* 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:
1spatial (SPA.L) left AIM
Hydrogen Capital Growth (HGEN.L) left the Main Market
What’s baking in the oven?
Potential IPOs:***
30 April: Reveille Resources, the European-focused investment company, intends to list on the Aquis Growth Market. Zenith Energy (ZEN.L) has agreed to spin out Futuro Energetico Italiano Srl (FEI) to Reveille on a “no profit, no loss basis”. Reveille has been established to pursue a strategy focused on identifying undervalued historical mineral deposits with significant exploration potential across Europe. The primary strategic concentration of Reveille will be towards opportunities associated with deposits that were previously explored and benefit from substantial existing infrastructure and past investment, but which, for geopolitical, technological, financial, or historical reasons, may not have achieved full value realisation. The Lombardy Project will be Reveille's flagship project. Deal details and Timing TBC.
27 April: Meridian Mining, focused on the development of gold-copper projects in Brazil, announced its dual listing Admission to the Main Market of the LSE and TSX under the stock code MNO.L. The Company is raising £25m at a price of 92p (CAD$46.2m) per share. Meridian Mining is currently developing the advanced Cabacal gold-copper project in Mato Gross, Brazil, with the 2025 PFS results delivering attractive post-tax IRR of 61% and NPV of USD984m. Admission to trading is expected to take place on 1 May.
16 April: The National Investment Fund of the Republic of Uzbekistan (UzNIF) announced that it has confirmed its intention to proceed with an IPO in the form of ordinary shares and Global Depositary Receipts. UzNIF is considering applying for Admission of its ordinary shares to trading on the Tashkent Stock Exchange and for Admission of its GDRs to the LSE Main Market. All of the Securities to be offered as part of the Offering will be secondary shares from The Ministry of Economy and Finance of the Republic of Uzbekistan. Further information about the International Offering and the Tashkent Offering, will be provided before the start of book-building in further announcements.
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 mid-May.
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.
Reverse Transactions:***
20th April: Ikigai Ventures Limited (LSE: IKIV), a special purpose acquisition Company focused on high-growth, scalable businesses, announced that final terms have been agreed for the proposed Acquisitions of the entire issued share capital of Dotlines (Guernsey) Ltd and Audra Solutions Ltd (together the Dotlines Group), companies that collaborate as a UK-based international technology group operating in the telecommunications, digital infrastructure, cybersecurity and financial technology sectors. Acquisition of the Dotlines Group with established, growing, revenue-generating operations is for a total consideration of £55.7m, to be satisfied by the issue of new Ordinary Shares in the Company on Admission. Based on the issue price of 9.5p per share, the market capitalisation of the Enlarged Group will be approximately £57.9m on Admission. The Company will move to AIM from the Main Market which will become effective on 11 May 2026.
Market Movers:***
15th April: Rosebank Industries (ROSE.L) will move from AIM to the equity shares (commercial companies) (ESCC) category of the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange on 1 May 2026. The last day of trading on AIM is therefore expected to be 30 April. Rosebank does not intend to raise any funds or offer any new Ordinary Shares in connection with Admission. The Company anticipates inclusion in the next Quarterly Review of the FTSE 250 Index, although inclusion remains subject to review by FTSE Russell.
13th April: EDX Medical (AQSE:EDX) which develops digital diagnostic products and services supporting personalised treatments for cancer, cardiovascular and infectious diseases, announced its intention to move to AIM from AQSE. No new capital is to be raised on Admission and the anticipated market capitalisation is £44.28m. Expected Admission date of 13th May.
Banquet Buffet****
Ajax Resources 8p £9.8m (AQSE:AJAX)
The natural resources investment company announced that it has agreed to invest a total of £200k in European focused Reveille Resources Limited, intending to list on the Aquis Stock Exchange Growth Market. The investment will result in Ajax becoming a majority shareholder in Reveille, and will be made in two equal tranches, with the first tranche being invested immediately for an initial 25% of the issued share capital. Reveille intends to use these funds to pursue the admission of its shares to trading on the AQSE Growth Market. Reveille's flagship project will comprise two historical uranium deposits in Lombardy, northern Italy named Novazza and Val Vedello, for which licence applications were submitted by a subsidiary of Zenith in 2025 (as announced by Zenith Energy on 11 November 2025), with a view to spinning them out into a separate entity.
Ariana Resources 1.9p £50.5m (AAU.L)
The mineral exploration and development company with gold project interests in Africa and Europe, reports on the activities for the three months ending 31 March 2026. At the Dokwe Gold Project, the company completed a 31-hole reverse-circulation drilling programme for 5,659m, targeting resource expansion, which included key intercepts of 4m @ 16.90 g/t Au from 69m (DRC25) and 10m @ 7.67 g/t Au from 110m (DRC23). Further assay results from the remaining drill holes are pending, with assays expected to be announced imminently with diamond drilling and metallurgical testwork supported by Hongkong Xinhai. In Turkey, 4,533 ounces of gold and 10,305 ounces of silver were produced from the Zenit Mining Operations, with heap-leach operations at Tavsan Gold Mine remaining in ramp-up. On the financial side, the company settled its outstanding loan balance due under the RiverFort Facility Agreement and secured shareholder approval for an A$8m equity funding package.
Chesterfield Special Cylinders 47p £18.2m (CSC.L)
The provider of bespoke, high-pressure gas containment solutions and services is set to release its FY26 interim results on Wednesday 20 May 2026, reporting an expected first-half revenue of £6.4m (2025: £5.4m) and an adjusted EBITDA loss of £0.8m after central costs. In the first half, the Company strengthened its overseas defence order book and secured its first order for Integrity Management services on overseas naval submarines. However, some UK naval Integrity Management deployments originally expected in FY26 have been postponed into FY27 due to delayed fleet docking schedules. The Company remains frustrated by continued delays to the roll out of UK Hydrogen Allocation Round (HAR) projects and any related contract wins will now come too late to benefit FY26 results. Overall, the Company now anticipates a full-year revenue and adjusted EBITDA performance at similar levels to the previous year (2025: revenue of £16.6m, adjusted EBITDA of £0.8m), slightly behind market expectations (adjusted EBITDA of £1.0m).
energy B 10.5p £0.3m (AQSE:NRGB)
The developer of a proprietary wind-based green hydrogen production system featuring an advanced aerodynamic wind turbine, announces its unaudited results for the six-month period ended 31 January 2026. The cash balance at period end was £6k, after proceeds of £401k were raised during the period through a subscription completed on 6 October 2025. The trade and other payables decreased to £245k from £519k from 31 January 2025 after the share issue settled £157k. Corporate activity has focused on the pivot to a bitcoin treasury strategy and subsequent pursuit of a potential target for a transformational transaction that could add shareholder value.
GETECH 1.85p £2.8m (GTC.L)
The locator of subsurface resources, reports finals to December 2025 and revenue increased 7.3% to £5.0m with ARR of £2.9m. An EBITDA profit of £0.5 m was made compared to a £0.6m loss in 2025, which reflects improved operating performance and structural cost efficiencies. The cash at the bank was £0.2 m in December but improved to £0.8m by March as debtors paid. The Sales team was significantly strengthened although the order book declined to £3.8m from £4.1m of which £2.5m is expected to unwind into revenue in 2026. There are opportunities in emerging energy sectors, including natural hydrogen and helium which are to be pursued on a proportionate and capital light basis. The trading momentum has carried into 2026, with Q1 revenues 5% ahead and the EBITDA is expected to exceed FY2025.
IG Design Group 68.5p £65.3m (IGR.L)
The designer, innovator and manufacturer across various celebration and creative categories, provides an update on its financial performance for the year ended 31 March 2026 and post year-end material developments. The trading update refers to the continuing business of the Group only, excluding adjusting items and losses related to the disposal of DG Americas announced in May 2025. The group expects FY2026 revenues of c$292m and adjusted operating profit of c$12.8m, representing an adjusted operating margin of 4.4%, and delivering adjusted profit before tax of c$11.5m. Year-end cash records at c$72m, after the c$35m acquisition of DF Americas.
Novacyt 32.4p £23.8m (NCYT.L)
The international molecular diagnostics company with a broad portfolio of integrated technologies and services, announced its audited results for the year ended 31 December 2025. The Company has a technology portfolio divided into three business segments: Clinical, Instrumentation and Research Use Only. The groups statutory revenue for FY 2025 was £20m, slightly above market expectations of £19.8m, while the gross profit totalled £12.6m at a 63% margin, consistent with FY 2024’s gross profit of £12.3m. The EBITDA loss was £7.8m before exceptional items and the cash position at 31 December 2025 was £19.1m. On the operational side, the company also received IVDR accreditation for Yourgene QST*R Base assay, and successfully launched LightBench Discover, a high prevision 3-in-1 instrument for genomic research labs conducting long-read sequencing. The company recently acquired Sydney based company Southern Cross Diagnostics for £4.4m which is immediately earnings and revenue accreditive.
Prospex Energy 3.3p £14.3m (PXEN.L)
The investing company focused on European gas and power projects, provided an update from the Selva Malvezzi production concession in Italy of which it has a 37% working interest, yielding 2.69m standard cubic metres at an improved average price of EUR0.43 per scm, generating EUR1.155m in net revenue for the period. The company progressed an Environmental Impact Assessment update and development planning for the Casale Guida-1d, Ronchi-1d, Bagnarola-1d, and Selva Malvezzi-1d wells and completed a 3D geophysical survey, with data currently undergoing processing by Schlumberger Italy for delivery of a final 3D seismic volume for in-house interpretation.
Titon Holdings 75p £8.4m (TON.L)
The international manufacturer and supplier of ventilation systems and window and door hardware, report Interims to March 2026. Revenue increased 5.6% to £8,074k with a reduced gross margin at 29.3% from 30.1% to make an underlaying loss before exceptionals and tax of £407k compared to £162k. The net cash improved to £3,083k compared to £2,851k. The Mechanical Ventilation Systems sales rose by 19.8%, supported by strategic initiatives benefiting the UK business. The Window and Door Hardware sales declined by 9.8% principally reflecting weaker sales in the UK and Europe, partly offset by increased sales to the US. Although market conditions remain challenging and recent events in the Middle East have increased uncertainty, H2 is expected to be stronger as building safety bottlenecks ease. Accordingly, the Board continues to expect the Group to achieve full year revenue and profits in line with its expectations.
Vertu Motors 62.85p £193.9m (VTU.L)
The UK automotive retailer, announced that it has been notified by its insurers of a successful settlement of the Group's business interruption insurance claim relating to the cyber-attack on Jaguar Land Rover Limited in September 2025. The total claim recovery has been agreed at £3.9m, against which a £0.5m policy deductible applies, resulting in a total net insurance recovery to the Group of £3.4m. A £1.0m interim payment was notified in the 5 March 2026 trading update. The full recovery will be recognised as underlying income in the Group's results for the year ended 28 February 2026, and hence the board now expects FY26 adjusted profit before tax to be ahead at £21.6m.
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