* 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:
Mayflower Acquisition Limited (MAY.L), a British Virgin Islands company has joined the Main Market today. The Company has been formed to undertake an acquisition of a target company or business. Mayflower has raised gross proceeds of $500,000,000.
Delistings:
Last Friday, Argo Blockchain (ARB.L) left the Main Market.
What’s baking in the oven?
Potential** Initial Public Offerings:***
8th December: Greengage & Co Group has announced its intention to IPO onto AQSE. The Company bridges traditional finance and digital assets through a relationship-led fintech platform designed for institutional and professional clients. It provides business-to-business (B2B) introductions to electronic-money (e-money) accounts and providers of credit for SMEs, fiduciaries, and family offices, enabling seamless movement between fiat and digital currencies. Offer details TBC and expected Admission on or around 24th December.
3rd December: Sintana Energy, the oil and natural gas exploration Company listed on the Toronto Venture Exchange, has announced its intention to dual list on to AIM. The Company’s interests include eight licences in two countries, Namibia and Uruguay, as well as a pending indirect interest in a licence in Angola (and legacy assets in The Bahamas and Colombia), thus providing diversified exposure to a range of geologic plays, basins, operators, regulators, and geopolitical regimes. The portfolio is anchored by an indirect interest in the significant discoveries in the Mopane Complex (contained in Petroleum Exploration License 83 in the Orange Basin, Namibia), together with additional high-impact exploration catalysts across multiple other assets. No capital being raised on Admission and the anticipated market capitalisation on Admission will be £137m. Expected Admission date is 17th December.
2nd December: Pathos Communications, the technology-enabled, human-led PR Company announced its intention to IPO onto AIM by 16th December. The Company collaborates with its clients to create and distribute articles and media across a variety of platforms, including established news outlets, digital media and podcast channels. The Company's client base comprises SMEs, including micro-SMEs, which can benefit from public exposure through media and news publishers. The Company is incorporated in the UK, with its primary operations in Dubai. The Company's offerings to its clients are supported by its proprietary AI-driven technologies, which are used to generate ideas, undertake market research and create news articles with limited human input required to generate highly efficient outputs. £5m is to be raised for the Company through the placing of new shares and approximately £0.6m to be raised from selling shareholders. Anticipated market capitalisation on Admission will be £20m and expected Admission date is 16th December.
Market Movers:***
12 December: Ultimate Products (ULTP.L), the owner of a number of leading homeware brands including Salter and Beldray, has announced its intention to move from the Main Market to AIM.
The Company’s current market capitalisation is approximately £50m and no capital will be raised on Admission on 15 January 2026.
18 November: Roquefort Therapeutics (ROQ.L) proposes to change its name to Coiled Therapeutics plc. The Company will cancel the listing of its ordinary shares on the Equity Shares (Transition) category of the Official List and trading on the Main Market for listed securities of the London Stock Exchange, and make application for its ordinary share capital to be admitted to trading on the AIM market and carry out an equity placing by the issue of new ordinary shares to raise a minimum of £10.5m conditional on Admission.
19 November: All Things Considered Group (AQSE: ATC) independent music Company which delivers representation, services and creative commercial solutions announced a conditional equity fundraising of £8.6m and subsequent move to AIM. Admission to AIM is expected to occur on or around 17 December. Net proceeds of the Fundraising will provide additional working capital and a strengthened balance sheet to continue ATC's growth strategy.
11th November: CVS Group (CVSG.L) announced its plan to move from AIM to the Main Market on 29 January 2026, subject to FCA approval of a prospectus and the ordinary shares being admitted by the FCA to the Main Market. The Group does not intend to raise funds in connection with the move.
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Banquet Buffet****
Adsure Services 25.00p £2.65m (AQSE: ADS)
The specialist business assurance Company announced its consolidated interim results for the six months ended 30 September 2025. The Group delivered revenue of £4.89m, slightly below the prior year of £5.06m. Direct staff costs reduced to £3.06m (2024: £3.17m), supporting an improved gross profit of £1.7m (2024: £1.67m). EBITDA declined marginally to £0.49m from £0.55m, with profit before tax also easing to £0.31m (2024: £0.33m). Cash balances decreased to £0.61m, while net assets strengthened significantly to £1.18m, up from £0.77m. Operationally, the business achieved double-digit order book growth through sector-focused development, expanded housing sector clients by over 20%, and secured three new university contracts worth £160k. The Company also announced an interim dividend of 0.29 pence per share to be paid on 19 January 2026 to shareholders on the register 9 January.
Cadence Minerals 3.95p £14.75m (KDNC.L)
The investment and development Company in the mineral resource sector has provided an update on its Amap Project. DEV Mineracao S.A. has resolved the final material municipal legacy issues inherited from previous operators by completing the first payment under a court-ratified settlement with the Municipality of Pedra Branca do Amapari. This milestone significantly reduces non-technical risk by removing long-standing municipal impediments, lifting restrictions on ore transport, and improving administrative clarity for routine permitting. The settlement is being funded entirely by DEV under its Judicial Recovery Plan, with Cadence making no direct municipal payments; demonstrating continued capital discipline.
With municipal matters now settled, the regulatory pathway for the Project is clearer, enabling continued progression through Brazil’s statutory licensing process, subject to ongoing technical assessments and regulatory approvals.
Chariot Limited 1.60p £22.57m (CHAR.L)
The Africa focused energy Company confirmed that it has completed a significant financing and a strategic equity partnership primarily to fund its investment in two wind generation projects, Zen and Bergriver, in South Africa, which have just reached financial close. As announced separately today, these Projects are being led by Acciona Energia, the largest pure play renewable energy company in the world, with construction to commence imminently. Post commissioning, anticipated in mid-2027, Chariot will receive revenue streams both from the generation of electricity from these Projects and from the subsequent trading of this power through Etana.
Conroy Gold and Natural Resources 11.00p £7.93m (CGNR.L)
The gold and base metals exploration and development Company provided further detail in respect to its exploration activities at Clontibret, which is the initial focus of the work programme to advance its "Discs of Gold" project as referenced recently in the Chairman's statement for the 2025 Annual Report. The Company confirms that drilling has commenced at Clontibret on the 2,000 metre initial programme. This programme marks a significant advance in the Company's strategy to test the deeper potential of the Clontibret deposit. The drill holes are designed to follow up on the gold and antimony plunge trends identified during the detailed re-logging project, as first announced on 27 February 2025.
eEnergy 4.05p £17.23m (EAAS.L)
The Energy-as-a-Service provider provides a trading update for the five months ended 30 November 2025, ahead of the financial year ending 31 December. The Company continues to experience strong demand, building an investment-grade pipeline of approximately £127m net revenue across 996 active projects created in FY2025. The Period saw several record contract wins, particularly in Solar PV, including an expanded programme with Mace covering solar PV, LED, EV charging and battery installations across around 74 schools, due for completion by Q1 2026. A landmark £1.5m solar carport project for Brioche Pasquier, one of the UK’s largest, further strengthens the positioning for anticipated growth in 2026. While £3m–£4m of FY2025 revenue is deferred into FY2026 due to timing delays, FY2025 revenue is expected at £23m–£24m, with adjusted EBITDA of £1.5m–£1.9m. A strong order book and pipeline underpin expectations of a record FY2026.
Frontier IP Group 16.00p £10.68m (FIPP.L)
The specialist in commercialising intellectual property today announces that portfolio company Alusid Limited has raised £500,000 through a pre-IPO equity funding round. The fundraising values the Company at £10m and investors included existing backer, Octopus Investments, and the University of Lancashire. As part of the round, Frontier IP converted loans of £250k into equity. The Group now holds a 36.16% per cent equity stake in the Company. Proceeds from the round will support the Company as it prepares for a potential IPO onto AIM.
Petards Group 10.25p £5.92m (PEG.L)*
The developer of advanced security, communication and surveillance systems announced that its subsidiary, Petards Joyce-Loebl (PJL), has received an order worth approximately £0.65m from BAE Systems. The order is for Petards products which provide essential electrical safety assurance in military aerospace applications, protecting the lives of the civilian and military personnel working with military aircraft around the world. Delivery of the full order is scheduled to be completed during 2026.
Physiomics 0.29p £0.8m (PYC.L)*
The mathematical modelling, data science and biostatistics company announced a follow on contract with an existing UK based-client. This new project builds on the contract award announced on 9 May 2025, under which Physiomics assisted its client in developing a population Pharmacokinetic (PK) model to inform the design of a Phase 2 clinical study for a small molecule therapeutic targeting rheumatoid arthritis. Due to timelines associated with patient recruitment and data generation, this project is not anticipated to commence until 2027. Upon initiation, the project is expected to run for approximately six months and due to flexibility in the scope of work has a value between £116K and £169k.
Sure Ventures 70.00p £5.56m (SURE.L)
The capital fund which invests in early-stage software companies in Augmented reality, Virtual reality, Internet of Things and Artificial Intelligence, reports Interims to September 2025. A 6p decline is reported in net asset value (NAV) per share of £1.70 which is in line with expectations, reflecting normal short-term market fluctuations while the Funds continue to deploy capital and mature their portfolio companies. The sale of Visibility Blockchain Limited from Fund I to US-based Forcepoint raised EUR1.77m cash and has strengthened the Company's liquidity position. Fund 1 is firmly in its realisation phase with successful exits reinforcing the value of the investment strategy. Fund II continues to progress in line with expectations, building a diversified portfolio of early-stage UK and Irish software companies.
Van Elle Holdings 35.5p £37.3m (VANL.L)
The UK's largest specialist geotechnical engineering contractor announced that it has agreed to dispose of the entire share capital of, and all assets pertaining to, its Canadian subsidiary, Van Elle Canada Inc to 1560169 B.C. Ltd. which is a SPV established for the purposes of this transaction, operating in a management partnership with Canadian rail contractor, Remcan Projects LP, effective 30 November 2025. The Disposal is expected to complete on or around 17 December. The Disposal proceeds total approximately CAD $4.7m, comprising an initial cash payment of CAD $2.7m, and deferred cash consideration of approximately CAD $2.0m which is payable between 31 January and 31 July 2026.
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