asset. This new service caters to the growing number of publicly listed companies, both in the UK and globally, implementing Bitcoin-centric treasury strategies. Tap's BTaaS platform provides a unified solution to the significant operational, security, and execution challenges that companies face when allocating capital to digital assets.
Various Eateries 11.25p £17.50m (VARE.L)
The owner, developer and operator of restaurant, clubhouse and hotel sites in the UK updated on trading for the 52-week period ending 28 September 2025. Full-year revenue is expected to be £52.4m (2024: £49.5m), +6% year on year and ahead of current market expectations of £50.7m. Full-year adjusted EBITDA is expected to be at least £1.1m (2024: £0.3m) versus market expectations of £0.4m. Record profit performance reflects continued operational optimisation, including smarter demand-driven workforce scheduling, and has been delivered despite a £1.3m impact from minimum wage and national insurance increases in the financial year.
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