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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:***
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.
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.
Reverse Transactions:***
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 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
First Class Metals 3p £11m (FCM.L)
The UK listed company focused on the discovery of economic metal deposits across its exploration properties in Ontario, Canada, has completed the final cash payment under the Kerrs Gold Property option agreement and has now secured 100% ownership of the Kerrs Gold Project in northeastern Ontario. Importantly, the Company has accelerated completion of the acquisition significantly ahead of the original staged earn-in schedule announced on 22 April 2024. All option obligations completed materially ahead of the original three-year schedule. The claims are in the process of being transferred to First Class Metals Canada Inc. Acceleration reflects the Company's confidence in the strategic value of the asset and its broader portfolio positioning initiatives. The Kerrs Gold Project hosts a historic NI 43-101 inferred gold resource estimate of 386,467 ounces grading 1.71 g/t Au.
Hamak Strategy 0.85p £3.8m (HAMA.L)
The Company combining traditional gold exploration in West Africa with a Digital Asset Treasury Management strategy, has acquired and processed a comprehensive database of historical drilling and geochemical soil sampling from the Akoko Gold Project in southwest Ghana. The new data includes 77 Reverse Circulation holes and nine Diamond Drill holes, with significant intercepts of 21.40g/t over 2m from 27m depth and 15.44g/t over 12m from 42m depth. The high-grade intersections typically occur less than 50m from surface, which is consistent with the model of a shallow, gold mineralized oxide horizon at Akoko. Follow up drilling is planned to validate these historic results.
Ultimate Products 52p £43.4m (ULTP.L)
The owner of homeware brands including Salter and Beldray, announced its trading update for the three months ended 30 April 2026. Unaudited Group revenues during Q3 were £34.8m, in line with the prior year (£34.8m), reflecting continued subdued consumer demand for general merchandise and the planned reduction in non-core third-party clearance sales. Sales of UP proprietary brands rose 9% in the period to £31.5m, with overall branded sales up 3%, reflecting the Group's continued strategic focus on growing proprietary brand sales. Despite the unpredictable macroeconomic environment, the company expects the flat Q3 trading trends to continue for the rest of the year with profitability remaining in line with market expectations.
Microsalt 43p £24.1m (SALT.L)
The manufacturer of full-flavour natural salt with approximately 50% less sodium, announced its final results for the year ended 31 December 2025. During 2025, MicroSalt made progress in the commercialisation of its revolutionary low-sodium salt technology across North America, Canada, and Mexico. The Company secured recurring purchase orders for its bulk products across multiple food categories, while continuing to invest in R&D initiatives to further expand product applications and capabilities. A key milestone was achieved in late 2025 with the establishment of recurring revenue streams tied to one of the world's most iconic international snack brands, in partnership with a global food and beverage company and a major international seasoning and flavour supplier. Revenue for the year was US$2.1m compared to $0.75m in FY24 driven by the higher B2B sales volumes. Net loss was reduced to US3.2m from $5.8m in FY24.
Nuformix 0.16p £4.2m (NFX.L)
The pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing, announces its unaudited results for the six months ended 31 March 2026. The Board continues to believe that NXP002, Nuformix's lead programme, offers a potentially significant treatment for progressive fibrosing interstitial lung diseases, including Idiopathic Pulmonary Fibrosis (IPF) and Progressive Pulmonary Fibrosis, and is focused on generating data and further progressing on-going discussions with potential partners that is expected to support its efforts to secure a licensing, option or collaborative agreement for NXP002. During the period the FDA granted Orphan Drug Designation in IPF for tranilast lystate, the active drug substance enabled for inhaled delivery in NXP002.
OptiBiotix Health 6.25p £6.5m (OPTI.L)
The life sciences business developing products which reduce hunger and food cravings, enhance the gut microbiome, and sweet fibres as healthy sugar substitute reports results for FY December 2025. Revenues are up 34% to £1.17m with £212k of orders carried forward for delivery in 2026. The gross profit margin increased to 53% from 38% although the loss before tax increased to £3,943k from £1,806k and cash balances were £1.04m. The holdings in ProBiotix Health (PBX) and SkinBioTherapeutics (SBTX) had an aggregate market value of £6.45m at the YE December 2025. Since the Year End, 8.9m shares in SBTX were sold for around £787k and 1.4m SBTX sold for approximately £112k and made a further disposal of 7.5m SBTX shares in April 2026 for about £675k. There is a significant reduction in marketing and selling costs in R&D and IP costs which are anticipated to save £500k-600k per year. Investments in SweetBiotix has continued into 2026 providing a cleaner, purer, better tasting product, and a clearer commercial route to market than previously achieved.
Oriole Resources 0.295p £14.4m (ORR.L)
The gold exploration and development company focused on Central and West Africa, updated on its 90% owned Eastern Central Licence Package in Cameroon, which comprises four licences: Ndom, Pokor, Niambaram, and Tenekou. The Eastern CLP is contiguous with the Company's 50%-owned Mbe licence, where a JORC Inferred Mineral Resource of 1.23Moz gold has recently been reported. Geological and regolith mapping over the PK01 target at Pokor, identified by previously reported regional stream and soil sampling results, has confirmed a comparable geological setting to Mbe. Selective rock-chip sampling of quartz veins within the mapping area has returned up to 1.24g/t Au related to a 1km-long gold-in-soil anomaly. At Ndom, mapping and rock-chip sampling was completed last month at the ND02 target and returned up to 17g/t Au from selective quartz veins over a 3km x 2km zone. An infill soil sampling programme is currently underway over the ND01 target, located to the southwest, using a combination of conventional soil sampling and auger sampling methods. Mapping and rock-chip sampling is also underway at Niambaram, to test already identified rock-chip and soil sampling anomalism.
Physiomics 0.7p £3.2m (PYC.L)*
The mathematical modelling, data science and biostatistics company supporting the development of new therapeutics and personalised medicine solutions, has highlighted the development of a hantavirus translational modelling framework demonstrating the Company's quantitative pharmacology and mechanistic modelling capabilities within infectious disease applications. The framework illustrates how Physiomics can integrate multiple evidence layers into a coherent translational workflow, linking vitro antiviral screening and concentration-response potency modelling with human pharmacokinetic exposure and viral dynamics simulations. The system aims to demonstrate how data observed in laboratory systems could plausibly translate into meaningful viral suppression under simulated human exposure conditions.
Aquis Market:
Capital for Colleagues 45p £8.3m (AQSE:CFCP)
The investment vehicle focused on opportunities in the Employee Owned Business sector, announced its unaudited interim results for the six months ended 28 February 2026. Net assets were £15.702m as at 28 February 2026 (28 February 2025: £13.734m), while the Net Asset Value per share was 85.50p pence as at 28 February 2026 (28 February 2025: 74.27 pence per share). The revenues were £0.424m (2025: £0.404m), comprising interest receivable, dividends received and fees, while profit before tax was £2.130m for the six-month period compared to a £1.434m loss in 2025. The Investments were revalued upwards by a net total of £2.302m, principally due to a valuation uplift in Bright Ascension Limited but also reflecting further progress across the portfolio. The investments in the rapidly growing Space sector, BAL and Craft Prospect Limited, now represent just over 40% of the Company’s NAV, following a recent funding round completed by BAL.
Cooks Coffee 7p £4.6m (AQSE:COOK)
The international coffee focused cafe chain, announced its unaudited preliminary results for the financial year ended 31 March 2026. The full year group store sales in the UK and Ireland increased 22.8% to NZ$95.8m (£43.1m), from NZ$78.0m, (£33.9m) in FY25. The EBITDA increased to NZ$1.3m (£565k) (FY25: NZ$1.21m, £529K), while group revenue increased 84% to NZ$12.4m (£5.4m) from NZ$6.7m (£2.9m) in FY25. On the operational side, UK store numbers increased to 82 at 31 March 2026, with 21 new stores opened and 9 closures in FY26. The company increased store numbers in Ireland by 35% to 23, with continuing store sales at £13.3m. The group also formed a new partnership with Tesco Ireland, with Esquires now operating five stores within Tesco outlets at Tullamore, Clonmel (Powerstown), Youghal, Waterford and Wexford.
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