* 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:
Frenkel Topping Group (FEN.L) left AIM
What’s baking in the oven?
It's a little empty
Banquet Buffet****
London Stock Exchange: Main Market and AIM
Alien Metals Limited 0.10p £10.84m (UFO.L)
The minerals exploration and development Company shared an update from its joint venture partner at the Elizabeth Hill Silver Project, West Coast Silver Limited (ASX: WCE), which included results from diamond drilling with high-grade silver and base metal intersections. The Diamond Drilling assays from below and south of the Elizabeth Hill historical silver workings have intersected a highlight of 3m @ 524g/t Ag from 183m; including 1.5m @ 1,039g/t Ag from 184.5m in diamond drill hole 26WCDD029. West Coast Silver has also received significant assay results for the last 15 of 32 reverse circulation drill holes completed in May 2026 at the Elizabeth Hill Project, located near Karratha in the Pilbara region of Western Australia. Drilling at Elizabeth Hill is progressing through the final planned holes, with further assays expected to be progressively reported through July and August.
Bango 67.50p £44.31m (BGO.L)
The Company enabling content providers to reach more paying customers through global partnerships updates on Trading for the six months to June. Total Revenue is expected to be $25.9m, up 3% and in line with management expectations. The subscription revenue increased 13% to $12.3m and the ARR grew 31% to $20.4m. EBITDA is expected to be at least up 24% to $9.0m, up 34% reflecting higher quality revenue and the FY25 efficiency initiatives. Net Debt was down slightly to $8.7m and cash EBITDA reached $3.7m in H1, exceeding the $2.3m delivered during the whole of FY25. The Board remains confident of delivering FY26 in line with market expectations which is for revenue of $53.8m, EBITDA of $19.5m and Cash EBITDA of $8.3m.
CapAI 0.63p £2.67m (CPAI.L)
The applied AI venture platform announced that it has agreed with R42 Group LLC to extend the licence and option arrangements in place across its capMedia platform portfolio, comprising Author42, Movie42 (formerly Creator42) and Gamers42 (formerly Game42), so as to provide additional time for the continued development and commercialisation of each platform. Under each LOA, capAI holds an exclusive licence to develop and commercialise the relevant platform and a discretionary option to acquire the associated IP for consideration of £2m per platform, on the terms previously announced by the Company. The terms of each LOA remain unchanged.
First Tin 10.50p £52.83m (1SN.L)
The tin development Company focused on advancing low-capex projects in Australia and Germany announced that its wholly owned subsidiary, Taronga Mines Pty Ltd, has identified the potential for rare earth elements and technology metals within its Taronga tenement package. The mineralisation was discovered at one of the Company's recently acquired tenements by First Tin geologists while sampling old workings for tin mineralisation and subsequently named the Blatherarm Prospect. The results demonstrate the presence of a broad suite of rare earth elements, including the more valuable heavy rare earths such as dysprosium (Dy), lutetium, neodymium, praseodymium, terbium and thulium. In addition, several valuable technology metals, including beryllium, caesium, hafnium and rubidium were identified in the same samples. While the extent, continuity and economic significance of the mineralisation have not yet been established, soil and rock chip sampling based on dysprosium assays has identified several zones exceeding 100m in strike length, with soil results above 16ppm Dy and rock chip assays of up to 419ppm Dy.
GSTechnologies Ltd 0.53p £12.79m (GST.L)
The fintech Company has entered into an investment agreement with Wide Ascent Limited in relation to a proposed strategic investment in Sodales AI Pte. Ltd., a Singapore-based AI company established to develop and commercialise an enterprise-scale Agentic AI Operating System. Subject to the execution of definitive legal documentation and the satisfaction of customary completion conditions, GST has agreed to invest US$1.0m in Sodales AI in exchange for a 10% equity interest. The investment will be funded from the Company's existing financial resources, including the recently announced US$10m unsecured loan facility.
Hostelworld Group 106.00p £136.24m (HSW.L)
The social network-powered Online travel Agent updated on trading up to 30 June 2026. Revenue was up 12% YoY to EUR 52.2m, led in part by Elevate, the marketplace monetisation tool which lifted the effective commission rate to 17.7%. Transaction volumes rose 1% year-on-year with the impact of the conflict in the Middle East, estimated to have reduced volume growth by approximately 3%, concentrated in longer-haul demand to Asia and Oceania. Demand in Europe and North America was more resilient. H1 2026 adjusted EBITDA was EUR 8.2m (H1 2025: EUR 7.4m), an 11% increase YoY, with an adjusted EBITDA margin of 16% (flat YoY). The closing cash position was EUR 15m and net cash of EUR 2.5m
Kazera Global 1.33p £13.24m (KZG.L)
The investment Company announced that its South African subsidiary, Whale Head Minerals Ltd, has entered into a long-term Mining Cooperation and Production Sharing Agreement with South Africa AT Investments Ltd (SAI) establishing a fully funded strategic partnership for the development of the Company's flagship Heavy Mineral Sands project. Production targets will be set through a comprehensive Mine Plan within 30 days of the Effective Date, while SAI will fund 100% of the capital expenditure, operating costs, infrastructure, equipment deployment and working capital required for the operations covered by the Agreement. An initial advance payment of US$750k against future sales is expected, payable within five Business Days of the Agreement becoming effective. A further US$1.75m cash inflow from a second advance payment against future sales is payable upon the grant of the 2A Mining Right. First production is targeted by end the of 2026.
RC Formax 6.40p £5.90m (RCFX.L)
The consultancy delivering outcome-based engineering solutions to the defence sector's most critical platforms updates on client engagement. Following a competitive bidding process, the Company has been invited by Thales UK Ltd to join a highly selective Niche Supplier Framework to supply packages of engineering services work for Sonar and Naval Architecture. The agreement covers a period of three years with an option for a further two-year extension. Thales makes a significant investment in the UK supply chain, spending approximately £575m annually and committing £150m each year to small and medium enterprises. Discussions have now advanced materially with RC Fornax's inclusion on the niche supplier framework, providing a clear pathway to renewed and expanded engagement. The Board considers this opportunity to be strategically significant as it strengthens the Company's position as a long-term partner to Tier-1 defence contractors.
Taylor Maritime Limited 0.80p £85.78m (TMI.L)
The specialist dry bulk shipping Company announced details of its third capital distribution totalling US$45m to shareholders by way of a compulsory partial redemption of ordinary shares at a price of US$0.8583 per share. The amount to be applied to the Compulsory Redemption and the redemption price per share have been determined by the Board with reference to the 31 March 2026 net asset value. The Compulsory Redemption will be affected pro rata to holdings on the share register as at the close of business on 10 July 2026, being the record date for the Compulsory Redemption. Approximately 37 per cent. of the Company's issued share capital will be redeemed on the Redemption Date.
Zenith Energy Ltd 4.50p £31.09m (ZEN.L)
The international energy production and development Company updated shareholders regarding the application for annulment of the ICC-2 Arbitration seated in Geneva before the Swiss Federal Supreme Court in Lausanne, Switzerland submitted by its wholly owned subsidiary, Canadian North Africa Oil and Gas Limited. CNAOG has obtained material which it believes constitutes compelling new evidence in support of its Annulment Application. In CNAOG's view, this material provides incontrovertible evidence of a previously undisclosed and irregular relationship between the lawyers representing the Republic of Tunisia, Boussayene Knani Law Firm, and the President of the ICC-2 Arbitral Tribunal, Ms. Cecilia Carrara. Given the gravity of these findings, CNAOG has submitted this material to the Swiss Federal Supreme Court. The Company has also decided to refer the totality of its findings to a number of other competent judicial and criminal courts for their independent consideration and action
What’s baking in the oven?
Potential IPOs:***
Dual List:***
Bravura Solutions (ASX: BVS) the global provider of enterprise software for the wealth management and funds administration industries has announced its intention to dual list on AIM. Bravura is currently listed on the Australian Securities Exchange (ASX) and Admission to AIM is being sought via the AIM Designated Market Route. No capital to be raised on Admission with a market cap on Admission of circa £500m. Expected Admission date is 28 July.
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”.
