* 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
Dish of the day
Admissions:
Sundae Bar (SBAR.L), a Company creating a marketplace for AI Agents, announced its Admission to AIM. The Company raised gross proceeds of £2,000,000 at the price of 8 pence per share. The sundae_bar platform is intended to streamline the AI ecosystem by creating a unified marketplace; seamlessly connecting AI agents with businesses and individuals. The sundae_bar platform will empower developers with tools to build, scale, and monetise agents, whilst giving end users a trusted space to discover and implement AI solutions, transforming how AI innovations reach the market. Withdrawal of the Company's Admission on the Access Segment of the AQSE Growth Market and Admission onto AIM will take place simultaneously.
Delistings: None
What’s baking in the oven?
Potential** Initial Public Offerings:
12th May: Cobalt Holdings, a Company created primarily to purchase and hold physical cobalt, offering public equity investors pure-play direct exposure to the price of cobalt, confirmed its intention to raise approximately US$230m through its Global Offer and the Admission on to the Main Market on 10 June 2025. Glencore International AG and certain entities and affiliates managed by Anchorage Structured Commodities Advisor, have agreed to participate as cornerstone investors, agreeing to invest, in aggregate, an amount representing approximately 20.5% of the Shares to be offered pursuant to the Global Offer.
9th May: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announces that it has confirmed its intention to IPO onto the Main Market. The Company developed and operates a proprietary online and mobile CFD trading platform, allowing primarily retail clients to trade CFDs across 870+ financial instruments, including currencies, commodities, indices, stocks, cryptocurrencies and exchange traded funds. For the year ended 31 December 2024, trading income was $50.1m, adjusted EBITDA of $9.7m and adjusted profit before tax of $7.6m. The current intention is to maintain a progressive dividend policy, and the dividend for FY2025 is expected to be set at approximately 50 per cent. of adjusted profits. Deal size TBC but timing is expected late June 2025.
Market Movers:
Updated 4 June 2025: Ajax Resources (AJAX.L) is planning to move to the Aquis Stock Exchange Growth Market Access Category from the Main Market of the London Stock Exchange. The Company expects cancellation to take place at 08:00 BST on 18 June 2025, with Admission to trading on AQSE to occur concurrently. Ajax is pursuing a strategy as a natural resources investment company, with a focus on Copper, Gold, Zinc, Uranium, and Lead. The Company completed its first acquisition on 21 May 2025. The Company’s first acquisition was the purchase of Puna Metals S.A., holding the mining rights for 12 licences, collectively forming the Eureka Gold and Copper project in the north-west corner of the Province of Jujuy in Argentina.
Reverse Transactions:
20 March 2025: File Forge Technology (AQSE: FILE) the investment Company has approved the acquisition of 100% of the issued share capital of Amirose London Limited from Epoque Services Incorporated Limited for a consideration of £5m, to be satisfied in shares. Given the size of the acquisition relative to File Forge technology PLC and voting control, the acquisition qualifies as a reverse takeover. Amirose London Limited provides contract manufacturing services in the personal care sector for global and boutique premium brands. Amirose London Limited will assist Brands in developing formulations for personal care products, sourcing packaging, bulk manufacturing, filling, and distributing. On Admission, File Forge Technology PLC is to change its name to Amirose London Holdings PLC. Expected Admission date is 6th June 2025.
Banquet Buffet****
Cornish Metals Inc 8.00p £100.19m (CUSN.L)
The mineral exploration and development Company focused on advancing its 100% owned and permitted South Crofty tin project in Cornwall provides an update. The Company has placed long lead item orders for two winders and has engaged Technical Management Group Ltd to provide project management consulting services for the development of South Crofty. This will supplement the Company's resources through the construction phase and ramp-up to full production. The project's critical path allows for the planned commencement of pre-production underground development in H2 2026.
ECO (Atlantic) Oil and Gas Ltd 10.30p £31.05m (ECO.L)
The Atlantic Margin-focused oil and gas exploration Company provided an update on activities in its entry into Block 1 offshore South Africa, located in the proven and highly prospective Orange Basin. The acquisition has been completed of Block 1's substantial volume of 3D and 2D legacy data from the Petroleum Agency South Africa. All the data is high-resolution quality and processing ready. The seismic surveys offer full coverage across key structural and stratigraphic targets, from inboard gas-prone zones to outboard oil-charged systems. The Orange Basin has rapidly emerged as one of the most compelling hydrocarbon fairways globally, with recent multi-billion-barrel discoveries adjacent in Namibia extending directly into the geological runway of Block 1.
EMV Capital 37.5p £11.25m (EMVC.L)
The deep tech and life sciences VC investment Company reports on FY December 2024. Revenue increased to £2.5m from £1.4m and losses increased to £3.7m from £2.9m, which included non-recurring fees. Its total assets decreased to £19.5m from £22.5m, with net assets decreasing to £14.1m from £17.1m. In December 2024, £1.4m was raised and the Group had £1.1m of cash and £1.0m as readily realisable assets as at the end of May 2025. The total assets under management (AUM) increased by 33% to £98.5m. The current climate for investment and exits remains difficult, but management is confident that several of its holdings are approaching value inflection points.
GeninCode 1.60p £4.30m (GENI.L)
The predictive genetics Company focused on the prevention of cardiovascular disease and risk of ovarian cancer reports results to YE December 2024. Revenues increased 25% to £2.7m driven by sales growth in the UK and Europe. The EBITDA loss was reduced to £4.4m, from a £6.7m loss in 2023 reflecting the increased revenues and strengthening margins. Its cash reserves are £1.1m compared to £2.5m in December 2023. Trading for the first four months of FY25 is 20% higher than the same period in 2024, helped by the investment in the marketing and support teams. There are ongoing and progressive discussions with the FDA for US regulatory approval of CARDIO inCode, which once granted would significantly accelerate growth. The CEO reports that with the revenue growth and increasing operational efficiencies, the business is moving towards breakeven.
GENIP 21.5p £4.38m (GNIP.L)
The technology business providing Generative Artificial Intelligence (GenAI) solutions to help research organisations and corporations commercialise their innovations, announces its inaugural audited results for the period from incorporation on 23 February 2024 to 31 December 2024 . Revenue is $123,015 with an Operating Loss of $888,545, with cash and cash equivalents of $972,364. A growing order book is reported, as new services have been launched, opening new revenue channels. The sales and marketing team have been expanded to drive customer acquisition and higher revenues. The CEO stated that with the strategic initiatives underway, the Group is positioned for expansion.
Mosman Oil and Gas Ltd 0.04p £9.88m (MSMN.L)
The helium, hydrogen, and hydrocarbon exploration, development, and production Company announces an update on the second well in the drilling campaign at the Vecta Project, in Colorado. The drilling rig is in the area and is ready to move onto location as soon as weather permits. This is the second of five wells planned in this drilling campaign testing five individual structural closures. Each well location has been carefully selected by the experienced team and the low-cost drilling enables data to be obtained quickly and cheaply. The CEO states these wells have “an excellent chance of discovering helium.”
New Frontier Minerals 0.6p £8.7m (NFM.L)
The mineral exploration Company announced it has raised $1.59m before costs at an issue price of $0.011 per share. The capital raised from the fundraise will be used for ongoing exploration and related activities including an inaugural drill campaign at the Harts Range Project, advancing the Memorandum of Understanding with Austral Resources to establish a pathway to production for the Big One Deposit, and for general working capital requirements.
Ramsdens Holdings 350.00p £106.57m (RFX.L)
The diversified financial services provider and retailer reports Interims to March 2025. Revenue increased by 18% to £51.6m and gross profit increased by 20% to £27.1m. This led to a 54% growth in profit before tax, to a record £6.1m. This is driven by the precious metals segment which has continued to perform very strongly with gross profit increasing 53% to £7.6m reflecting the sustained exceptionally high gold price and an increase in the weight of gold purchased. Net cash increased to £7.4m from £3.8m and the dividend is being increased by 25% to 4.5p. The demand for pawnbroking loans has remained robust with May 2025 being a record month for the value of loans issued. There are 169 stores compared to 167 stores and the Board expects to return to opening six to eight new stores each year from FY26 onwards.
Seraphim Space Investment 72.2p £174.1m (SSIT.L)
The SpaceTech investment Company announces its third quarter results for the three-months to end March 2025. NAV is 0.3% lower at 100.78p a share which is £239m, with roughly half of the portfolio representing 74% of fair value. 62% of its investee companies are fully funded and 11% funded for 12 months or more from 31 March 2025. As at end March 2025, the Company had £16.5m of cash reserves compared to £23.5m, with a further £11.2m of potential liquidity via holdings in listed companies. The CEO stated that with the rise in geopolitical tensions and increasing defence priorities, governments are turning to space-based technologies to secure their borders, enhance intelligence capabilities, and ensure technological sovereignty. This is driving a new wave of procurement in the space sector.
Synectics 320.00p £55.16m (SNX.L)
The provider of advanced security and surveillance solutions reports a five-year extension to its existing contract with one of the world's most successful and high-profile gaming resorts worth at least $4.8m.Under the terms of the contract, Synectics will continue to provide the Customer, a long-standing major casino operator in South-East Asia, its proprietary Synergy software platform. The CEO states this contract is underpinned by Synergy's scalability and flexibility to grow with the resort's development.
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