* 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:
None
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 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.
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.
Banquet Buffet****
Ariana Resources 1.50p £37.93m (AAU.L)
The mineral exploration, development and production Company with gold project interests in Africa and Europe has updated on the ongoing drilling programme at the Tavşan Mine, western Türkiye, which is 23.5% owned by Ariana. The assay results received from the 85-hole programme at Tavşan Main Zone and South Zone following the drilling on the Main and South Zones identified resource expansion opportunities and completed infill drilling. Drilling is continuing in other areas across the West and East Zones of the Tavşan Mine. The latest drilling highlights significant potential for growth at the South Zone, with a significant area remaining untested. The JORC Resource update will be completed at the end of the 15,000m programme at Tavşan, expected in Q2 2026. The Company has said that more of the currently defined resources are likely to be included in the revised pit design which bodes well for the longevity of the Tavşan operation.
Firering Strategic Minerals 1.28p £5.39m (FRG.L)
The producer of lime products and explorer of critical minerals updates on operations and corporately on Limeco Resources Limited which is a producing lime asset in Zambia. The Company has notified the relevant parties of its intention to exercise the next tranche of the Limeco Option, which will increase Firering's shareholding to 36.2%. Yuval Cohen, will be stepping down as CEO of Firering to fully focus on his role as CEO of Limeco.The increasing ownership is consistent with strengthening leadership at the asset level and commencing hot commissioning of Kiln 2 demonstrating the focus on scaling this flagship operation.
Getbusy 85.50p £42.33m (GETB.L)
The provider of productivity software for professional and financial services updates on trading for December 2025. SmartVault performed especially strongly, delivering ARR growth of 16%, with new business in the second half up 65%, reflecting a clear inflection point in the business. Group revenue is expected to be at least 5% higher at £22m and adjusted EBITDA is expected to be £0.3m, in line with market expectations. The Group FY ARR grew by 8% to £22.6m driven by encouraging early traction from SmartRequestAI. SmartRequestAI and the ProConnect integration alone increased SmartVault's addressable market at least threefold during the year. Net cash was £0.9m compared to £1.1m, with available cash funds of £3.9m and the Board believes the Company is well capitalised to execute its growth strategy. The significant opportunity presented by increasing demand for AI-enabled content management solutions provides a clear and compelling pathway.
Huddled Group 2.20p £8.22m (HUD.L)
The circular economy e-commerce Group reports a Trading Update that revenue for FY December was in line with market expectations. Year-on-Year revenues grew by approximately 47% to circa £19.0m and an adjusted EBITDA loss in line at £2.5m. This reflects the major improvements in the range proposition for both Discount Dragon, and Nutricircle, as well as transitioning all brands to THG Fulfil, its new highly automated logistics partner. The marketplace presence is expanded with both Amazon and OnBuy, as well as agreements with two community deal sites, 'Latest Deals' and 'HotUKDeals'. These new relationships will, the Directors believe, allow the Group to fully unlock its potential to scale and without fixed costs increasing.
ILIKA 38.0p £66.0m (IKA.L)
The pioneer in solid state battery technology has secured its first revenue-generating purchase order from Cirtec Medical (Cirtec) for the supply of Stereax Batteries, marking the commercial transition of this strategic partnership. This purchase represents Ilika's entry into the commercial phase of its medical device battery technology following two years of development work and successful prototype delivery in December 2025. Stereax Batteries can be used in a wide range of applications across active implantable medical devices including powering implanted sensors, neurostimulators, orthopaedic implants, orthodontic wearables and ophthalmology devices. The Stereax batteries are currently being evaluated by 21 customers for their applications.
Journeo 476.5p £83.96m (JNEO.L)
The provider of intelligent systems for transport networks and critical national infrastructure updates on trading for FY December 2025. Revenues are expected to increase by £5m t0 £55m with the adjusted profit before tax slightly ahead of market expectations at £5.7m compared to £5.0m last year. The Group acquired Crime and Fire Defence Systems in September 2025 which has performed well. Cash balances were £12.0m, compared to £14.3m, following payment of the £10.7m cash consideration for the acquisition. Management is confident that 2026 will be another year of significant growth.
KEFI Gold & Copper 1.48p £147.69m (KEFI.L)
The gold and copper exploration and development Company focused on the Arabian-Nubian Shield with a pipeline of projects in the Federal Democratic Republic of Ethiopia, and the Kingdom of Saudi Arabia, updates on financial close and operations at the Company's high-grade/high-recovery Tulu Kapi Gold Project. There is confirmation that the final documentation with respect to the $240m Loan Facility is fully signed. This is after arranging the subsequent $100m equity funding. Signing of the fully integrated final funding package remains on track for February 2026. Additional offerings of this type, which are not dilutive at the plc or asset level, totalling $36m are being considered to potentially boost cash reserves, which in turn would also fund exploration and social programmes.
OptiBiotix Health 7.50p £6.61m (OPTI.L)
The life sciences business developing products which reduce hunger and food cravings enhance the gut microbiome, and sweet fibres as healthy sugar substitutes, announces a large order. It has received four orders totalling twenty-four metric tonnes (24mt) of SlimBiome from Meelung Trading, Taiwan which since June 2025 has seen rapid sales growth with regular recurring orders of increasing size. These staged orders reflect confidence in SlimBiome and is a growing trend with an increasing number of partners placing orders for FY2026 to secure supply. This bulk staged ordering enables price flexibility, and any cost savings can be passed to partners while maintaining or improving margins. This approach has delivered a record start to FY2026, with over £800K in orders secured from four partners.
Shield Therapeutics 10.50p £120.13m (STX.L)
The commercial-stage pharmaceutical Company specialising in iron deficiency announces achieving positive operating cash flow in Q4 2025. The Trading Update for the FY December 2025 reports total revenues of c. $50m for FY25 against $32m with ACCRUFeR revenues growing 56% in the US and contributing $46m, compared to a prior number of $29m. This is driven by a 21% growth in average net selling price to $223 and a 33% growth in total prescriptions to c.199,000. The Company also announces that it expects to deliver an operating profit in 2026. The YE cash was $11.6m, compared to $8.6m and a positive operative cash flow of $1m in Q4.
Tan Delta Systems 37.0p £23.8m (TAND.L)
The provider of intelligent monitoring and maintenance systems for commercial and industrial equipment makes a FY December 2025 trading update. Revenue is expected to be around 20% ahead at £1.2m and cash was approximately £1.5m with no debt. To execute its business plan to bring real time oil condition monitoring to industrial and commercial companies Tan Delta is engaging in managed trials and small deployments across a broad cross section of customers ranging from large multi-nationals with extensive equipment estates to smaller localised users. The FY 2026 pipeline of interest for Tan Delta's solutions remains strong. The Company is working through the typically lengthy industrial and commercial validation trials and processes with multiple prospective customers moving towards wider adoption and rollouts.
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