* 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:***
8 April: Rift Helium intends to IPO onto AIM late April. Rift is a helium exploration and development company currently focused on the exploration of a discovery-ready, non-hydrocarbon associated helium bearing acreage at its early-stage Upepo Project, located in southwestern Tanzania, within the Rukwa Rift - forming part of the East Africa Rift System (the "Upepo Project"). The Upepo Project comprises three prospecting licences over 283 km2 in the Rukwa Basin, near to existing helium projects operated by Helium One Global Ltd (AIM: HE1) ("Helium One") and Noble Helium Limited (ASX: NHE) ("Noble Helium"). The Company is raising £8.0m.
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-April.
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.
Market Movers:***
1st April: Oscillate (AQSE: SRVL), the Company focused on building an independent copper and future metals developer, announced that further to the announcement on 9 February of the conditional acquisition of Kalahari Copper, it has conditionally completed an equity fundraising of £2.9m and plans to move to AIM from AQSE. Net proceeds of the Fundraising will allow for the advancement of the Company's proposed exploration assets in Namibia and Botswana. In addition, the Company will change its name to Serval Resources. Admission to AIM is expected to occur on 27 April.
Banquet Buffet****
Baker Steel Resources Trust Limited 120p £125.76m (BSRT.L)
The closed-ended investment Company that invests in the natural resources and mining sectors reported its FY NAV for 31 March 2026 of 174p, a marginal decrease of 0.17% from February. Recent events in the Middle East created significant volatility in commodity markets during the month and consequently for mining shares. Falls in the prices of precious metals in the face of dramatically altered market expectations of future inflation trends hit the share prices for the precious metal shares. First Tin weakened in line with the tin price. In contrast, the pullbacks were counterbalanced by a strong performance by Blue Moon Metals as the market digested the news of its acquisitions of the Springer and Apex critical mineral mines and continued strength of the Tungsten West share price in the light of record tungsten prices. The Company also continued its share buy back programme, purchasing back a further 431,000 shares at a weighted average price of 112.2 pence per share which were cancelled.
Bezant Resources 0.08p £12.6m (BZT.L)
The multi-commodity exploration and development Company focused on high-value copper-gold projects in Namibia and across the globe announced a new 2026 Mineral Resource Estimate for its Hope and Gorob project, revealing a sevenfold increase in open-pittable resources to over 3.0Mt and a reduction in the mining strip ratio to 9:1. This update allows the Company to fast-track its Phase 2 development by five years. Phase 2 development will see the development of a new flotation plant, subject to statutory approvals located closer to Walvis Bay producing 25,000 tonnes of copper metal annually and generating USD290m revenue at a USD11,500 per tonne copper price.
Distribution Finance Capital Holdings 59.5p £92.53m (DFCH.L)
The specialist bank providing financial solutions that support manufacturers, dealers and distributors across the UK, provided a trading update for Q1 ended 31 March 2026. The momentum in lending seen through the prior year has continued into Q1 with new loan origination reaching a record £469m, up c.23% on prior year (Q1 2025: £382m). The total loan book closed the period at c.£895m, up c.26% on the prior year (Q1 2025: £713m), and included £21m relating to the Group's recently launched asset finance product, up c.40% from year-end (31 December 2025: £15m). The Group's retail deposits exceeded £1bn for the first time since being authorised as a bank in September 2020.
Genflow Biosciences 1.95p £11.78m (GENF.L)
The European-based biotechnology Company focused on the development of gene therapies for age-related diseases highlights continued positive safety and efficacy signals from its ongoing SLAB (Sarcopenia and Longevity in Aged Beagles) clinical trial evaluating its proprietary SIRT6 centenarian gene therapy. Follow-up observations conducted three months after the initial dosing period confirm that previously reported improvements have been maintained. No adverse events have been observed, and the therapy continues to demonstrate a favourable safety and tolerability profile in aged dogs. The trial is expected to continue for a further four months, with expected completion at the end of July.
Greenroc Strategic Materials 4.25p £12.17m (GROC.L)
The Company focused on the development of critical mineral projects in Greenland has signed a drilling contract for the planned Phase III drilling programme at the Amitsoq Graphite project with Mineral Exploration Drillings Ltd. The Phase III drilling will be designed to extend Indicated and Measured Resource categories and provide important data for the planned Pre-Feasibility Study. The geotechnical and hydrogeological work is to be undertaken by SLR, who have been closely involved in all previous feasibility studies commissioned by the Company in relation to both the Amitsoq mine and active anode materials plant. The upcoming program is planned for up to 12 holes ranging ca 130m to 285m for up to ca 2,200m of drilling.
Kooth 110.50p £38.81m (KOO.L)
The provider of digital mental health services announced audited results for the twelve months ended 31 December 2025. The Company had a slight dip in annual revenue to £63.3m (from £66.7m) primarily due to currency fluctuations and timing of US contracts. The Company’s Soluna platform is now becoming embedded in California’s behavioural health system, demonstrating strong uptake and real world impact reaching 144k registered young people and gaining formal integration directives from Los Angeles County. The Company also secured a new £2.6m contract in Michigan and a renewal in New Jersey, while according to the Board maintaining its market-leading position in the UK. The cash balance was £21.6m with no debt. The Company is expected to be launching Soluna in the UK in H2 2026.
Medpal AI 3.25p £15.39m (MPAL.L)
The AI-powered, integrated digital health Company updated on its technology platform strategy and the launch of the MedPal Health Operating System. The new Health OS is expected to be the UK’s first vertically integrated, closed-loop digital health platform. By combining wearable data, AI triage, and robotic dispensing, the system aims to deliver personalised, clinician-led healthcare at an ultra-low cost. The MedPal AI app can aggregate real-time physiological data from over 100 wearable devices and health apps to establish a real-time, data-rich health profile for each user. The platform connects wearable data to AI triage, clinician-led prescribing and robotic dispensing in a single continuous data loop, enabling personalised healthcare at scale.
Sunda Energy 0.03p £11.27m (SNDA.L)
The exploration and appraisal Company focused on gas assets in the Asia-Pacific region announced that it has signed a Share Sale and Purchase Agreement with Matahio Ventures Pte. Limited for the conditional acquisition of Matahio Energy NZ Limited which, through two subsidiary companies, owns and operates 100% of a group of production and exploration permits located within the onshore area of the Taranaki Basin on the west coast of New Zealand's North Island. The acquisition provides the Company with a portfolio of production and explorations permits currently producing approximately 1,000 boepd, with material cashflow growth anticipated from exiting assets. To fund this expansion, the Company raised £6.7m which includes a retail offer for existing shareholders.
Thruvision Group 0.88p £3.92m (THRU.L)
The walk-through security technology Company updates trading for FY March 2026. Revenue increased by 45% to around £6.0m which is in line with Board expectations. This has been underpinned by strong performance in Asia where the award of two material orders totalling £2.7m formed the bulk of the regional revenue. The core Retail Distribution sector declined due to broader economic conditions, coupled with the ongoing need to rebuild the Company’s direct sales capability. The US grew modestly, due to strong performance from Aviation. Retail Distribution in the US was weak and an investment into direct sales force is expected to produce a significant improvement in FY27. The order backlog at 31 March 2026 was £1.3m with order intake for FY26 of £7.1m. This backlog will be delivered mostly in H1 FY27. The Group's cash balance at the end of March was £2.0m compared to £0.4m following a fundraise of £2.6m in July 2025.
Quantum Blockchain Technologies 0.52p £6.89m (QBT.L)
The AIM-listed investment Company announced that it has found a way to accelerate the live testing of its Method C AI Oracle software on the mining rig of the ASIC manufacturer, the loan of which QBT announced on 6 March 2026. This work around is expected to shorten live-testing timelines and deliver earlier preliminary results of the AI Oracle which the Company now expects to receive by the end of April 2026. The approach was made possible by connecting the AI Oracle directly to the ASIC manufacturer’s Mining Development Kit thereby avoiding the time-consuming process of fully integrating the AI Oracle onto the mining rig. The use of the MDK circumnavigates the need to translate and optimise the AI Oracle for the ASIC control board which, whilst feasible, is a time consuming task. Instead, QBT has succeeded in modifying the CGminer-like operating system of the ASIC manufacturer’s rig to intercept all incoming mining jobs from the mining pool which are then passed to the AI Oracle with the result that only the best hashes are executed thereby enabling more efficient Bitcoin mining.
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.
This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or 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 any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information 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. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.
The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).
Any and all opinions expressed are current as of the date appearing on this face of 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. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, 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.
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 each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (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 purposes of clarity, 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.
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, the United States or any other jurisdiction in any part of the world.
Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.
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.
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.
MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
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.
If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.
