Admissions:
Fermi Inc (FRMI.L) joined the Main Market today. The Texas-based Company focused on developing electric grids that deliver on-demand power at gigawatt scale required to create next-generation artificial intelligence has announced that all of its issued shares, consisting of 592,797,623 shares of Common Stock, have today been admitted to the Equity Shares (International Commercial Companies Secondary Listing) category. Fermi listed on NASDAQ yesterday, opening up on the day 20%, finishing the day some 54% up on the open, valued at $15bn.
Delistings:
None
What’s baking in the oven?
Potential** Initial Public Offerings:***
8th September: Project Glow Topco Limited, the ultimate holding Company of The Beauty Tech Group Limited, a global leader in the rapidly growing at-home beauty technology market, announced the price range for its planned Main Market IPO at 251 to 291 pence per Share, implying an estimated market capitalisation at Admission of between approximately £280m and £320m. The Offer comprises up to 11,553,785 new Shares to raise primary capital of approximately £29m, to ensure a debt-free position at IPO with sufficient working capital, and up to 29,316,398 existing Shares to be sold by shareholders of the Company, subject to pricing. In FY24, the Group reported revenue of £101.1m and adjusted EBITDA of £22.9m. It is currently expected that Admission will occur in October 2025.
Market Movers
8th September: Pan African Resources (PAF.L) announced its intention to move from AIM to the Main Market. The Company is currently progressing workstreams to facilitate the Admission, which as updated on 23 September, is expected to occur on around 23 October 2025.
8th September: Richmond Hill Resources (AQSE: SHNJ) announced its intention to move from AQSE to AIM. There will be a placing to raise £1.4m at 1 pence per share and Admission of the enlarged ordinary share capital to trading on AIM expected to commence on 15 October 2025.
Banquet Buffet****
Avation 163.00p £107.94m (AVAP.L)
The commercial passenger aircraft leasing Company has published its annual report and audited financial statements for the year ended 30 June 2025. Revenue increased by 19.2% to $110m (from $92m in 2024), with EBITDA increasing by 20.3% to $107.1m. Total year-end cash and bank balances were $130m and $148.5m at 26 September 2025. On the operational side, the Company acquired an Airbus A320-200 aircraft on lease to Etihad Airways, along with two new ATR 72-600 aircraft being sold on delivery to a customer generating a $3.5m gain on sale.
Bezant Resources 0.07p £8.90m (BZT.L)
The copper-gold exploration and development Company has today filed a Form 605 - Notice of ceasing to be a substantial holder with ASX listed Blackstone Minerals Ltd. Bezant's shareholding of Blackstone shares is now 80,574,880 Blackstone shares. Since the Company's announcement on 17 September, the Company has in the period 18 September to 1 October 2025 sold 53,425,120 Blackstone shares at an average price of AUD7.021 cents (approximately 3.45 pence) per share for gross proceeds of AUD 3.75m (approximately £1.84m).
Blue Star Capital 14.25p £6.78m (BLU.L)
The investing Company with a focus on blockchain, payments, and esports, provides the following update related to SatoshiPay Ltd, its investee company, and the performance of its Digital Asset Treasury. As at 1 October 2025, the Treasury held approximately 9.27 BTC and 72.03 ETH. Since inception, the Treasury has realised and withdrawn yield of EUR21,647.70, equating to an average annualised APR of 18.76% calculated on a simple basis from realised yield since 27 August 2025. The gross portfolio value of the treasury is EUR1,228,677 and excluding the current yield is EUR1,203,585.
Gaming Realms 45.40p £126.86m (GMR.L)
The developer and licensor of mobile-focused gaming content has further extended a licensing deal with Light & Wonder, Inc., which will see the supplier create Slingo titles of hugely popular games including 88 FORTUNES and HUFF N' MORE PUFF. The two Light & Wonder titles have a great fan-following, especially in North America, where Gaming Realms' portfolio of Slingo games is also resonating well with local players. As part of the deal, Gaming Realms will develop Slingo iterations of 88 Fortunes and Huff N' More Puff, delivering new innovative experiences to fans of the original brands. An option for a third game to be licensed is also included in the deal. The latest collaboration follows previous agreements between the two parties, including in 2024 when Gaming Realms signed a deal to license the GOLD FISH IP from Light & Wonder.
Hercules 36.50p £28.26m (HERC.L)
The technology enabled labour supply Company for the UK infrastructure and construction sectors announced a trading and operational update for the year ended 30 September 2025. The Company expects another record year, with Hercules' revenue, adjusted EBITDA and adjusted Profit Before Tax for FY25 in line with market expectations. Revenue is expected to be more than £118m, representing an increase of 16% on the prior year ended 30 September 2024 (£101.9m), as Hercules continues to benefit from increased investment in UK infrastructure.
Kooth 141.00p £50.78m (KOO.L)
The provider of digital mental health services announces that it has renewed its contract with the State of New Jersey for an additional year. The terms of the Contract, valued at $1.45m per annum, remain the same, with Kooth providing mental health support via its Soluna platform to four school districts within New Jersey, reaching 50,000 students aged 13 to 18. The Contract renewal demonstrates the clear value of Kooth's service to both students and the State, as well as the demand for such services. 127 advocacy partnerships have been set up in New Jersey in the past 12 months, underscoring the strength of Kooth's offering and the benefits it provides.
NB Distressed Debt Investment Fund Ltd $0.47 $36.1m (NBDD.L)
The closed-ended investment Company has been notified of the sale of the Company's remaining Commercial Mortgage asset, resulting in a realised valuation below the investment's carrying value. The investment consisted of a commercial mortgage in the Netherlands, was held in the Extended and Global Share Classes, and resulted in the receipt of sale proceeds totalling EUR7.83m. The investment consisted of a defaulted term loan expiring 31 May 2025, secured against commercial real estate, at an interest rate of 4.36%. Following leasing activity earlier this year, the building has been sold.
Ondine Biomedical Inc 14.25p £73.16m (OBI.L)
The life sciences Company announces that the Royal Papworth Hospital NHS Foundation Trust, one of the world's foremost cardiothoracic centres, is launching a pilot program with Steriwave nasal photodisinfection therapy. Developed in collaboration with Ondine's distribution partner, Mölnlycke Health Care, a global provider of medical solutions, this strategic initiative aims to enhance patient safety and surgical outcomes by addressing the critical challenge of surgical site infections amid rising antimicrobial resistance.
River Global 5.50p £7.92m (RVRG.L)
On 30 June, the agile asset and wealth management Company announced that it had entered into heads of terms to acquire Devon Equity Management from members of its senior management team. It was noted that the Acquisition was conditional on, inter alia, satisfactory due diligence, all necessary regulatory clearances and approvals being obtained and entering into of definitive legal agreements. The Company announces that subject only to Admission occurring, all other Conditions have been satisfied, and completion of the Acquisition is expected to take place on Monday 6 October 2025. Under the terms of the Acquisition, the sellers will receive up to £2.46m in total to be satisfied by the issue to the Sellers, at an issue price of 6p per A ordinary share of 0.5p each in the Company of 16,67m A Ordinary Shares and up to a further 24,33m A Ordinary Shares on 10 June 2026 dependent upon revenue generated from the acquired business up to that date.
Zinc Media Group 58.50p £14.23m (ZIN.L)
The television, brand and audio production Group announces the launch of Zinc Distribution marking a key milestone in the Group's strategy to enhance revenues from its owned IP and Programme sales. Distribution is a core pillar in the Group's growth strategy producing high margin IP revenue streams through its quality back catalogue. Heading to MIPCOM this October, the team will be showcasing this extensive catalogue in Cannes, featuring titles such as: Terror at 30,000 Feet, Police Interceptors and Stonehenge: The Lost Circle Revealed.
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