* 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.
Dish of the Day
Admissions:
Further to the announcement on 24 February relating to the proposals to establish, by means of a scheme of arrangement, a new Delaware corporation, Sunbelt Rentals Holdings, Inc. as the holding company of the Ashtead Group in connection with its proposed new US primary listing, and the Court's sanction of the Scheme, the Company announced that the Scheme has become effective. An application has been made to the London Stock Exchange for the Admission to trading of the Sunbelt Rentals Shares on its Main Market for listed securities and to the FCA for the Admission to listing of the Sunbelt Rentals Shares in the Equity Shares (International Commercial Companies Secondary Listing) Category of the Official List, which in each case are expected to become effective today.
Delistings:
Ashtead Group (AHT.L) has left the Main Market.
What’s baking in the oven?
Potential IPOs:***
24th February: Tapir Holdings announced its intention to IPO onto AIM. Tapir Holding Ltd (TPH.BH) listed on the Bermuda Stock Exchange on 11 March 2024 and sole asset is its 10.04 per cent. equity stake in Rendeavour Holdings Limited, incorporated in Bermuda and is an investor in East and West African urban development projects. On Admission, the Company will be an 'Investing Company' seeking to achieve its investment objective through further investments in Rendeavour and in other development projects or unquoted companies with suitable synergy across Africa. On Admission to AIM, the Bermuda Stock Exchange will become the secondary listing and AIM the primary listing for the Shares. Deal details TBC and expected Admission date is early March 2026.
Reverse Transactions:***
18 February: AIM quoted Beacon Energy (BCE.L) suspended on 27 June 2025, has published an Admission Document in relation to the Proposed Transaction announced on 7 October 2025 to make a significant strategic investment in LNEnergy Limited which constitutes a reverse takeover and raise gross proceeds of approximately £3.75m. The AGM is set for 5 March with restoration of trading of the enlarged shared capital expected on 6 March.
Market Movers:***
25 February: Roquefort Therapeutics (ROQ.L), the Main Market listed biotech Company, is acquiring assets from Coiled Therapeutics, Inc. and A2A Pharmaceuticals, Inc. and at the same time moving to AIM. £8.5m is to be raised on Readmission at an issue price of 10 pence per share with an anticipated market cap of £42.6m. Expected Admission date is 27 March 2026.
14 January: GlobalData (DATA.L), the data, insight, and technology Company expects to submit its application to move to the Main Market from AIM and to take place on 5 March.
2 March: Onward Opportunities (ONWD.L) the UK smaller company focussed investment Company announced that it is exploring a move from AIM to the closed ended investment fund category of the FCA's Official List and to trading on the Main Market, to broaden the Company's potential investor base. The Company is targeting the migration becoming effective in the Q2 2026.
Banquet Buffet****
Brave Bison Group 73.00p £75.83m (BBSN.L)
The marketing and technology partner for global brands announced the acquisition of a 28% direct equity interest in System1 Group plc by way of a share-for-share exchange with John Kearon, System1's founder and largest shareholder. In addition, Brave Bison has acquired a further 628,111 shares for cash via on-market purchases for a total consideration of £1.3m at a price of 210 pence per share. Based on the Issue Price and on-market purchases, the blended price per System1 share acquired is 242 pence, representing an FY26e EV/EBITDA of 5.2x. Based on the Issue Price and on-market purchases, the blended price per System1 share acquired is 242 pence, representing an FY26e EV/EBITDA of 5.2x.
Delta Gold Technologies 66.00p £42.57m (AQSE:DGQ)
The technology Company developing IP in the quantum computing space announced that it has agreed with the University of Toronto to advance C$269,000 from the Year 2 Research Sponsorship well ahead of the July 2026 schedule. This accelerated Phase II funding, which forms part of the C$1,000,000 Year 2 commitment, reflects the strong progress being made by the University of Toronto's research team and will enable the early addition of a second component to the Cryo - refrigeration system. The Cryo-refrigeration system allows experiments to be conducted at extremely low temperatures in order to create stable conditions for testing of nano-scale structures. The goal of the experiments is demonstrating the building blocks of a potential stable cubit utilising nano-scale gold plus other materials. Cubits are the core part of a quantum computer and so far stability of the cubit has been elusive, hence the importance of the ongoing research being funded by Delta Gold.
Eco (Atlantic) Oil & Gas Ltd 45.60p £140.59m (ECO.L)
The oil and gas exploration Company focused on the offshore Atlantic Margins announced its unaudited results for the three and nine month periods ended 31 December 2025. The Company had cash and cash equivalents of US$2.9m and no debt as at 31 December 2025, before a capital raise of US$10m completed on 29 January 2026. On December 4, 2025 Eco signed a binding Framework and Options Agreement with Navitas Petroleum LP for the Orinduik Block offshore Guyana and Block 1 CBK offshore South Africa as well as future oil and gas cooperation for the entire portfolio and new ventures. As part of the Framework Agreement, Navitas Petroleum LP (Navitas) paid Eco Atlantic US$2m to enter into an exclusive option agreements to farm-in to the Orinduik Block and Block 1 CBK. Today it separately announced that further to its announcement on 12 January, Navitas confirmed that it has signed a definitive farm-in agreement with JHI Associates Inc in which Eco has a 6.6% interest. Under the farm-in agreement Navitas is to acquire a 65% working interest in the PL001 North Falkland's Basin Licence.
Galileo Resources 0.80p £10.71m (GLR.L)
The mining Company announced an update on Drill Targeting at the Ferber Property. The phase 1 exploration and data integration programme has generated a number of priority drill targets at its 100% owned Ferber Property under the terms of a Royalty and Exploration Agreement with Bronco Creek Exploration Inc., a wholly-owned subsidiary of Elemental Royalty Corporation (TSX-V: ELE, NASDAQ: ELE). Historic drill intercepts included 12.2m @ 0.83% Cu and 10.7m @ 0.53g/t Au, while periodic mining included the Martha Washington mine where production was reported to average 6% Cu, 16% Pb and 14 oz/ton Ag. The Company will now initiate the process of permitting, logistical preparation and obtaining quotes from suitable contractors with the aim of commencing drilling in the H1 2026.
Gana Media Group 0.24p £41.26m (GANA.L)
The AIM quoted content and data intelligence company announced its unaudited interim results for the six months ended 31 December 2025. Revenue for the period was £1.05m, up from £415k in 2024, and was largely derived from the provision of support services provided in connection with the development of the Sports Betting business in Mexico. The pre-tax loss for the 6 months was £1.5m (£804k in the 6 months to December 2024) but includes approximately £900k of professional fees associated with the acquisitions of Estadio Gana and Capital Media Sports. Throughout the period, the balance sheet was improved with the raising of £2.2m in equity, £0.5m via the exercising of warrants and £1.7m as an advance of direct share subscriptions which were subsequently converted into shares on 8 January. This has contributed to a Group cash position at 31 December 2025 of £1.8m. This was boosted further post 31 December by other Placing and Warrant Exercises.
Gelion 19.00p £41.30m (GELN.L)
The sulfur battery Company reports Interims to December 2025 and that significant technical and commercial progress has been made. The Company is still largely pre-revenue with £0.5m from grant income. The EBITDA loss reduced to £2.4m from £2.9m due to more focused development expenditure. A major technical milestone was achieved in the development of its next-generation sulfur battery technology, confirming its proprietary coin-cell testing cathode reached capacity target for practical high-energy-density sulfur cathodes. A full collaboration agreement has been signed with TDK Corporation to facilitate the development of large format commercial pouch cell prototypes. The Cash position was £10.5m compared to £2.7m and there is no debt.
Haydale 0.39p £31.49m (HAYD.L)
The advanced materials and clean-technology Company announced the launch of an integrated subscription model across its SaveMoneyCutCarbon (SMCC) operations and JustHeat product deployments, supported by a Strategic Platform Partnership Agreement. The initiative represents a deliberate shift towards recurring, multi-year revenue relationships, combining product deployment, digital services and subscription-based payment structures within a unified commercial framework. The Board believes this model strengthens lifetime customer value while improving predictability of revenue streams.
Hercules 54.50p £44.32m (HERC.L)
The UK infrastructure and construction services Company announced its specialist power and energy subsidiary, Advantage NRG, has secured new works with a combined contract value of c.£6.7m across the National Grid network in England. Advantage NRG specialises in the supply of linesmen for the construction and maintenance of overhead electrical transmission lines. The new works run from March to October 2026. At peak delivery, the contracts will require up to 79 skilled operatives, demonstrating Advantage NRG's expanding operational scale and technical capability. Hercules believes Advantage NRG is well-placed to benefit from the UK's major upgrade of its electrical infrastructure to meet rising energy needs.
Power Metal Resources 15.00p £17.05m (POW.L)
The mineral exploration Company and project incubator with a global project portfolio announced a strategic investment of US$1.5m for an initial 4.6% shareholding in Greyridge Exploration Corp, the Canadian-based mineral exploration Company focused on the discovery of copper and gold deposits in the Kingdom of Saudi Arabia (KSA). In conjunction with the investment, Power Metal has signed a Memorandum of Understanding with Greyridge to establish a non-binding framework that sets out the basis for the Company's majority-owned subsidiary, Power Arabia, and Greyridge to explore the option to enter into joint ventures or similar collaborative agreements, such as earn-in agreements, across Greyridge's projects in the KSA and any future licences that it obtains.
Tristel 400.00p £191.73m (TSTL.L)
The manufacturer of infection prevention products utilising proprietary chlorine dioxide technology announced its unaudited interim results for the six months to 31 December 2025, a period which delivered revenue growth and a 17% increase in adjusted EBITDA. The Company remains cash generative, with no debt, and maintains a progressive dividend policy with a consistent interim payment.
Revenue was up 14% to £25.65m (2024: £22.57m) with the business firmly on track to meet market expectations for the year. The gross margin remains steady at 81% (2024: 82%) and the adjusted profit before tax was up 11% to £5.47m (2024: £4.91m). The Company reported that it has no debt and cash and short-term investments of £13.29m (2024: £11.74m) after paying dividends of £4.07m (2024: £3.94m).
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