* 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:
None
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 Lombardy Project will be Reveille's flagship project. Deal details and Timing TBC.
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. 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. The Offer Price has been set at USD 25.00 per GDR and UZS 4.65 per Offer share. With 5,054,262,531,127 Shares in issue, the Offer Price implies a market capitalisation of approximately USD 1.95bn. The LSE Admission and commencement of unconditional trading in the GDRs on the LSE are expected to take place on or around 18 May.
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.
Reverse Transactions:***
1 May: Lansdowne Oil & Gas (AIM: LOGP), the Company currently suspended from trading on AIM, announced the conditional acquisition of Sao Gabriel Mineracao Ltda. a graphite project in Brazil whilst continuing to progress its litigation claim under the Energy Charter Treaty which has now received litigation funding to pursue a minimum of US$100m (plus interest) claim against Ireland in relation to the Barryroe project. The Company has published its AIM Admission Document and has conditionally completed an equity fundraising of £1.9m by way of a placing. Net proceeds of the Fundraising will allow for the advancement of Macaubas Project through an active exploration programme and provide general working capital. The Company will change its name to Lansdowne Resources and readmission to AIM is expected to occur on 27 May.
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 on 11 May.
Market Movers:***
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****
London Stock Exchange: Main Market and AIM
Abingdon Health 12.00p £29.5m (ABDX.L)
The developer, manufacturer and regulatory services provider for rapid diagnostic tests and med-tech provides an update on a partnership. The partner is 4TEEN4 Pharmaceuticals, a German biopharmaceutical company developing invobenitug (AK1967), a first-in-class antibody therapy for life-threatening cardiogenic and septic shock. As the CDMO legal manufacturing partner, Abingdon Health is developing DPP3 InvoSelect, a lateral flow-based companion diagnostic designed to identify the patients most likely to benefit from this targeted therapy.
Alien Metals Limited 0.14p £15.10m (UFO.L)
The minerals exploration and development Company reports on the announcement from its JV partners, West Coast Silver, at the Elizabeth Hill Silver Project outlining the growth and development plan (for Elizabeth Hill in Western Australia) following the release of its inaugural Mineral Resource and high-grade drilling results. The Plan establishes a clear pathway to near-term production and scalable resource growth, positioning Elizabeth Hill as one of the highest-grade for lowest capital cost undeveloped silver projects globally. Alien holds a 30% interest in Elizabeth Hill and holds 30.5m shares in West Coast Silver (representing an 8.7% interest in the issued share capital of West Coast Silver).
B90 Holdings 2.05p £9.0m (B90.L)
The performance marketing and MarTech business reports Final Results for the YE December 2025. Revenue more than doubled to EUR7.2m with a 66% increase in EBITDA to EUR1.1m leading to a PBT of EUR0.4m compared to a loss of EUR1.7m. The cash increased to EUR1m from EUR0.4m as working capital moved from negative to positive. Operationally the AI automation and machine learning further embedded across operations, supporting real-time optimisation, predictive analytics and efficient deployment of marketing capital. The priorities include expansion into additional verticals, engagement with third-party customers and increasing contribution from more predictable, repeatable software-driven revenue streams. The Group continues to benefit from a scalable, automated operating model that supports growth without an increase in overheads. In addition, the global sports calendar in 2026 is anticipated to provide favourable market conditions, with major events historically driving increased customer acquisition.
Brave Bison Group 11.75p £29.5m (BBSN.L)
The marketing skills and training platform reports a multi-year partnership with Omnicom Group Inc, the world's largest advertising holding company. The initiative is focussed on Omnicom Oceania and will see more than 1,000 employees complete the MiniMBA. There is the potential to materially lift the standard of marketing in the region. This isn't training for training's stake, the CEO states, as the rigorous, evidence-based MiniMBA, is to improve decision-making at scale. This leads to better strategy, better allocation of budget, and ultimately, better commercial outcomes.
Coiled Therapeutics 7.5p £31.94m (COIL.L)
The clinical-stage oncology Company developing precision medicines for hard-to-treat cancers, formerly Roquefort Therapeutics, announces results for the YE December 2025. The non-financial highlights are the strategic shift to focus on clinical assets, culminating in the signing of a binding agreement to acquire the exclusive worldwide rights for the clinical-stage oncology asset, AO-252. This strategy necessitates
the divestment of non-core programs, Lyramid and MK Cell programs which has been accompanied by Board changes to reflect new strategic direction. There is a highly encouraging 80% Clinical Benefit Rate for AO-252 (in patients receiving a twice-daily dose), with a continued favourable safety profile. This has allowed the accelerated transition into dose expansion cohorts focusing on high-value indications in ovarian and prostate cancer, with data readouts anticipated in H2 2026. The Company raised gross proceeds of £8.5m to fund the key clinical and value inflection points in 2026 and 2027.
Jubilee Metals Group 2.83p £88.64m (JLP.L)
The integrated copper producer and resource developer in Zambia updates on operational and production for the 9-month period to 31 March 2026. Total saleable Cu production increased by 28.7% to 2,177t. The commissioning of the expanded Roan Cu concentrate facility is near completion with the ramp-up of dewatered fine Cu concentrate production underway during May 2026. The circuit is currently operating at approximately 75% of the targeted production rate of 110-120tpm of contained Cu. The implementation of the near term mine plan at Molefe Mine is underway. The CEO states, that the strong progress with Roan is sustaining targeted production rates and the expanded concentrate circuit, now entering ramp-up after minor technical and logistical delays, are marking a key step-change in the processing capability.
Panther Metals 103.5p £9.18m (PALM.L)*
The exploration Company focused on mineral projects in Canada updates on onsite preparation work at the Obonga Project in Ontario, Canada. Drill pad preparations have commenced at two highly-prospective targets on the Obonga Project: the Wishbone Prospect, which is an emerging and highly prospective zinc (Zn) and copper (Cu) base metal volcanogenic massive sulphide system; and at the Awkward Conduit Prospect which hosts an interpreted magmatic conduit prospective for hosting magmatic sulphides including nickel (Ni), copper, platinum group elements and associated elements. Drill pad preparations include clearing of vegetation at permitted drill locations will be commencing onsite during the coming week. This is a key milestone in moving towards a drill programme which is an exciting phase of exploration.
Portmeirion Group 92.00p £12.51m (PMP.L)
The global homewares brands Group reports results for FY December 2025. In a transitional year revenue is virtually unchanged at £91.1m with an adjusted EBITDA of £2.6m compared to £7.3m, for a headline loss of £3.6m against a £1.1m profit. The net debt increased to £17.5m from £12.1m. There was an improved H2 performance with strong seasonal sell-through of the re-designed Christmas ranges. The strong trading performance in the majority of the business was undermined by the introduction of tariffs in the US , which is the Company’s largest and most profitable market. There are positive signs in some key areas with overall trading in Q1 ahead of Q1 last year and the US and International markets are showing growth. While macroeconomic uncertainty continues, the Board remains cautious.
Reach 50.55p £178.3m (RCH.L)
The UK and Ireland's largest commercial news publisher with120+ brands that month reaches 69% of the UK online population, 9% of the US population, and over 112m social followers around the world made a trading update. Reach reports that it’s on track to deliver market expectations despite digital headwinds. As trading in Q1 26 was affected by the ongoing disruption in search and referral volumes mainly from Google which were materially lower resulting in an 8.1% decline in digital revenue. Print revenue also decreased 6.6%, with circulation and advertising revenues remaining reliable, supported by a cover price increase and strong promotional activity. The Company remains confident in delivering a reduction in operating costs and so is on track to for the full year consensus operating profit of £95.9m. The Company is cautious on the prospects for digital revenue as there is a change in the referral landscape, but will continue to develop new revenue streams.
Union Jack Oil 4.45p £5.79m (UJO.L)
The UK and USA focused onshore hydrocarbon, production, development, exploration and investment Company, has been informed by Reach Oil and Gas Company Inc. (the Operator), that the Crossroads Well was spudded on 5 May. The drilling period is expected to be in approximately 10 days. Union Jack currently holds a 43% interest in the project. The Company's share of the drilling costs have been funded from its existing cash resources.
Aquis Market:
Ethtry 0.23p £5.31m (AQSE:ETHY)The investment Company focused on breakthrough technologies has been allocated a participation as a lender in an oversubscribed senior secured syndicated loan facility arranged by GSB Capital Ltd for Cerulean Winds Limited, who are developing one of the largest floating offshore wind programmes in the world. The Company has committed £500k to the Facility, payment of which will be made from Ethtry's current cash reserves. The investment sits alongside the Company's Ethereum treasury policy and forms part of its broader strategy to generate attractive returns for shareholders through well-secured lending positions in high-quality energy transition projects.
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