* 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?
Reverse Transactions:***
18 February: AIM quoted Beacon Energy (BCE.L) suspended on 27 June 2025, has today published an Admission Document in relation to the Proposed Transaction announced on 7 October 2025 to make a significant strategic investment in LNEnergy Limited which constitutes a reverse takeover and raise gross proceeds of approximately £3.75m. The AGM is set for 5 March with restoration of trading of the enlarged shared capital expected on 6 March.
Market Movers:***
14 January: GlobalData (DATA.L), the data, insight, and technology Company expects to submit its application to move to the Main Market from AIM and to take place on 5 March.
Banquet Buffet****
AOTI Inc 32.50p £39.35m (AOTI.L)
The medical technology Company focused on delivering outcomes-based care at home updates on trading for the FY December 2025. Revenue is expected to increase 14% to $66.5m which is inline as is EBITDA at c. $5.9m. Net debt increased to c.$6.5m with funding in place to support its ongoing working capital needs. The Company has intensified its efforts with the Arizona state Medicaid agency to secure a positive resolution to the ongoing reimbursement issues that have persisted for more than a year and net debt increased mainly due to the increase in receivables in Arizona where the year-end balance was $15.6m compared to $8.2m. As the situation remains fluid, any resolution reached may impact the finalisation of the 2025 accounts, but the Company plans to report its audited results for the FY 2025 on 30 March. As headwinds in the US healthcare market begin to abate, AOTI claims it would be well positioned to benefit.
Cizzle Biotechnology Holdings 1.45p £5.15m (CIZ.L)
The diagnostics developer of early cancer tests updates on progress towards the accreditation and launch of its proprietary test for the CIZ1B biomarker, which is highly associated with early-stage lung cancer. The Company's North American licencing partner is now in the final stages of the accreditation process and expects to submit an application for approval in Q2 2026. The financing partner has strengthened their commitment with a new payment schedule which includes a further $3.5m advanced royalty payment. The joint strategy is to achieve Clinical Laboratory Improvement Amendments accreditation and market launch of the CIZ1B biomarker test with its clinical diagnostics partner Omni in the shortest time possible. The biomarker is to provide clinicians with a cost-effective tool in early cancer detection which is scalable although requires a long-term collaborative approach.
Empyrean Energy 0.09p £4.15m (EME.L)
The oil and gas exploration and development Company announced the conclusion of binding documentation for a settlement of historical cash call arrears with Conrad Asia Energy Ltd, and its subsidiary, West Natuna Exploration Limited (WNEL), operator of the Duyung PSC and the Mako Gas Field in Indonesia. With the finalisation of settlement, Conrad has satisfied all the conditions for the farm-out to become effective, triggering the immediate cash payment of US$5.0m to WNEL. This is the first instalment of the agreed upfront cash consideration of US$16m under the farm-out. This will be followed by a subsequent payment of US$4.0m to WNEL in 30-45 days. The final payment of US$7.0m will be paid to WNEL upon production, currently targeted for late 2027. Under the agreement with Conrad, Empyrean is entitled to 8.5% of all cash payments to WNEL.
Helix Exploration 26.50p £53.17m (HEX.L)
The helium exploration and development Company with near-term production assets within the 'Montana Helium Fairway', announced the commencement of gas production at its flagship Rudyard Project making it the first Helium gas producer in the state of Montana. Helium gas is being processed from 3 production wells initially and the Company will integrate the Inez well into production capacity once testing on Inez has been completed. Now that Helium production has commenced, the Company will be welcoming potential offtake distributors at Rudyard and capacity will scale towards full production over the coming months.
Novacyt 34.10p £24.04m (NCYT.L)
The international molecular diagnostics Company with a broad portfolio of integrated technologies and services announced that it has conditionally agreed to acquire the entire issued share capital of Southern Cross Diagnostics (SCD), a profitable distributor of diagnostic and life science products, for an initial cash consideration of AUD$8.5m. SCD is based in Sydney, Australia and has been a distribution partner for Novacyt subsidiary Yourgene Health since its acquisition of Elucigene Diagnostics in 2019. SCD delivered revenues of circa £6.7m and a net profit of circa £0.8m for the year ended 30 June 2025 (FY25), which will accelerate the breakeven position of the Company.
Panther Metals 92.50p £7.99m (PALM.L)*
The exploration Company focused on mineral projects in Canada provided an update for the Dotted Lake Project where Panther is targeting orogenic gold and magmatic intrusive hosted nickel-cobalt- platinum group element (PGE) and magnesium deposits in Ontario Canada. The previous Dotted Lake 2024 drill programme returned exceptional intersections of magnesium-bearing serpentinite, with grades up to 21.7% Mg across widths of over 200 metres. As part of a series of investigations to evaluate the potential of the Dotted Lake Project, Panther is evaluating opportunities to recover magnesium from serpentine and is particularly interested in alternative extraction technologies capable of improving upon conventional leaching recoveries.
PCI-PAL 58.50p £41.66m (PCIP.L)
The global cloud provider of secure payment solutions for business communications announced that it has signed a major new integrated reseller partnership with a global vendor in the business communications, AI and CX (customer experience) technology space. The partnership follows a successful period of collaboration across multiple mutual enterprise customers in North America, Europe and Australia. Under the agreement, the vendor will resell PCI Pal's secure payment and engagement solutions to its extensive global customer base through both its direct sales organisation and its established international partner ecosystem. Sales and marketing enablement is already underway, with initial pipeline generation commencing and a full commercial product launch expected later in the current financial year.
Synectics 237.50p £41.82m (SNX.L)
The provider of advanced security and surveillance solutions announced that it has secured new contracts demonstrating continued new business momentum across key growth regions and verticals.
Synectics has signed an agreement with a Southeast Asian government department to enhance and maintain a traffic monitoring camera system in-country. This project marks a significant milestone for Synectics, as the first contract within the transport vertical in Southeast Asia and is expected to be delivered in FY26. As part of the contract, Synectics will provide an enhanced security and surveillance solution to monitor over 2,000 video channels, along with control and storage hardware for the command centre.
TomCo Energy 0.04p £2.16m (TOM.L)
The US operating oil development Company focused on using innovative technology to unlock unconventional hydrocarbon resources announced details of a renewed and closer collaboration with Valkor LLC.
TomCo has restructured its relationship with Valkor and Greenfield to accelerate development of its oil sands assets. Valkor has been granted a 50% ownership interest in Greenfield and reinstated as a party to its operating agreement, enabling closer collaboration with TomCo. In addition, Steven Byle is expected to join the Board as a Non-Executive Director to support growth. TomCo has also raised £550,000 gross via a placing and subscription at a price of 0.03 pence per share to strengthen working capital and its overall financial position.
Victoria 23.00p £30.11m (VCP.L)
The international designer, manufacturer and distributor of innovative flooring provides a trading update and outlook for FY2026. The year-on-year revenue trend in Q3 improved showing a c.3% decline vs a c.7% decline in H1. Trading in the first half of January, however, was significantly impacted by weak consumer confidence and weak footfall at our end customers due to geopolitical events across our key markets: western Europe; North America and the UK. Whilst recent weeks have shown improvements in trading, the Board now expects Q4 revenue to be below its previous expectations and approximately 5% below FY25. As a result, the Board expects post-IFRS16 EBITDA to be approximately £95m for FY26 as a whole.
The Company considers that market expectations prior to the release of this announcement for FY26 to have been revenue of £1064m and post-IFRS16 EBITDA of £110.7m.
Status of this Note and Disclaimer
This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.
References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results. Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.
The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).
Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.
Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.
Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.
