Small Cap Feast

29th September 2026

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Our daily digest of news from UK Small Caps

* 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

Abingdon Health 10.75p £26.54m (ABDX.L)

The international developer, manufacturer and provider of regulatory services for rapid diagnostic tests and med-tech, announces that Abingdon Analytical Ltd, the Company’s Doncaster based performance evaluation laboratory, has been granted accreditation to ISO/IEC 17025:2017 by the UK Accreditation Service. ISO/IEC 17025 is the international standard for testing and calibration laboratories that assesses whether a laboratory can consistently produce valid, reliable and defensible results. Accreditation gives the customers an independently assessed basis for confidence in studies performed within scope. It also strengthens Abingdon Health's end-to-end offering; from diagnostic development and manufacturing through to regulatory support and market access.

Alien Metals Limited 0.07p £8.56m (UFO.L)

The minerals exploration and development Company announces that its joint venture partner in the Elizabeth Hill Silver Project, West Coast Silver Limited (ASX: WCE), has today announced its H2 2026 diamond drilling program at the high-grade Elizabeth Hill Silver Project in Western Australia is scheduled to commence in early to mid-October. The 18 diamond hole drill program for ~1,800m is commencing across the Elizabeth Hill Silver Project, aiming to advance mineral resource definition, extension and new high-grade zone definition commenced in H1 2026. West Core Drilling is scheduled to mobilise in the week of 5 October, with drilling expected to continue through early to mid-December. New drilling results will be included in a March 2027 MRE update and Q1 2027 Scoping Study outcomes. A separate MRE update remains scheduled for November 2026.

Braemar 234.00p £74.40m (BMS.L)

The provider of expert chartering, investment and risk management advice to the shipping and energy markets announces a trading update for the six months ended 31 August. Revenue was up 16% to £74.3m (HY26: £63.9m) driven by a strong rate environment, while underlying operating profit was up 7% to £6.0m (HY26: £5.6m), after making £1.4m of strategic investments to drive future growth. Net debt reduced to zero as at 31 August (HY26: £5.6m). The board remains confident that the Braemar will deliver in line with market expectations for the full year. Increased volatility across shipping and energy markets has lifted average rates in the chartering business and underpins strong demand for the advisory and risk management services.

ECR Minerals 0.17p £6.37m (ECR.L)

The gold exploration and development Company focused on Australia announced that it has agreed revised payment terms in respect of the A$2m deferred cash consideration relating to its acquisition of a 50% interest in the Maddens Gold Project in North Queensland. Under the original terms, as announced by the Company on 18 May, the A$2m cash consideration was payable to certain vendor shareholders of Lucky Strike Mining Ventures Pty Ltd six months following completion of the acquisition and would therefore have fallen due in November 2026. The payment of the A$2m deferred cash consideration will instead be contingent upon ECR Minerals (Paleogold) Ltd receiving corresponding proceeds from gold production and sales from Maddens. Accordingly, there is no longer a fixed requirement for ECR to make the A$2m cash payment in November 2026 and this payment now does not have a fixed repayment timeline.

MobilityOne Limited 8.50p £8.5m (MBO.L)

The e-commerce infrastructure payment solutions and platform provider announces its unaudited interim results for the six months ended 30 June. Revenue decreased by 2.0% to £113.7m (H1 2025: £116.0m), mainly due to lower contributions from core products and services in Malaysia, including mobile prepaid airtime reloads and bill payment services, during H1 2026 as compared to the corresponding period in 2025. Loss after tax for H1 2026 was £1.02m, compared to a loss after tax of £1.14m in H1 2025. MobilityOne Limited expects the business environment to remain challenging and will continue to adopt a cautious approach towards the outlook for the remainder of 2026. MobilityOne also expects the proposed joint venture with Super Apps Holdings Sdn Bhd and the proposed merger exercise of Technology & Telecommunication Acquisition Corporation and Super Apps to complete in the near term following which the Group will receive the first payment of the consideration of RM40.0m (c. £6.84m) in cash.

Pennant International Group (UK) Ltd 32.00p £14.29m (PEN.L)

The systems support software and training solutions Company has secured a series of new Auxilium software contracts with end users in the US defence sector through its Siemens channel partnership to a major US defence end user. The contracts, which have now been executed, are expected to generate aggregate recurring revenue in excess of US$300k per annum. As a result, the Group's Annualised Recurring Revenue (ARR) has increased to approximately £3.1m, exceeding the £3.0m ARR target for the end of 2026 set out in the Group's January 2026 trading update.

Panther Metals 152.5p £17.1m (PALM.L)*

The mineral exploration Company has completed its registration with the US Federal System for Award Management (SAM.gov) and has been successfully issued with a Unique Entity Identifier. Panther has also been issued a NATO Commercial and Government Entity code through the UK Ministry of Defence. These registrations provide Panther with the identifiers required to engage directly in relevant U.S. Government procurement and funding opportunities and represent another practical step in positioning the Company within the North American critical minerals supply chain. The Company is currently advancing engagement in relation to its project portfolio in Ontario, Canada, where the Company believes the scale of one opportunity already has the potential to be strategically significant to long-term North American critical mineral supply.

Rockfire Resources 0.11p £11.46m (ROCK.L)

The base metal, critical mineral and precious metal exploration Company provided the market with a drilling and operational update from Rockfire’s 100%-owned Molaoi zinc deposit in Greece, with a maiden JORC Inferred germanium mineral resource estimation commencing. GeoRes Mining Consultants have started a maiden Inferred germanium resource estimate, which will include an updated Inferred zinc resource. To track the germanium resource progression, the Company has elected to commence the estimation early. It is expected that the resource numbers will be announced within the next four weeks.

Thalia Therapeutics 0.63p £10.65m (THAT.L)

The clinical-stage biotechnology company developing innovative RNA-based therapeutics and delivery technologies in oncology and cardiovascular disease announces the granting and issue of a Chinese patent relating to miRisten (THAT-001), its clinical-stage programme for acute myeloid leukaemia. The patent covers the use of miRisten in the highly valuable Chinese market. It further enhances the intellectual property exclusively licensed from City of Hope, one of the largest and most advanced cancer research and treatment organisations in the U.S., to Sanmirna Therapeutics Inc., which Thalia acquired in July 2026, with patents granted in the US, UK, Germany, France, Japan, EPO (European Patent Organisation) countries, and now in China.

AQSE Market:

Time to Act 45.00p £9.89m (TTA.L)

The Aquis-quoted specialist engineering Company announced audit clearance for its results for the year ended 31 March.  The recorded turnover in 2026 was £2,420,068, which represents growth of 6% compared to underlying turnover for 2025 of £2,281,394. Hydrogen sector opportunities form a material and growing percentage of the turnover base. From 2022 to 2026 the Compound Annual Growth Rate in underlying turnover is 18.1%. The gross profit in 2026 was £1,663,650 with a margin of 69% compared to 2025 where gross profit was £1,073,590 with a margin of 47%. Margin increase was largely driven by a single sale of surplus coating compound executed in September 2025.

What’s baking in the oven? **

Potential IPOs:***

23rd September: Chaleit Holdings, a cyber security consultancy founded in 2021, announced its intention to list on the AIM Market. Chaleit plans to raise approximately £1.6m through a placing of new and existing ordinary shares and a direct subscription, with an anticipated market capitalisation of approximately £11.2m on Admission. The Cambridge-based company provides penetration testing and offensive security consultancy services, examining technology from an attacker’s perspective to identify vulnerabilities. Its services also include AI and language model security, cloud security, development security operations engineering, and cyber advisory and compliance work. The Company expects trading to commence on October 7, under the  epic code CHA.

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%.

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 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. 

Market Movers:***

25 September: Roundhouse AI (AQSE: ETHL) The AI technology Company announcedits intention to move to AIM from AQSE.  £1.5m is expected to be raised on Admission with an anticipated market capitalisation of approximately c. £14m at the Placing Price. Expected Admission date is 13th October. 

29 September 2026
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour

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