* 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:
Sutton Harbour Group left AIM
Banquet Buffet*
London Stock Exchange: Main Market and AIM
Active Energy Group 0.07p £5.27m (AEG.L)
AEG is a renewable energy and digital infrastructure Company which is transitioning from a development-stage business into an operational, revenue-generating organisation. This was reflected in this morning’s release of interim results for the six months ended 30 June 2026, with a maiden revenue of £0.16m (H1 2025: £nil) accompanied by a loss for the period of £0.86, and a reduced cash position of £0.17m (down from £0.77m as of 31 December 2025). The Board's strategy continues to focus on four principal areas: renewable energy deployment in the UK; digital infrastructure in the UAE; disciplined management of digital assets; and the commercialisation of their CoalSwitch technology. Of these, the UAE digital infrastructure activities have progressed most rapidly and remain the principal focus of management resources. CoalSwitch is a patented, carbon-neutral biomass fuel pellet made from forestry waste, which is designed to completely replace coal in existing power plants without equipment changes. AEG continues to consider appropriate funding options to support the next stage of its UAE development programme. In this regard, it has stated that it is in discussions with a Private Investment Fund regarding a potential debt facility. Other funding alternatives are also being considered. These include debt, project-level financing and equity, with the objective of maintaining an appropriate capital structure as the operations develop.
Bezant Resources 0.14p £33.56m (BZT.L)
Alongside interim results this morning, Bezant revealed that the development of its 90% owned Hope and Gorob copper-gold project in Namibia has continued to progress at pace, with activities at both the mine and Tsoaxaub Metals Processing Plant advancing towards first production. The Executive Chairman, Colin Bird, expects first concentrate production in early October, transport of concentrate to Namibia’s main deep water export port of Walvis Bay towards the end of the month and, subject to shipping and logistical arrangements, the first shipment of copper concentrates in early November. Earlier this year, Bezant released a new JORC‑compliant Mineral Resource Estimate prepared by Sound Mining, for the Hope deposit. This showed a sevenfold increase in open‑pittable tonnes to 3m tonnes (7.5 years of mine life at a 0.4 mtpa (million tonnes per annum feed rate), with additional mineralisation identified outside the pit shell offering the potential to add 5+ years of production. There are associated hopes that additional resource will eventually result in a mine life of closer to 30 years. Development of the project has been expedited by a US$7m secured prepayment facility and offtake agreements that was arranged in June with Hartree Metals LLC, a commodities trading house partly owned by Oaktree, the well-known US investment firm. Under the offtake agreement Hartree will purchase 100% of the copper concentrates produced for the life of the operation from Hope and Gorob Copper Project at market terms.
Forgent 0.1p £5.1m (FORG.L)
The Australian-focused critical and precious minerals explorer announced that it has raised £500,000 (before expenses) by way of a direct subscription with an existing high net worth shareholder at a price of 0.012 pence per share. The issue price represents a premium of approximately 9% to the closing bid price on 29 September. For every two new shares subscribed for, the existing high net worth shareholder will also receive one warrant exercisable at 0.020p per ordinary share for a period of two years from Admission. As a result, 2,083,333,333 Warrants will be issued. The net proceeds from the subscription will be used for operational and general working capital purposes, with Forgent looking to advance its projects in Western Australia (where a Phase II drilling programme at its 99%-owned Peak Hill Gold-Copper Project was recently expanded).
Marks Electrical Group 49.00p £47.75m (MRK.L)
Ahead of the expected November release of interim results for the six months ended 30 September, Marks advised that the combination of product gross margin improvements, and a continued focus on operational efficiencies and fixed cost optimisation, has resulted in stronger than expected profitability during the first six months of the year. As a result, the Board now expects full-year adjusted EBITDA to be ahead of market expectations, at no less than £3.75m for FY 2027. It also announced the appointment of Philip Luke De Villanueva as CFO and a director of the Company with effect from 1 December. He currently leads the finance function for Gamma Communications (GAMA.L) Enterprise Markets business unit.
T42 IoT Tracking Solutions 3.2p £2.4m (TRAC.L)
T42 provides real-time tracking, analysis, monitoring, and security IoT (internet-of-things) solutions for the global container and freight market. It has a presence in over 55 countries, with customers benefitting from cloud-based analytics and alerts, real-time data transmission, and low energy usage. Its devices are used by ports, cargo owners, shipping companies, freight forwarders, insurance companies, customs authorities, homeland security, and police for end-to-end global container tracking and digital transformation of shipments. Gross profit for H1 of the current financial increased by +11.2% year-on-year to $1.21m, and cash and cash equivalents as of 30 June 2026 more than doubled to $0.45m. Since the end of the period, the Company’s outstanding convertible loan notes have been paid down by 33.45%, with just $0.98m worth still outstanding. In total, there are $2.8m of loans that need to be repaid or converted within the next 18 months. T42 has progressed well over the last six months, with new product solutions including Kylos MC, a rechargeable tracking device with built-in temperature and humidity sensors, and Kylos Label, a disposable tracking solution designed to provide simple and efficient real-time visibility for shipments, assets and goods in transit. Lokies T42's flagship product. It physically seals a container and simultaneously creates a tamper-evident, timestamped chain of custody. A consumer variant of this product is expected to be released by the end of 2026.
Tan Delta Systems 22.5p £20.5m (TAND.L)
Tan Delta provides intelligent monitoring and maintenance systems for commercial and industrial equipment. Results for the six months ended 30 June 2026 were released this morning, and they revealed that revenue increased by +45% year-on-year (YoY) to £0.76m. This translated to a gross profit of £0.46m, and a reduction in their loss before tax from £0.78m to £0.75m. As of 30 June, the Company had cash of £0.85m and it was debt free. The improvement in revenue reflects additional sales arising primarily from the expansion of ongoing validation for the Company’s real time oil condition monitoring technology. Tan Delta highlighted that 30 active customer trials and evaluations are underway, and this represents approximately £34m of potential revenue opportunity if successfully converted to wider deployment over a number of years. These trials range from the one of the world’s largest online retailer, through to large engine and gearbox manufacturers, global shipping companies and oil and gas companies. The common denominator is that that they have mission critical equipment whose reliability relies on the lubrication provided by oil.
URU Metals Limited 2.70p £3.54m (URU.L)
URU was trading lower today after it announced it had raised £1.25m before expenses, through a placing of 50m new ordinary shares at 2.5p per share. URU intends to apply the proceeds of the placing towards the mobilisation and execution of an initial eight-hole diamond drilling programme at ‘Zone 2’ the Zeb Nickel Project in Limpopo, South Africa. In conjunction with the associated geological, analytical and technical work, this is designed to advance Zone 2 towards a maiden Mineral Resource Estimate. Zaaiman Exploration Drilling has been selected as the preferred drilling contractor. The programme will be undertaken through Lesego Platinum Uitloop Ltd, the holder of the Mining Right covering the Zeb Nickel Project. The eight holes will be drilled from four drill pads, with paired holes designed to test both the shallower and down-dip continuation of the Zone 2 mineralised system.
Water Intelligence 322.5p £57.6m (WATR.L)
Water Intelligence is a provider of precision, minimally invasive leak detection and remediation solutions for potable (drinking) and non-potable water. Their focus is two-fold - competitive differentiation driven by its technology-enabled services platform and "turn-key" preventive maintenance solutions. Water Intelligence report in US Dollars, and results for the first half of the current financial year showed that revenue grew by +7% year-on-year (YoY) to $48.2m, while adjusted EBITDA increased by +6% YoY to $9.8m. The slight decline in their gross margin reflected higher materials costs and gasoline prices especially due to the Iranian conflict, but the adjusted and fully diluted EPS for the half still increased by +8% YoY to 25.5 cents.
AQSE Market:
Global Connectivity 0.125p £0.8m (AQSE:GCON) *
Global Connectivity is an investing Company focused on strategic holdings in high-growth, connectivity-aligned technologies, and this morning it announced results for the six months to 30 June 2026. Its core investment is in Voneus, a provider of high-speed broadband to rural communities in the UK. This exposure is held via an indirect interest in Rural Broadband Solutions Holdings Limited (RBSHL). As of 30 June, RBSHL had an ownership position of Voneus of 45.7% and GCON's ownership of RBSHL was 2.82%. As such, GCON’s investment in Voneus through RBSHL was valued at just under £3.52m. Two subsequent events suggest that the value of their RBSHL stake is well-underpinned. In late August, Voneus acquired the operating assets of a rival operator called Airband. This increased their customer base to 60,000. Then, on 22 September, RBSHL increased its ownership position in Voneus to 60% via the conversion of shareholder loans. GCON's ownership of RBSHL remains at 2.82%. Through another holding in its portfolio, GCON is also seeking to facilitate the physical removal of decommissioned copper still embedded in legacy telecom networks. Other opportunities are also being assessed, with GCON stressing that they will be in line with its strategy of identifying and investing in businesses and technologies operating within the communications and global connectivity sectors. Post period, GCON undertook an equity fund raise to provide working capital for the business. The gross sum amounted to just over £0.29m.
Shepherd Neame 464.0p £68.52m (AQSE:SHEP)
Britain's oldest brewer, and the owner and operator of numerous pubs in Kent, London and the Southeast, announced its results for the year ended 27 June 2026. While revenues fell by -1% year-on-year (YoY) to £162.6m, underlying EBITDA increased by +0.8% to £25.6m, and this was accompanied by a decline in net debt, excluding lease liabilities. The dividend was increased by +3% YoY to 22.15p. The period was marked by good underlying momentum in the pubs, and a particularly good performance from the London and tenanted estate, but this was offset by a decline in volume in Brewing and Brands and further significant logistics cost inflation. A review of Shepherd Neame’s strategy in this area is underway. Richard Oldfield will retire as Chairman and Director after the Company's AGM on 30 October 2026. He will be succeeded by Jonathan Neame, who will take on the role of Executive Chairman. The Company's CFO, Mark Rider, will become Managing Director with effect from the same date.
What’s baking in the oven? **
Potential IPOs:***
29 September: Meantime Resources, announced its intention to IPO onto AIM, with an expected Admission date of mid-October 2026. The Company has been established with the ultimate objective of creating value for its investors through the acquisition, development and operation of assets in the mining sector. The Company intends that the Acquisition will focus on precious and base metals assets, with a primary focus on gold and associated metals occurring within the same deposit or mineralised system, which may include base metals. The Company envisages a total investment size of up to US$1bn including acquisition costs and capital expenditure.
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 (ii) 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 today to tomorrow, 1 October.
Market Movers:***
25 September: Roundhouse AI (AQSE: ETHL) The AI technology Company announced its 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.
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