Small Cap Feast

2nd April 2026

Dish of the day
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Our daily digest of news from UK Small Caps

* 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.

***Dish of the day***

Admissions:  

None

Delistings:    

Just Group (JUST.L) has left the Equity Shares (Commercial Companies) segment of the Main Market.
 

What’s baking in the oven?

 Potential IPOs:***

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 March 2026. 

4 March: Scotch Corner Designer Village Holdings plc, which is developing a largely pre-let retail and leisure destination in the North of England, announced its intention to apply for Admission to trading on the Aquis Real Asset Market (ARAM) segment of the Aquis Stock Exchange Growth Market. The Company is seeking to raise £25.5m. The listing is expected to complete in April 2026.  

 Market Movers:***

1st April: Oscillate (AQSE: SRVL), the company focused on building an independent copper and future metals developer, announced that further to the announcement on 9 February 2026 of the conditional acquisition of Kalahari Copper, it has conditionally completed an equity fundraising of £2.9m and plans to move to AIM from AQSE.  Net proceeds of the Fundraising will allow for the advancement of the Company's proposed exploration assets in Namibia and Botswana.  In addition, the company will change its name to Serval Resources and Admission to AIM is expected to occur on or around 8.00 am on 27 April 2026.

Banquet Buffet****

Catenai 0.31p £3.66m (CTAI.L)

The provider of technology and digital solutions, notes that Alludium Ltd, its investee company and developer of a no-code AI Agent Operating System, has achieved ISO 27001:2022 certification and received its SOC 2 Type II attestation, enhancing its potential to sell to enterprise clients. The achievements give third party assurance of the Companies Information Security practices and its commitment to protecting customer data, since many enterprise sized organisations only transacting with supplier partners that can demonstrate this level of compliance. ISO 27001:2022 is the internationally recognised standard for information security management systems while SOC 2 is an attestation standard governed by the American Institute of Certified Public Accountants that evaluates whether an organisation's controls related to security operate effectively over a defined observation period.

Cizzle Biotechnology Holdings 2.10p £8.32m (CIZ.L)

The UK based diagnostics developer of early cancer tests, announces that it has entered into a new facility to provide the Company with up to £250k through the potential issue of further unsecured convertible loan notes to Frazer Lang, an existing investor in the Company. The Facility provides the Company with access to funds to be used if required to support its future commercial growth strategy. This is specifically the commercial launch of the Company's CIZ1B biomarker test in North America to help in early-stage lung cancer detection, to facilitate the roll out of the test in the UK and elsewhere in Europe, and to further its collaboration and clinical evaluations with the Moffitt Cancer Center in Florida, USA. The Company has now completed the draw down of funds totalling £400k to Frazer Lang, with £150k in Convertible Loan Notes issued in May 2025.

Eden Research 2.85p £17.79m (EDEN.L)

The developer and supplier of sustainable biopesticide and biocontrol technologies announced that the Company's partner, Véto-pharma, has received regulatory approval from the US Environmental Protection Agency for Thymolflex for use in integrated Varroa management. Thymoflex is a thymol-based treatment used in bee health to control Varroa destructor, an external parasitic mite that attacks and feeds on honey bees. This approval follows an announced agreement, signed by the Company in April 2025, to supply Véto-pharma with thymol for use in bee care products.

Halo Minerals 13.13p £14.5m (HALO.L)

The copper development Company focused on extracting critical minerals from legacy mining waste announced it has contracted specialised environmental consultancy firm MSTECK SpA and engaged a team led by Ms. María Carolina Parodi Dávila. The team will conduct a comprehensive bio-accessibility and human health risk assessment study at Halo's Playa Verde Project site in Chañaral, Chile. The Company has also engaged an energy & infrastructure consultant to review, optimise and delineate power requirements and access for the Project's mining and processing operations as set out in the Project's existing definitive feasibility study.

Panther Metals 77.50p £6.73m (PALM.L)*

The mineral explorer focused on assets in Canada today announced the appointment of Donna-Belen Humphreys to the Board of Directors of the Company as a non-executive director. Donna has over 25 years of experience across investor relations, corporate development, compliance, marketing, and strategic planning within public and private financial markets, including junior mining, real estate finance, mortgage, and insurance sectors. Donna replaces Tracy Hughes who has stepped down as a non-executive director.  The appointment and resignation are effective from 1 April. Panther Metals further announces that 16,000 Ordinary Shares are to be admitted to trading relating to the allotment to Evoke Digital Solutions Limited in connection with services provided in relation to the Company's historic Bitcoin strategy. The Company currently holds no Bitcoin and has no further contractual obligations to Evoke Digital Solutions Limited.

Satsuma Technology 0.20p £21.96m (SATS.L)

The provider of AI-based conversational technologies is implementing a revised cost reduction strategy that involves reduction in staffing levels, renegotiation of advisory and service provider contracts, the rationalisation of consultancy arrangements, and the reduction of expenditure that is not aligned with the Company's current scale and strategy. The reductions are expected to reduce the Group's annualised operating expenditure from approximately £6.7m to approximately £2.7m, with further reductions expected. This represents an initial annualised saving of approximately £4.2m, or 62% to date, and provides a cash runway of over 24 months of operating costs, without requiring any additional revenue or capital raising. The company also reported it has so far purchased 25.65 Bitcoin at an average price of £51,939 per coin.

Speedy Hire 19.18p £101.61m (SDY.L)

​The tools and equipment hire services Company operating across the construction, infrastructure and industrial markets provided a trading update for the year to 31 March 2026. The Group made progress in FY2026 with a
commercial agreement with Proservice Building Services Marketplace Plc, with the integration continuing as planned and the agreement remaining on track to generate £50-55m of revenue and be earnings accretive in its first full year of trading. At the interim results on 26 November 2025, the Company anticipated a continuation of subdued market conditions for the remainder of FY2026. Market conditions have worsened through Q4, with uncertainty around the UK Budget in November and the recent geopolitical events in the Middle East. The Company has also seen certain customer led delays affecting hire and service revenues, which are now expected to impact positively in the near term. As a result, the Board now expects FY2026 EBITDA to be c.£90m.

Tanfield Group  7.15p £11.16m (TAN.L)

The passive investing Company reports results for FY December 2025. The Company currently continues to value the 49% interest in Snorkel International at £19.1m. In October 2019, the Board received US Proceedings, in which Xtreme, via its subsidiary SKL and Snorkel International, alleged that Tanfield refused to sign over its interest in Snorkel International for £nil consideration which is disputed. The Board believes it is reasonable to expect that the investment in Snorkel International will result in a return of value to shareholders in the future. The loss for the FY to December from operations was £1.8m which is up from £0.4m; the difference being an increase in legal costs associated with the US Snorkel Proceedings. At 31 December 2025, the Company had cash and short-term deposits of £2.1m, compared to £3.2m in the prior year and approximately £1.5m as at of the FY results announcement.

Tavistock Investments 3.35p £16.64m (TAVI.L)

The specialist wealth and asset management Company focused on meeting the specific needs of private investors completes the acquisition of Lifetime. This was originally announced in September 2025 and the FCA change in control approval has now been granted. Lifetime's digital-first platform makes appropriate and significant use of technology and AI, but only in support of qualified professionals and with guaranteed human involvement. Lifetime will continue its development of an advisory ecosystem to deliver a targeted tenfold increase in adviser productivity as its hybrid model breaks down traditional barriers to financial advice and wealth creation. 

Tracsis 310.00 £91.54m (TRCS.L)

The transport technology provider reports the acquisition of Vesputi GmbH, a German digital ticketing technology company. The gross initial consideration of £5.1m includes net cash c.£0.7m cash and is funded from Tracsis' existing cash resources, with additional consideration of up to £2.1m on performance. This bolt-on acquisition is immediately earnings enhancing and expands Tracsis' digital ticketing capability and establishes a small operational foothold in the German public transport market. Vesputi generates revenue primarily through transaction revenues linked to the volume of tickets processed and the six full-time staff  will remain with  the Company. The Acquisition is consistent with the Group's growth transformation strategy focused on growing recurring software licence and consumer-driven transactional revenues, while continuing to diversify internationally.

2 April 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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