* 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:
None
Delistings:
Dalata Hotel Group (DAL.L) has left the Main Market.
What’s baking in the oven?
Potential** Initial Public Offerings:***
24th October: Sterling Digital, the bitcoin mining business, has announced its intention to seek Admission on the Access segment of the Aquis Stock Exchange. The Company’s objective is to deliver sustainable long-term growth via compounding bitcoin exposure through cheapest-in-class mining and active management of bitcoin reserves. The Company expects to raise money and Admission on or around 11 November 2025.
10 November: Delta Gold Technologies announced its application for Admission to the AQSE growth market. The Company is developing, with an option for an exclusive license, intellectual property (IP) targeted towards the quantum computing (QC) space that can be licenced globally. This technology will be centered around the usage of nano-scale gold and other materials. Utilising the unique physical properties of certain materials which are believed to have direct and significant applications within the rapidly growing QC space. This IP will be developed with a top global nanotechnology and QC team at the University of Toronto located in Ontario, Canada, with the intention to further develop the IP, file provisional patents, and subsequently license the technology on a global basis. The University of Toronto will supply facilities and researchers to Delta and the Company plans to develop commercial licenses. Deal details TBC and expected Admission date of 28th November.
Banquet Buffet****
Abingdon Health 7.75p £18.20m (ABDX.L)
The international developer, manufacturer, and distributor of high quality and effective rapid tests announces a new contract win with an expected value of approximately US$2m. The Company has signed a Master Service Agreement (MSA) with a US-based company for the development and scale up to manufacture of a semi-quantitative, multiplex lateral flow test system. The MSA covers the feasibility, optimisation, scale-up, and technical transfer to manufacturing of the test for multiple analytes. The project is expected to take approximately 24 months via works orders under the MSA which are expected to total US$2m.
Agronomics Ltd 7.60p £78.73m (ANIC.L)
The Company focused on clean food reported that portfolio company, the EVERY Company, has successfully closed a US$55m Series D financing round. The round, led by McWin Capital Partners through the McWin Food Tech Fund, included participation from Main Sequence, Bloom8, TO.VC, Minerva Foods, Grosvenor Food & Ag, New Agrarian Company Limited (an affiliate of Agronomics), and SOSV. EVERY, based in San Francisco, produces egg proteins using precision fermentation.
Avingtrans 507.50p £157.37m (AVG.L)
The Company which designs, manufactures, and supplies critical components, modules, systems and associated services to the energy, medical, and industrial sectors, announced that its subsidiary Adaptix Limited, has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its orthopaedic 3D imaging product, the Adaptix Ortho350. Adaptix is developing affordable, low-dose 3D Digital Tomosynthesis (DT) imaging systems designed for point-of-care use. The newly cleared Adaptix Ortho350 is a compact, mobile, low-dose DT orthopaedic imaging system capable of providing fast, lower-cost, 3D X-ray imaging at the point-of-care.
Buccaneer Energy 0.01p £2.14m (BUCE.L)
The international oil & gas exploration and production Company with development and production assets in Texas, USA, announces that the Allar 1 well (32.5% WI) in the Fouke area of the Pine Mills Field has been drilled to a total depth of 5,767 feet and encountered a shaly oil sand sequence in the 2nd sub-Clarksville unit at a depth of 5,616 ft which did not contain a commercial hydrocarbon accumulation. The well will now be plugged and abandoned. Following the completion of this process, the drilling rig will be released and is expected to return to the Pine Mills Field to drill the Fouke 4 well.
Cambridge Nutritional Sciences 2.25p £6.31m (CNSL.L)
The medical diagnostics Company promoting a personalised and functional approach to health and nutrition reports Interims to September 2025. Revenue eased 4.9% to £3.9m with the Gross margin improving to 67.7% from 65.4% due to production efficiencies and the product mix, although the Loss before tax increased to £0.4m from a loss of £0.2m. US Laboratories are taking longer to commercialise FoodPrint, but there are encouraging signs. The cash of £3.6m is funding delivery of strategic objectives driving new initiatives including IVDR (In-vitro Diagnostic Devices) development and a Gut Detective product. The sales pipeline continues to grow and the team are focused on converting initial agreements into orders and the Board remains confident and focused on driving new and existing sales as the primary objective for H2.
Eagle Eye Solutions Group 278.00p £76.10m (EYE.L)
The SaaS and AI technology Company that creates digital connections enabling personalised, real-time marketing at scale, has secured a five-year contract with one of the largest independent North American food retailers. The Retailer will use the Eagle Eye AIR platform for promotional capabilities within the eCommerce business of one of its brands. The contract is expected to go live in the first half of calendar 2026. The Retailer operates more than 450 stores across Texas and Mexico under five brands, and this contract provides a substantial opportunity to deepen the relationship with the Retailer further over time.
Insig AI 26.00p £31.87m (INSG.L)
The provider of AI-led analytics and machine-learning solutions announced that it has secured a new contract with a global advisory firm serving clients in over 70 countries. The contract is based on a monthly subscription model, with value anticipated to increase during 2026 as the solution is rolled out across the client's business. This agreement broadens Insig AI's client base into the global advisory sector, an area with significant potential for future expansion. The client will use Insig AI's Generative Intelligence Engine (GIE) to automate benchmarking of corporate-reporting disclosures against international standards.
Kazera Global 1.45p £13.91m (KZG.L)
The investment Company focused on heavy mineral sands (HMS) and diamond production in South Africa announced a subscription that will raise gross proceeds of £1.3m at 1.5p. The use of proceeds will drive the next growth phase at Kazera's HMS and diamond operations, increasing capacity, enhancing efficiency, and lifting profitability. The Subscription Price represents a premium of 7.14 per cent. to the closing price per Ordinary Share on 7 November.
MedPal AI 7.875p £33.1m (MPAL.L)
The UK-based digital health and Artificial Intelligence Company focused on health and wellness management, announced that its wholly owned subsidiary, MedPal Limited, has received formal approval from Norfolk and Waveney Integrated Care Board (ICB) for the change of ownership of the NHS Pharmacy Contract previously held by Universal Pharmacy Limited. This formally completes the acquisition of the assets from Universal as announced by the Company on 1 October. The Company also continues to develop its AI-driven wellness app, which aggregates data from over 100 wearables and health apps to provide personalised lifestyle guidance. The Company has also already received orders for weight loss drugs through its newly launched weight loss service at MedPal.clinic. This early uptake is beyond the Board's expectations and reflects growing consumer demand for accessible telehealth services combined with rapid medication fulfilment.
The Company specialising in the health and wellness sector provided the following update. Juvela, the gluten-free and free-from foods manufacturer and distributor of branded gluten-free products, following the launch of its new retail brand OAF, which has had continued success in Tesco with week-on-week growth, has won another major retailer in the UK expecting to go live by Easter 2026. Separately, Pulsin, the nutrition brand that specialises in plant-based nutrition technology, manufacturing, and sales, with a focus on protein bars, nutritional snacks and keto bars, has managed to secure a European distributor with established channels and anticipates that the sales of the protein / fibre and keto bars through this new distributor will commence from January 2026.
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.