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* 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?
Potential IPOs:***
13 May: 1947 Oil & Gas, the newly formed oil and gas production Company operating a material production portfolio in the US is applying for an Admission to AIM which is expected to occur in the Summer of 2026. This follows the successful over subscribed pre-IPO fundraise of £7m, which was supported by UK, US and Canadian institutional investors.
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 June 2026.
21 May: Coastal Africa Group, a newly formed incorporated company focused on acquiring and investing in the oil and gas sector, energy infrastructure, energy services and energy assets across West Africa, has announced its intention to IPO onto AIM. The expected Admission date is anticipated early June 2026.
Reverse Transactions:***
1 May: Lansdowne Oil & Gas (AIM: LOGP), the Company currently suspended from trading on AIM, announced the conditional acquisition of Sao Gabriel Mineracao Ltda. a graphite project in Brazil. The Company has published its AIM Admission Document and has conditionally completed an equity fundraising of £1.9m by way of a placing. The Company will change its name to Lansdowne Resources and readmission to AIM is expected to occur on 27 May.
19th December 2025: Talon Resources (TAR.L), previously Medcaw Investments, the Company focused on identifying and acquiring prospective mining projects in the precious metals sector, with a primary focus on gold and other high-value commodities announced that it has entered into binding heads of terms (which includes an exclusivity agreement until 31 October 2026) with Ulvestone Ltd in respect of the proposed acquisition by the Company of 90% of the legal and beneficial interest in certain mineral exploration licences located in Ontario, Canada. The aggregate consideration payable by Medcaw is £4.17m, to be satisfied £70k in cash on execution of the definitive share purchase agreement, £100k in cash on AIM Admission, and £4m satisfied through the issue of new ordinary shares in Medcaw at a price of 1.5p per share, to be issued on AIM Admission, which is expected to become effective on 16 June.
Market Movers:***
26th March: Seed Capital Solutions, a Company formed for the purpose of acquiring a business or businesses operating in market sectors that can display strong ESG credentials, announced that it is working towards finalising the documentation required for the proposed acquisition of Cuarta Dimension Medica SL in exchange for the issue of new ordinary shares in the Company. Subject to completion of the Proposed Acquisition, the enlarged Group will operate as an AI-driven medical diagnostics business, initially focused on the veterinary sector with scope to expand into the wider healthcare market. In conjunction with the Proposed Acquisition, the Company intends in due course to request the cancellation of the listing of its ordinary shares on the FCA's Official List and to cease trading on the London Stock Exchange's main market for listed securities. Instead, the Company intends to apply for its enlarged issued share capital to be admitted to trading on AIM.
Banquet Buffet****
London Stock Exchange: Main Market and AIM
Botswana Minerals 0.25p £4.1m (BMIN.L)
The AIM and Botswana Stock Exchange-listed copper and diamond exploration company, announced that an AI-assisted exploration study across two of its eight northern Botswana licences has identified 36 copper anomalies grouped within six exploration "corridors" (geological trends containing clusters of anomalies). The licences lie within an under-explored geological corridor linking Namibia's Damara Belt with the Central African Copperbelt of Zambia and the DRC: two of Africa's most important copper regions. The anomalies identified share the geological characteristics of several major operating and historical deposits and fieldwork to identify the top targets for drilling will commence shortly. The ongoing work is evaluating the remaining six licences.
Braemar 240.5p £77.2m (BMS.L)
The provider of expert chartering, investment and risk management advice to the shipping and energy markets, announces its audited results for the year ended 28 February 2026. Revenue was £135.6m, down 4% from FY25, while the PBT was £10.1m down from £13.4m due to weaker chartering rates in the first half, partially offset by strong performances in S&P and Risk Advisory. The Group returned to a net cash position in March 2026, in line with the Group's normal working capital cycle, after ending the year with net debt of £2.9m, (FY25: net debt £2.5m). Trading in the first two months of the year has been strong, while the forward order book is $77.9m as at 30 April 2026.
TheWorks.co.uk 59p £35m (WRKS.L)
The specialist retailer of affordable, screen-free activities for the whole family announced a Trading Update for the 52 weeks ended May 2026. Total revenue is expected of approximately £260m, a 3.2% increase against the prior year (FY25: £252m), with growth achieved across all four key product categories. EBITDA is expected to be approximately £14.0m (FY25: £9.5m), a 47% increase year on year and ahead of current market expectations of £13.5m. The Group ended FY26 with a net cash position of £3.6m (FY25: £4.1m), above market expectations of £2.0m.
Truetide 2.6p £2.0m (TRUE.L)
The investment company reports that its 100%-owned investee company, Paraytec Ltd has completed the proof-of-concept phase of the alpha-synuclein assay development programme. This represents a significant step towards a potential high-value clinical screening tool for Parkinson's disease (PD), dementia with Lewy bodies (DLB) and multiple system atrophy (MSA), with the additional potential for monitoring of patient progress. Following the success of this preliminary project, Paraytec is considering a pilot study to assess rapid (<24-hour) detection of pathological a-synuclein seeding activity in biological samples and capability for detection in clinical samples. Synucleinopathies represent one of the largest underserved diagnostic markets in neurology, with Parkinson's disease alone affecting an estimated 10 million people globally. Current diagnosis relies on phenotypic assessment and imaging, both of which typically detect disease only after substantial neurodegeneration. There could be substantial commercial potential in delivering a rapid, accurate and preferably blood-based test for one of medicine's largest unmet needs.
Metals One 1.5375p £17.4m (MET1.L)
The critical and precious metals project developer and investor with a key focus on gold and uranium, updates on its 35%-owned NovaCore Uranium Inc., which is advancing the large-scale Red Basin Uranium Project in Catron County, New Mexico with historical assessments and recent radiometric surveys indicating the potential for 45 million pounds of U3O8. NovaCore is conducting a pre-IPO fundraising round of US$1.25m (minimum) at US$1 per share, valuing NovaCore at US$6.7m (pre-money). The US$1.25m (minimum) pre-IPO financing is being supported by lead specialist sector investors to progress the pre-drilling activities across 2026 including, but not limited to, drill permitting, field mapping, rock chip assaying and close grid radiometric mapping. The company is expected to list in Q3 2026, with the maiden drilling programme to begin shortly after.
Nexteq 51.5p £27.9m (NXQ.L)
The technology solutions provider to customers in selected industrial markets, today updated on trading. In the Group's Quixant division, which serves the land-based gaming market, trading conditions have been impacted indirectly by US tariffs, and directly by higher costs for critical memory and storage components (DDR4 and DDR5), which have increased customers' prices to end markets. These factors have affected demand resulting in the continued softening of order coverage, meaning the Board now believes that revenue for 2026 will fall below its previous expectations. The Board believes these factors will be temporary albeit it is difficult to accurately predict when they will abate given current macro-economic uncertainty. As a result of the continuing uncertainty in the Quixant business, FY26 Group revenue is now expected to be approximately 15% below previous market expectations with a consequential impact on adjusted profit before tax.
Northern Bear 107.5p £14.8m (NTBR.L)*
The company providing specialist building and support services headquartered in Northern England and serving customers across the UK, provided an update on trading for the Company and its subsidiaries for the year ended 31 March 2026. The company confirms that trading since the publication of its interim results on 19 November 2025 has remained in line with management's expectations despite poor weather over the winter period. Accordingly, subject to audit, the Board currently expects the Group's financial performance for the year ended 31 March 2026, which include the one-off non-recurring profit contribution previously referenced, to be in line with market expectations. An experienced interim Finance Director has been supporting the Board in relation to the year-end reporting process. The recruitment process for a permanent Chief Financial Officer will continue following the announcement of the preliminary results for the financial year ended 31 March 2026.
Shuka Minerals 3p £2.9m (SKA.L)
The African focused mine operator and developer, announced that, further to the announcement on 14 May 2026, it has successfully completed the first drill hole at the No.2 ore body at the Kabwe Zinc Mine. Grades of up to 65.7% were encountered in hole KBDD01 , with an average drill hole grade of 18.02% Zn in the main intersection versus existing high-grade resource of 11.4% Zn. The initial diamond drill hole was planned at 65 degrees at a bearing of 130 degrees and was planned to intersect the ore body below the current workings at a depth of approximately 220-230 metres. The Company has commenced a deeper hole to intersect the orebody at c.300-320m below surface.
Software Circle 15.9p £62m (SFT.L)
The acquirer of vertical market software businesses has entered into a new committed revolving credit facility
with Santander UK plc, comprising of a committed £25m revolving credit facility and a £10m uncommitted accordion option, exercisable subject to Santander's credit committee approval. The group also updated on trading for the year ended 31 March 2026, with revenue approximately £22.3m, an increase of 22% on the prior year. Group organic revenue declined slightly by 1% in the year, reflecting a reduction in non-recurring revenue at Nettl Systems, the Group's pre-existing operating business. However, the ten software businesses acquired under the Group's buy and build strategy delivered organic revenue growth of 7%, reflecting healthy underlying demand across the acquired portfolio.
Zinc Media 48p £14m (ZIN.L)
The television, brand and audio production group has announced that it has been commissioned to produce a major television series in the GCC, with a contract value of $6m. The commission is expected to be recognised fully in the current financial year, with international distribution rights generating additional revenue over the longer term. The series is one of the longest-running entertainment formats in the Arab world, with significant reach across the Middle East and wider Arab diaspora. Now entering its 18th season, the show follows inventors and entrepreneurs as they develop ideas with the potential to change lives and impact the world, combining innovation, entrepreneurship and competition. Zinc has been brought in to lead a full creative reset of the format, refreshing its storytelling and studio experience through the integration of AI technologies and broadening its entertainment appeal for a new generation of viewers.
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