* 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:
None
Delistings:
None
Banquet Buffet*
London Stock Exchange: Main Market and AIM
Arkadian Strategic Metals 0.01p £3.01m (AKN.L)
The strategic metals and gold-focused exploration and development Company drew attention this morning to new agreement between the US, Denmark and Greenland to strengthen defence and security cooperation in Greenland and the wider Arctic and North Atlantic region. Arkadian's 51%-owned Motzfeldt Critical Metals Project is close to the proposed US defence base at Narsarsuaq, and the Company notes that future investment in regional transport and logistics could support Motzfeldt's development. Narsarsuaq was established as a US military base in 1941 and used in that capacity until 1958. It subsequently served for many decades as an international airport, a role it fulfilled until earlier this year, and bulk samples collected from the Aries mineral resource area at Motzfeldt this year were transported by helicopter to Narsarsuaq for onward shipment for further test work. We also note that Arkadian's field teams were based out of Narsarsuaq for the duration of the field programme. The Motzfeldt Project is one of only five critical raw material projects in Greenland identified by GEUS (the Danish & Greenlandic Geological Survey) as a "very large deposit". A review of infrastructure requirements for a future mining operation at Motzfeldt is ongoing.
Aurrigo International 121.5p £108.86m (AURR.L)
Aurrigo, a provider of transport technology solutions, reported interim results for the six months ended 30 June. Revenues generated in the period grew by +19% year-on-year (YoY) to £4.2m, but the gross profit dipped from £1.5m to £1.1m, and the EBITDA loss widened from £1.6m to £3.1m. This reflected continued investment in Aurrigo’s expanded UK facility and in building manufacturing capacity ahead of anticipated autonomous vehicles orders. A £6.28m contract has been secured with Ultra Global to design and manufacture 25 autonomous guided vehicles. This is the largest such contract won by Aurrigo, and they note that they have also begun to see early-stage interest in applying their engineering capability to adjacent sectors beyond automotive and aviation. Aurrigo has signed its first defence contract for the supply of electrical systems for unmanned vehicles, with some deliveries completed in H1 and the balance already shipped in H2. Several other defence opportunities are also being pursued and if secured will be in the pipeline for FY27 and FY28.
Chapel Down Group 48.5p £78.9m (CDGP.L)
The brand leader in UK sparkling wine announced that thanks to strong trading in the third quarter, full-year adjusted EBITDA is now expected to be materially ahead of market expectations. Net debt is also expected to be lower than market expectations. Sales in the first half of the year grew by +19% YoY to just under £9.43m. Gross profits grew by +28% YoY to just over £4.67m, and this lifted the gross margin by +350 basis points YoY to 49.6%. This was driven by higher sales of traditional method sparkling wines (which now represent 74% of total wine sales vs. 70% in H1 2025). It is anticipated that trading performance and more effective inventory planning of maturing sparkling wines should reduce working capital requirements this year, alongside less capital expenditure than originally planned for. The Board therefore expects the year-end net debt (31st December 2026) to be lower than current market expectations.
Gelion 14.50p £33.27m (GELN.L)
The battery technology Company announced the grant of six patents: three in the US, two in Europe and one in Asia. The patents protect innovations in thermal management, cathode-electrolyte design and anode protection relating to the Group’s Lithium-Sulfur (Li-S) technology. Gelion’s IP portfolio provides end-to-end protection across the Li-S battery value chain (anode, cathode, electrolyte, battery design and manufacturing, and battery management respectively), and the three US patents underline advancements made in thermal management, cathode-electrolyte design and anode protection.
Kooth 170.5p £63.87m (KOO.L)
A leader in youth digital mental wellbeing announces results for the six months ended 30 June (H1 ‘26) revealing a large increase in the gross margin to 74.1% (vs 62.8% in H1 ‘25), and a material increase in the adjusted EBITDA to £5.3m from just £2.6m in H1 ’25. The period was also marked by continued expansion of the US footprint across three states (California, New Jersey, Michigan), which now enables Kooth to provide in-the-moment, evidence-based care to 20.2m people. The management team remains focused on pipeline conversion for other state contracts. They note that “legislative focus and expanded available funding source for youth mental wellbeing highlighted by the social media settlements” provides a supportive backdrop in the US. We note that net cash at the end of the period amounted to £23.1m (vs. just £15.3m).
KRM22 34.50p £19.57m (KRM.L)
The technology and software investment Company that focuses on risk management for capital markets announced the signing of a new customer contract for their Risk Manager application. The contract, with a value of £0.9m split equally over three years, is with a major software vendor in the capital markets industry. Since the launch of the Risk Manager application in early 2024, the total value of the Company’s ARR attributable to this application is £3.2m. Of this, £2.8m is attributable to Risk Manager contracts, with the remaining £0.4m from four customers on legacy At-Trade and Post-Trade contracts. Efforts continue to transition these legacy contracts to the Risk Manager application.
Metir 0.68p £2.99m (MET.L)
The provider of fast-response, mobile and point-of-use water and environmental monitoring technologies highlighted that it has made commercial and developmental progress across water testing and PFAS detection technologies (with PFAS being a large group of man-made industrial chemicals known as "forever chemicals"). The principle elements include a collaboration with Puraffinity to evaluate Metir's proprietary PFAS detection platform, and the appointment of Streamline Hydro as a distributor for Metir's Modern Water products across Australia and New Zealand. Streamline is a hydrogeological, water engineering and environmental consultancy with more than 15 years' experience providing groundwater consulting, monitoring, sampling, field services and specialist equipment. Puraffinity is a London-based company developing adsorbent media technology for use in applications such as municipal and industrial water treatment, landfill leachate, contaminated groundwater, and environmental remediation. Metir was chosen because their proprietary miniaturised mass spectrometry platform has been optimised to provide near real-time PFAS detection in a small, lower-energy and field-deployable format.
Nativo Resources* 0.36p £5.30m (NTVO.L)
Further to a funding agreement announced on 18 September, Nativo has announced the issue of the 142,857,143 Tranche B Subscription Shares which raised £300,000. The Tranche A Subscription Shares, which will raise a further £300,000, will be issued within 60 days of the agreement (as previously announced). These are being issued to Chancery Royalty, a multi-asset precious metal mining company, which as per the 18 September announcement, has agreed to provide Nativo with £3.5m to complete the construction of the La Patona gold processing plant in Peru. Nativo yesterday announced its H1 2026 to 30 June results which showed that Nativo remained in the investment and development phase, with no revenue recorded, and an operating loss of US$1.29m reported. Nativo noted in its interim results statement yesterday that a pipeline of tailings' opportunities has been identified in Peru, and this includes the Toma La Mano deposit that they optioned in 2025.
Shuka Minerals 3.70p £6.58m (SKA.L)
The African focused mine operator and developer announced laboratory results for 5 holes drilled in the "PIT 2" area at their Kabwe Mine in Zambia, with zinc (Zn) grades ranging from 25.5% to 48.5%. A resource report in 2023 indicated that the No 2 orebody contains 1.958 million tonnes of indicated and inferred resource at grades of 12% Zn and 2% Pb (lead) down to 300m depth. Shuka believes that the old mine at Kabwe (which they are looking to re-work) contains significant silver and vanadium oxide as well. Additional analysis is still being undertaken by the lab company that assessed the recent PIT 2 drill holes, with silver, vanadium, germanium and gallium being a deliberate point of focus.
AQSE Market:
Ace Liberty and Stone 35.00p £25.29m (AQSE: ALSP)
The property investment Company, with a focus on commercial property investment opportunities across the UK, announced results for the year ended 30 April. Occupancy in the period was 93% with 97% of income from Government and major industrial/commercial tenants. Revenue fell by -4.6% YoY to £5,252,015 (primarily due to disposals), but administrative expenses reduced by -6.2% to £1,202,195, and net finance costs decreased by 23.1% to £3,350,839. The loss before tax was £402,813. This result includes a £738,118 reduction in the fair value of investment properties which relates entirely to the property in Leicester, which became vacant towards the end of the financial year. Works are underway to prepare this property for marketing in the Autumn. In addition, the cash contribution to capital investment in Lebanon has been further impaired during the year by £316,256. Discussions continue with the holder of Ace’s Convertible Loan Notes regarding a potential conversion. Heads of Terms have been signed and under these, the noteholder would utilise its existing £10m investment to acquire a number of subsidiaries and property assets from the Company. To facilitate the completion of due diligence and legal documentation, a number of short-term extensions have been agreed. The current extension expires on 30 September, or earlier should the conversion and associated transaction complete before this date.
What’s baking in the oven? **
Potential IPOs:***
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%.
5th August: 1947 Oil & Gas, the newly incorporated oil and gas production Company focused on acquiring, operating and growing a portfolio of producing assets in the US, announced its intention to IPO onto AIM. In connection with Admission, the Company has entered into a conditional agreement to acquire Renaissance Offshore, LLC, a privately held, Houston-based oil and gas production Company with interests in eleven fields located in the shallow-water Gulf of America. The Company is raising an updated amount of £40m and the expected market capitalisation of the Company on Admission will be £70m. Admission is expected to now occur in late-September.
Dual Listings:***
18th August: Aimia Inc. (TSX: AIM; JSE: AII) the Canadian diversified conglomerate announced plans to dual list on 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 is expected to be raised on Admission and deal details remain TBC. Expected first day of dealings updated date of 29 September.
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