Small Cap Feast

4th November 2026

Dish of the day
No Joiners today
Off the menu
No leavers today

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: 

Axies Ventures (AXV.L) is a junior mineral exploration Company focused on discovering and developing copper and gold assets in Cyprus and Canada. Its portfolio includes exploration permits in Cyprus's Troodos Mountains and mineral claims in Ontario, Canada. The Company's main country of operation is Cyprus. Market capitalisation on Admission to £9.4m, and the Admission Document states that £1.34m will be raised.

Delistings:  

None

 

 
  

Banquet Buffet*

London Stock Exchange: Main Market and AIM

Braemar 244.0p £78.7m (BMS.L)

The ship broking group released half year results for the period to 31 August. Revenue was up +16% YoY to £74.3m, with the Chartering contribution up +18% YoY to £44.4m, Investment Advisory up 10% YoY to £15.1m and Risk Advisory up 17% YoY to £14.7m. Underlying operating profit was up +7% YoY to £6.0m, but this was after £1.4m of strategic investment to drive future growth. Trading since the period end has been in line with the Board’s expectations. With zero net debt, Braemar made it clear that have the capacity to pursue acquisitions that are complementary by product or geography and are earnings accretive.

Chapel Down Group 44.0p £72.9m (CDGP.L)

The English winemaker announced a proposed conditional placing of new shares by way of an accelerated bookbuild at a price of 43p per share to raise gross proceeds of approximately £5.5m. A separate retail offer is also underway to raise a further £0.5m. The net proceeds will fund a £4.5m investment in a new soft pressing facility at the Company's Tenterden winery. This should enable c.300,000 bottles of current annual production to be produced and sold as higher-margin Traditional Method Sparkling wine rather than, as current, lower-margin still or carbonated wine.  The Soft Pressing Project is expected to be fully operational for the 2027 harvest and is targeting the delivery of an IRR of greater than 20%.

Europa Oil and Gas (Holdings) 1.425p £18.76m (EOG.L)

The oil and gas exploration, development and production Company announced that they are appealing to the Secretary of State against the decision of the North Yorkshire Council’s local planning authority’s decision to refuse planning permission for a gas appraisal well at their 40% owned Cloughton project. Europa highlights that the refusal of the planning permission by the local planning authority went against the recommendation made by the Council's own planning officers, and the thirteen independent experts whose separate reports all supported the application. Europa will update shareholders on the outcome of the appeal in due course.

Fletcher King 31.50p £3.23m (FLK.L)

The property advisory and asset management Company announces that it has completed the sale of a 50% interest in Fletcher King Services Limited to Lexington One Limited. This follows on from an initial payment, and a balance payment of £100,000 each. The Company has also entered into an option agreement with Lexington One Limited in respect of the Company's remaining 50% interest in Fletcher King Services. Under this agreement, the Company has the put option, and the Buyer has a subsequent call option over the option shares for an aggregate cash consideration of £650,000. The Company also announced a number of changes to the Board and the appointment of Martin Samworth as Non-executive Chairman.

Gem Diamonds Limited 13.3p £20.3m (GEMD.L)

Gem Diamonds released a trading update for Q3, the period from 1 July to 30 September. Carats recovered during the Period were 19,299 (Q3 2025: 22,268), but three greater than 100 carat diamonds were recovered during the three months in question, and that has taken year to date recoveries of greater than 100 carat diamonds to six. In addition, two greater than 100 carat diamonds were sold during the Period, including the 347-carat Lesotho Jubilee white Type II diamond recovered in Q2 2026. Revenue for the period amounted to $34.8m (up 35.4% YoY), with the average price per carat being $1,945 (Q3 2025: $1,124 per carat). This was due to four diamonds being sold for more than $1m each (which contributed US$22.2m to revenue for the period).

Image Scan Holdings 3.5p £4.45m (IGE.L)

The provider of advanced X-ray screening and inspection systems announced a post year-end trading update for the year ended 30 September. Subject to audit, revenue is expected to be approximately £3.4m (FY25: £1.6m), while profit before tax will remain at circa £0.3m (FY25: loss of £0.3m). Image Scan stated that the outcome reflects newer products brought to market in recent years, strong execution, continued cost control and successful contract delivery across portable X-ray, industrial inspection and aftersales. The Company continued to win business from governments, defence and security contractors, and industrial customers internationally, and progress was broad-based across portable X-ray, industrial inspection and aftersales. The order book at the year-end was worth approximately £1.4m, and year-end cash is also expected to be approximately £1.4m.

Made Tech Group 53.0p £82.85m (MTEC.L)

Made Tech, a leading provider of digital, data and technology services to the UK public sector, announced the acquisition of Target Applications, a Glasgow-based housing technology provider, which serves more than one hundred customers across social housing and local government. This will provide Made Tech with its first office in Scotland, and a local base from which it hopes to pursue opportunities across the Scottish public sector. Target Applications’ revenue increased by +24% YoY to £1.45m in 2025 and profit before tax rose by +36% YoY to £0.49m. Made Tech will pay an initial cash consideration of £3.0m (subject to adjustments), with up to £3.0m of additional performance-based consideration. The deal will be fully funded from existing cash reserves and it is expected to be earnings-enhancing on an adjusted earnings basis in the financial year ending 31 May 2027.

Petra Diamonds Limited 2.30p £8.16m (PDL.L)

Petra revealed that total revenue for Q1 of the current financial year amounted to $21m (vs. $30m in Q4 2026). This was from 329,948 carats sold (Q4 FY 2026: 395,005 carats), with an average price achieved of $63 per carat (Q4 FY 2026: $76/ct). Average diamond prices for the period decreased c. 18% compared to Q4 FY 2026 due to a weaker product mix and lower occurrence of Type II diamonds. Consolidated net debt increased to $348m as of 30 September (vs. $322m as of 30 June). A strategic review commenced on 1 October to address liquidity needs of the business. Petra subsequently entered a binding advance payment agreement with a mid-stream diamantaire group, and via this deal, the Offtaker will make available at least U$20m through revolving advance payments for all future run-of-mine production. Concurrently, and as a condition to the advance payment agreement, Petra has also agreed a forbearance letter with its Senior Secured Lender.

Richmond Hill Resources 1.00p £7.61m (RHR.L)

Richmond, a gold exploration Company focused on the Martello Gold Project near Dryden in north-western Ontario, Canada, announces that a drill rig is expected to be in position this week. The programme comprises nine diamond drillholes for approximately 1,400m from six drill pads. Three holes are designed to provide modern verification of the main Sakoose vein at depths of approximately 80–150m vertical. The remaining six are aimed to test the continuity of the vein between these positions, its down-plunge extension to the west, its extension beneath the historical workings at Shaft 1, the eastern limit of the workings, and a structural zone where the vein is interpreted to widen.

Strategic Minerals 4.90p £140.28m (SML.L)

The mineral exploration and production Company announced that following Australian Foreign Investment Review Board approval, the sale of Leigh Creek Copper Mine Pty Ltd to South Pacific Minerals Investments has now completed. The consideration comprises cash of A$750,000 in total, including A$500,000 previously held in escrow, and shares of up to 19.9% in a new company (which the buyer intends to list on a recognised stock exchange) capped at a value of A$3m.  If such shares are not issued within three years of or are less than the value of A$3,000,000, any shortfall is to be added to earn-out payments. Proceeds from the sale will support the continued advancement of Strategic Mineral's flagship Redmoor Tungsten-Copper-Tin Project in southeast Cornwall.

What’s baking in the oven?**

Potential IPOs WIP:***

13 October: Voltage X, the AI-native creative and communications Company announced its intention to IPO onto AIM.  Founded in 2021 and headquartered in Melbourne, Australia, the Group provides public relations, digital marketing, content creation, marketing analytics and influencer management services to an international client base, with a primary focus on the real estate, hospitality, sports and retail sectors.  The Company intends to raise gross proceeds of US$3-4m by way of a placing.  Anticipated market capitalisation on admission is TBC and expected Admission date is mid-November 2026.   

5 October: Liberty Minerals announced its intention to IPO onto AIM.  The mineral exploration Company is focused on tungsten and associated minerals including antimony, molybdenum, copper, silver and zinc in Arizona and Idaho. On Admission to AIM, it will own the Boriana and Buckhorn projects, comprising unpatented mining claims on US Bureau of Land Management land. Boriana, historically one of Arizona’s principal tungsten producers, is the Company’s primary exploration focus, with Buckhorn a longer-term target. Liberty Minerals raised £662,000 through a pre-IPO fundraise in June 2026 and intends to raise further funds through a placing to finance exploration and development.  Deal details remain TBC and first day of dealings expected mid-November 2026.   

3 November: Atomic Metals announced its attention to IPO onto AQSE. The project acquisition, exploration and development vehicle seeking strategic commodity projects, is focused on critical and precious metals including but not limited to Copper, Silver, Uranium and Gold exploration opportunities, in mining positive jurisdictions. The Company plans to deploy extensive exploration programmes generating impactful news streams for investors. The countries of operation will likely include the USA, Canada and/or Australia but Atomic Metals will pursue what the Directors believe to be the best exploration opportunities feasible, but primarily focused in Tier 1 mining jurisdictions. The fundraise will be split into 2 tranches, a c.£720k pre-IPO Fundraising prior to Admission completed at 2.25p, and an additional circa (£1.3m to £1.5m) IPO Fundraise conditional on Admission at 3p per share. The expected admission date is 12 November 2026.

Market Movers:***

22 October: IntelliAM AI (AQSE:INT) The provider of AI-driven software solutions for the manufacturing and engineering sectors announced its attention to move to AIM from AQSE. It has conditionally raised approximately £6.3m (before expenses) through a placing of 8,919,598 new Ordinary Shares at 70p per Ordinary Share, and the conditional conversion of unsecured convertible loan notes with an aggregate principal value and accrued interest of £31,282 into 44,688 new Ordinary Shares pursuant to their existing terms, as set out in the Company’s announcement made on 7 July 2026. Admission is expected to become effective, and dealings in the Enlarged Issued Share Capital are expected to commence at 8.00 a.m. on 20 November 2026.

STAY INFORMED

Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.

Status of this Note and Disclaimer

 

This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

 

As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.

 

This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

 

This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.

 

The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.

 

References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results.  Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.

 

To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).

 

Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.

 

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.

 

In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

 

Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

 

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

© Copyright 2026 - Hybridan
First Visit
bookcrossmenu